new economy

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pages: 306 words: 78,893

After the New Economy: The Binge . . . And the Hangover That Won't Go Away by Doug Henwood

"World Economic Forum" Davos, accounting loophole / creative accounting, affirmative action, Alan Greenspan, AOL-Time Warner, Asian financial crisis, barriers to entry, Benchmark Capital, book value, borderless world, Branko Milanovic, Bretton Woods, business cycle, California energy crisis, capital controls, corporate governance, corporate raider, correlation coefficient, credit crunch, deindustrialization, dematerialisation, deskilling, digital divide, electricity market, emotional labour, ending welfare as we know it, feminist movement, fulfillment center, full employment, gender pay gap, George Gilder, glass ceiling, Glass-Steagall Act, Gordon Gekko, government statistician, greed is good, half of the world's population has never made a phone call, income inequality, indoor plumbing, intangible asset, Internet Archive, job satisfaction, joint-stock company, Kevin Kelly, labor-force participation, Larry Ellison, liquidationism / Banker’s doctrine / the Treasury view, low interest rates, manufacturing employment, Mary Meeker, means of production, Michael Milken, minimum wage unemployment, Naomi Klein, new economy, occupational segregation, PalmPilot, pets.com, post-work, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rewilding, Robert Gordon, Robert Shiller, Robert Solow, rolling blackouts, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, statistical model, stock buybacks, structural adjustment programs, tech worker, Telecommunications Act of 1996, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, total factor productivity, union organizing, War on Poverty, warehouse automation, women in the workforce, working poor, zero-sum game

."^^ The poverty rate among such workers is admittedly low—only around 3%—but these are the best-positioned workers in the labor force, and the poverty line is a pretty undemanding benchmark. As the report's subtide said, "America's Full-Time Working Poor Reap Limited Gains in the New Economy." Inclusion of "the New Economy" isn't just PR spin; as the report points out, "an increase in the relative share of low-skill employment is one characteristic of this 'New Economy...,'" though "low-pay" is more relevant to the analysis than "low-skill."That's not what most New Economy rhetoric emphasized, of course, but the bubble's sales force never deployed much of rigorous evidence. Apologists were quick to point out that the Conference Board's report didn't include the beneficial effects of the Earned Income Tax Credit (EITC), which has boosted the incomes of the working poor dramatically: in 1998, almost 20 miUion returns claimed the EITC, and $32 billion was paid to those who filed them (Herman 2000).That works out to an average of $1,600 per return, which is a lot better than nothing, but which amounts to just $4.38 a day.

Though it's sobering to learn that, according to a Scudder Kemper Investments poll, over 80% of Americans have neither heard nor read of a New Economy (reported in Business 2.0, September 12,2000, p. 36). 2. For a classic statement, see Wired's "Encyclopedia of the New Economy" at <hotwired.lycos.com/special/ene/>. There's also former Wired editor Kevin Kelly's "New Rules of the New Economy," <www.wired.coni/5.09/networkeconomy/>, as well as his exuberant but thinly argued expansion of that article into a book. New Rules for the New Economy (Kelly 1999). Kelly—now deposed as editor of Wired, a magazine long past its prime—combines born-again Christianity, Social Darwinism, and classic American huck-sterish optimism into a single package. 3.

Lay and his colleagues wanted to Hberate the company from the merely physical world and enter the magical realm of the weightless corporation. 34 After the New Economy where value is created not through production but through inventing and trading complex financial instruments and thinking big thoughts. As Lay told The Economist in June 2000, "We were a new-economy company before it became cool." And The Economist agreed, while worrying a bit about Enron's "hubris." Enron started slowly, at first just trading gas and electricity. But as the 1990s progressed, and New-Economy thinking reached the irrationally exuberant phase, it got into trading more exotic things, like advertising time, telecommunications bandwidth, and even weather derivatives.


pages: 353 words: 355

The Long Boom: A Vision for the Coming Age of Prosperity by Peter Schwartz, Peter Leyden, Joel Hyatt

"World Economic Forum" Davos, Alan Greenspan, Alvin Toffler, American ideology, Asian financial crisis, Berlin Wall, business cycle, centre right, classic study, clean water, complexity theory, computer age, crony capitalism, cross-subsidies, Danny Hillis, dark matter, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, double helix, edge city, Electric Kool-Aid Acid Test, European colonialism, Fall of the Berlin Wall, financial innovation, George Gilder, glass ceiling, global village, Gregor Mendel, Herman Kahn, hydrogen economy, industrial cluster, informal economy, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, It's morning again in America, junk bonds, Just-in-time delivery, Kevin Kelly, knowledge economy, knowledge worker, life extension, market bubble, mass immigration, megacity, Mikhail Gorbachev, Neal Stephenson, Nelson Mandela, new economy, oil shock, open borders, out of africa, Productivity paradox, QR code, Richard Feynman, Ronald Reagan, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, The Hackers Conference, the scientific method, Thomas L Friedman, upwardly mobile, Washington Consensus, We are as Gods, Whole Earth Catalog, women in the workforce, Y2K, zero-sum game

However, by the late 1990s, although businesses had invested an estimated $4 trillion in information technologies, the standard government productivity measurements showed only a slight rise, and that had come only since about 1996. Critics of the New Economy charge that these networked computers are not all that productive—and they point to the government statistics. But New Economy advocates, like us, say the computers are highly productive and are getting more so as we figure out the best ways to work with them. The problem lies in the government measurements, which are rooted in old ways of counting the number of widgets—tangible things—coming off the assembly line, rather than the intangible products of the New Economy, like software and financial packages. On the one hand, we're waiting for new methods to be devised to properly measure productivity in an information economy.

The logic of networks does not apply just to technological networks. The New Economy is not called a networked economy just because it is based on networked computer technologies. Networks have become the central metaphor of how we organize work— whether it's through technology or face-to-face. Networking is the key economic activity that we engage in, whether glad-handing at conferences, schmoozing at the office, working the phones, or sending e-mail. But even in this broader economic context, the new rules of network logic apply: Expand the network. And how do we expand the network of the New Economy? Through education. With a new economy driven by knowledge workers in an era called the Information Age, education has never been more important.

Without an adequate education, one that includes becoming computer-enabled and globally aware, people will have great difficulty thriving in the new century. Attaining a higher educational level is necessary in the New Economy, but not sufficient. The New Economy moves at a pace never seen before. The rate of innovation and change has become pumped The GuidiNq PRiNciples 269 up to what is called Internet speed. Today's expertise can be rendered irrelevant in a couple of years. The challenge to everyone in the New Economy is not to master a specialty, but to continually learn. Lifelong learning will be the key to success in the future. Individuals will be able to use networked learning processes to continually assimilate new knowledge.


pages: 843 words: 223,858

The Rise of the Network Society by Manuel Castells

air traffic controllers' union, Alan Greenspan, Apple II, Asian financial crisis, barriers to entry, Big bang: deregulation of the City of London, Bob Noyce, borderless world, British Empire, business cycle, capital controls, classic study, complexity theory, computer age, Computer Lib, computerized trading, content marketing, creative destruction, Credit Default Swap, declining real wages, deindustrialization, delayed gratification, dematerialisation, deskilling, digital capitalism, digital divide, disintermediation, double helix, Douglas Engelbart, Douglas Engelbart, edge city, experimental subject, export processing zone, Fairchild Semiconductor, financial deregulation, financial independence, floating exchange rates, future of work, gentrification, global village, Gunnar Myrdal, Hacker Ethic, hiring and firing, Howard Rheingold, illegal immigration, income inequality, independent contractor, Induced demand, industrial robot, informal economy, information retrieval, intermodal, invention of the steam engine, invention of the telephone, inventory management, Ivan Sutherland, James Watt: steam engine, job automation, job-hopping, John Markoff, John Perry Barlow, Kanban, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Leonard Kleinrock, longitudinal study, low skilled workers, manufacturing employment, Marc Andreessen, Marshall McLuhan, means of production, megacity, Menlo Park, military-industrial complex, moral panic, new economy, New Urbanism, offshore financial centre, oil shock, open economy, packet switching, Pearl River Delta, peer-to-peer, planetary scale, popular capitalism, popular electronics, post-Fordism, post-industrial society, Post-Keynesian economics, postindustrial economy, prediction markets, Productivity paradox, profit maximization, purchasing power parity, RAND corporation, Recombinant DNA, Robert Gordon, Robert Metcalfe, Robert Solow, seminal paper, Shenzhen special economic zone , Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social software, South China Sea, South of Market, San Francisco, special economic zone, spinning jenny, statistical model, Steve Jobs, Steve Wozniak, Strategic Defense Initiative, tacit knowledge, technological determinism, Ted Nelson, the built environment, the medium is the message, the new new thing, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, transaction costs, urban renewal, urban sprawl, vertical integration, work culture , zero-sum game

Thus, within the value system of productivism/consumerism, there is no individual alternative for countries, firms, or people. Barring a catastrophic meltdown of the financial market, or opting out by people following completely different values, the process of globalization is set, and it accelerates over time. Once the global economy has been constituted, it is a fundamental feature of the new economy. The New Economy The new economy emerged in a given time, the 1990s, a given space, the United States, and around/from specific industries, mainly information technology and finance, with biotechnology looming on the horizon.118 It was in the late 1990s that the seeds of the information technology revolution, planted in the 1970s, seemed to come to fruition in a wave of new processes and new products, spurring productivity growth and stimulating economic competition.

But before undertaking a new stage of our analytical trip, I will recast the argument presented in this chapter. In sum, what is the new economy? The new economy is certainly, for the time being, a capitalist economy. Indeed, for the first time in history, the whole planet is capitalist or dependent on its connection to global capitalist networks. But this is a new brand of capitalism, technologically, organizationally, and institutionally distinct from both classical (laissez-faire) capitalism and Keynesian capitalism. As the empirical record (in spite of all the measurement problems) seems to indicate at the turn of the millennium, the new economy is/will be predicated on a surge in productivity growth resulting from the ability to use new information technology in powering a knowledgebased production system.

As the twenty-first century progresses, the biology revolution is likely to join the information technology industry in creating new business, in stimulating productivity (particularly in health care and in agriculture), and in revolutionizing labor, adding to the virtuous circle of innovation and value generation in the new economy. Under conditions of high productivity, technological innovation, networking, and globalization, the new economy seems to be able to induce a sustained period of high economic growth, low inflation, and low unemployment in those economies able to fully transform themselves into this new mode of development. However, the new economy is not without flaws nor without dangers. On the one hand, its expansion is highly uneven, throughout the planet, and within countries, as argued above in this chapter, and as it will be documented in this book (volume I, chapter 4; volume III, chapter 2).


pages: 339 words: 57,031

From Counterculture to Cyberculture: Stewart Brand, the Whole Earth Network, and the Rise of Digital Utopianism by Fred Turner

"World Economic Forum" Davos, 1960s counterculture, A Declaration of the Independence of Cyberspace, Alan Greenspan, Alvin Toffler, Apple's 1984 Super Bowl advert, back-to-the-land, Bill Atkinson, bioinformatics, Biosphere 2, book value, Buckminster Fuller, business cycle, Californian Ideology, classic study, Claude Shannon: information theory, complexity theory, computer age, Computer Lib, conceptual framework, Danny Hillis, dematerialisation, distributed generation, Douglas Engelbart, Douglas Engelbart, Dr. Strangelove, Dynabook, Electric Kool-Aid Acid Test, Fairchild Semiconductor, Ford Model T, From Mathematics to the Technologies of Life and Death, future of work, Future Shock, game design, George Gilder, global village, Golden Gate Park, Hacker Conference 1984, Hacker Ethic, Haight Ashbury, Herbert Marcuse, Herman Kahn, hive mind, Howard Rheingold, informal economy, intentional community, invisible hand, Ivan Sutherland, Jaron Lanier, John Gilmore, John Markoff, John Perry Barlow, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, Lewis Mumford, market bubble, Marshall McLuhan, mass immigration, means of production, Menlo Park, military-industrial complex, Mitch Kapor, Mondo 2000, Mother of all demos, new economy, Norbert Wiener, peer-to-peer, post-industrial society, postindustrial economy, Productivity paradox, QWERTY keyboard, Ralph Waldo Emerson, RAND corporation, reality distortion field, Richard Stallman, Robert Shiller, Ronald Reagan, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, systems thinking, technoutopianism, Ted Nelson, Telecommunications Act of 1996, The Hackers Conference, the strength of weak ties, theory of mind, urban renewal, Vannevar Bush, We are as Gods, Whole Earth Catalog, Whole Earth Review, Yom Kippur War

In one of the most widely read business manuals of the 1990s, New Rules for the New Economy, Kelly explained that “the principles governing the world of the soft—the world of intangibles, of media, of software, and of services—will soon command the world of the hard—the world of reality, of atoms, of objects, of steel and oil, and the hard work done by the sweat of brows.” The savvy worker would have to become a networker. “Those who obey the logic of the net, and who understand that we are entering into a realm with new rules,” he intoned, “will have a keen advantage in the new economy.”9 Along with this understanding of work, he argued, a singular, almost mystical understanding of the power of information and information systems had begun to arise: “the computational metaphor.”

So did the nearly universal use of computers and computer networks in business and, increasingly, in the home. Together, these developments suggested to many at the time, and particularly to politicians and pundits on the right, that a “new economy” had appeared, one in which digital technologies and networked forms of economic organization combined to liberate the individual entrepreneur. In a 1988 speech at Moscow State University, President Ronald Reagan became one of the first to make the case. “In the new economy,” he explained, “human invention increasingly makes physical resources obsolete. We’re breaking through the material conditions of existence to a world where man creates his own destiny.”1 Such a vision was very congenial to many members of the Whole Earth network, and as the economic and technological whirlwinds of the late 1980s gathered speed, Brand and, later, Kevin Kelly, drew heavily on the intellectual and social resources of the group.

By the mid-1990s, the technocentric, networked social worlds of the Global Business Network and Out of Control had become widely looked-to examples of the flexibility and individual satisfaction promised by the New Economy. They would soon become emblems of the social possibilities of the Internet and the World Wide Web as well. As they did, they helped shape popular understandings of the New Economy in terms set not only by the New Communalist dream of social transformation, but also by the New Communalist practice of social segregation. Back to the Future at MIT By 1985, despite his founding interest in the WELL, Stewart Brand had begun to get restless.


pages: 598 words: 172,137

Who Stole the American Dream? by Hedrick Smith

Affordable Care Act / Obamacare, Airbus A320, airline deregulation, Alan Greenspan, anti-communist, asset allocation, banking crisis, Bear Stearns, Boeing 747, Bonfire of the Vanities, British Empire, business cycle, business process, clean water, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Deng Xiaoping, desegregation, Double Irish / Dutch Sandwich, family office, financial engineering, Ford Model T, full employment, Glass-Steagall Act, global supply chain, Gordon Gekko, guest worker program, guns versus butter model, high-speed rail, hiring and firing, housing crisis, Howard Zinn, income inequality, independent contractor, index fund, industrial cluster, informal economy, invisible hand, John Bogle, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, laissez-faire capitalism, Larry Ellison, late fees, Long Term Capital Management, low cost airline, low interest rates, manufacturing employment, market fundamentalism, Maui Hawaii, mega-rich, Michael Shellenberger, military-industrial complex, MITM: man-in-the-middle, mortgage debt, negative equity, new economy, Occupy movement, Own Your Own Home, Paul Samuelson, Peter Thiel, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, Powell Memorandum, proprietary trading, Ralph Nader, RAND corporation, Renaissance Technologies, reshoring, rising living standards, Robert Bork, Robert Shiller, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Solyndra, Steve Jobs, stock buybacks, tech worker, Ted Nordhaus, The Chicago School, The Spirit Level, too big to fail, transaction costs, transcontinental railway, union organizing, Unsafe at Any Speed, Vanguard fund, We are the 99%, women in the workforce, working poor, Y2K

Today, two-thirds of Americans—far more than just a couple of years earlier—say they see “strong” conflicts between rich and poor, and they see economics as more divisive than race, age, or ethnic grouping. “The Virtuous Circle” of the 1950s–1970s vs. the New Economy of the 1980s–2000s The New Economy is not smart. It hurts our capacity to grow, as we have seen from America’s painfully slow recovery from the financial collapse of 2008. The job losses and stagnant pay of the New Economy have broken what economists call “the virtuous circle of growth”—long the engine of America’s economic growth and middle-class prosperity. In the heyday of the middle class, for thirty years after World War II, America’s great companies paid high wages and good benefits.

THE BUSINESS REBELLION: THE POWER SHIFT THAT CHANGED AMERICAN HISTORY CHAPTER 2. THE PIVOTAL CONGRESS: JIMMY CARTER AND 1977–78 DEMOCRATS CHAPTER 3. MIDDLE-CLASS POWER: HOW CITIZEN ACTION WORKED BEFORE THE POWER SHIFT CHAPTER 4. MIDDLE-CLASS PROSPERITY: HOW “THE VIRTUOUS CIRCLE” WORKED BEFORE THE NEW ECONOMY PART 2: DISMANTLING THE DREAM CHAPTER 5. THE NEW ECONOMY OF THE 1990S: THE WEDGE ECONOMICS THAT SPLIT AMERICA CHAPTER 6. THE STOLEN DREAM: FROM MIDDLE-CLASS TO THE NEW POOR CHAPTER 7. THE GREAT BURDEN SHIFT: FUNDING YOUR OWN SAFETY NET; CRIPPLED BY DEBT CHAPTER 8. THE WEALTH GAP: THE ECONOMICS “OF THE 1%, BY THE 1%, FOR THE 1%” PART 3: UNEQUAL DEMOCRACY CHAPTER 9.

“The Great Compression succeeded in equalizing incomes for a long period—more than thirty years,” reported economist Paul Krugman. “And the era of equality was also a time of unprecedented prosperity, which we have never been able to recapture.” IN THE LATE 1990s, Al Dunlap was riding the crest of the New Economy, proud of the fortune he’d made at a string of troubled companies such as Scott Paper and Sunbeam. Dunlap exemplified the New Economy breed of CEOs who had emerged in the 1980s and who came to dominate the corporate landscape in the 1990s. These new business leaders had shed the old philosophy of stakeholder capitalism, where a CEO tried to balance the competing interests of management, employees, and investors and to share the wealth.


Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages by Carlota Pérez

agricultural Revolution, Alan Greenspan, Big bang: deregulation of the City of London, Bob Noyce, Bretton Woods, business cycle, capital controls, commoditize, Corn Laws, creative destruction, David Ricardo: comparative advantage, deindustrialization, distributed generation, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, Ford Model T, full employment, Hyman Minsky, informal economy, joint-stock company, Joseph Schumpeter, junk bonds, knowledge economy, late capitalism, market fundamentalism, military-industrial complex, new economy, nuclear winter, offshore financial centre, post-industrial society, profit motive, railway mania, Robert Shiller, Sand Hill Road, satellite internet, scientific management, Silicon Valley, Simon Kuznets, South Sea Bubble, Suez canal 1869, technological determinism, The Theory of the Leisure Class by Thorstein Veblen, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, trade route, tulip mania, Upton Sinclair, vertical integration, Washington Consensus

New industries have grown, a new infrastructure is in place; new millionaires have appeared; the new way of doing things with the new technologies has become ‘common sense’. One crucial thing is still missing: a systematic articulation of the new regulatory framework and of the appropriate institutions, capable of steering and facilitating the functioning of the new economy in a socially and economically sustainable manner. Each time around, what can be considered a ‘new economy’ takes root where the old economy had been faltering. But it is all achieved in a violent, wasteful and painful manner. The new wealth that accumulates at one end is often more than counterbalanced by the poverty that spreads at the other end.

It also explains why the fruits of that new growth potential cannot be fully reaped in the The Propagation of Paradigms: Times of Installation, Times of Deployment 43 first decades, when the accommodation and mutual shaping of society and the new economy occur, pushed by the profit motive in spite of institutional inertia and human resistance. Hence, increasing polarization and decoupling both inside the economy and between the new economy and the old social framework characterize the initial diffusion of a technological revolution. So, the installation period is one of tense coexistence of two paradigms, one declining and the other occupying more and more space on the ground, in the market and in the minds of people.

Each technological revolution does then indeed lead to a ‘new economy’. However, it is not, as was widely believed at the end of the 1990s (as at the end of the 1920s), one without cycles and with eternal bull markets in the stock exchange. What is indeed true is that technology is behind the transformations. But this is not, as often held, an unprecedented phenomenon. Equivalent leaps in productivity and similar new product explosions have occurred with each surge. That is what makes development a pulsating process. 146 Technological Revolutions and Financial Capital The new economy that emerges with each technological revolution consists of radical changes in the patterns of investment, production, trade and consumption.


pages: 242 words: 245

The New Ruthless Economy: Work & Power in the Digital Age by Simon Head

Alan Greenspan, Asian financial crisis, business cycle, business process, call centre, conceptual framework, deskilling, Erik Brynjolfsson, Ford Model T, Ford paid five dollars a day, Frederick Winslow Taylor, Great Leap Forward, informal economy, information retrieval, Larry Ellison, medical malpractice, new economy, Panopticon Jeremy Bentham, scientific management, shareholder value, Shoshana Zuboff, Silicon Valley, single-payer health, supply-chain management, telemarketer, Thomas Davenport, Toyota Production System, union organizing, work culture

In New York City: Roger Alcaly, Nelson Aldrich, Dee Aldrich, Steven Aronson, Elizabeth Baker, Annabel Bartlett, Helen Bodian, Bill Bradley, Ernestine Bradley, Susanna Duncan, Ed Epstein, Frances Fitzgerald, Andrea Gabor, Edward Garmey, Joann Haimson, Alexandra Howard, Philip Howard, Bokara Legendre, Valerie Lucznikowska, Sidney Morgenbesser, Constancia Romilly, Richard Sennett, Sigrun Svavardsdottir, and Lou Uchitelle. Simon Head New Tork City April 2003 I A NEW ECONOMY? A T THE TURK OF THE MILLENNIUM, the U.S. economy was widely celebrated as a "new economy," one sustained by strong investment and low inflation, by steady growth throughout virtually the entire previous decade, by the monetary fine-tuning of the Federal Reserve, and by the renewed global supremacy of U.S. technology. Investment in new information technologies was the great driving force of the expansion.

But it was from the industry's trade journals, notably "Casket and Sunnyside," that she came across the singular mix of piety, manipulation, and greed that characterized the industry's in-house dialogue. These two kinds of evidence—the evidence of the trade literature and the evidence of one's own eyes—run strongly counter to one of the most common claims made on behalf of the new economy, that the II 12 THE NEW RUTHLESS ECONOMY "old economy" businesses that make use of IT are coming more and more to resemble the new economy businesses that create and supply that technology, so that the skill, proficiency, and flexibility of the Silicon Valley workforce is showing up all over the economy and at all levels of skill. In 1989 the MIT Commission on Industrial Productivity wrote of "new patterns of workplace organization" in U.S. manufacturing that required the "creation of a highly skilled workforce" and that was incompatible with "the ways of thinking and operating that grew out of the mass production model."20 In 1995 Louis Csoka, then research director for human resources/organizational effectiveness at the Conference Board, a leading corporate lobbyist, described how throughout the economy employees are "working in concert with others, [forming] work groups that become high performing teams through teambuilding, teamwork and interdependence."21 In 1999 human resource experts surveyed by economists Timothy Bresnahan, Erik Brynjolfsson, and Lorin Hitt also claimed that "IT use is complementary to a new workplace organization that includes broader job responsibilities for front line workers, decentralized decision making, and more self-managing teams."22 In 2000 economist Paul David of Stanford, now professor of economics at Oxford, wrote of the "process of transition to a new information-intensive techno-economic regime" with "new kinds of workforce skills" and "new organizational forms" that would "accomplish the abandonment or extensive transformation . . . of the technological regime identified with Fordism."23 Neither the plant and office-level evidence, nor the evidence of the trade literature, supports this vision of a newly skilled workforce empowered by information technology going about its business within autonomous, self-directed teams.

At the level of the lower, operational processes, the "customer-facing" side of business—sales, service, marketing—meets this criterion as well as any. All three activities are given pride of place in the rhetoric of the "new economy." They can engage the skills and judgments of employees, and they are all being subjected to a hefty double dose of technological and process reengineering. 79 5 THE CUSTOMER R E L A T I O N S FACTORY I N THE THEORY AND RHETORIC OF THE NEW ECONOMY, few subjects have received more attention than customer relations management, the analysis and then the reengineering of the processes that link a business to its customers.


pages: 209 words: 63,649

The Purpose Economy: How Your Desire for Impact, Personal Growth and Community Is Changing the World by Aaron Hurst

Abraham Maslow, Airbnb, Alvin Toffler, Atul Gawande, barriers to entry, benefit corporation, big-box store, bike sharing, Bill Atkinson, business process, call centre, carbon footprint, citizen journalism, commoditize, corporate social responsibility, crowdsourcing, disintermediation, do well by doing good, Elon Musk, Firefox, General Magic , glass ceiling, greed is good, housing crisis, independent contractor, informal economy, Jane Jacobs, jimmy wales, Khan Academy, Kickstarter, Lean Startup, longitudinal study, Max Levchin, means of production, Mitch Kapor, new economy, pattern recognition, Peter Singer: altruism, Peter Thiel, QR code, Ray Oldenburg, remote working, Ronald Reagan, selection bias, sharing economy, Silicon Valley, Silicon Valley startup, Steve Jobs, TaskRabbit, TED Talk, Tony Hsieh, too big to fail, underbanked, women in the workforce, work culture , young professional, Zipcar

Causecast has built a platform that enables company employees to do everything from volunteering, to donations, to leading cause campaigns. Where information is the currency of the current economy, Ryan believes that “purpose is the currency of the new economy.” Ryan has successfully transitioned from a visionary in the Information Economy to one in the new economy. He sees that “capitalism, if applied creatively, holds the potential to transform the complex social, economic, and environmental challenges facing the world today.” In the next three chapters, I explore how an organization can thrive in the new economy. Chapter 9 scans key industries, how they are changing, and key opportunities to create value. The following chapter provides an overview of how the needs of employees are changing and the ways in which organizations need to adjust to address them.

Specifically, the economy was going through another major restructuring, and that just as the Information Economy supplanted the Industrial Economy, and as the Industrial Economy supplanted the Agrarian Economy before it, a new economy had begun to emerge. Like most people, I had come to see technology as synonymous with innovation, jobs, growth, and our future. And while the Information Economy was clearly still the dominant driver of our economic engine, it had become clear to me that a new economy was emerging, one centered on the need for individuals to find purpose in their work and lives. It wasn’t a pollyannaish vision of the future, but rather a natural course in the evolution of the needs of people and the goods, services and jobs they desired.

The clues could be found in studying organizations like the Taproot Foundation and other pioneers working on the front lines of the new economy, and in trying to understand how Purpose Economy organizations like Etsy, Interface, and Airbnb differ from their predecessors of even a decade earlier. As I began to study the pioneers of the Purpose Economy, it became clear that marketing, human resources, and strategic planning were giving way to new methods of organizing and working, and that in order to thrive, organizations would need to rethink the ways they were operating in this new economy. And those are just the impacts of the Purpose Economy within organizations.


pages: 289 words: 99,936

Digital Dead End: Fighting for Social Justice in the Information Age by Virginia Eubanks

affirmative action, Alvin Toffler, Berlin Wall, call centre, cognitive dissonance, creative destruction, desegregation, digital divide, Fall of the Berlin Wall, future of work, game design, global village, index card, informal economy, invisible hand, Kevin Kelly, knowledge economy, labor-force participation, low-wage service sector, microcredit, new economy, post-industrial society, race to the bottom, rent control, rent stabilization, Shoshana Zuboff, Silicon Valley, social contagion, South of Market, San Francisco, tech worker, telemarketer, Thomas L Friedman, trickle-down economics, union organizing, urban planning, web application, white flight, women in the workforce, work culture , working poor

The distributive paradigm is at work in high-tech economic development schemes, like the Tech Valley initiative, that assume that people struggling to meet their basic needs simply lack technological training and opportunities for high-tech employment. Distributive solutions suggest increasing access to technology and technology training to bootstrap workers into the new economy. Empirically, this strategy is contradicted by the experiences of women in the YWCA community, many of whom have high-tech jobs of various kinds but are still unable to meet their basic needs. The attempt to fit the poor into the new economy also assumes that employment in the new economy will provide a better standard of living for workers. But available jobs in the information economy tend to increase poor and working-class women’s economic vulnerability: the jobs held by women in the YWCA community were often unsustainable, exploitative, and failed to pay a living wage.

In the popular press, accounts of the information economy posit that increased instability and volatility can offer more horizontal forms of power, free workers to retool their skills and renegotiate their work arrangements, and sweep away old forms of inequity.12 The combination of new IT and leaner, neoliberal governance, optimists argue, results in rapidly increasing wealth and flatter hierarchies, although these claims have been somewhat muted in recent years.13 The most popular of these narratives, penned by business writers, futurists, and management gurus, often make it to the bestseller lists, suggesting that they tap into widely held hopes 56 Chapter 4 and beliefs about the power of IT and the new economy to dismantle outof-date institutions, decentralize power, and create broad-based equity.14 For example, Kevin Kelly, executive editor of Wired magazine, argues in his 1998 book, New Rules for the New Economy, that the network economy is based on the principles of flux. He writes, “Change, even in its shocking forms, is rapid difference. Flux, on the other hand, is more like the Hindu god Shiva, a creative force of destruction and genesis.

While the 17 percent poverty rate for white women in Troy is distressing, more troubling still is the fact that in 2006–2008, 29 percent of Black or African American women in Troy—and more than half of all Latinas—lived in poverty. Volatile continuity produces new configurations of inequality that extend and shift past legacies of oppression and discrimination. Inequities are generated or deepened even in those regions held up as models of new economy success, belying high-tech boosters’ promises of flatter hierarchies and more level playing fields. For example, in Work in the New Economy, Chris Benner’s 2002 case study of shifting labor markets in Silicon Valley, he argues that economic volatility is not primarily a leveling or flattening force; rather, flexibility has both positive and negative impacts on workers.


pages: 316 words: 87,486

Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank

Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, Amazon Mechanical Turk, American ideology, antiwork, barriers to entry, Berlin Wall, Bernie Sanders, Black Lives Matter, blue-collar work, Burning Man, centre right, circulation of elites, Clayton Christensen, collective bargaining, Credit Default Swap, David Brooks, deindustrialization, disruptive innovation, Donald Trump, driverless car, Edward Snowden, Evgeny Morozov, Fall of the Berlin Wall, financial engineering, financial innovation, Frank Gehry, fulfillment center, full employment, George Gilder, gig economy, Gini coefficient, Glass-Steagall Act, high-speed rail, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, knowledge economy, knowledge worker, Lean Startup, mandatory minimum, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, microcredit, mobile money, moral panic, mortgage debt, Nelson Mandela, new economy, obamacare, payday loans, Peter Thiel, plutocrats, Ponzi scheme, post-industrial society, postindustrial economy, pre–internet, profit maximization, profit motive, race to the bottom, Republic of Letters, Richard Florida, ride hailing / ride sharing, Ronald Reagan, Savings and loan crisis, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, TaskRabbit, tech worker, TED Talk, Thorstein Veblen, too big to fail, Travis Kalanick, Uber for X, union organizing, urban decay, WeWork, women in the workforce, Works Progress Administration, young professional

The conservative author George Gilder, one of Reagan’s favorites, wrote one of the earliest and most forceful accounts of the New Economy ideology in his 1989 book Microcosm.   2. The DLC’s think tank was the Progressive Policy Institute; their 1999 report was called “The State New Economy Index.” Other installments were issued periodically throughout the decade to come. Later on, authorship of the index was taken over by the Ewing Kauffman Foundation and the Information Technology & Innovation Foundation, a Washington think tank. The coauthor of the 2007 State New Economy Index, Daniel Correa, later became President Obama’s Senior Adviser for Innovation Policy.   3. 

It happened in the waning years of the Clinton administration, when the brilliant sunshine of a booming tech sector finally and permanently overcame the dusty tales of old-fashioned woe that used to emanate from places like Decatur, Illinois. The name Americans gave to this rising order was “the New Economy,” a regime of tech-based prosperity unfolding into the future as far as the eye could see. The phrase and the idea behind it had once been popular among conservatives—Ronald Reagan himself used it in a famous speech in 19881—but now Democrats rushed to claim it as their own. In 1999, the think tank run by the Democratic Leadership Council—the onetime champion of conservative Southern Democrats, remember—began issuing a “State New Economy Index,” ranking the states according to how dedicated they were to education, venture capital, and the retention of “managerial/professional jobs,” among other things.

But these days, things are different. From the middle of the Great Depression up to 1980, the lower 90 percent of the population, a group we might call “the American people,” took home some 70 percent of the growth in the country’s income. Look at the same numbers beginning in 1997—from the beginning of the New Economy boom to the present—and you find that this same group, the American people, pocketed none of America’s income growth at all. Their share of the good times was zero. The gains they harvested after all their hard work were nil. The upper 10 percent of the population—the country’s financiers, managers, and professionals—ate the whole thing.


pages: 550 words: 124,073

Democracy and Prosperity: Reinventing Capitalism Through a Turbulent Century by Torben Iversen, David Soskice

Andrei Shleifer, assortative mating, augmented reality, barriers to entry, Big Tech, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, centre right, clean tech, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, confounding variable, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, deskilling, Donald Trump, first-past-the-post, full employment, general purpose technology, gentrification, Gini coefficient, hiring and firing, implied volatility, income inequality, industrial cluster, inflation targeting, invisible hand, knowledge economy, labor-force participation, liberal capitalism, low skilled workers, low-wage service sector, means of production, middle-income trap, mirror neurons, mittelstand, Network effects, New Economic Geography, new economy, New Urbanism, non-tariff barriers, Occupy movement, offshore financial centre, open borders, open economy, passive investing, precariat, race to the bottom, radical decentralization, rent-seeking, RFID, road to serfdom, Robert Bork, Robert Gordon, Silicon Valley, smart cities, speech recognition, tacit knowledge, The Future of Employment, The Great Moderation, The Rise and Fall of American Growth, the strength of weak ties, too big to fail, trade liberalization, union organizing, urban decay, vertical integration, Washington Consensus, winner-take-all economy, working-age population, World Values Survey, young professional, zero-sum game

Many in the middle classes will see themselves as more closely aligned with the top because they either have good jobs and earnings, or if starting graduates they expect to move up the job ladder, or because they can still reasonably expect to see their children do well by acquiring the education needed in the new economy. We will refer to these groups as the new middle classes because they have made the leap into the new economy, at least from an intergenerational perspective. The old middle classes, by contrast, are those who have experienced stagnating wages because of skill-biased technological change, outsourcing, or import competition from the ECE countries or East Asia—the “hollowing out” of the middle—and who have low expectations that the educational system will allow their children to make the leap into the new economy. The old middle classes are stuck, and they will not simply split the difference between low and high redistribution and taxes by adopting middle positions.

Part of the populist reaction is a call to be included in the wealth stream of the new economy, and the key demand of reducing low-skill immigration is largely irrelevant to the knowledge economy. Other policies associated with populism—especially trade protection, state restrictions on product market competition, and serious interference with lifestyle choices—are clearly antithetical to the knowledge economy, but they are unlikely to garner sustained majorities. This is because there is a much more attractive path for the middle classes: namely, inclusion in the stream of wealth created by the new economy and associated support for policies that will produce more of the same.

From this perspective, the GGC captures the puzzles identified with the rise of the new knowledge economy because, once again, the transition to this new economy has indeed been linked to higher inequality and, at least for the old middle classes, less mobility. As argued by Hochschild (2016), declining mobility breeds a sense of status loss as the old middle class fails to keep up with others. 5.1.2. THE REBIRTH OF THE CITIES AND THE NEW MIDDLE CLASS In addition to education, a major fault line in the new economy, which also marks the split between the new and old middle classes, is between large cities and smaller towns and rural areas.


pages: 217 words: 63,287

The Participation Revolution: How to Ride the Waves of Change in a Terrifyingly Turbulent World by Neil Gibb

Abraham Maslow, Adam Neumann (WeWork), Airbnb, Albert Einstein, blockchain, Buckminster Fuller, call centre, carbon footprint, Clayton Christensen, collapse of Lehman Brothers, corporate social responsibility, creative destruction, crowdsourcing, data science, Didi Chuxing, disruptive innovation, Donald Trump, gentrification, gig economy, iterative process, Jeremy Corbyn, job automation, Joseph Schumpeter, Khan Academy, Kibera, Kodak vs Instagram, Mark Zuckerberg, Menlo Park, Minecraft, mirror neurons, Network effects, new economy, performance metric, ride hailing / ride sharing, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Steve Jobs, Susan Wojcicki, the scientific method, Thomas Kuhn: the structure of scientific revolutions, trade route, urban renewal, WeWork

Today he works with companies and organisations, helping them transform to thrive in the new economy. He also works with social enterprises, start-ups and recovery communities. This book was a decade in the making, based on experience working in Europe, North America, Australia, Asia, and South America. It’s about transformation – about the emergence of a new social and economic paradigm. It is designed as a manifesto for those who are out to change the world. It provides a framework for transformation in the new economy. And for anyone who might be interested, it shows you how to be a billionaire…in three easy moves.

Ben’s words shed light on what the emerging new economy is all about. Rough Trade is a beautifully compact and vivid example of how to pivot and build a successful participatory business in the rapidly emerging new economic order, particularly as it was born from an industry so heavily disrupted by digital tech. In a world where products will increasingly become commodities, where the power of the Internet and digital communications will continually flatten prices, and the monetary value of digital content will tend towards zero, a new economy is emerging that is focused on our higher human needs; our social needs, and what psychologist Abram Maslow rather mysteriously referred to as ‘self-actualisation’, but might more simply be called our ‘spiritual needs.’

And that is what I am interested in. The game is on. Which is why this book is really an invitation. How to use this book “We are called to be architects of the future, not its victims” R Buckminster Fuller 1. A manifesto for those who are out to change the world 2. A framework for transformation in the new economy 3. How to be a billionaire – in three easy moves Books are pretty old tech. The basic structure of the modern book goes back to the invention of bookbinding and the printing press. Back then, things were developed in a linear fashion, with a beginning, a middle, and an end. The book had to be a discrete package.


pages: 337 words: 103,273

The Great Disruption: Why the Climate Crisis Will Bring on the End of Shopping and the Birth of a New World by Paul Gilding

"World Economic Forum" Davos, airport security, Alan Greenspan, Albert Einstein, biodiversity loss, Bob Geldof, BRICs, carbon credits, carbon footprint, carbon tax, clean tech, clean water, Climategate, commoditize, corporate social responsibility, creative destruction, data science, decarbonisation, energy security, Exxon Valdez, failed state, fear of failure, geopolitical risk, income inequality, Intergovernmental Panel on Climate Change (IPCC), John Elkington, Joseph Schumpeter, market fundamentalism, mass immigration, Medieval Warm Period, Naomi Klein, negative emissions, Nelson Mandela, new economy, nuclear winter, Ocado, ocean acidification, oil shock, peak oil, Ponzi scheme, precautionary principle, purchasing power parity, retail therapy, Ronald Reagan, shareholder value, systems thinking, The Spirit Level, The Wealth of Nations by Adam Smith, union organizing, University of East Anglia, warehouse automation

This response will assume we can continue to have economic growth, but that it needs to be more efficient and with lower carbon intensity. Second will be the push to build a new economy with transformational thinking. This will include a shift from consumerism and a physically defined quality of life along with strong moves to more localized economies and stronger global cooperation. Both the old economy and new economy approaches are critical in different phases; it is not a battle between them. However, it is the new economy response that will ultimately become dominant for the reason outlined in earlier chapters—the physical impossibility of continued material economic growth.

An existing system is powerful and doesn’t give up its power lightly. Besides, we need them to run the war, something they’re very good at! Indeed, if they don’t run a successful war, we will be building a new economy from the village up with just a few hundred million people and a whole lot less technology and knowledge, making that job far harder and slower. Not to mention the suffering of billions of people on the way to that new starting point. The efforts of those who seek to build a new economy should instead be focused on doing just that: working on building new economic models and ownership structures, developing successful purpose-driven businesses, and driving the transformation in culture and values we will need.

At first I thought this was just because I understood it better, with my background as an environmental campaigner and the amount of time I had spent examining the science of sustainability and climate change. It also had the drama of a crisis, making it an easier communications task. To correct this, I spent more time exploring the extraordinary range of exciting activities around the world being undertaken by people preparing for the transition to a new economy. There are so many amazing stories, some of which we’ll cover later, it is easy to get excited about what’s possible. Despite learning a great deal and being inspired by the stories and people I came across, I found that my approach didn’t fundamentally change. It was the Crash that got the attention and energy of both my audiences and me.


pages: 346 words: 89,180

Capitalism Without Capital: The Rise of the Intangible Economy by Jonathan Haskel, Stian Westlake

23andMe, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, Albert Einstein, Alvin Toffler, Andrei Shleifer, bank run, banking crisis, Bernie Sanders, Big Tech, book value, Brexit referendum, business climate, business process, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, cloud computing, cognitive bias, computer age, congestion pricing, corporate governance, corporate raider, correlation does not imply causation, creative destruction, dark matter, Diane Coyle, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Edward Glaeser, Elon Musk, endogenous growth, Erik Brynjolfsson, everywhere but in the productivity statistics, Fellow of the Royal Society, financial engineering, financial innovation, full employment, fundamental attribution error, future of work, gentrification, gigafactory, Gini coefficient, Hernando de Soto, hiring and firing, income inequality, index card, indoor plumbing, intangible asset, Internet of things, Jane Jacobs, Jaron Lanier, Jeremy Corbyn, job automation, Kanban, Kenneth Arrow, Kickstarter, knowledge economy, knowledge worker, laissez-faire capitalism, liquidity trap, low interest rates, low skilled workers, Marc Andreessen, Mother of all demos, Network effects, new economy, Ocado, open economy, patent troll, paypal mafia, Peter Thiel, pets.com, place-making, post-industrial society, private spaceflight, Productivity paradox, quantitative hedge fund, rent-seeking, revision control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Robert Solow, Ronald Coase, Sand Hill Road, Second Machine Age, secular stagnation, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, software patent, sovereign wealth fund, spinning jenny, Steve Jobs, sunk-cost fallacy, survivorship bias, tacit knowledge, tech billionaire, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, total factor productivity, TSMC, Tyler Cowen, Tyler Cowen: Great Stagnation, urban planning, Vanguard fund, walkable city, X Prize, zero-sum game

Authors like Charles Leadbeater suggested we might soon be “living on thin air.” The bursting of the dot-com bubble in 2000 dampened some of the wilder claims about a new economy, but research continued among economists to understand what exactly was changing. It was in this context that a group of economists assembled in Washington in 2002 at a meeting of the Conference on Research in Income and Wealth to think about how exactly to measure the types of investment that people were making in what they were calling “the new economy.” At this conference and afterwards, Carol Corrado and Dan Sichel of the US Federal Reserve Board and Charles Hulten of the University of Maryland developed a framework for thinking about different types of investment in the new economy.

Economists and economic policymakers were, quite reasonably, less interested in understanding a purported new economy than in preventing the economy as a whole from collapsing into ruin. Once the most dangerous part of the crisis had been averted, a set of new and rather bleak problems came to dominate economic debate: how to fix a financial system that had so calamitously failed, the growing awareness that inequality of wealth and income had risen sharply, and how to respond to a stubborn stagnation in productivity growth. To the extent that the idea of the new economy was still discussed, it was mostly framed in pessimistic, even dystopian terms: Had technological progress irreversibly slowed, blasting our economic hopes?

The excitement of the late 1990s dot-com bubble wasn’t to last. It turned out that making money from the new economy was harder than the investors in Pets.com and Enron had assumed. But the broader idea of investment in ideas, knowledge, and networks, whether enabled by new information technologies or not, endured. In the spring of 2002, with the high-tech NASDAQ index down 65 percent from its dot-com-bubble high, a group of economists began a project to think seriously and rigorously about measuring investment in the new economy. The Conference on Research in Income and Wealth, founded in the United States in 1936 to conduct research into measurement in economics, gathered in Washington under the leadership of Carol Corrado and Dan Sichel, then at the US Federal Reserve Board, and John Haltiwanger, a professor of economics at the University of Maryland.


pages: 478 words: 126,416

Other People's Money: Masters of the Universe or Servants of the People? by John Kay

Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, bitcoin, Black Monday: stock market crash in 1987, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, buy and hold, call centre, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, cognitive dissonance, Cornelius Vanderbilt, corporate governance, Credit Default Swap, cross-subsidies, currency risk, dematerialisation, disinformation, disruptive innovation, diversification, diversified portfolio, Edward Lloyd's coffeehouse, Elon Musk, Eugene Fama: efficient market hypothesis, eurozone crisis, financial engineering, financial innovation, financial intermediation, financial thriller, fixed income, Flash crash, forward guidance, Fractional reserve banking, full employment, George Akerlof, German hyperinflation, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Greenspan put, Growth in a Time of Debt, Ida Tarbell, income inequality, index fund, inflation targeting, information asymmetry, intangible asset, interest rate derivative, interest rate swap, invention of the wheel, Irish property bubble, Isaac Newton, it is difficult to get a man to understand something, when his salary depends on his not understanding it, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jim Simons, John Meriwether, junk bonds, light touch regulation, London Whale, Long Term Capital Management, loose coupling, low cost airline, M-Pesa, market design, Mary Meeker, megaproject, Michael Milken, millennium bug, mittelstand, Money creation, money market fund, moral hazard, mortgage debt, Myron Scholes, NetJets, new economy, Nick Leeson, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shock, passive investing, Paul Samuelson, Paul Volcker talking about ATMs, peer-to-peer lending, performance metric, Peter Thiel, Piper Alpha, Ponzi scheme, price mechanism, proprietary trading, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, railway mania, Ralph Waldo Emerson, random walk, reality distortion field, regulatory arbitrage, Renaissance Technologies, rent control, risk free rate, risk tolerance, road to serfdom, Robert Shiller, Ronald Reagan, Schrödinger's Cat, seminal paper, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, sovereign wealth fund, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, Steve Wozniak, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tobin tax, too big to fail, transaction costs, tulip mania, Upton Sinclair, Vanguard fund, vertical integration, Washington Consensus, We are the 99%, Yom Kippur War

The dot.com boom began in 1995 with the publication of a research note pointing out the commercial opportunities of the internet from Mary Meeker of Morgan Stanley (who would become known as ‘the internet goddess’) and the flotation of Netscape (which devised the first accessible internet browser).23 By 1999 journalists, consultants and business people talked of a ‘new economy’. Businesses that had never made a penny of profit, and never would, were floated on world stock exchanges at fantastic valuations. The demand for ‘new economy’ stocks spilled over into every business that promoters could associate, however tenuously, with high technology. The last phase of the new economy bubble in early 2000 was aided by the liquidity pumped into the US economy by the Federal Reserve to avert the threat supposedly posed by the ‘millennium bug’: errors in computer programs in handling the date 2000. In the spring of 2000 the new economy boom came to its predictable, if not widely predicted, end.

The boundaries between scam, deception, self-deception and mistake are fuzzy. In the new economy bubble some early-stage investors made money, but most stayed on in the hope of making still more. Even highly intelligent people overestimate their ability to time the correction of market mispricing. Legendary investors such as Julian Robertson and George Soros misjudged the new economy bubble and damaged their reputations. Warren Buffett stayed resolutely on the sidelines, and was derided for his failure to ‘get it’. Isaac Newton famously lost money in the South Sea Bubble, an early Ponzi scheme. As the new economy bubble expanded, I asked myself often, ‘Do people in financial conglomerates selling products really believe these things, or are they cynical in their deception?’

Since the funds financed start-up losses, the finance involved necessarily took the form of equity, and initially neither investment banks nor retail banks were involved. When the new economy bubble inflated in the 1990s, investment banks aggressively sought mandates to take Silicon Valley business public. Morgan Stanley’s ‘internet goddess’, Mary Meeker, was a pioneer, and Frank Quattrone of Crédit Suisse First Boston was another prominent figure. The ‘new economy’ bubble burst in 2000, and Quattrone would soon spend more time in court than in investor presentations. The operations of the ‘four horsemen’ were subsumed into other divisions of the banks that had acquired them.


pages: 239 words: 56,531

The Secret War Between Downloading and Uploading: Tales of the Computer as Culture Machine by Peter Lunenfeld

Albert Einstein, Andrew Keen, anti-globalists, Apple II, Berlin Wall, British Empire, Brownian motion, Buckminster Fuller, Burning Man, business cycle, business logic, butterfly effect, Charles Babbage, computer age, Computing Machinery and Intelligence, creative destruction, crowdsourcing, cuban missile crisis, Dissolution of the Soviet Union, don't be evil, Douglas Engelbart, Douglas Engelbart, Dynabook, East Village, Edward Lorenz: Chaos theory, Fairchild Semiconductor, Fall of the Berlin Wall, folksonomy, Francis Fukuyama: the end of history, Frank Gehry, Free Software Foundation, Grace Hopper, gravity well, Guggenheim Bilbao, Herman Kahn, Honoré de Balzac, Howard Rheingold, Ian Bogost, invention of movable type, Isaac Newton, Ivan Sutherland, Jacquard loom, Jane Jacobs, Jeff Bezos, John Markoff, John von Neumann, Jon Ronson, Kickstarter, Mark Zuckerberg, Marshall McLuhan, Mercator projection, Metcalfe’s law, Mother of all demos, mutually assured destruction, Neal Stephenson, Nelson Mandela, Network effects, new economy, Norbert Wiener, PageRank, pattern recognition, peer-to-peer, planetary scale, plutocrats, post-materialism, Potemkin village, RFID, Richard Feynman, Richard Stallman, Robert Metcalfe, Robert X Cringely, Schrödinger's Cat, Search for Extraterrestrial Intelligence, seminal paper, SETI@home, Silicon Valley, Skype, social bookmarking, social software, spaced repetition, Steve Ballmer, Steve Jobs, Steve Wozniak, technological determinism, Ted Nelson, the built environment, the Cathedral and the Bazaar, The Death and Life of Great American Cities, the medium is the message, Thomas L Friedman, Turing machine, Turing test, urban planning, urban renewal, Vannevar Bush, walkable city, Watson beat the top human players on Jeopardy!, William Shockley: the traitorous eight

The NASDAQ, a U.S. market heavy on high-technology firms, was the most important index for the New Economy. It crested in March 2000, and within a year had lost more than half its value, vaporizing trillions in paper profits. The stock market losses for three companies alone—AOL, Amazon, and Yahoo!— amounted to three hundred billion dollars.4 The indexes continued to sink for the next year, and then came the critical event that signaled the complete end of the period inaugurated with the dismantling of the Berlin Wall in 1989. It was on September 11, 2001, that the markets took their next massive hit, and the newness of the so-called New Economy had its last bits of hype sucked out of it.

Intergalactic Computer Network and, 108, 152, 168 Machine Histories, 64 Macintosh computer, 165–167 Macrotelevision, 56–60 Madonna, 63 Madrid, 100, 130 Mahabharata, 28 MAKE magazine, 68–69 MAKER Faires, 68–69 Manchester Mark I computer, 18 “Man-Computer Symbiosis” (Licklider), 151 Mandela, Nelson, 113 Mandiberg, Michael, 41–42 Manhattan Project, 150 Manual labor, 3 Many Eyes, 126, 193n37 Mao Zedong, 86 Marinetti, Filippo Tommaso, 44 Markets bespoke futures and, 97–104, 118, 207 INDEX Markets (continued) 120, 127, 131–132, 137–138 capitalism and, 13, 66, 75, 97–100, 104–105 (see also Commercial culture) culture machine and, 156, 161–167, 173 empowerment and, 8 entrepreneurs and, 99, 109, 156–157, 174 FIRE, 99–100 Global Business Network (GBN) and, 113, 115, 191n18 Great Depression and, 107 Greed and, 100 Internet television and, 9 mass culture and, 184n16 NASDAQ, 99 New Economy and, 97, 99, 104, 131, 138, 144–145, 190n3 prosumers and, 120–121 retail, 103–105 scenario planning and, 111–119, 191n19, 192n20 September 11, 2001 and, 99–101, 130 Slow Food and, 5–6 social campaigns and, 190n8 stickiness and, 13, 16, 24, 30–33, 37 technofabulism and, 99–100 textile, 11 unimodernism and, 45, 48, 58–59, 71, 75 Web n.0 and, 81, 83, 86, 90 Martha Stewart Living magazine, 69 MaSAI (Massively Public Applications of the Imagination), xvi, 112, 120–123, 127, 193nn32 Masai tribe, 193n32 Mashing, 25, 54–55, 57, 74 Massachusetts Institute of Technology (MIT), 71, 117, 144, 148, 151 Matrix, The (film series), 39 Mau, Bruce, 55–56, 102, 190n8 Mauchly, John, 148 McDonald’s, 5 McLuhan, Marshall, 2, 14, 116 Meaningfulness, xvi, 173 bespoke futures and, 119, 123, 128– 129, 133 categorization of, 29–30 defining, 27–29 disrupting flow and, 23–24 Enlightenment and, 129–139 play and, 32–34 power and, 32–34 stickiness and, 14, 17, 20 (see also Stickiness) toggling and, 33–34, 43, 102, 197n30 tweaking and, 32–35, 185nn22,23 unimodernism and, 42, 67, 77 uploading and, xvi, 29 Web n.0 and, 79 Mechanical calculator, 149 Mechanization, 44–45 Medium specificity, 56–57 Meliorism, xvi, 127–129, 133, 137–138 Melodium label, 27 Memex, 108, 149–151 Memory, 46–47, 60, 67, 71, 109, 149, 194nn1,6 Metcalfe, Bob, 86–87 Metro Pictures gallery, 41 Michnik, Adam, 104 Mickey Mouse, 65, 88–90 Mickey Mouse Protection Act, 90 Microcinema, 56–60 Microfilm, 149–150 Microsoft, 144–145, 163–166, 172–173, 175, 196n21 Middle-class, 44 Mindfulness, 77, 79, 183n6 bespoke futures and, 123, 129 capitalism and, 4, 13, 66, 75, 90, 103–105 208 INDEX Mindfulness (continued) disrupting flow and, 23–24 info-triage and, xvi, 20–23, 121, 132, 143 stickiness and, 14, 17, 20–24, 27–29, 42 Mobility, 81–82, 128 Modders, 69–70 “Model B32” (Breuer), 45 Modernism, 36–37, 105–108 Modern Times (film), 45 Moore, Gordon, 156 Moore’s law, 156, 195n13 Morpheus, 92 Moses, Robert, 84 Motorola, 116 Moulin Rouge (Luhrmann), 60–63 Mouse, 158–159 MP3s, 2, 27 MS-DOS, 165–166 MTV, 31, 63 Murakami, Takashi, 49 Murger, Henri, 61 Musée du quai Branly, 66 Museum of Modern Art (MOMA), 42, 117 Music bebop, 25–27 calypso, 35–37 hip-hop, 53–54, 61 jazz, 25–27, 160 Napster and, 54, 92 remixing and, 53–55 (see also Remixing) Mutually assured destruction, xi MySpace, 81 Napoleonic Wars, 21 Napster, 54, 92 Narrative, 2, 8 bespoke futures and, 108, 110, 129–139 blogosphere and, xvii, 30, 34, 49, 68, 80, 92–93, 101, 175, 177, 181n7 capitulationism and, 7, 24, 182n1 209 development of computer and, 143– 145, 174, 178 Enlightenment Electrified and, 129–139 gaming and, 188n25 isotypes and, 44, 125, 193n34 negative dialectics and, 29–30 Oprah and, xv, 180nn3,4 samizdat and, 59 storyline and, 59 unimodernism and, 58–59, 67, 71, 76 NASA, 51, 123 NASDAQ, 99 National Center for Biotechnology Information, 81 “Nature Boy” (Cole), 62 Nelson, Ted, 145, 168 Net.art, 52 Netscape, 169 Networks bespoke futures and, 98–101, 108, 112–113, 116, 119–126, 133, 137 commercial, 4–5 (see also Commercial culture) culture machine and, 143–144, 152, 167–168, 172–175, 178 development of computer, 8–9 flexibility of digital, 10 Global Business Network (GBN) and, 113, 115, 191n18 Intergalactic Computer Network and, 108, 152, 168 Metcalfe’s corollary and, 86–87 patio potato and, 10, 13 peer-to-peer, 15, 54, 92, 116, 126 stickiness and, 16–17, 22, 24, 29–36 unimodernism and, 39, 47–48, 54–57, 60, 64–65, 68–69, 73–74 Web n.0 and, 79–95 Neurath, Otto, 44, 125 New Economy, 190n3 bespoke futures and, 97, 99, 104, 131, 138 INDEX New Economy (continued) dot-com bubble and, 145 fantasies of, 104 Hustlers and, 144 Newtonian physics, 118 New York City, 25–26, 84–86, 100, 130 New Yorker, 135 New York Museum of Modern Art, 42 New York Times, 61, 103 NeXT Cube, 167–168 Nirvana, 62 NLS (oN-Line System), 160 Nobel Prize, 156 Norman, Don, 16 Nouvel, Jean, 66 Noyce, Philip, 156 “Nude on a Red Background” (Léger), 45 Obama, Barack, 31 Odyssey (Homer), 28, 94–95 Offenbach, Jacques, 62 Ogilvy, Jay, 113–114 Open source, 36, 189n12 Creative Commons and, 90–93, 123, 173 development of computer and, 144, 170–173, 177 GNU and, 171, 173 Linux and, 75, 169–173, 197n27 Raymond and, 172 Stallman and, 170–171 Torvalds and, 144, 167–173 unimodernism and, 61, 69, 74–75 Web n.0 and, 116, 121–126 Opera, 40, 45, 60–63, 187n18 Oppenheimer, J.

The Market with a capital M was the grail at the end of Francis Fukayama’s treatise The End of History.2 The Market was the solution for all questions, the Market would bring peace and prosperity, and would free itself from the tyranny of the business cycle, evolving into an entirely invisible, frictionless, perpetual motion machine that would take the name of the New Economy (again with capital letters).3 This immediate post-1989 period coincided with the most utopian phase of the culture machine: the euphoria of the World Wide Web’s first Wild, Wild West phase. For close to 97 CHAPTER 5 a decade, people talked about bright, posteconomic futures, perfectly transparent global markets, and the glories of pure, unadulterated information flowing around the world at the speed of light.


pages: 204 words: 67,922

Elsewhere, U.S.A: How We Got From the Company Man, Family Dinners, and the Affluent Society to the Home Office, BlackBerry Moms,and Economic Anxiety by Dalton Conley

Alan Greenspan, assortative mating, call centre, clean water, commoditize, company town, dematerialisation, demographic transition, Edward Glaeser, extreme commuting, feminist movement, financial independence, Firefox, Frank Levy and Richard Murnane: The New Division of Labor, Home mortgage interest deduction, income inequality, informal economy, insecure affluence, It's morning again in America, Jane Jacobs, Joan Didion, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, late capitalism, low interest rates, low skilled workers, manufacturing employment, mass immigration, McMansion, Michael Shellenberger, mortgage tax deduction, new economy, off grid, oil shock, PageRank, Paradox of Choice, Ponzi scheme, positional goods, post-industrial society, post-materialism, principal–agent problem, recommendation engine, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, Skype, statistical model, Ted Nordhaus, The Death and Life of Great American Cities, The Great Moderation, the long tail, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, transaction costs, women in the workforce, Yom Kippur War

While individual artists themselves probably attained or retained little power (though, had they purchased their loft conversions, they would have made millions), they spawned a whole new economy. Not only do places like Richmond, Virginia, and even Princeton, New Jersey, now brag that they offer “downtown lofts” (even if some of these are, in fact, new constructions made to look like old industrial conversions), a bohemian-type lifestyle has come to dominate the upper echelons of the new economy. By this I don’t just mean that—as Richard Florida asserts—“creativity” is now cherished and rewarded in a growing sector of the high-wage economy.

Alienated from the labor process and product, it thus was inevitable that he was also alienated from himself: The act of creation that had made him uniquely human was no longer possible (never mind that recent studies have shown that chimps are tool creators as well). Finally, he was alienated from other people, since capitalism makes all relations market relations. Mrs. and Mr. Elsewhere are also alienated from their products. The intangibility of the new economy means that we never have a sense of having produced a single actual thing. The “satisfaction” of having earned a 15 percent return for one’s clients or written the language for the contract of the leveraged buyout or talked the patient through their neuroses simply cannot substitute for the leather shoe or wooden chair that we once fashioned with our own hands.

Market conquest used to be spatial, that is, global in scale. With periodic crises of capitalism—economic downturns—we continually needed to find new places to sell our “stuff.” Hence colonialism, which solved the problems of finding raw materials and new customers (not to mention cheap labor). Now, with intellectual property laws (key to the new economy) difficult to enforce in emerging markets, a sort of internal colonization is taking place. By internal colonization, I mean that whereas once we sailed the seas in search of new markets for our products and new sources of raw materials and labor, now we do this increasingly domestically by expanding the sheer number and type of markets.


pages: 252 words: 78,780

Lab Rats: How Silicon Valley Made Work Miserable for the Rest of Us by Dan Lyons

"Friedman doctrine" OR "shareholder theory", "Susan Fowler" uber, "World Economic Forum" Davos, Airbnb, Amazon Robotics, Amazon Web Services, antiwork, Apple II, augmented reality, autonomous vehicles, basic income, Big Tech, bitcoin, blockchain, Blue Ocean Strategy, business process, call centre, Cambridge Analytica, Clayton Christensen, clean water, collective bargaining, corporate governance, corporate social responsibility, creative destruction, cryptocurrency, data science, David Heinemeier Hansson, digital rights, Donald Trump, Elon Musk, Ethereum, ethereum blockchain, fake news, full employment, future of work, gig economy, Gordon Gekko, greed is good, Hacker News, hiring and firing, holacracy, housing crisis, impact investing, income inequality, informal economy, initial coin offering, Jeff Bezos, job automation, job satisfaction, job-hopping, John Gruber, John Perry Barlow, Joseph Schumpeter, junk bonds, Kanban, Kevin Kelly, knowledge worker, Larry Ellison, Lean Startup, loose coupling, Lyft, Marc Andreessen, Mark Zuckerberg, McMansion, Menlo Park, Milgram experiment, minimum viable product, Mitch Kapor, move fast and break things, new economy, Panopticon Jeremy Bentham, Parker Conrad, Paul Graham, paypal mafia, Peter Thiel, plutocrats, precariat, prosperity theology / prosperity gospel / gospel of success, public intellectual, RAND corporation, remote working, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, Ruby on Rails, Sam Altman, San Francisco homelessness, Sand Hill Road, scientific management, self-driving car, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, six sigma, Skinner box, Skype, Social Responsibility of Business Is to Increase Its Profits, SoftBank, software is eating the world, Stanford prison experiment, stem cell, Steve Jobs, Steve Wozniak, Stewart Brand, stock buybacks, super pumped, TaskRabbit, tech bro, tech worker, TechCrunch disrupt, TED Talk, telemarketer, Tesla Model S, Thomas Davenport, Tony Hsieh, Toyota Production System, traveling salesman, Travis Kalanick, tulip mania, Uber and Lyft, Uber for X, uber lyft, universal basic income, web application, WeWork, Whole Earth Catalog, work culture , workplace surveillance , Y Combinator, young professional, Zenefits

I came away believing the opposite, that modern workplaces were actually worse than the old companies they were replacing. They were digital sweatshops, akin to the brutal textile mills and garment factories from more than a century ago. After my own “graduation,” I decided to write a book about my experience. I wanted to explain how, after years of writing glowing magazine articles about the new economy, I had ventured into the new economy and found out that most of what I believed was wrong. Disrupted wasn’t meant to be a book about corporate culture. I just hoped to write a funny memoir about a curmudgeonly fifty-something journalist trying (and failing) to reinvent himself while working alongside a bunch of effervescent Millennials in the marketing department of a cult-like tech start-up.

On the other side was an auditorium where start-up bros assembled in panels to talk about the new economy. My favorite was a forty-year-old former IBM management consultant, a guy with a law degree and an MBA, who now had launched a company to sell sneakers online and thus had arrived dressed like a teenage skateboard kid: funky T-shirt over a white long underwear shirt, backward baseball cap, ankle-high red sneakers left untied, a giant ring on one hand, and on his left wrist a huge watch and a groovy-dude braided leather bracelet. TechCrunch Disrupt encapsulated everything that had gone wrong with the new economy—the bros and fake bros, the bullshit, the scammers, the hordes of people who wanted to cash in and get rich, by any means necessary.

You know these workshops are pointless, and that no one is going to be transformed by Legos. But to keep your job, you must play along. You must deliver a performance and convince management that you are flexible, adaptable, and open to change, the kind of engaged, dynamic worker who meets the needs of the new economy. Basically the company is conducting a large-scale experiment in organizational behavior. They’d like to test out some theories on you. So you all go into the box, and you are poked and prodded with various stimuli to see how you respond. Your office has become a psychology laboratory, run by a bunch of quacks.


pages: 442 words: 39,064

Why Stock Markets Crash: Critical Events in Complex Financial Systems by Didier Sornette

Alan Greenspan, Asian financial crisis, asset allocation, behavioural economics, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, Brownian motion, business cycle, buy and hold, buy the rumour, sell the news, capital asset pricing model, capital controls, continuous double auction, currency peg, Deng Xiaoping, discrete time, diversified portfolio, Elliott wave, Erdős number, experimental economics, financial engineering, financial innovation, floating exchange rates, frictionless, frictionless market, full employment, global village, implied volatility, index fund, information asymmetry, intangible asset, invisible hand, John von Neumann, joint-stock company, law of one price, Louis Bachelier, low interest rates, mandelbrot fractal, margin call, market bubble, market clearing, market design, market fundamentalism, mental accounting, moral hazard, Network effects, new economy, oil shock, open economy, pattern recognition, Paul Erdős, Paul Samuelson, power law, quantitative trading / quantitative finance, random walk, risk/return, Ronald Reagan, Schrödinger's Cat, selection bias, short selling, Silicon Valley, South Sea Bubble, statistical model, stochastic process, stocks for the long run, Tacoma Narrows Bridge, technological singularity, The Coming Technological Singularity, The Wealth of Nations by Adam Smith, Tobin tax, total factor productivity, transaction costs, tulip mania, VA Linux, Y2K, yield curve

Many companies associated with the esoteric high-tech of space travel and electronics sold in 1961 for over 200 times their previous year’s earning. Previously, the traditional rule had been that the price should be a multiple of 10 to 15 times their earnings. This is a story all too familiar! The “tronics boom,” as it was called, actually has remarkably similar features to the New Economy boom preceding the October 1929 crash or the New Economy boom of the late 1990s, ending in the April 2000 crash on the Nasdaq index. The best fit of the DJIA from 1954 to the end of 1961 by the logperiodic power law formula is shown in Figure 7.21. This period of time was followed by a “slow crash,” in the sense that the stock market 268 chapter 7 750 700 650 Dow Jones 600 550 500 450 400 350 300 250 54 55 56 57 58 59 Date 60 61 62 63 Fig. 7.21.

This scenario applies essentially to all market crashes, including old ones such as October 1929 on the U.S. market, for which the U.S. market was considered to be at that time an interesting “emerging” market with good investment potentialities for national as well as international investors. In addition, the concept of a New Economy was used profusely in the medias of the time, reminiscent of several other New Economy phases in more recent times, including the recent crash of the Internet bubble documented in chapter 7. The robustness of this scenario is presumably deeply rooted in investor psychology and involves a combination of imitative/herding behavior and greediness (for the development of the speculative bubble) and overreaction to bad news in periods of instabilities.

In what amounts to a return to Godley’s argument [162], it has been shown recently that much of the rebound in productivity growth in the late 1990s is a reflection of the strengthening of aggregate demand, rather than a fundamental improvement in the medium- or longer term productivity trend [165, 166]. The crash of the Nasdaq in April 2000, which reflects the collapse of the New Economy bubble, makes concrete that many New Economy industries have been far from delivering the enormous future incomes that were expected. The Aging “Baby Boomers.” Summarizing the world demographic structure and its financial assets by single statistics, as we have done so far, is restrictive and may miss important dimensions of the problem.


pages: 237 words: 67,154

Ours to Hack and to Own: The Rise of Platform Cooperativism, a New Vision for the Future of Work and a Fairer Internet by Trebor Scholz, Nathan Schneider

1960s counterculture, activist fund / activist shareholder / activist investor, Airbnb, Amazon Mechanical Turk, Anthropocene, barriers to entry, basic income, benefit corporation, Big Tech, bitcoin, blockchain, Build a better mousetrap, Burning Man, business logic, capital controls, circular economy, citizen journalism, collaborative economy, collaborative editing, collective bargaining, commoditize, commons-based peer production, conceptual framework, content marketing, crowdsourcing, cryptocurrency, data science, Debian, decentralized internet, deskilling, disintermediation, distributed ledger, driverless car, emotional labour, end-to-end encryption, Ethereum, ethereum blockchain, food desert, future of work, gig economy, Google bus, hiring and firing, holacracy, income inequality, independent contractor, information asymmetry, Internet of things, Jacob Appelbaum, Jeff Bezos, job automation, Julian Assange, Kickstarter, lake wobegon effect, low skilled workers, Lyft, Mark Zuckerberg, means of production, minimum viable product, moral hazard, Network effects, new economy, offshore financial centre, openstreetmap, peer-to-peer, planned obsolescence, post-work, profit maximization, race to the bottom, radical decentralization, remunicipalization, ride hailing / ride sharing, Rochdale Principles, SETI@home, shareholder value, sharing economy, Shoshana Zuboff, Silicon Valley, smart cities, smart contracts, Snapchat, surveillance capitalism, TaskRabbit, technological solutionism, technoutopianism, transaction costs, Travis Kalanick, Tyler Cowen, Uber for X, uber lyft, union organizing, universal basic income, Vitalik Buterin, W. E. B. Du Bois, Whole Earth Catalog, WikiLeaks, women in the workforce, workplace surveillance , Yochai Benkler, Zipcar

As we embark upon building these new models, defining our core values can provide useful guidance to the emergence of a new economic system. The essence of platform cooperativism is a rejection of uneven extraction and an emphasis on cooperativism. This movement is rightly asking: Who are we problem-solving for? What is the impact of the new economy on the workers who are the engine that drives it? Will the new economy be more or less equitable than the old economy? Will there be more empathy in the new economy? Will the new economy work for all of us, or is it an online version of the economy that worked for just a few? At the National Domestic Workers Alliance, we already know what it looks like when the economy optimizes for some of us and extracts value from the least visible of us.

In many areas of business, technology, and even manufacturing, organizations rely on certain agreed-upon standards to establish a set of common operating assumptions describing what the system should do—not necessarily how the system should do it. Whether you’re talking about platform co-ops or Silicon Valley giants, we believe a set of values-based specs for the new economy could serve as a guide to embedding dignity and respect into all operations areas—a Good Work Code for the new economy. Our Good Work Code is a set of eight simple principles that can serve as a framework, a guide ensuring that the new platforms are creating good work: Safety: Good work does not allow for us to wonder at the start of a shift if we will be unharmed by the end.

The Good Work Code doesn’t introduce any revolutionary new values. It doesn’t innovate or disrupt previous thinking on good work standards. But this framework, or a derivative of it, will be essential to building an equitable platform. We are at the exact right moment in time to insert this framework into the DNA of the new economy, to correct the course so that we’re building a new economy that works for all of us. With the emergence of the platform economy, we have one of those rare opportunities to reset the norms and culture of work. At its best, technology strengthens our humanity and our connectedness. We shape our economy as much as it shapes us, and we have an opportunity to make sure the digital revolution is supported by a long-overdue revolution in values. 34.


Hollow City by Rebecca Solnit, Susan Schwartzenberg

blue-collar work, Brownian motion, dematerialisation, gentrification, Golden Gate Park, Haight Ashbury, housing crisis, informal economy, Jane Jacobs, Loma Prieta earthquake, low skilled workers, new economy, New Urbanism, Peoples Temple, pets.com, rent control, San Francisco homelessness, Silicon Valley, South of Market, San Francisco, The Death and Life of Great American Cities, union organizing, upwardly mobile, urban planning, urban renewal, wage slave

and In the old days of gentrification, getting bounced firom a neighborhood meant you just landed somewhere else, but in this available chairs are over the horizon. Exchange is going to going to lose is I Cliff home aren't virtual, Hengst and find out that he's of nine years. The Stock Exchange new economy is virtual: it doesn't require locations. home because the people who work in the new economy and they make more money than he does. The apartment he shares with down be torn moved his boyfriend Scott to make way to L.A. in the last there, too, since no one and the auto body shop below for condos. Cliff month, he like him can San Francisco without tells city in countless ways, Cliff will like a lot talk me, and he artists artist.

The march broke up abruptlv of a protester Xew Yuppies on Rhoda Raige. a spoof ston.- Dav s The on selfish- new economy accelerated and equipped use their cars and dispel the safety, accessibilit}' and d\iliD.- carry their private space with them, and privatization of that space; they becomes not just an economic issue but a sodal attitude (expressed in such items as car alarms, tor\- which place the rights of private property in public over the audi- peace of the neighborhood tims of the high-pressure of, say, nmning Literal victims. in dri\Tng . One could new economy, a stop sign to get to San Francisco is regard the privatized as vic- but partidpation in work faster is it likely to create being suburbanized by people evers^ here. even though dri\'ing is at the level a disastrous more who persist form of trans- SKID MARKS ON THE SOCIAL CONTRACT portation in this small, European-scale is scarce in months of most parts of the 2000, being Though San gridlock common, parking and pedestrians were, mowed down in part urban figures of true at the rate in the first three of almost one a week.

'Silicon Valley-style economies are what we can look forward to every- where,' says Robert H. Frank, an economist at Cornell University who has HOLLOW 18 CITY long studied the increasing gap between the rich and poor. economy, either you have a lottery who don't When are not the happy about new economy the city's existing culture as in ethnic cultures, are under siege, you don't. And the people it.'"'' arrived in San Francisco, it began to lay waste —culture both in the sense of cultural and of creative activity, artistic and while the racial aspects renewal have often been addressed, ative activity (and, ticket or new 'In this this book and diversity, Both political.


file:///C:/Documents%20and%... by vpavan

accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, Alan Greenspan, AOL-Time Warner, asset allocation, Bear Stearns, Berlin Wall, book value, business cycle, buttonwood tree, buy and hold, Carl Icahn, corporate governance, corporate raider, currency risk, disintermediation, diversification, diversified portfolio, Donald Trump, estate planning, financial engineering, fixed income, index fund, intangible asset, interest rate swap, John Bogle, junk bonds, Larry Ellison, margin call, Mary Meeker, money market fund, Myron Scholes, new economy, payment for order flow, price discovery process, profit motive, risk tolerance, shareholder value, short selling, Silicon Valley, Small Order Execution System, Steve Jobs, stocks for the long run, stocks for the long term, tech worker, technology bubble, transaction costs, Vanguard fund, women in the workforce, zero-coupon bond, éminence grise

The trio request a hearing by the panel's securities subcommittee chairman in an effort to slow down the SEC rules until the New Economy issue could be vented. United States Senate Washington, DC 20510 July 21, 2000 The Honorable Rod Grams Chairman Senate Subcommittee on Securities United States Senate Washington, DC 20510 Dear Mr. Chairman: We commend you for taking the initiative to hold a hearing on financial reporting in the New Economy. The hearing began exploration of the challenges that New Economy developments have placed on our traditional accounting standards and securities laws. Indeed, it appears that these standards and laws cannot fully represent the value of many companies in the New Economy. Business reporting is a critical subject that continues to deserve Congressional attention.

This especially concerns us because it appears that the SEC has not demonstrated a substantive basis for imposing these far-reaching limitations this year. The SEC would be limiting auditing firms' expertise just when auditors appear to need it most in order to fully assess today's sophisticated New Economy companies. The broader issues of the New Economy require further study by Congress before the SEC implements this rule. Therefore, we believe that it is wholly appropriate for a hearing on the SEC's proposal, and other New Economy business reporting issues. Thank you for your consideration of this important request. Sincerely, Evan Bayh Charles Schumer Robert F. Bennett This letter from ten of the twenty members of the Senate Banking Committee— eight are Republicans and two are Democrats— also seeks to postpone the auditor independence rules.

Dingell The accounting industry cited numerous reasons for its opposition to the SEC's auditor independence rules, and one of the major reasons was the "New Economy" argument. In essence, it said that accounting firms had to be able to perform consulting work for audit clients because only then could the accountants develop new ways to measure the value of technology, telecommunications, Internet, and other growth companies that make up the New Economy. This argument is cited in the following letter from three members of the Senate Banking Committee, which also oversees the SEC (Bayh and Schumer are Democrats and Bennett is a Republican).


pages: 343 words: 91,080

Uberland: How Algorithms Are Rewriting the Rules of Work by Alex Rosenblat

"Susan Fowler" uber, Affordable Care Act / Obamacare, Airbnb, algorithmic management, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, basic income, big-box store, bike sharing, Black Lives Matter, business logic, call centre, cashless society, Cass Sunstein, choice architecture, cognitive load, collaborative economy, collective bargaining, creative destruction, crowdsourcing, data science, death from overwork, digital divide, disinformation, disruptive innovation, don't be evil, Donald Trump, driverless car, emotional labour, en.wikipedia.org, fake news, future of work, gender pay gap, gig economy, Google Chrome, Greyball, income inequality, independent contractor, information asymmetry, information security, Jaron Lanier, Jessica Bruder, job automation, job satisfaction, Lyft, marginal employment, Mark Zuckerberg, move fast and break things, Network effects, new economy, obamacare, performance metric, Peter Thiel, price discrimination, proprietary trading, Ralph Waldo Emerson, regulatory arbitrage, ride hailing / ride sharing, Salesforce, self-driving car, sharing economy, side hustle, Silicon Valley, Silicon Valley ideology, Skype, social software, SoftBank, stealth mode startup, Steve Jobs, strikebreaker, TaskRabbit, technological determinism, Tim Cook: Apple, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, urban planning, Wolfgang Streeck, work culture , workplace surveillance , Yochai Benkler, Zipcar

These centers of community create an institutional memory that persists even when Uber’s practices change. What remains to be seen is how these drivers and their new workplace practices will influence broader culture—including other jobs and other technology companies—because Uber, as the cultural icon of the New Economy, has already left an indelible mark on far more than ridehailing. HOW DRIVERS ROLL IN A NEW WORLD OF WORK Ridehail drivers are among those in the New Economy adapting to working for a faceless boss. In our early research, my colleague Luke Stark and I found that an algorithmic manager directs how Uber drivers behave and when and where they work, using responsive incentives and penalties that affect their pay.

Kaleigh Rogers, “Love in the Time of Ridesharing,” Motherboard, May 27, 2016, https://motherboard.vice.com/en_us/article/yp33yg/love-in-the-time-of-ridesharing-uber-lyft-romance-technology. 70. Lobel, “The Law of the Platform”; Calo and Rosenblat, “The Taking Economy.” 71. Tressie McMillan Cottom, “Credentials, Jobs and the New Economy,” Inside Higher Ed, March 2, 2017, www.insidehighered.com/views/2017/03/02/impact-new-economy-profit-colleges-and-their-students-essay. 72. Alex Rosenblat and Luke Stark, “Algorithmic Labor and Information Asymmetries: A Case Study of Uber’s Drivers,” International Journal of Communication 10, no. 27 (2016): 3762, http://ijoc.org/index.php/ijoc/article/view/4892. 73.

R53 R67 2018 (print) | DDC 388.4/13212—dc23 LC record available at https://lccn.loc.gov/2018023686 Manufactured in the United States of America 26 25 24 23 22 21 20 19 18 10 9 8 7 6 5 4 3 2 1 CONTENTS List of Illustrations Acknowledgments Introduction: Using an App to Go to Work—Uber as a Symbol of the New Economy 1. Driving as Glamorous Labor: How Uber Uses the Myths of the Sharing Economy 2. Motivations to Drive: How Uber’s System Rewards Full-Time and Recreational Drivers Differently 3. The Technology Pitch: How Uber Creates Entrepreneurship for the Masses 4. The Shady Middleman: How Uber Manages Money 5.


pages: 361 words: 81,068

The Internet Is Not the Answer by Andrew Keen

"World Economic Forum" Davos, 3D printing, A Declaration of the Independence of Cyberspace, Airbnb, AltaVista, Andrew Keen, AOL-Time Warner, augmented reality, Bay Area Rapid Transit, Berlin Wall, Big Tech, bitcoin, Black Swan, Bob Geldof, Boston Dynamics, Burning Man, Cass Sunstein, Charles Babbage, citizen journalism, Clayton Christensen, clean water, cloud computing, collective bargaining, Colonization of Mars, computer age, connected car, creative destruction, cuban missile crisis, data science, David Brooks, decentralized internet, DeepMind, digital capitalism, disintermediation, disruptive innovation, Donald Davies, Downton Abbey, Dr. Strangelove, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, fail fast, Fall of the Berlin Wall, Filter Bubble, Francis Fukuyama: the end of history, Frank Gehry, Frederick Winslow Taylor, frictionless, fulfillment center, full employment, future of work, gentrification, gig economy, global village, Google bus, Google Glasses, Hacker Ethic, happiness index / gross national happiness, holacracy, income inequality, index card, informal economy, information trail, Innovator's Dilemma, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, John Perry Barlow, Joi Ito, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kevin Roose, Kickstarter, Kiva Systems, Kodak vs Instagram, Lean Startup, libertarian paternalism, lifelogging, Lyft, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Mary Meeker, Metcalfe’s law, military-industrial complex, move fast and break things, Nate Silver, Neil Armstrong, Nelson Mandela, Network effects, new economy, Nicholas Carr, nonsequential writing, Norbert Wiener, Norman Mailer, Occupy movement, packet switching, PageRank, Panopticon Jeremy Bentham, Patri Friedman, Paul Graham, peer-to-peer, peer-to-peer rental, Peter Thiel, plutocrats, Potemkin village, power law, precariat, pre–internet, printed gun, Project Xanadu, RAND corporation, Ray Kurzweil, reality distortion field, ride hailing / ride sharing, Robert Metcalfe, Robert Solow, San Francisco homelessness, scientific management, Second Machine Age, self-driving car, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Skype, smart cities, Snapchat, social web, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, subscription business, TaskRabbit, tech bro, tech worker, TechCrunch disrupt, Ted Nelson, telemarketer, The future is already here, The Future of Employment, the long tail, the medium is the message, the new new thing, Thomas L Friedman, Travis Kalanick, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, urban planning, Vannevar Bush, warehouse robotics, Whole Earth Catalog, WikiLeaks, winner-take-all economy, work culture , working poor, Y Combinator

It would be “decentralizing, globalizing, harmonizing and empowering.”25 One of the most frequently quoted books about the Internet economy published in the wake of the August 1995 IPO was Kevin Kelly’s New Rules for the New Economy.26 Kelly’s economic manifesto, which came out as a series of articles he wrote as the founding executive editor for Wired magazine, became an appropriately magical handbook for startup entrepreneurs in the surreal dot-com era. The personally very gracious and well-meaning Kelly, one of the founders of the countercultural WELL BBS and a born-again Christian techno-mystic who would later write a book about how technology has a mind of its own,27 stoked the already irrational exuberance of the late nineties with a new economy manifesto that today reads like a parody of digital utopianism.

., p. 251. 21 Ibid., p. 249. 22 Ibid., p. 119. 23 Ibid., p. 67. 24 Thomson Venture Economics, special tabulations, June 2003. 25 Nicholas Negroponte, Being Digital (New York: Random House, 1996). 26 Kevin Kelly, New Rules for the New Economy (New York: Penguin, 1997). 27 Kevin Kelly, What Technology Wants (New York: Viking, 2010). 28 Kelly, New Rules for the New Economy, p. 156. 29 Robert H. Frank and Philip J. Cook, The Winner-Take-All Society: How More and More Americans Compete for Ever Fewer and Bigger Prizes, Encouraging Economic Waste, Income Inequality, and an Impoverished Cultural Life (New York: Free Press, 1995). 30 Ibid., p. 47. 31 Ibid., p. 48. 32 “The Greatest Defunct Web Sites and Dotcom Disasters,” CNET, June 5, 2008. 33 Cassidy, Dot.con, pp. 242–45. 34 Stone, The Everything Store, p. 48. 35 Ibid. 36 Fred Wilson, “Platform Monopolities,” AVC.com, July 22, 2014. 37 Ibid. 38 Ibid. 39 Matthew Yglesias, “The Prophet of No Profit,” Slate, January 30, 2014. 40 Stone, The Everything Store, pp. 181–82. 41 Ibid., p. 173. 42 Jeff Bercovici, “Amazon Vs.

A quarter century after Tim Berners-Lee’s invention of the Web, it’s becoming increasingly clear that the Internet economy is anything but a cooperative venture. The structure of this economy is the reverse of the technological open architecture created by the Internet’s pioneers. Instead, it’s a top-down system that is concentrating wealth instead of spreading it. Unfortunately, the supposed “new rules” for this new economy aren’t very new. Rather than producing more jobs or prosperity, the Internet is dominated by winner-take-all companies like Amazon and Google that are now monopolizing vast swaths of our information economy. But why has this happened? How has a network designed to have neither a heart, a hierarchy, nor a central dot created such a top-down, winner-take-all economy run by a plutocracy of new lords and masters?


pages: 416 words: 118,592

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, backtesting, Bear Stearns, beat the dealer, Bernie Madoff, book value, BRICs, butter production in bangladesh, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, fixed income, framing effect, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, The Myth of the Rational Market, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond

A few months later, hundreds of Internet companies were bankrupt, proving that the Goldman report was inadvertently correct. The cash burn rate was not a long-term risk—it was a short-term risk. Until that moment, anyone scoffing at the potential for the “New Economy” was a hopeless Luddite. As the chart NASDAQ Composite Stock Index, July 1999–July 2002 indicates, the NASDAQ Index, an index essentially representing high-tech New Economy companies, more than tripled from late 1998 to March 2000. The price-earnings multiples of the stocks in the index that had earnings soared to over 100. NASDAQ COMPOSITE STOCK INDEX, JULY 1999–JULY 2002 A Broad-Scale High-Tech Bubble At the bubble’s height, scoffers were as hard to find as the Maytag repairman.

One spectacular example was the rise and subsequent bankruptcy of Enron—at one time the seventh-largest corporation in America. The collapse of Enron, where over $65 billion of market value was wiped out, can be understood only in the context of the enormous bubble in the New Economy part of the stock market. Enron was seen as the perfect New Economy stock that could dominate the market not just for energy but also for broadband communications, widespread electronic trading, and commerce. Enron was a clear favorite of Wall Street analysts. Even after it began to unravel during the fall of 2001, sixteen out of seventeen security analysts covering Enron had “buy” or “strong buy” ratings on the stock.

This price increase occurred even when the company’s core business had nothing whatsoever to do with the Net. In the market decline that followed, shares in these companies became worthless. As the following table shows, investors suffered punishing losses even in the leading Internet companies. HOW EVEN THE LEADING NEW ECONOMY STOCKS RUINED INVESTORS Stock High 2000 Low 2001–2002 Percentage Decline Amazon.com 75.25 5.51 98.7 Cisco Systems 82.00 11.04 86.5 Corning 113.33 2.80 99.0 JDS Uniphase 297.34 2.24 99.5 Lucent Technologies 74.93 1.36 98.3 Nortel Networks 143.62 .76 99.7 Priceline.com 165.00 1.80 99.4 Yahoo.com 238.00 8.02 96.4 PalmPilot, the maker of Personal Digital Assistants (PDAs), is an example of the insanity that went well beyond irrational exuberance.


pages: 435 words: 127,403

Panderer to Power by Frederick Sheehan

Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Bear Stearns, book value, Bretton Woods, British Empire, business cycle, buy and hold, California energy crisis, call centre, central bank independence, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversification, financial deregulation, financial innovation, full employment, Glass-Steagall Act, Greenspan put, guns versus butter model, inflation targeting, interest rate swap, inventory management, Isaac Newton, John Meriwether, junk bonds, low interest rates, margin call, market bubble, Mary Meeker, McMansion, Menlo Park, Michael Milken, money market fund, mortgage debt, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, Norman Mailer, Northern Rock, oil shock, Paul Samuelson, place-making, Ponzi scheme, price stability, reserve currency, rising living standards, Robert Solow, rolodex, Ronald Reagan, Sand Hill Road, Savings and loan crisis, savings glut, shareholder value, Silicon Valley, Silicon Valley startup, South Sea Bubble, stock buybacks, stocks for the long run, supply-chain management, supply-chain management software, The Great Moderation, too big to fail, transaction costs, trickle-down economics, VA Linux, Y2K, Yom Kippur War, zero-sum game

The government had designed the Federal Reserve System to monitor money and credit. Greenspan rarely discussed either. 34 John Cassidy, “The Fountainhead,” New Yorker, April 24, 2000. 35Alan Greensan, “The Revolution in Information Technology,” before the Boston College Conference on the New Economy, Boston, MA, March 6, 2000. 36 Ibid. 37 Ibid. 38 Arthur Levitt, “The New Economy,” speech at The Finance Conference 2000, Boston College, Boston, March 6, 2000. 39 Gretchen Morgenson,“A Onetime Highflying Hedge Fund Appears Likely to Shut Down,” “Market Place,” New York Times, March 31, 2000. He may have enjoyed his superstar status to such a degree that he preferred to speak about a hot topic.

.… There are those who look back and say ‘I forecasted the recession,’ and I’m saying it was good luck because that’s what it was.”16 The late January 2001 meeting was chock-full of confessions. He finally admitted that he believed in the new era: a description he had deliberately avoided: “I think part of the answer is the new economy. We can’t explain it all [recessions] in terms of the new economy because the model reflects the history of all previous periods.”17 “All previous periods” is all a model can reflect. 14 FOMC meeting transcript, January 30–31, 2001, p. 181. 15 Ibid., pp. 174–181. On February 13, 2001, in testimony before the Senate Banking Committee, Greenspan was upbeat about “strength in capital accumulation and sustained elevated growth of structural productivity over the longer term.”18 An article in the Financial Times reported Greenspan’s testimony under the title: “Greenspan Sees a Quick Rebound.”19 Andy Grove, chairman of Intel Corporation, disagreed.

(John Pierpont), 81 Morgan Stanley, 112, 116, 233, 244, 272, 321, 347n.48 Mortgage lenders, 328 Mortgagebacked securities, 266–268, 270–272, 313 Mortgages, 22, 265–280 in 1995, 254 in 2002, 262 in 2004–2005, 293–294 40-year loans, 298 adjustable-rate, 107, 292–293, 328–329, 344 and broker leverage, 272–273 bubble in, 331 collateralized mortgage obligations (CMOs), 130 and Fannie Mae/Freddie Mac, 266–272 FHA (Federal Housing Authority), 273, 277 fixed-rate, 292 FLEX-ARM, 288 held by banks, 312 HELOCs (home equity line of credit), 298 and inflation of 1970s, 44, 63 “Liar’s loans,” 328 negative-amortization mortgages, 107 novel products, 298–299 option ARMs, 298 subprime, 296, 329–333, 340 “2 and 28,” 325 Piggyback mortgages, 298 underwriting systems for, 278–280 Wall Street participation in, 273–277 (See also Home equity loans) Moskow, Michael, 194, 196 Motorola, 207 Mozilo, Angelo, 275, 279 M3, 135 Mullins, David, 137 Mutual funds: in the 1960s, 33 of junk bonds, 80 in late 1990s, 142 and recession of early 1990s, 127 N Nasdaq: in 1995, 139 in 1997, 166 in 1998, 188, 191 in 1999, 191, 215–216 in 2000, 215–216, 219 in 2002, 284 in late 1990s, 145 technology stocks on, 216 Nasdaq 100, 177 Nasdaq Composite Index: in 1999, 188 in 2000, 224, 225, 235 in 2001, 237, 238, 246 in late 1990s, 177 National Association of Realtors, 316 National Commission on Social Security Reform, 83–84 National debt, 305 National Industrial Conference Board, 13 National policy, economists and, 361 National Public Radio, 343 NationsBank, 130 NBCi, 174 Negative-amortization mortgages, 107 Nehemiah Corporation of America, 273, 291 NetGravity, 174 Netscape, 141 New Century Financial Corporation, 165, 278–279, 328, 330 New Economics, 26–27, 39, 121, 350 New Economy, 196 New Economy conference (2000), 222 New Republic, 353 New York City, 2, 36, 352–357 1920s real estate speculation in, 352–353 1970s migration from, 51–52 and early 1990s recession, 114 as leading economic indicator, 22–23 poverty in, 78 New York Federal Reserve Bank, 66 New York Mercantile Exchange, 220 New York Stock Exchange, 19, 33 New York Post, 347 New York Times, 3, 5, 6, 19, 22, 25, 32, 33, 35, 42, 43, 48, 52, 55, 56, 59, 61, 63, 64, 65, 67, 68, 71, 73–76, 82, 83, 84, 86, 90, 92–93, 117, 118, 133, 134, 141–142, 164, 204–205, 212, 217, 221, 223, 236, 239, 245, 278, 279, 283, 294, 299–300, 327, 337–338, 340, 342, 346, 364 New York University, 11, 59 New York University School of Commerce, Accounts and Finance, 11 New Yorker, 53 New York (magazine), 342 Newsweek, 5, 57, 97 Ney, Robert, 277–278 Nikkei index, 216, 246 Nixon, Richard, 4–5, 32, 36, 41, 44 Nobel Prize in economic sciences, 26, 81, 112, 143, 183–184, 187, Nock, Albert Jay, 24 Nonbank banks, 99 O Objectivism, 3, 13–15, 27, 32 Office of Federal Housing Enterprise Oversight (OFHEO), 269 Okun, Arthur, 39, 42, 61 Old Economy, 196 O’Neal, Stanley, 333 O’Neil, C.


pages: 346 words: 97,330

Ghost Work: How to Stop Silicon Valley From Building a New Global Underclass by Mary L. Gray, Siddharth Suri

"World Economic Forum" Davos, Affordable Care Act / Obamacare, AlphaGo, Amazon Mechanical Turk, Apollo 13, augmented reality, autonomous vehicles, barriers to entry, basic income, benefit corporation, Big Tech, big-box store, bitcoin, blue-collar work, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, cognitive load, collaborative consumption, collective bargaining, computer vision, corporate social responsibility, cotton gin, crowdsourcing, data is the new oil, data science, deep learning, DeepMind, deindustrialization, deskilling, digital divide, do well by doing good, do what you love, don't be evil, Donald Trump, Elon Musk, employer provided health coverage, en.wikipedia.org, equal pay for equal work, Erik Brynjolfsson, fake news, financial independence, Frank Levy and Richard Murnane: The New Division of Labor, fulfillment center, future of work, gig economy, glass ceiling, global supply chain, hiring and firing, ImageNet competition, independent contractor, industrial robot, informal economy, information asymmetry, Jeff Bezos, job automation, knowledge economy, low skilled workers, low-wage service sector, machine translation, market friction, Mars Rover, natural language processing, new economy, operational security, passive income, pattern recognition, post-materialism, post-work, power law, race to the bottom, Rana Plaza, recommendation engine, ride hailing / ride sharing, Ronald Coase, scientific management, search costs, Second Machine Age, sentiment analysis, sharing economy, Shoshana Zuboff, side project, Silicon Valley, Silicon Valley startup, Skype, software as a service, speech recognition, spinning jenny, Stephen Hawking, TED Talk, The Future of Employment, The Nature of the Firm, Tragedy of the Commons, transaction costs, two-sided market, union organizing, universal basic income, Vilfredo Pareto, Wayback Machine, women in the workforce, work culture , Works Progress Administration, Y Combinator, Yochai Benkler

,” CBS News, April 9, 2017; “More Robots, Fewer Jobs,” Bloomberg, May 8, 2017. [back] 13. Alex Ross, The Industries of the Future (New York: Simon and Schuster, 2016); Stephen A. Herzenberg, John A. Alic, and Howard Wial, New Rules for a New Economy: Employment and Opportunity in Post-Industrial America (Ithaca, NY: ILR Press, 2000); Chris Brenner, Work in the New Economy: Flexible Labor Markets in Silicon Valley, Information Age Series (Malden, MA: Wiley-Blackwell, 2002). [back] 14. Scott Hartley, The Fuzzy and the Techie: Why the Liberal Arts Will Rule the Digital World (Boston: Houghton Mifflin Harcourt, 2017).

For the next five years, we did something our respective research fields had not: we learned about the range of ghost work and the lives of people doing it by conducting one of the most comprehensive studies of its kind. Ghost Work is the first book to illuminate ghost work’s role in building artificial intelligence and the lives of workers who are invisible yet central to the functioning of the internet and the future of automation. It offers an intimate, detailed look at the experience of workers in this new economy. We focus on workers living in India and the United States, the two countries with the largest on-demand labor pools, both with a long, entwined history of technological advancement. Our team interviewed and observed hundreds of people, in their homes and other makeshift workspaces, as they did everything from flag tweets to transcribe doctors’ visits.

The companies would hire Indian workers and then disappear three weeks later, leaving unfulfilled promises of paychecks in their wake. That experience has left many young people like Lijo suspicious of online jobs that may be phishing for information or trying to fool them into working for free. Pundits both champion and criticize the flexibility in these labor markets. Champions see flexibility as the saving grace of the new economy, while critics curse flexibility as a source of downward pressure on wages in the sector. Again and again, those doing ghost work are told what an amazing perk it is that they can work anytime, anywhere.5 But more often than not, this so-called perk masks the reality of online work. The most hypervigilant workers, those always looking for the next task, are the most rewarded.


pages: 482 words: 121,672

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Eleventh Edition) by Burton G. Malkiel

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, asset allocation, asset-backed security, beat the dealer, Bernie Madoff, bitcoin, book value, butter production in bangladesh, buttonwood tree, buy and hold, capital asset pricing model, compound rate of return, correlation coefficient, Credit Default Swap, Daniel Kahneman / Amos Tversky, Detroit bankruptcy, diversification, diversified portfolio, dogs of the Dow, Edward Thorp, Elliott wave, equity risk premium, Eugene Fama: efficient market hypothesis, experimental subject, feminist movement, financial engineering, financial innovation, financial repression, fixed income, framing effect, George Santayana, hindsight bias, Home mortgage interest deduction, index fund, invisible hand, Isaac Newton, Japanese asset price bubble, John Bogle, junk bonds, Long Term Capital Management, loss aversion, low interest rates, margin call, market bubble, Mary Meeker, money market fund, mortgage tax deduction, new economy, Own Your Own Home, PalmPilot, passive investing, Paul Samuelson, pets.com, Ponzi scheme, price stability, profit maximization, publish or perish, purchasing power parity, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Salesforce, short selling, Silicon Valley, South Sea Bubble, stock buybacks, stocks for the long run, sugar pill, survivorship bias, Teledyne, the rule of 72, The Wisdom of Crowds, transaction costs, Vanguard fund, zero-coupon bond, zero-sum game

A few months later, hundreds of Internet companies were bankrupt, proving that the Goldman report was inadvertently correct. The cash burn rate was not a long-term risk—it was a short-term risk. Until that moment, anyone scoffing at the potential for the “New Economy” was a hopeless Luddite. As the chart on page 81 indicates, the NASDAQ Index, an index essentially representing high-tech New Economy companies, more than tripled from late 1998 to March 2000. The price-earnings multiples of the stocks in the index that had earnings soared to over 100. A Broad-Scale High-Tech Bubble At the bubble’s height, scoffers were hard to find.

One spectacular example was the rise and subsequent bankruptcy of Enron—at one time the seventh-largest corporation in America. The collapse of Enron, where over $65 billion of market value was wiped out, can be understood only in the context of the enormous bubble in the New Economy part of the stock market. Enron was seen as the perfect New Economy stock that could dominate the market not just for energy but also for broadband communications, widespread electronic trading, and commerce. Enron was a clear favorite of Wall Street analysts. Even after it began to unravel during the fall of 2001, sixteen out of seventeen security analysts covering Enron had “buy” or “strong buy” ratings on the stock.

Standard & Poor’s 500, 179, 181 see also specific funds Nagel, Stefan, 250 NASDAQ, 80–81, 82, 109, 128, 254 National Cash Register, 48, 53 national income changes, as element in systematic risk, 224 National Student Marketing (NSM), 67–68, 69 “naughties,” 344, 411 New Economy, 241, 249 accounting fraud in, 93–95 Internet-driven, 79–97, 104–5 New Economy stocks, 172, 177 New England Patriots, 148 new investment technology, 26, 31, 189–228 alpha in, 219 beta in, see beta CAPM in, see capital-asset pricing model MPT in, see modern portfolio theory risk in, 190 new issues, 257, 318 caution with, 75 of Internet stocks, 84–87 of 1959–62, 57–59 of 1980s, 70–75 Newsweek, 57 Newton, Isaac, 47 New Yorker, 88 New York Post, 89 New York State Teachers Association, 384 New York Stock Exchange (NYSE), 56, 109, 144, 151, 397 Babson Break in, 51–52 speculation in, 48–55 New York Times, 91, 393 Nifty Fifty, 36, 68–70 NINJA loans, 101 Nobel Prize, 35, 183, 197, 209 No-Brainer Step, 379, 380–82 NO-DOC loans, 101 no-equity loans, 100 Non-Random Walk Down Wall Street, A (Lo and MacKinlay), 139 Nortel Networks, 83, 90, 161, 166 NSM, see National Student Marketing NTT Corporation, 76 nucleus theory of growth, 64 NYSE, see New York Stock Exchange odd-lot theory, 149 Odean, Terrance, 93, 234, 246, 256 O’Higgins, Michael, 150 Once in Golconda (Brooks), 49 “one-decision” stocks, 69 online brokers, Internet bubble aided by, 91–92 online investment advisers, 408 OPEC, 337 open-end funds, 402 operating expenses, 402 option premiums, 39 O’Shaughnessy, James, 150 Outlook (S&P), 393 overconfidence, 231, 232–35 overtrading, 234, 255–56 PalmPilot, 83 Paternot, Stephen, 86 P/BV ratios, see price-to-book value ratios P/E effect, 263 P/E multiples, see price-earnings multiples pension funds, 167, 182, 184, 303–4 P/E ratios, see price-earnings multiples performance, 65–68 of buy-and-hold strategy, 158 of common stocks (1970s), 340 of concept stocks, 65–68 of mutual funds, 66, 174–82, 398–400 vs. future results in mutual funds, 399, 401 Performance Systems, 68, 69 Personal Digital Assistants (PDAs), 83 Peters, Thomas J., 233 Pets.com, 84 Philadelphia 76ers, 145 Phillips, Don, 400 Phoenix, University of, 169 Pittsburgh Steelers, 148 Polaroid, 68, 69, 161 Ponzi schemes: Internet investment as, 80, 242 of Madoff, 258–59 ZZZZ Best as, 74 portfolio management, 66, 160–61, 164, 170, 174–84, 261, 349–50, 351, 361–62, 366–67, 389, 398 see also “smart beta” Portfolio Selection (Markowitz), 197 portfolio theory, see modern portfolio theory positive feedback loops, 80 Pound, John, 253 PowerShares, 270, 281 Prechter, Robert, 151–52 present value, 32, 125n price-dividend multiples, 330, 340, 341, 343 price-earnings (P/E) multiples, 57, 64, 65, 126, 264, 274, 336, 344, 346–47, 394–95 of blue-chip stocks, 68 crash in (1970s), 340 cyclically adjusted (CAPE), 347, 387 of growth stocks, 121–23, 130–33, 406 of high-tech stocks, 81 inflation of, 64 performance and, 263, 396 see also performance, of common stocks (1970s); performance, of concept stocks Priceline.com, 83 price stability, 54 price-to-book value (P/BV) ratios, of stocks, 264, 270, 274 price-volume systems, 143–44 Price Waterhouse, 153 Princeton University, 161 probability judgments, 233–34, 238 Producers, The, 166 product asset valuation, 72 professional investors: limitations of, 162–63 profit-maximizing behavior, as argument against technical analysis, 116–17 profits, 339 in inflation, 339 measurement of, 339 profit-sharing plans, 304 Prohibition, 52 property taxes, 314 prospect theory, 243–45 prospectuses, warnings on, 59 PSI Net, 90 psychological factors in stock valuation, see castle-in-the-air theory; technical analysis Puckle Machine Company, 45 Puerto Rico, 404 purchasing power, effects of inflation on, 28–29, 125n, 307, 315 Purdue University, 82 Quandt, Richard, 140 quant, defined, 221n Quinn, Jane Bryant, 91 Qwest, 166 Radio Corporation of America (RCA), 48, 53 railroad industry, 91, 96 RAND Corporation, 197 Randell, Cortes W., 66–68 random events, forecasting influenced by, 164–65, 176 random walk: defined, 26–28, 139, 140 difficult acceptance of, 145–46 fundamental conclusion of, 154 summarized, 35–36 random-walk theory, 105–6, 266–67 assumptions of, 190, 229, 230 fundamental analysis and, 182–84 guide for, 291 and housing bubble, 105–6 index funds and, 379–80 role of arbitrage in, 248–49 semi-strong form of EMH, 26, 182–84 strong (broad) form of EMH, 26, 182–84 technical analysis and, 137–41, 154–57 weak (narrow) form of EMH, 26, 140, 183 Raptor, 94 rate of return: after inflation, 338 for bonds, 194–96, 307, 315–21, 342–43, 344, 345 in CAPM, 213–19 for common stocks, 194–96, 307 compounded, 351 diversification and, 198–200 expected, see expected rate of return future events and, 30, 343–48 high, for bearing greater risk, 194–96, 212–13, 350, 408 investment objectives and, 306–13 negative, 196 for real estate, 313 rebalancing to, 360 risk-free, 215–18 “small caps” vs.


pages: 173 words: 53,564

Fair Shot: Rethinking Inequality and How We Earn by Chris Hughes

"World Economic Forum" Davos, basic income, Donald Trump, effective altruism, Elon Musk, end world poverty, full employment, future of journalism, gig economy, high net worth, hockey-stick growth, income inequality, invisible hand, Jeff Bezos, job automation, knowledge economy, labor-force participation, Lyft, M-Pesa, Mark Zuckerberg, meta-analysis, new economy, oil rush, payday loans, Peter Singer: altruism, Potemkin village, precariat, randomized controlled trial, ride hailing / ride sharing, Ronald Reagan, Rutger Bregman, Second Machine Age, self-driving car, side hustle, side project, Silicon Valley, TaskRabbit, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, traveling salesman, trickle-down economics, uber lyft, universal basic income, winner-take-all economy, working poor, working-age population, zero-sum game

Just the top 0.1 percent of our population—the 160,000 or so families who have $20 million or more—control the same amount as the entire bottom 90 percent of Americans combined. The chasm between the rich and the poor has not been so wide since 1929, the year of the biggest collapse in Wall Street’s history. The problem isn’t that our new economy has fueled the rise of Facebook and mega-winners. It’s that the growth of the ultra-wealthy has come at the expense of everyday Americans. Rapid technological advances, globalization, and financialization are pulling the rug out from under the middle class and lower-income Americans. The same forces that enabled the rise of Facebook, Google, and Amazon have undermined the stability and economic opportunity that most Americans have a right to expect.

The blue collar jobs of yesteryear that paid decent salaries and provided benefits have declined from about half of overall jobs 60 years ago to around 20 percent today. A Princeton study found that of all the jobs created between 2005 and 2015, 94 percent of them were contract or temporary, meaning virtually every job we created in the last decade was piecemeal and the income was unreliable. Many of these jobs of the new economy pay poorly, require flexible schedules, and do not offer the stability of benefits or guaranteed pay. People in these jobs are Starbucks and Walmart employees who barely get 20 hours of work a week, babysitters and dog walkers, consultants and delivery people. Some of these workers may get to choose when they work, but they are more often beholden to when the market is ready to employ their services.

We don’t need to predict the future to know that we need to respond to the problems of the economy of the present. Regardless of how artificial intelligence evolves, a guaranteed income is the best tool to provide financial stability and opportunity to people who already need it. To understand how our new economy, defined by technological advances and globalization, affects the bottom lines of working people, two researchers, Rachel Schneider and James Morduch, set out to monitor the day-to-day financial behavior of 235 low- and middle-income families over the course of a year. They tracked all money in, all money out, what they spent it on, and why.


pages: 382 words: 92,138

The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato

Apple II, banking crisis, barriers to entry, Bretton Woods, business cycle, California gold rush, call centre, carbon footprint, carbon tax, Carmen Reinhart, circular economy, clean tech, computer age, creative destruction, credit crunch, David Ricardo: comparative advantage, demand response, deskilling, dual-use technology, endogenous growth, energy security, energy transition, eurozone crisis, everywhere but in the productivity statistics, Fairchild Semiconductor, Financial Instability Hypothesis, full employment, G4S, general purpose technology, green transition, Growth in a Time of Debt, Hyman Minsky, incomplete markets, information retrieval, intangible asset, invisible hand, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, knowledge worker, linear model of innovation, natural language processing, new economy, offshore financial centre, Philip Mirowski, popular electronics, Post-Keynesian economics, profit maximization, Ralph Nader, renewable energy credits, rent-seeking, ride hailing / ride sharing, risk tolerance, Robert Solow, shareholder value, Silicon Valley, Silicon Valley ideology, smart grid, Solyndra, Steve Jobs, Steve Wozniak, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tony Fadell, too big to fail, total factor productivity, trickle-down economics, vertical integration, Washington Consensus, William Shockley: the traitorous eight

But, today, it is companies like Apple who continue to ride the wave of success, keeping track on only one side of the scoreboard and rigging the end result to their advantage. Apple’s job-creation myth: Not all jobs are created equally Apple is not only a ‘new economy’ company in the sense of the type of technology and knowledge that it makes intense use of, but also in terms of its strategy with the labour market. In this respect, it is useful to first consider the difference between the New Economy Business Model (NEBM) and the Old Economy Business Model (OEBM), emphasized by Lazonick (2009). The latter dominated the US corporate environment from the immediate post–Second World War era until the 1980s, and was characterized by stable employment opportunities in hierarchical corporations, generous and equitable earnings, subsidized medical coverage and substantial defined-benefit pension schemes upon retirement (Lazonick 2009, 2).

Patrick 97 Medical Research Council (MRC) 20, 67 Merrick, Sarah 125 meso perspective 36 micro–macro connection 31–2 microprocessors 109 Ministry for Research and Technology (Germany) 149 Ministry of International Trade and Industry (MITI) 37–8, 40; see also Japan Minsky, Hyman 32n3 Minuteman II missile programme 98 Miranda, Javier 45 Mirowski, Philip 49 MIT 24, 178, 178n6 Mitterrand, François 57 Motoyama, Yasuyuki 83–4, 85 Mowery, David C. 61–2 multi-touch screens 102 myths: about business investment requirements 53–5; about entrepreneurship and innovation 22; about innovation and growth 10; of Europe’s problem being commercialization 48, 52–3; government captured by 19; of innovation being about R&D 44, 159–60; of knowledge economy and patents 50–52; of market as self-regulating 30, 195; of small is beautiful 45–7, 142, 160–61; of venture capital as risk loving 47–50, 142 Nanda, Ramana 127 NASDAQ 50 National Academy of Sciences (NAS) (US) 176 National Aeronautics and Space Agency (NASA) (US) 98, 145, 150 National Endowment for Science, Technology and the Arts (NESTA) (UK) 45 National Fabricated Products 150n4 National Institute of Standards and Technology (NIST) (US) 107, 108 National Institutes of Health (NIH) (US): applied research by 136; budgets of 1938–2011 69, 70; creating the wave vs. surfing it 68–71; knowledge base funded by 8; NMEs based on research of 66; spending 25; Taxol royalties 188 ‘national market’ 195 National Nanotechnology Initiative (NNI) (US) 84–6 National Organization for Rare Disorders 82 National Renewable Energy Laboratory (NREL) 151 National Science Foundation (US) 20, 84, 85, 104, 108, 166 National Systems of Innovation perspective 42 NAVSTAR GPS system 105, 109 Nelson, Richard 193 neoclassical economics 33, 186 Netherlands 51, 54 networks: DARPA’s development of 77, 83; innovation 36, 40, 74; linkages of 39; in nontechnologies 83–4; SBIR building of 79, 83; science—industry links 193 New Deal 74 New Economy Business Model (NEBM) 168–9, 172, 177; see also Old Economy Business Model (OEBM) ‘new growth’ theory 34–6, 44, 59–60 new investment in renewable energy 120, 121 Nielsen, Kristian H. 145 Nokia 190 ‘No More Solyndra’s Act’ 130–31n12 Norway 120n4, 121 Novartis 81 Noyce, Robert 98 OECD, GERD (gross domestic expenditure on R&D) as a percentage of GDP in 43 Office of Science and Technology Policy (OSTP) (US) 109 oil company role in solar power 161n8 Old Economy Business Model (OEBM) 168–9, 177; see also New Economy Business Model (NEBM) Organisation for Economic Cooperation and Development (OECD) 18 organizational change 197 Orphan Drug Act (ODA) of 1983 81–2 Osborne, George 51 outsourcing 16, 108 Pacific Solar 152 Parker, Rachel 83–5 Parris, Stuart 44 patents: First Solar’s 151; focus on venture capital and 49; GE’s lead in 148; in knowledge economy 10; myth of knowledge economy and 50–52; ‘patent box’ policy 51–2; pharmaceutical 66; potential government retention of 189; success of as measure of innovation performance 34, 41 Perez, Carlota 117 Perkins, Thomas 57 Pfizer 8, 26, 69, 82 pharmaceutical companies (‘pharma’): funding development of 10, 17, 24; growth from R&D in 44; radical vs.

Highlighting the active role that the State has played in the ‘hotbeds’ of innovation and entrepreneurship – like Silicon Valley – was the key to showing that the State can not only facilitate the knowledge economy, but actively create it with a bold vision and targeted investment. This expanded version of the DEMOS report (more than double its size) builds on that initial research and pushes it harder, drawing out further implications at the firm and sectoral level. Chapter 5, dedicated entirely to Apple, looks at the whole span of State support that this leading ‘new economy’ company has received. After looking at the role of the State in making the most courageous investments behind the Internet and IT revolution, Chapters 6 and 7 look at the next big thing: ‘green’ technology. Unsurprisingly we find that across the globe the countries leading in the green revolution (solar and wind energy are the paradigmatic examples explored) are those where the State is playing an active role beyond that which is typically attributed to market failure theory.


pages: 159 words: 45,073

GDP: A Brief but Affectionate History by Diane Coyle

Alan Greenspan, Asian financial crisis, Berlin Wall, big-box store, Bletchley Park, Bretton Woods, BRICs, business cycle, clean water, computer age, conceptual framework, crowdsourcing, Diane Coyle, double entry bookkeeping, driverless car, en.wikipedia.org, endogenous growth, Erik Brynjolfsson, Fall of the Berlin Wall, falling living standards, financial intermediation, global supply chain, happiness index / gross national happiness, hedonic treadmill, income inequality, income per capita, informal economy, Johannes Kepler, John von Neumann, Kevin Kelly, Les Trente Glorieuses, Long Term Capital Management, Mahbub ul Haq, mutually assured destruction, Nathan Meyer Rothschild: antibiotics, new economy, Occupy movement, Phillips curve, purchasing power parity, Robert Shiller, Robert Solow, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, The Wealth of Nations by Adam Smith, Thorstein Veblen, University of East Anglia, working-age population

This latter trend is thanks in large part to mobile telephones and smartphones. Because separately, telecommunications technology has been revolutionized by a sequence of innovations such as fiber-optic cables, and in particular mobile telephony and other wireless communications. This epoch of the information and communications revolution has spanned forty years. THE NEW ECONOMY BOOM It was obvious by the mid-1980s that a lot of businesses were buying and using computers, but what effect this was having on the economy was not at all apparent. Robert Solow wrote a frequently quoted New York Times Book Review article in 1987 claiming, “You can see the computer age everywhere but the productivity statistics.”4 In fact, it took the convergence of a number of separate streams of technological innovation, plus the investment in new computer and communications equipment, plus the reorganization of businesses to use these new tools, before any benefit in terms of productivity or GDP could occur.

In case this change sounds small, remember the power of compound arithmetic, this time operating favorably: at 2 percent a year, GDP will double after thirty-five years; at 3 percent a year after only twenty-four years. The new technologies were shaping up to outdo the Golden Age of the immediate postwar years if this continued. Suddenly, everyone was talking about the New Economy or the New Paradigm. The new technologies seemed to have made possible a lasting increase in the productivity of the economy. Prominent among the enthusiasts was Alan Greenspan, then the long-serving chairman of the Federal Reserve Board. His judgment about the economy’s potential growth rate was crucial because it was his job to use interest rates and monetary policy to choke off growth in demand that would prove inflationary.

In his memoir The Age of Turbulence, Greenspan describes his first discussion in 1995 with his Fed colleagues of the possibility of a “paradigm change” in the economy: “I’ve been looking at business cycles since the late 1940s. There has been nothing like this,” he told them. “The depth and persistence of such technological changes appear only once every fifty or one hundred years.”8 He was right—and then he was wrong. From today’s side of the financial crisis, the New Economy hype looks almost delusional. In the United States and elsewhere, GDP has been growing slowly, if at all, for five years (as I write this) and the rate of growth of productivity has slowed correspondingly. For a decade from the mid-nineties to the mid-noughties, though, all the evidence was stacking up in favor of a lasting change for the better in the economy, even looking at the published statistics for GDP.


pages: 362 words: 83,464

The New Class Conflict by Joel Kotkin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, Alvin Toffler, American Society of Civil Engineers: Report Card, back-to-the-city movement, Bob Noyce, Boston Dynamics, California gold rush, Californian Ideology, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, classic study, Cornelius Vanderbilt, creative destruction, crony capitalism, David Graeber, degrowth, deindustrialization, do what you love, don't be evil, Downton Abbey, driverless car, Edward Glaeser, Elon Musk, energy security, falling living standards, future of work, Future Shock, Gini coefficient, Google bus, Herman Kahn, housing crisis, income inequality, independent contractor, informal economy, Internet of things, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kevin Roose, labor-force participation, Larry Ellison, Lewis Mumford, low interest rates, low-wage service sector, Marc Andreessen, Mark Zuckerberg, Mary Meeker, mass affluent, McJob, McMansion, medical bankruptcy, microapartment, Nate Silver, National Debt Clock, New Economic Geography, new economy, New Urbanism, obamacare, offshore financial centre, Paul Buchheit, payday loans, Peter Calthorpe, plutocrats, post-industrial society, public intellectual, RAND corporation, Ray Kurzweil, rent control, rent-seeking, Report Card for America’s Infrastructure, Richard Florida, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Solyndra, Steve Jobs, stock buybacks, tech worker, techlash, technoutopianism, The Death and Life of Great American Cities, Thomas L Friedman, Tony Fadell, too big to fail, transcontinental railway, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, urban planning, urban sprawl, Virgin Galactic, War on Poverty, women in the workforce, working poor, young professional

Lex Haris, “The Super Rich Are Mad as Hell—and Doing Great,” CNN Money, January 28, 2014, http://money.cnn.com/2014/01/28/news/economy/super-rich-attack. 15. Nick Sorrentino, “Obama Tilts Playing Field to One Percent,” Detroit News, October 1, 2013. 16. Tyler Durden [pseud.], “David Stockman Explains the Keynesian State-Wreck Ahead—Sundown In America,” Zero Hedge (blog), October 5, 2013, http://www.zerohedge.com/news/2013-10-05/david-stockman-explains-keynesian-state-wreck-ahead-sundown-america; Hibah Yousuf, “Obama Admits 95% of Income Gains Gone to Top 1%,” CNN Money, September 15, 2013, http://money.cnn.com/2013/09/15/news/economy/income-inequality-obama; Alexander Eichler, “Consumption Inequality Keeping Up With Rising Income Inequality: Study,” Huffington Post, April 10, 2012, http://www.huffingtonpost.com/2012/04/10/consumption-inequality-income_n_1413454.html; Alexander Eichler, “Income Inequality Worse under Obama than George W.

, p. 14; Tom Hamburger and Matea Gold, “Google, Once Disdainful of Lobbying, Now a Master of Washington Influence,” Washington Post, April 12, 2014; Castells, The Information Age, p. 300. 79. Jigar Shah, “Social Media Won’t Drive a New Economy,” Stanford Social Innovation Review (blog), August 30, 2012, http://www.ssireview.org/blog/entry/social_media_wont_drive_a_new_economy. 80. Lanier, Who Owns the Future?, 8-13. 81. Polanyi, The Great Transformation, p. 249. 82. Lanier, Who Owns the Future?, pp. 8–13; David Graeber, “Of Flying Cars and the Declining Rate of Profit,” Baffler, no. 19 (March 2012): 66–84; Nick Wingfield, “Worries That Microsoft Is Growing Too Tricky to Manage,” New York Times, September 9, 2013. 83.

By Census estimates the percentage of young adults living at home has more than doubled to over 20 percent, and by 2020, according to some projections, it will increase even more.55 A Generation of Serfs Not surprisingly, the millennial generation also has the lowest percentage of homeowners of any generation in recent American history. Since 1970, according to the Census, the percentage of households under 34 who own their home has dropped from 41 to 32 percent, with most of the drop coming after 2007.56 Some “new economy” theorists insist that detaching the young from property ownership will lead to a more flexible and buoyant economy, allowing these young workers a greater degree of personal flexibility and geographic mobility.57 In the so-called “creative age,” homeownership is regarded as “overrated” and the proper aspiration is to live in a dense, expensive city, such as San Francisco or Manhattan, where only a fraction of the population can conceivably own their place of residence.58 This marks a significant shift from previous generations.


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Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market by Daniel Reingold, Jennifer Reingold

Alan Greenspan, AOL-Time Warner, barriers to entry, Bear Stearns, Berlin Wall, corporate governance, deal flow, estate planning, Fall of the Berlin Wall, fixed income, George Gilder, high net worth, informal economy, junk bonds, margin call, Mary Meeker, mass immigration, Michael Milken, new economy, pets.com, Robert Metcalfe, rolodex, Saturday Night Live, shareholder value, short selling, Silicon Valley, stem cell, Telecommunications Act of 1996, thinkpad, traveling salesman, undersea cable, UUNET

Sol Trujillo, a friendly but intense career US West employee who had worked his way up to the top, clearly saw this deal as a way to transform his conservative, slow-growing, dividend-paying telecom company into a high-growth new-economy outfit. He had been enamored with the buzz—and stock prices—these new-economy companies were fetching ever since he had attended the Vortex Conference at Laguna Niguel a year earlier. But neither Global Crossing’s nor US West’s shareholders were enthusiastic about the deal. The conservative US West holders saw it as radical and risky, while Global Crossing’s holders, new-economy-Kool-Aid drinkers, saw it as a waste of money on old, tired assets. Global’s shares, which had hit an all-time record of $64 a share by May 13, fell 30 percent in three weeks, closing at $45.75 on June 2.

Jack’s $2.2 billion and our $1.8 billion estimates looked laughable after the first day of trading, when the stock closed at $28, valuing the company at an unbelievable $2.8 billion. We had all dramatically underestimated some things that didn’t figure in to our models at all: the market’s appetite for new economy telecom startups and the degree to which an association with the Internet—a big part of Qwest’s road show—would propel valuations. Yet Jack, even though he had blown up his numbers with an air pump, was still closer to reality than I was. It killed me. Ultimately, Qwest would peak at $66, three years later.

The speakers included John Chambers, CEO of Cisco Systems, Internet guru George Gilder, and others. Frank Quattrone, tech banker extraordinaire, was there, mobbed by startups looking for funding or merger partners. Sol Trujillo, CEO of US West, was there, trying desperately to gain some credibility as he tried to transform his company, and himself, from a boring old Baby Bell into a “new-economy” superstar. And Jim Crowe, my flat-topped buddy from MFS, was there, spreading the Internet word again, but this time on behalf of his new company, Level 3 Communications. One afternoon as we sipped cocktails by the Ritz’s pool overlooking the Pacific Ocean, Jim explained to me that Level 3 was going to provide the tubes through which the information economy would flow.


pages: 193 words: 98,671

The Inmates Are Running the Asylum by Alan Cooper

Albert Einstein, Apple Newton, Bill Atkinson, business cycle, delayed gratification, Donald Trump, Gary Kildall, General Magic , Howard Rheingold, informal economy, iterative process, Jeff Bezos, lateral thinking, Menlo Park, natural language processing, new economy, PalmPilot, pets.com, Robert X Cringely, Silicon Valley, Silicon Valley startup, skunkworks, Steve Jobs, Steven Pinker, telemarketer, urban planning

During the last few years of the twentieth century, as the dot-com bubble inflated, truckloads of ink were used to sell the idea that there was a "new economy" on the Internet. The pundits said that selling things on the World Wide Web, where stores were made of clicks instead of bricks, was a fundamentally different way of doing business, and that the "old economy" was as good as dead. Of course, almost all of those new-economy companies are dead and gone, the venture capitalists who backed them are in shock, and the pundits who pitched the new economy have now recanted, claiming it was all a hopeless dream. The new, new thinking says we must still be in the old, old economy. Actually, I believe that we really are in a new economy. What's more, I think that the dot-coms never even participated in it.

And bits don't follow the same economic rules that atoms do. Some fundamental truths hold for both the old and the new economies. The goal of all business is to make a sustainable profit, and there is only one legal way to do so: Sell some goods or services for more money than it costs you to make or acquire them. It follows that there are two ways to increase your profitability: Either reduce your costs or increase your revenues. In the old economy, reducing your costs worked best. In the new economy, increasing your revenue works much, much better. Today's most vital and expensive products are made largely or completely of software.

When Pets.com sold dog food over the Internet, it didn't offer better dog food, and it didn't offer a customer experience better than you could get at the local brick-and-mortar pet store; it didn't offer any better information, intelligence, or confidence. All it offered was cheaper shipping, stocking, and selling— variable costs all—for Pets.com. It was a classic industrial-age-economy tactic of cost reduction that ignored the fundamental principles of the new economy. Far from being the first breath of a new economy, it was the last gasp of the old. I am absolutely convinced that you can sell anything on the Internet profitably and successfully. The trick is that your online store must offer a measurably greater degree of shopper satisfaction than any competing retail medium, and price is only one small component of satisfaction.


pages: 278 words: 74,880

A World of Three Zeros: The New Economics of Zero Poverty, Zero Unemployment, and Zero Carbon Emissions by Muhammad Yunus

"Friedman doctrine" OR "shareholder theory", active measures, Bernie Sanders, biodiversity loss, Capital in the Twenty-First Century by Thomas Piketty, clean water, conceptual framework, crony capitalism, data science, distributed generation, Donald Trump, financial engineering, financial independence, fixed income, full employment, high net worth, income inequality, Indoor air pollution, Internet of things, invisible hand, Jeff Bezos, job automation, Lean Startup, Marc Benioff, Mark Zuckerberg, megacity, microcredit, new economy, Occupy movement, profit maximization, Silicon Valley, the market place, The Wealth of Nations by Adam Smith, too big to fail, Tragedy of the Commons, unbanked and underbanked, underbanked, urban sprawl, young professional

YSB is a nonprofit organization dedicated to spreading the concept of social business, training and supporting pioneers who are interested in launching social businesses, and working with corporations and business leaders who want to create companies or divisions dedicated to social business. By helping to grow the new economy sector in the countries where it operates, YSB is promoting the emergence of self-sustaining companies that are forging solutions to problems like poverty, unemployment, and environmental degradation. Thus, it is helping to create the new economic structure we badly need to supplement the incomplete structure of traditional capitalism.

They can be created in poor countries and small countries as well, involving local and multinational companies that operate there. Eventually, we should be able to use the lessons from these countries to help us design Social Business Action Tanks for many other cities in every region of the world. THE NEW ECONOMY AND THE GOAL OF ZERO POVERTY AS THESE EXAMPLES SUGGEST, THE economic transformation that social business is helping to jump-start gives humankind for the first time the opportunity to create a world without poverty. I am energized by the conviction that poverty is not created by poor people.

This gives me hope that a method to fix unemployment that works in one place can eventually work everywhere. Now that GAI has been established on a firm foothold, the next natural step will be to develop a Nobin program to invest in businesses launched by low-income American youth. We’re making plans for such a program, and I hope we will be able to launch it soon. ENTREPRENEURSHIP, THE NEW ECONOMY, AND THE GOAL OF ZERO UNEMPLOYMENT FOR MANY READERS, THE STORY I’ve told in this chapter probably seems paradoxical. Many people, including many economists, consider the United States the most dynamic and innovative capitalist nation in history—and therefore the model of an entrepreneurial economy.


pages: 278 words: 82,069

Meltdown: How Greed and Corruption Shattered Our Financial System and How We Can Recover by Katrina Vanden Heuvel, William Greider

Alan Greenspan, Asian financial crisis, banking crisis, Bear Stearns, Bretton Woods, business cycle, buy and hold, capital controls, carried interest, central bank independence, centre right, collateralized debt obligation, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, declining real wages, deindustrialization, Exxon Valdez, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, fixed income, floating exchange rates, full employment, Glass-Steagall Act, green new deal, guns versus butter model, housing crisis, Howard Zinn, Hyman Minsky, income inequality, information asymmetry, It's morning again in America, John Meriwether, junk bonds, kremlinology, Long Term Capital Management, low interest rates, margin call, market bubble, market fundamentalism, McMansion, Michael Milken, Minsky moment, money market fund, mortgage debt, Naomi Klein, new economy, Nixon triggered the end of the Bretton Woods system, offshore financial centre, payday loans, pets.com, plutocrats, Ponzi scheme, price stability, pushing on a string, race to the bottom, Ralph Nader, rent control, Robert Shiller, Ronald Reagan, Savings and loan crisis, savings glut, sovereign wealth fund, structural adjustment programs, subprime mortgage crisis, The Great Moderation, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, wage slave, Washington Consensus, women in the workforce, working poor, Y2K

“I don’t think there will be an alternative ideology this time around,” he wrote in August 1998. “There are none.” It is this intellectual unanimity about the nature and the pur pose of economies, as much as the technological advances of recent years, that we refer to when we talk so triumphantly about the “New Economy.” It is this nearly airtight consensus—this assurance that no matter what happens or who wins in November, a strong labor movement and an interventionist government will not be returning—that has made possible the unprecedented upward transfer of wealth that we saw in the Clinton years, that has permitted the bull market without end, and that has made the world so safe for billionaires.

It is this nearly airtight consensus—this assurance that no matter what happens or who wins in November, a strong labor movement and an interventionist government will not be returning—that has made possible the unprecedented upward transfer of wealth that we saw in the Clinton years, that has permitted the bull market without end, and that has made the world so safe for billionaires. This is not to say that in the nineties Americans simply decided they wanted nothing so much as to toil for peanuts on an assembly line somewhere, that they loved plutocracy and that robber barons rocked after all. On the contrary: At the center of the “New Economy” consensus was a vision of economic democracy as extreme and as militant-sounding as anything to emanate from the CIO in the thirties. From Deadheads to Nobel-laureate economists, from paleoconservatives to New Democrats, American leaders in the nineties came to believe that markets were a popular system, a far more democratic form of organization than (democratically elected) governments.

Businessmen and pro-business politicians have always protested the use of “class war” by their critics on the left; during the nineties, though, they happily used the tactic themselves, depicting the workings of the market as a kind of permanent social revolution in which daring entrepreneurs are endlessly toppling fat cats and picking off millions of lazy rich kids. Wherever the earthshaking logic of the “New Economy” touched down, old money was believed to quake and falter. The scions of ancient banking families were said to be finding their smug selves wiped out by the streetwise know-how of some kid with a goatee; the arrogant stockbrokers of old were being humiliated by the e-trade masses; the WASPs with their regimental ties were getting their asses kicked by the women, the Asians, the Africans, the Hispanics; the buttoned-down whip-cracking bosses were being fired by the corporate “change agents”; the self-assured network figures were being reduced to tears by the Vox Populi of the web.


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The Economics of Belonging: A Radical Plan to Win Back the Left Behind and Achieve Prosperity for All by Martin Sandbu

air traffic controllers' union, Airbnb, Alan Greenspan, autonomous vehicles, balance sheet recession, bank run, banking crisis, basic income, Berlin Wall, Bernie Sanders, Big Tech, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, capital controls, carbon footprint, carbon tax, Carmen Reinhart, centre right, collective bargaining, company town, debt deflation, deindustrialization, deskilling, Diane Coyle, Donald Trump, Edward Glaeser, eurozone crisis, Fall of the Berlin Wall, financial engineering, financial intermediation, full employment, future of work, gig economy, Gini coefficient, green new deal, hiring and firing, income inequality, income per capita, industrial robot, intangible asset, job automation, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liquidity trap, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Martin Wolf, meta-analysis, mini-job, Money creation, mortgage debt, new economy, offshore financial centre, oil shock, open economy, pattern recognition, pink-collar, precariat, public intellectual, quantitative easing, race to the bottom, Richard Florida, Robert Shiller, Robert Solow, Ronald Reagan, secular stagnation, social intelligence, TaskRabbit, total factor productivity, universal basic income, very high income, winner-take-all economy, working poor

Since the 1970s, the West has gone through a transformation just as deep as that earlier shift from agriculture to industry, with the source of economic value moving from manufacturing to services. In the old industrial economy, people built physical things. But we no longer need many workers to fulfil our needs for physical products, just as we no longer need many people to grow enough food to feed us. Instead, the new economy puts people to work most productively by using their knowledge to produce immaterial goods and services, to produce physical goods more efficiently, or to invent new ways of doing things—a software algorithm or a fashion design, an entertainment show or a piece of art, an academic research project or a business analysis, a set of corporate accounts or a transport logistics plan.

(It is worth noting that those railing against the Western order show curiously little concern for a female-dominated industrial sector such as textile production, which has a much stronger case for having suffered from globalisation.)20 The inexorable logic of economic change and technology-driven productivity means that soft skills are increasingly rewarded, and traditionally “manly” skills no longer attract much pay in the job market. That may well be a psychological burden on those wedded to traditional gender stereotypes, but attempting to restore the stereotype will not help men thrive in the new economy. What will help is a cultural transformation to make men increasingly comfortable doing what used to be seen as women’s work.21 That transformation is at least as profound as the one the other way round—letting women in where they were previously excluded—and takes an effort that is political and legal as well as psychological and cultural.

In contrast, an additional $1.00 spent to fund a negative income tax would increase after-tax income by a full $1.39 because wages would also rise.10 The other important effect of introducing a certain, regular payment for all is to make it much easier to shift between jobs. This, as the previous chapter made clear, is an essential part of the new economy, and those countries which have best adapted their economies of belonging to technological change have the highest frequency of job changes. A UBI/NIT removes one important reason why those in the lowest income groups may not move jobs: the risk of running out of money in between stints of employment.


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

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "there is no alternative" (TINA), "World Economic Forum" Davos, affirmative action, Alan Greenspan, Albert Einstein, algorithmic trading, Andy Kessler, AOL-Time Warner, Asian financial crisis, asset allocation, asset-backed security, bank run, banking crisis, banks create money, Basel III, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, Bonfire of the Vanities, bonus culture, book value, Bretton Woods, BRICs, British Empire, business cycle, buy the rumour, sell the news, capital asset pricing model, carbon credits, Carl Icahn, Carmen Reinhart, carried interest, Celtic Tiger, clean water, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Daniel Kahneman / Amos Tversky, deal flow, debt deflation, Deng Xiaoping, deskilling, discrete time, diversification, diversified portfolio, Doomsday Clock, Dr. Strangelove, Dutch auction, Edward Thorp, Emanuel Derman, en.wikipedia.org, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Fall of the Berlin Wall, financial engineering, financial independence, financial innovation, financial thriller, fixed income, foreign exchange controls, full employment, Glass-Steagall Act, global reserve currency, Goldman Sachs: Vampire Squid, Goodhart's law, Gordon Gekko, greed is good, Greenspan put, happiness index / gross national happiness, haute cuisine, Herman Kahn, high net worth, Hyman Minsky, index fund, information asymmetry, interest rate swap, invention of the wheel, invisible hand, Isaac Newton, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", job automation, Johann Wolfgang von Goethe, John Bogle, John Meriwether, joint-stock company, Jones Act, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, laissez-faire capitalism, load shedding, locking in a profit, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Market Wizards by Jack D. Schwager, Marshall McLuhan, Martin Wolf, mega-rich, merger arbitrage, Michael Milken, Mikhail Gorbachev, Milgram experiment, military-industrial complex, Minsky moment, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, Naomi Klein, National Debt Clock, negative equity, NetJets, Network effects, new economy, Nick Leeson, Nixon shock, Northern Rock, nuclear winter, oil shock, Own Your Own Home, Paul Samuelson, pets.com, Philip Mirowski, Phillips curve, planned obsolescence, plutocrats, Ponzi scheme, price anchoring, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, quantitative trading / quantitative finance, Ralph Nader, RAND corporation, random walk, Ray Kurzweil, regulatory arbitrage, Reminiscences of a Stock Operator, rent control, rent-seeking, reserve currency, Richard Feynman, Richard Thaler, Right to Buy, risk free rate, risk-adjusted returns, risk/return, road to serfdom, Robert Shiller, Rod Stewart played at Stephen Schwarzman birthday party, rolodex, Ronald Reagan, Ronald Reagan: Tear down this wall, Satyajit Das, savings glut, shareholder value, Sharpe ratio, short selling, short squeeze, Silicon Valley, six sigma, Slavoj Žižek, South Sea Bubble, special economic zone, statistical model, Stephen Hawking, Steve Jobs, stock buybacks, survivorship bias, tail risk, Teledyne, The Chicago School, The Great Moderation, the market place, the medium is the message, The Myth of the Rational Market, The Nature of the Firm, the new new thing, The Predators' Ball, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, trickle-down economics, Turing test, two and twenty, Upton Sinclair, value at risk, Yogi Berra, zero-coupon bond, zero-sum game

Until its spectacular implosion, Enron epitomized the new economy. Under Kenneth “Kenny Boy” Lay and Jeffrey Skilling, the merged Omaha-based InterNorth and Houston Natural Gas evolved from a natural gas producer and pipeline company into a trading company. Enteron, the original selected name of the merged firm, meant “intestine” in Greek and was hastily changed. Enron had “no meaning other than what we make it mean.”8 Enron’s center of gravity was its main trading floor in Houston, not its pipelines or natural gas operations. There was the old economy business—generating and distributing energy. Then there was the new economy business—trading energy and ultimately everything.

In the frenzy of low interest rates and rising asset prices, collateral cover and ability to service the loans deteriorated, increasing debt levels to unsustainable levels. A perpetual motion machine indefinitely produces more energy than it consumes. The new economy was a perpetual growth machine, producing high rates of growth using debt. Perpetual motion is a Gedanken—thought experiment—designed to test a hypothesis. The new economy ultimately proved impossible to sustain. Sigmund Freud remarked that: Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.10 The financial crisis was the reality on which the fake pleasure of the Great Moderation and the Goldilocks Economy was smashed.

Kazkommertsbank, the second largest bank in Kazakhstan, planned to issue 1,000 cards, at a rate of about 30 a month, to VIP customers. Each card had an annual fee of $1,000 and a credit limit of $50,000, more than twice the limit on MasterCard platinum cards. The instant gratification provided by readily accessible money replaced restraint and deferred consumption. In the new economy, there were three kinds of people: the haves, the have-nots, and the have-not-paid-for-what-they-haves.7 Casino Banking Banks also began to trade financial instruments, taking the advice of Fear of Flying author Erica Jong: “If you don’t risk anything then you risk even more.” Initially, banks traded currencies and government bonds.


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Lessons from the Titans: What Companies in the New Economy Can Learn from the Great Industrial Giants to Drive Sustainable Success by Scott Davis, Carter Copeland, Rob Wertheimer

3D printing, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, airport security, asset light, barriers to entry, Big Tech, Boeing 747, business cycle, business process, clean water, commoditize, coronavirus, corporate governance, COVID-19, data science, disruptive innovation, Elisha Otis, Elon Musk, factory automation, fail fast, financial engineering, Ford Model T, global pandemic, hydraulic fracturing, Internet of things, iterative process, junk bonds, Kaizen: continuous improvement, Kanban, low cost airline, Marc Andreessen, Mary Meeker, megacity, Michael Milken, Network effects, new economy, Ponzi scheme, profit maximization, random walk, RFID, ride hailing / ride sharing, risk tolerance, Salesforce, shareholder value, Silicon Valley, six sigma, skunkworks, software is eating the world, strikebreaker, tech billionaire, TED Talk, Toyota Production System, Uber for X, value engineering, warehouse automation, WeWork, winner-take-all economy

Contents Cover Title Page Copyright Page Contents ACKNOWLEDGMENTS INTRODUCTION CHAPTER 1 GENERAL ELECTRIC PART I The Jack Welch Years and the Cash Flow Machine That Created the Largest Company on Earth CHAPTER 2 GENERAL ELECTRIC PART II How a Culture of Arrogance Led to the Largest Collapse in American History CHAPTER 3 BOEING A Struggle to Find Balance in Risk Management CHAPTER 4 DANAHER Process-Driven Reinvention CHAPTER 5 HONEYWELL How Cultural Transformation Led One of the Greatest Turnarounds in History CHAPTER 6 UNITED TECHNOLOGIES The Dangers of Fixed Incentives CHAPTER 7 CATERPILLAR Avoiding the Forecasting Trap CHAPTER 8 ROPER The Amazing Untold Story of Brian Jellison and His Timeless Lessons on Compounding CHAPTER 9 TRANSDIGM How to Turn a Million into a Billion CHAPTER 10 STANLEY BLACK & DECKER Adding a Digital Layer CHAPTER 11 UNITED RENTALS Asset Sharing Done Right CHAPTER 12 THE IMPORTANCE OF BUSINESS SYSTEMS AND OTHER KEY LESSONS FROM INDUSTRIALS INDEX ABOUT THE AUTHORS Guide Cover Title Page Lessons from the Titans: What Companies in the New Economy Can Learn from the Great Industrial Giants to Drive Sustainable Success Page List a b i ii iii iv v vi vii viii ix x xi xii xiii xiv xv xvi xvii xviii xix xx xxi xxii xxiii xxiv xxv xxvi xxvii xxviii 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 Praise for Lessons from the Titans In every era, it is always tempting to believe that the fundamentals have somehow changed.

These principles exist, they are time tested, and our aim is to share them with you. WHY INDUSTRIALS ARE THE PERFECT SECTOR TO ANALYZE As veteran analysts, we’ve had a front row seat for the market’s two-decade-old obsession with disruption, digital transformation, market dominance, and cultish leadership. But as the era of the “new economy” shows early signs of maturation, the question becomes, What companies will endure and continue to grow—and how? The answer comes from an unlikely place: the big industrial companies that have chugged along successfully, many of them for decades. They are the market’s original tech sector. (See Figure I.1.)

And in the same context, if Danaher can win by focusing on manufacturing excellence and cash generation, then so can you. This book—a hardheaded explication of what companies can do to thrive and prosper in the coming environment—will equip you with the insights, strategies, and tactics to ensure that you count your organization among the winners in this new economy. CHAPTER 1 GENERAL ELECTRIC PART I The Jack Welch Years and the Cash Flow Machine That Created the Largest Company on Earth BY SCOTT DAVIS Our first case study is the biggest story of them all, the amazing and disheartening narrative of a signature American company that rejuvenated its business a number of times and then faltered, in one of the largest erosions of shareholder and reputational value in history.


pages: 840 words: 202,245

Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present by Jeff Madrick

Abraham Maslow, accounting loophole / creative accounting, Alan Greenspan, AOL-Time Warner, Asian financial crisis, bank run, Bear Stearns, book value, Bretton Woods, business cycle, capital controls, Carl Icahn, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, desegregation, disintermediation, diversified portfolio, Donald Trump, financial deregulation, fixed income, floating exchange rates, Frederick Winslow Taylor, full employment, George Akerlof, Glass-Steagall Act, Greenspan put, Hyman Minsky, income inequality, index fund, inflation targeting, inventory management, invisible hand, John Bogle, John Meriwether, junk bonds, Kitchen Debate, laissez-faire capitalism, locking in a profit, Long Term Capital Management, low interest rates, market bubble, Mary Meeker, Michael Milken, minimum wage unemployment, MITM: man-in-the-middle, Money creation, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, North Sea oil, Northern Rock, oil shock, Paul Samuelson, Philip Mirowski, Phillips curve, price stability, quantitative easing, Ralph Nader, rent control, road to serfdom, Robert Bork, Robert Shiller, Ronald Coase, Ronald Reagan, Ronald Reagan: Tear down this wall, scientific management, shareholder value, short selling, Silicon Valley, Simon Kuznets, tail risk, Tax Reform Act of 1986, technology bubble, Telecommunications Act of 1996, The Chicago School, The Great Moderation, too big to fail, union organizing, V2 rocket, value at risk, Vanguard fund, War on Poverty, Washington Consensus, Y2K, Yom Kippur War

Rothbard, The Panic of 1819 (New York: AMS, 1962). 14 THE ECONOMIST WROTE IN 1999: The Economist, September 29, 1991, quoted by Jeff Madrick, The Business Media and the New Economy, Joan Shorenstein Center, Harvard University, December 2001, p. 13. 15 AS LATE AS 2000: Peter Schwartz and Peter Leyden, “The Long Boom: A History of the Future, 1980–2020,” Wired, July 1997. 16 THERE WAS BROAD SUPPORT: “Question: Is There a New Economy?,” Speech by Alan Greenspan at the University of California, Berkeley, September 4, 1998. 17 THE MEDIA PAID GROWING ATTENTION: Madrick, The Business Media and the New Economy. 18 FORTUNE ANALYZED HOW JACK WELCH: Betsy Morris, “Tearing Up the Jack Welch Playbook,” Fortune, July 11, 2006. 19 CORPORATIONS WILL NORMALLY MINIMIZE: Alan Murray, “Inflated Profits in Corporate Books Is Half the Story,” Wall Street Journal, July 2, 2002, cited by Partnoy, Infectious Greed, p. 210. 20 THE SUPREME COURT RULED: Central Bank of Denver v.

Greenspan was convinced that computer technologies were at last taking hold across American business, meaning that the nation could get rising output per worker—more productivity—and pay substantial raises without raising prices. He became the leading government advocate of a New Economy. In fact, in 1997 the unemployment rate fell to 4.5 percent, far lower than economists—even Democratic economists—believed possible without stoking inflation. And long-term interest rates were falling sharply. From mid-1998 to the end of 1999, the Dow Jones Industrials rose roughly 4,000 points from about 7,500 to 11,500 on the conviction there was a New Economy, and the unemployment rate fell to nearly 4 percent without stimulating inflation. The extreme government deficits turned into sizable surpluses, as tax revenues rose with incomes and the capital gains taken on the rising stock market.

The commercialization of radio in the 1920s and 1930s and television in the 1950s were every bit as rapid as the spread of the Internet. The financial media were swept up in the speculative fever. In 1996, references to the “New Economy” of the Internet were relatively few, but by 1997, these references grew rapidly and by 1998 they were ubiquitous. BusinessWeek, Fortune, and Forbes were all advocates. The Economist wrote in 1999 that “this is not just a matter of accumulating extra capital. The new economy is about the specific potential to change the way businesses work and thereby yield a quantum shift in productivity.” The increase in the rate of productivity growth rose almost to the rates reached in the 1950s and 1960s, but any “quantum” shift remained starry-eyed myth.


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The Rich and the Rest of Us by Tavis Smiley

"there is no alternative" (TINA), affirmative action, Affordable Care Act / Obamacare, An Inconvenient Truth, back-to-the-land, benefit corporation, Bernie Madoff, Bernie Sanders, Buckminster Fuller, Corrections Corporation of America, Credit Default Swap, death of newspapers, deindustrialization, ending welfare as we know it, F. W. de Klerk, fixed income, full employment, housing crisis, Howard Zinn, income inequality, job automation, liberation theology, Mahatma Gandhi, mass incarceration, mega-rich, military-industrial complex, Nelson Mandela, new economy, obamacare, Occupy movement, plutocrats, profit motive, Ralph Waldo Emerson, Ronald Reagan, shareholder value, Silicon Valley, Steve Jobs, traffic fines, trickle-down economics, War on Poverty, We are the 99%, white flight, women in the workforce, working poor

Poverty refused to discriminate on the basis of religious creed or ethnic identity.1 While many whom we met fit what some define as the “old poor” (people who were impoverished before the beginning of the “Great Recession” in late 2007), we were also gathered with shockingly large numbers of the “new poor”—citizens who were once bona fide members of America’s middle class, whose lives have been ravaged by the new economy’s middle class. They are the grandchildren and great grandchildren of a generation that embodied artist Norman Rockwell’s American Dream. They once possessed relatively predictable and reasonably comfortable lives until they were inexplicably cast into a maelstrom of economic dispossession and spiritual despair.

In a very real sense, no matter which recovery prognosticators you believe, now’s the time to hold the government accountable while simultaneously holding ourselves accountable as we regain the capacity to “do-for-self.” At the January 2012 symposium, Suze Orman emphasized “personal responsibility” and learning “how to make more out of less” as necessary strategies for survival in the new economy. “You need to know what to do with money, who to give it to, how to invest it in your retirement plans, and how to be able to take care of yourself in the future,” Orman cautioned. “Because my biggest fear is that they’re just going to keep pushing all of this down the road. You’re not going to have Medicare.

While 60 percent of the jobs lost during the economic downturn were in mid-wage occupations, 73 percent of the jobs added have been in lower-wage occupations such as cashiers, stock clerks, and food preparation workers. The Post Office, once a middle class safe haven for nonskilled workers, recently announced a downsizing plan that will eliminate 35,000 jobs. Where and how will those workers be absorbed in the new economy? 4. Minorities receive the majority of government entitlements. False: Nearly half (48.5 percent) of all Americans, live in a household that received some type of government benefit in the first quarter of 2010, according to Census data. Seventy percent of food stamp recipients are white. 5.


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The People's Platform: Taking Back Power and Culture in the Digital Age by Astra Taylor

"World Economic Forum" Davos, A Declaration of the Independence of Cyberspace, Aaron Swartz, Alan Greenspan, American Legislative Exchange Council, Andrew Keen, AOL-Time Warner, barriers to entry, Berlin Wall, big-box store, Brewster Kahle, business logic, Californian Ideology, citizen journalism, cloud computing, collateralized debt obligation, Community Supported Agriculture, conceptual framework, content marketing, corporate social responsibility, creative destruction, cross-subsidies, crowdsourcing, David Brooks, digital capitalism, digital divide, digital Maoism, disinformation, disintermediation, don't be evil, Donald Trump, Edward Snowden, Evgeny Morozov, Fall of the Berlin Wall, Filter Bubble, future of journalism, Gabriella Coleman, gentrification, George Gilder, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, Internet Archive, Internet of things, invisible hand, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Perry Barlow, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Laura Poitras, lolcat, Mark Zuckerberg, means of production, Metcalfe’s law, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, peer-to-peer, Peter Thiel, planned obsolescence, plutocrats, post-work, power law, pre–internet, profit motive, recommendation engine, Richard Florida, Richard Stallman, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, slashdot, Slavoj Žižek, Snapchat, social graph, Steve Jobs, Stewart Brand, technological solutionism, technoutopianism, TED Talk, the long tail, trade route, Tragedy of the Commons, vertical integration, Whole Earth Catalog, WikiLeaks, winner-take-all economy, Works Progress Administration, Yochai Benkler, young professional

(Income polarization was actually increasing at the time, the already affluent becoming ever more so while wages for most U.S. workers stagnated at levels below 1970s standards.)3 The wonders of computing meant skyrocketing productivity, plentiful jobs, and the end of recessions. The combination of the Internet and IPOs (initial public offerings) had flattened hierarchies, computer programming jobs were reconceived as hip, and information was officially more important than matter (bits, boosters liked to say, had triumphed over atoms). A new economy was upon us. Despite the hype, the new economy was never that novel. With some exceptions, the Internet companies that fueled the late nineties fervor were mostly about taking material from the off-line world and simply posting it online or buying and selling rather ordinary goods, like pet food or diapers, and prompting Internet users to behave like conventional customers.

Rebecca Solnit wrote movingly of the negative consequences of the first dot-com boom on San Francisco in her book Hollow City: Gentrification and the Eviction of Urban Culture (New York: Verso, 2001) and has written similarly astute observations on the effects of the latest boom on the community. Rebecca Solnit, “Google Invades,” London Review of Books 35, no. 3 (February 7, 2013). 2. Doug Henwood, After the New Economy (New York: The New Press, 2003), 1. 3. Alan Greenspan, “The American Economy in a World Context,” 35th Annual Conference on Bank Structure and Competition of the Federal Reserve Bank of Chicago, Chicago, May 16, 1999; Henwood, After the New Economy, 79 and 86. 4. Ibid., 201 and 217. 5. Tom Rosenstiel, “Five Myths About the Future of Journalism,” Washington Post, April 7, 2011. 6. Eli Pariser, The Filter Bubble: What the Internet Is Hiding from You (New York: Penguin Press, 2011), 49. 7.

Barring notable anomalies like Amazon and eBay, online shopping failed to meet inflated expectations. The Web was declared a wasteland and investments dried up, but not before many venture capitalists and executives profited handsomely, soaking up underwriting fees from IPOs or exercising their options before stocks went under.4 Although the new economy evaporated, the experience set the stage for a second bubble and cemented a relationship between technology and the market that shapes our digital lives to this day. As business and technology writer Sarah Lacy explains in her breathless account of Silicon Valley’s recent rebirth, Once You’re Lucky, Twice You’re Good, a few discerning entrepreneurs extracted a lesson from the bust that they applied to new endeavors with aplomb after the turn of the millennium: the heart of the Internet experience was not e-commerce but e-mail, that is to say, connecting and communicating with other people as opposed to consuming goods that could easily be bought at a store down the street.


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Social Life of Information by John Seely Brown, Paul Duguid

Alvin Toffler, business process, Charles Babbage, Claude Shannon: information theory, computer age, Computing Machinery and Intelligence, cross-subsidies, disintermediation, double entry bookkeeping, Frank Gehry, frictionless, frictionless market, future of work, George Gilder, George Santayana, global village, Goodhart's law, Howard Rheingold, informal economy, information retrieval, invisible hand, Isaac Newton, John Markoff, John Perry Barlow, junk bonds, Just-in-time delivery, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, lateral thinking, loose coupling, Marshall McLuhan, medical malpractice, Michael Milken, moral hazard, Network effects, new economy, Productivity paradox, Robert Metcalfe, rolodex, Ronald Coase, scientific management, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, Superbowl ad, tacit knowledge, Ted Nelson, telepresence, the medium is the message, The Nature of the Firm, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, Turing test, Vannevar Bush, Y2K

"Intelligent Agents, Markets, and Competition: Consumers' Interests and Functionality of Destination Sites." First-Monday [Online] 4 (6). Available: http://firstmonday.org/issues/issue4_6/jonkheer/index.html [1999, July 21]. Kelly, Kevin. 1997. "New Rules for the New Economy." Wired [Online] 5.09 (September). Available: http://www.wired.com/wired/archive/5.09/newrules.html [1999, July 21]. . 1998. "New Economy? What New Economy?" Wired [Online] 6.05 (May). Available: http://www.wired.com/wired/archive/6.05/Krugman.html [1999, July 21]. Kenney, Martin, and Urs von Burg. 1999. "Technology and Path Dependence: The Divergence between Silicon Valley and Route 128."

JOHN HAGEL, Partner, McKinsey & Company, and Author of Net Worth "Despite all predictions that the information revolution will bring us a bloodless workplace of machines and Dilberts, Brown and Duguid show us that human interactions, human conversations, and human meaning will still form the beating heart of business. Wonderful! A necessary read for everyone interested in the new economy." W. BRIAN ARTHUR, Citibank Professor, Santa Fe Institute "In The Social Life of Information, Brown and Duguid help people throughout business, academia, government, and society at large to better understand that information technology can have an appropriate and positive impact only if we design technology and social systems holistically.

Rather, they are parts of profound and often dramatic shifts in society's dynamic equilibrium, taking society from one kind of complex arrangement to another, as a quick review of a few Ds will suggest. Dimensions of the Ds Much talk about disaggregation and demassification readily assumes that the new economy will be a place of ever-smaller firms, light, agile, and unencumbered. It was once commonplace, for example, to compare the old Goliath, GM, against the new David, Microsoft. As Microsoft's market capitalization passed GM's, the latter had some 600,000 employees and the former barely 25,000. The difference is stark.


Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America by David Callahan

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Albert Einstein, American Legislative Exchange Council, An Inconvenient Truth, automated trading system, benefit corporation, Bernie Sanders, Big Tech, Bonfire of the Vanities, book value, carbon credits, carbon footprint, carbon tax, Carl Icahn, carried interest, clean water, corporate social responsibility, David Brooks, demographic transition, desegregation, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Thorp, financial deregulation, financial engineering, financial independence, global village, Gordon Gekko, greed is good, Herbert Marcuse, high net worth, income inequality, Irwin Jacobs: Qualcomm, Jeff Bezos, John Bogle, John Markoff, Kickstarter, knowledge economy, knowledge worker, Larry Ellison, Marc Andreessen, Mark Zuckerberg, market fundamentalism, medical malpractice, mega-rich, Mitch Kapor, Naomi Klein, NetJets, new economy, offshore financial centre, Peter Thiel, plutocrats, power law, profit maximization, quantitative trading / quantitative finance, Ralph Nader, Renaissance Technologies, Richard Florida, Robert Bork, rolodex, Ronald Reagan, school vouchers, short selling, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Ballmer, Steve Jobs, systematic bias, systems thinking, unpaid internship, Upton Sinclair, Vanguard fund, War on Poverty, working poor, World Values Survey

In River Oaks, Obama drew support from John Arnold, a thirtysomething hedge fund whiz who has built a $4 billion fortune through energy trading. Arnold got his start at Enron, where he had earned an $8 million bonus in 2001 for Internet-based trading, just before the company collapsed. Raised in Dallas by a lawyer dad and an accountant mom—typical parents for a new-economy billionaire—Arnold and his wife, Laura, gave more than $120,000 to the Democratic Party in 2008. (Laura is not the kind of wife you would have met in River Oaks in earlier times; she holds degrees from Harvard, Yale, and Cambridge and left a high-powered law career to focus her philanthropic energies on poor kids.)

Farther to the west, Austin has long been an island of blue in a sea of red. There was a time when the city’s liberalism was primarily due to its high concentration of government workers, college professors, and pot-smoking twenty-somethings who hung around town for the music scene. More recently, the city has emerged as a center of the new economy and a popular destination for go-getters with fancy degrees. Besides computer-related industries, Austin has scores of biotech firms. The number of patents coming out of Austin jumped from seventyfive in 1975 to two thousand in 2001. The “People’s Republic of Austin” used to be a middle-income city.

Of the paltry 13 billionaires on the 1982 list, 5 had made their fortunes in oil. By 2008, nearly half of the billionaires on the Forbes list—190 people—derived their wealth from financial services, technology, and media or entertainment. Only 51 billionaires got rich from oil, gas, chemicals, manufacturing, mining, and lumber. Many of the new-economy rich are trending Democrat, while the old-economy rich are more likely to be Republican. There are a number of reasons for this. For starters, these two groups can have different views of wealth creation. If you work in the knowledge economy, you may tend to see wealth creation as a collective enterprise, not as stemming from Ayn Randian individual heroics.


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As the Future Catches You: How Genomics & Other Forces Are Changing Your Work, Health & Wealth by Juan Enriquez

Albert Einstein, AOL-Time Warner, Apollo 13, Berlin Wall, bioinformatics, borderless world, British Empire, Buckminster Fuller, business cycle, creative destruction, digital divide, double helix, Ford Model T, global village, Gregor Mendel, half of the world's population has never made a phone call, Helicobacter pylori, Howard Rheingold, Jeff Bezos, Joseph Schumpeter, Kevin Kelly, knowledge economy, more computing power than Apollo, Neal Stephenson, new economy, personalized medicine, purchasing power parity, Ray Kurzweil, Richard Feynman, Robert Metcalfe, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, spice trade, stem cell, the new new thing, yottabyte

He has looked at flowers as well as a myriad of other industries in various books, including The Competitive Advantage of Nations, Competitive Advantage, and Competitive Strategy. 7. A lot of people have written on this phenomenon of a new economy; one of my favorites is Wired editor Kevin Kelly. Many of the ideas in this chapter come from his book New Rules for the New Economy (New York: Viking, 1998). Peter F. Drucker has also been detailing these changes for decades, starting with The End of the Economic Man (1939). See also his Post-Capitalist Society (1993). 8. Robert Metcalf, founder of 3Com, argues the value of a network is proportional to the square of the number of people in it. 9.

Those who controlled the mines, owned the exclusive rights to a product, or had the only copy of something could become very wealthy. Today it is just the opposite. (Of course, there are still some fuddy-duddy economists using ever more complex equations to try to convince you that some basic economic “laws” haven’t changed … that there is no new economy.) Even though there are still many exclusive gewgaws we can buy … With a brand name … Expensive … These goods are not what drive most economic growth. And therefore those who control these products … are no longer the richest people in the world. WHEN YOU ARE TRYING TO SPREAD, AND SELL, KNOWLEDGE … KEEPING SOMETHING “EXCLUSIVE” AND “RARE” OFTEN LEADS TO A LOSS OF VALUE.

Chile, often cited as the shining example of Latin American economic reform … Carefully followed the recommendations of the most orthodox Ph.D.s in economics … Nicknamed the “Chicago Boys” … For a decade, its economy grew spectacularly. But even Chile may be headed toward a crash … Because it took the inefficiency out of the old economy … But failed to build a new economy. Two commodities, copper and cellulose, represent 40 percent of Chile’s total exports … Most of what Chile exports contains very little technology. One can get a sense of how knowledge-intensive an economy is by dividing: If the resulting ratio is greater than one, the country exports more knowledge-based products than raw materials.


Paint Your Town Red by Matthew Brown

banking crisis, Bernie Sanders, Black Lives Matter, Boris Johnson, call centre, capitalist realism, COVID-19, crowdsourcing, decarbonisation, deindustrialization, Donald Trump, fear of failure, financial exclusion, G4S, gentrification, gig economy, global supply chain, green new deal, housing crisis, hydroponic farming, lockdown, low interest rates, mittelstand, Murray Bookchin, new economy, Northern Rock, precariat, remote working, rewilding, too big to fail, wage slave, working-age population, zero-sum game

Its work includes: • Developing a new vision for UK coastal towns: https://neweconomics.org/campaigns/blue-new-deal • An online platform mapping new economy projects around the UK: https://letschangetherules.org • Support for a Green New Deal: https://neweconomics.org/about/our-missions/green-new-deal • The New Economy Organisers Network (Neon) — runs workshops to learn how “to build support for a new economy”; for example, by telling effective “stories” about it in the mainstream media. https://neweconomyorganisers.org (US) New Economy Coalition: exists to support a just transition from an extractive to a regenerative economy by building the scale and power of the solidarity economy movement in Black, Indigenous, and working-class communities in every region of the United States. https://neweconomy.net Transnational Institute: The Transnational Institute (TNI) is an international research and advocacy institute committed to building a just, democratic and sustainable planet.

They provide a great set of resources and support on everything related to asset-ownership and community enterprise. http://www.locality.org.uk Social Enterprise UK is the national body for social enterprise — business with a social or environmental mission. https://www.socialenterprise.org.uk Stir to Action, an activist organisation based in Bridport in Dorset, publishes a quarterly “magazine for the new economy” and organises advice sessions based on democratic ownership including Worker Co-ops: How to Get Started, and Community Ownership: What If We Ran It Ourselves? https://www.stirtoaction.com Community-Owned Assets myCommunity — advice, resources and discussion for the community sector. Includes step-by-step guides and information on grants and funding. https://mycommunity.org.uk National Community Land Trust Network — campaigns to make Community Land Trusts a key part of solving housing problems across England and Wales, includes support and advice for community-led housing sector infrastructure. http://www.communitylandtrusts.org.uk Pub is the Hub — acts as a catalyst to encourage rural licensees and communities to work together in support of their local needs, including community ownership of local assets. https://www.pubisthehub.org.uk/wp-content/uploads/2014/07/CommunityOwnership.pdf Guide to the Localism Act and the powers it gives to local councils and community groups over assets, housing and planning. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/5959/1896534.pdf Case study of the community asset transfer of Hebden Bridge Town Hall. http://media.hebdenbridgetownhall.org.uk/sites/default/files/Making%20Asset%20Transfer%20Work.pdf A local report on Hackney’s new publicly owned Energy Company. https://www.hackneycitizen.co.uk/2019/05/02/town-hall-moves-ahead-first-steps-publicly-owned-energy-company/ Development Trust Association Scotland offers a Community Ownership Support Service. https://dtascommunityownership.org.uk Building Communities Trust: a local map of assets in Wales owned or run by communities. http://www.bct.wales/community-assets-in-wales/ Cooperatives / Employee Ownership Cooperatives Europe. https://coopseurope.coop/ International Cooperative Alliance. http://www.ica.coop/ Co-operatives UK — the national trade body that campaigns for cooperation and works to promote, develop and unite cooperative enterprises.


Deep Work: Rules for Focused Success in a Distracted World by Cal Newport

8-hour work day, Albert Einstein, barriers to entry, behavioural economics, Bluma Zeigarnik, business climate, Cal Newport, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, David Brooks, David Heinemeier Hansson, deliberate practice, digital divide, disruptive innovation, do what you love, Donald Knuth, Donald Trump, Downton Abbey, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, experimental subject, follow your passion, Frank Gehry, Hacker News, Higgs boson, informal economy, information retrieval, Internet Archive, Jaron Lanier, knowledge worker, Mark Zuckerberg, Marshall McLuhan, Merlin Mann, Nate Silver, Neal Stephenson, new economy, Nicholas Carr, popular electronics, power law, remote working, Richard Feynman, Ruby on Rails, seminal paper, Silicon Valley, Silicon Valley startup, Snapchat, statistical model, the medium is the message, Tyler Cowen, Watson beat the top human players on Jeopardy!, web application, winner-take-all economy, work culture , zero-sum game

The other two winning groups, however, are accessible. How to access them is the goal we tackle next. How to Become a Winner in the New Economy I just identified two groups that are poised to thrive and that I claim are accessible: those who can work creatively with intelligent machines and those who are stars in their field. What’s the secret to landing in these lucrative sectors of the widening digital divide? I argue that the following two core abilities are crucial. Two Core Abilities for Thriving in the New Economy 1. The ability to quickly master hard things. 2. The ability to produce at an elite level, in terms of both quality and speed.

And when only a human will do, improvements in communications and collaboration technology are making remote work easier than ever before, motivating companies to outsource key roles to stars—leaving the local talent pool underemployed. This reality is not, however, universally grim. As Brynjolfsson and McAfee emphasize, this Great Restructuring is not driving down all jobs but is instead dividing them. Though an increasing number of people will lose in this new economy as their skill becomes automatable or easily outsourced, there are others who will not only survive, but thrive—becoming more valued (and therefore more rewarded) than before. Brynjolfsson and McAfee aren’t alone in proposing this bimodal trajectory for the economy. In 2013, for example, the George Mason economist Tyler Cowen published Average Is Over, a book that echoes this thesis of a digital division.

Nate Silver, of course, with his comfort in feeding data into large databases, then siphoning it out into his mysterious Monte Carlo simulations, is the epitome of the high-skilled worker. Intelligent machines are not an obstacle to Silver’s success, but instead provide its precondition. The Superstars The ace programmer David Heinemeier Hansson provides an example of the second group that Brynjolfsson and McAfee predict will thrive in our new economy: “superstars.” High-speed data networks and collaboration tools like e-mail and virtual meeting software have destroyed regionalism in many sectors of knowledge work. It no longer makes sense, for example, to hire a full-time programmer, put aside office space, and pay benefits, when you can instead pay one of the world’s best programmers, like Hansson, for just enough time to complete the project at hand.


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The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

"World Economic Forum" Davos, additive manufacturing, Airbnb, AltaVista, Amazon Mechanical Turk, asset light, autonomous vehicles, barriers to entry, basic income, benefit corporation, bike sharing, bitcoin, blockchain, book value, Burning Man, call centre, Carl Icahn, collaborative consumption, collaborative economy, collective bargaining, commoditize, commons-based peer production, corporate social responsibility, cryptocurrency, data science, David Graeber, distributed ledger, driverless car, Eben Moglen, employer provided health coverage, Erik Brynjolfsson, Ethereum, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, general purpose technology, George Akerlof, gig economy, housing crisis, Howard Rheingold, independent contractor, information asymmetry, Internet of things, inventory management, invisible hand, job automation, job-hopping, John Zimmer (Lyft cofounder), Kickstarter, knowledge worker, Kula ring, Lyft, Marc Andreessen, Mary Meeker, megacity, minimum wage unemployment, moral hazard, moral panic, Network effects, new economy, Oculus Rift, off-the-grid, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, peer-to-peer rental, profit motive, public intellectual, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Ross Ulbricht, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, TED Talk, the long tail, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, uber lyft, universal basic income, Vitalik Buterin, WeWork, Yochai Benkler, Zipcar

Madison: University of Wisconsin Center for Cooperatives. http://reic.uwcc.wisc.edu/sites/all/REIC_FINAL.pdf. 27. See the SELC website at http://www.theselc.org/. 28. See an introduction to Rustrum’s Digital-Cooperative 101 at http://rustrum.com/digital-cooperative-101/. 29. See, for example, Nathan Schneider and Trebor Scholz, “The Internet Needs a New Economy,” November 8, 2015. http://www.thenextsystem.org/the-internet-needs-a-new-economy/. Their concurrent thinking from late 2014 is also interesting, for example, by Scholz, “Platform Cooperativism vs. the Sharing Economy,” Medium, December 5, 2014 (https://medium.com/@trebors/platform-cooperativism-vs-the-sharing-economy-2ea737f1b5ad#.v78qh7ewj) and by Schneider, “Owning Is the New Sharing,” Shareable, December 21, 2014 (http://www.shareable.net/blog/owning-is-the-new-sharing). 30.

There’s a rating system to help choose sellers, buyers, and notaries. It’s a little different from what’s used in a centralized marketplace, and is not completely immune to manipulation.10 There is a more sophisticated class of contracts (called smart contracts) emerging for blockchain-based transactions. In Blockchain: Blueprint for a New Economy, Melanie Swan explains that while a traditional contract is an agreement between two or more parties to do something, in the case of a smart contract, the same terms exist, but with one exception—trust that comes from having a third-party is less important.11 This is because the smart contract protocol can specify, as computer code, terms under which certain obligations are fulfilled, and can execute actions like sending a payment or deactivating a file once there is evidence of the contract’s terms being fulfilled.

Albert Wenger, “Bitcoin as Protocol,” USV Blog, October 31, 2013. https://www.usv.com/blog/bitcoin-as-protocol. 10. Dionysis Zindros, “A Pseudonymous Trust System for a Decentralized Anonymous Marketplace,” GitHub Gist, 2015, https://gist.github.com/dionyziz/e3b296861175e0ebea4b. 11. Melanie Swan, Blockchain: Blueprint for a New Economy (Sebastopol, CA: O’Reilly Media, Inc., 2015). 12. Primavera De Fillipi, “Ethereum: Freenet or Skynet?,” Talk presented at the Berkman Center for Internet & Society, Harvard University, Cambridge, MA, April 15, 2014. 13. Lawrence Lessig, Code and Other Laws of Cyberspace (New York: Basic Books, 1999). 14.


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The End of Growth: Adapting to Our New Economic Reality by Richard Heinberg

3D printing, agricultural Revolution, Alan Greenspan, Anthropocene, Apollo 11, back-to-the-land, banking crisis, banks create money, Bear Stearns, biodiversity loss, Bretton Woods, business cycle, carbon footprint, Carmen Reinhart, clean water, cloud computing, collateralized debt obligation, computerized trading, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, degrowth, dematerialisation, demographic dividend, Deng Xiaoping, Elliott wave, en.wikipedia.org, energy transition, falling living standards, financial deregulation, financial innovation, Fractional reserve banking, full employment, Gini coefficient, Glass-Steagall Act, global village, green transition, happiness index / gross national happiness, I think there is a world market for maybe five computers, income inequality, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jevons paradox, Kenneth Rogoff, late fees, liberal capitalism, low interest rates, mega-rich, military-industrial complex, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, naked short selling, Naomi Klein, Negawatt, new economy, Nixon shock, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, price stability, private military company, quantitative easing, reserve currency, ride hailing / ride sharing, rolling blackouts, Ronald Reagan, short selling, special drawing rights, systems thinking, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, trade liberalization, tulip mania, WikiLeaks, working poor, world market for maybe five computers, zero-sum game

Fundamentally new technologies, products, and trends in business (as opposed to minor tweaks in existing ones) tend to develop at a slow pace. “Many of the big, resource-consuming trends of the near past are soon coming to an end in terms of their ability to attract investment and cover the cost of resources for development, production, and implementation.” Back in the late 1990s business was buzzing with talk of a “new economy” based on e-commerce. Internet start-up companies attracted enormous amounts of investment capital and experienced rapid growth. But while e-commerce flourished, many expectations about profit opportunities and rates of growth proved unrealistic. Automation has reached the point where most businesses need dramatically fewer employees.

At some point in the next few years, stock and real estate values will plunge, banks will close, and businesses will shutter their doors. Monetary, financial, and social systems built upon the expectation of growth will simply fail in growth’s absence. In the worst instance, that failure could take the form of a nearly complete cessation of trade, as occurred nationally in Argentina in December, 2001. Some sort of new economy would inevitably emerge from the wreckage, but in scale and scope it would be a shadow of the one we knew just a few years ago. Measured in GDP, it might correspond to the world economy of fifty, a hundred, or even a hundred and fifty years ago. The pursuit of the ideals of fairness, openness, and freedom, and the fights against corruption, greed, and tyranny will of course continue, as they must, but these struggles will play out within the constraints of a shrinking economy.

In that case, the result would be universal chaos, confusion, and suffering. Somehow we have to prepare individually for the ending of growth (a process likely to be accompanied by economic and political upheavals) while at the same time preserving and building social cohesion and laying the groundwork for a new economy that can function in a post-growth, post-fossil fuel environment. It’s a tall order, but nothing less will do. Setting Priorities As someone who has for several years been speaking and writing about the consequences of impending energy scarcity, I’m often asked for personal advice. “Where should I live in order to avoid the worst impacts from Peak Oil?”


The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, Alan Greenspan, AltaVista, Alvin Toffler, Amazon Web Services, An Inconvenient Truth, AOL-Time Warner, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Big Tech, Black Lives Matter, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, Californian Ideology, carried interest, clean tech, clean water, cloud computing, cognitive dissonance, commoditize, company town, Compatible Time-Sharing System, computer age, Computer Lib, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, digital divide, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, driverless car, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Frank Gehry, Future Shock, Gary Kildall, General Magic , George Gilder, gig economy, Googley, Hacker Ethic, Hacker News, high net worth, hockey-stick growth, Hush-A-Phone, immigration reform, income inequality, industrial research laboratory, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, It's morning again in America, Jeff Bezos, Joan Didion, job automation, job-hopping, John Gilmore, John Markoff, John Perry Barlow, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Larry Ellison, Laura Poitras, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, Mary Meeker, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, military-industrial complex, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, mutually assured destruction, Neil Armstrong, new economy, Norbert Wiener, old-boy network, Palm Treo, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, prudent man rule, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, ROLM, Ronald Reagan, Salesforce, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, Solyndra, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Strategic Defense Initiative, supercomputer in your pocket, Susan Wojcicki, tacit knowledge, tech billionaire, tech worker, technoutopianism, Ted Nelson, TED Talk, the Cathedral and the Bazaar, the market place, the new new thing, The Soul of a New Machine, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, Timothy McVeigh, transcontinental railway, Twitter Arab Spring, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, Wargames Reagan, WarGames: Global Thermonuclear War, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, work culture , Y Combinator, Y2K

The goal of staying out of partisan fundraising didn’t last; within the year TechNet had established Republican and Democratic political action committees, which turned into gushing cash machines for visiting politicians. But TechNet also staged regular “graduate seminars on the new economy” so that lawmakers could better understand what was happening—and how they could best help Silicon Valley grow. It was a persuasive bipartisan pitch. “We’ve been able to get stuff through Congress at a time that it is hard to do that,” observed Marc Andreessen; with the Valley humming, it was hard for policymakers “to be anti–high tech.”31 John Doerr’s TechNet became one conduit for younger new-economy companies—and their Gen X founders—to engage with Washington. A second was Al Gore. Few things delighted the Veep more than an opportunity to sit in a room with smart technologists, talking policy.

Reagan and his conservative allies also were right when they argued that overly regulated markets and nationalized industries could present big hurdles to entrepreneurial innovation—many of the globe’s would-be Silicon Valleys attest to that. Yet, in its celebration of the free market, the individual entrepreneur, and the miracles of a wholly new economy, the Silicon Valley mythos left out some of the most interesting, unprecedented, and quintessentially American things about the modern tech industry. For these entrepreneurs were not lone cowboys, but very talented people whose success was made possible by the work of many other people, networks, and institutions.

Why care too much about the way government institutions or old-line industries worked, when your purpose was to disrupt them in favor of something far better? Why care about history when you were building the future? But there, again, revolutionary reality departs from revolutionary myth. For all its determination to push away the gatekeepers, dismantle ossified power structures, and think differently, the “new economy” of tech was deeply intertwined with the old. Venture capital came from Rockefellers and Whitneys and union pension funds. Microprocessors powered Detroit autos and Pittsburgh steel. Amid 1970s stagflation and 1980s deindustrialization, when all of America was looking for a more hopeful economic narrative, old-line media and old-line politicians championed technology companies and turned their leaders into celebrities.


pages: 380 words: 153,701

Class Acts: Service and Inequality in Luxury Hotels by Rachel Sherman

Abraham Maslow, deskilling, emotional labour, income inequality, indoor plumbing, invisible hand, knowledge worker, means of production, move 37, new economy, pink-collar, Savings and loan crisis, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, union organizing, upwardly mobile, work culture , yield management

EcoBook 50 is acid-free and meets the minimum requirements of ansi/astm d5634–01 (Permanence of Paper). UC_Sherman (O).qxd 10/3/2006 2:01 PM For my parents Page v UC_Sherman (O).qxd 10/3/2006 2:01 PM Page vi UC_Sherman (O).qxd 10/3/2006 2:01 PM Page vii Contents Acknowledgments Introduction: Luxury Service and the New Economy ix 1 1. “Better Than Your Mother”: The Luxury Product 24 2. Managing Autonomy 63 3. Games, Control, and Skill 110 4. Recasting Hierarchy 154 5. Reciprocity, Relationship, and Revenge 184 6. Producing Entitlement 223 Conclusion: Class, Culture, and the Service Theater 257 Appendix A: Methods 271 Appendix B: Hotel Organization 287 Appendix C: Jobs, Wages, and Nonmanagerial Workers in Each Hotel: 2000–2001 291 Notes 295 References 325 Index 341 UC_Sherman (O).qxd 10/3/2006 2:01 PM Page viii UC_Sherman (O).qxd 10/3/2006 2:01 PM Page ix Acknowledgments My greatest debt is to the workers, managers, hotel guests, and others who participated in this study.

Wealthy party-givers pay millions for bigname acts to entertain at their birthday parties and their daughters’ bat mitzvahs.17 Best-selling novels of this period, such as The Nanny Diaries (the story of a young nanny’s trials working for an overly entitled Upper East Side mother) and The Devil Wears Prada (the story of a young personal assistant’s trials working for an overly entitled female magazine editor), satirize the entitlement of rich people and their mistreatment of assistants and servants.18 The rise of luxury consumption and production not only feeds a public preoccupation with the lifestyles of the rich and famous but also illuminates key features of what is often called the “new” U.S. economy. First, the new economy is a global one. Sites of luxury service are frequently what Manuel Castells calls “nodes” in the global “space of flows”—local places crisscrossed by movements of people and capital.19 Luxury clients, purchasing services in London or Beijing, are often the mobile corporate executives who make the global economy run.

Hotels and restaurants are located in the growing range of “producer services,” which are used by high-end professionals but create nonprofessional and often low-paying jobs in the service sector.20 At the same time, workers in hotels, restaurants, and retail are frequently immigrants from Europe, Asia, and Latin America. Luxury service companies are also often transnational, belonging to international chains and conglomerates that offer services worldwide. Second, the new economy is a service economy. Like more than 85 percent of workers in the United States, luxury service workers (and usually consumers too) are employed in the service sector.21 Many of these workers provide face-to-face, or “interactive,” service, in which the product consists, to varying extents, of the interaction between workers and customers.22 In contrast to “old economy” manufacturing jobs, in which the UC_Sherman (O).qxd 6 10/3/2006 2:01 PM Page 6 introduction people who produced the products did not personally encounter the people who bought these products, the selfhoods of both worker and client come into play in these interactions.


pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

Alan Greenspan, balance sheet recession, banking crisis, basic income, Bear Stearns, Bernie Sanders, Bretton Woods, business climate, business cycle, carbon tax, Carmen Reinhart, central bank independence, circular economy, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, degrowth, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, Ford Model T, forward guidance, full employment, G4S, general purpose technology, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, knowledge economy, labour market flexibility, low interest rates, low skilled workers, Martin Wolf, mass incarceration, military-industrial complex, Modern Monetary Theory, Money creation, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, ocean acidification, paradox of thrift, Paul Samuelson, planned obsolescence, Post-Keynesian economics, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Solyndra, Steve Jobs, stock buybacks, systems thinking, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, Tragedy of the Commons, transaction costs, trickle-down economics, universal basic income, vertical integration, very high income

This development forced major US semiconductor companies to retreat from this segment of the market, with Intel facing the possibility of bankruptcy in the process.31 However, led by Intel with its microprocessor for the IBM PC and its clones, US companies became world leaders in chip design. Indeed, the IBM PC, with its open-systems architecture, was the basis for the rise of a ‘New Economy business model’ that has dramatically altered the conditions of innovative enterprise. As I have detailed in a number of studies, the principles of strategic control, organisational integration and financial commitment remained central to the success of companies that pioneered or adopted the New Economic business model.32 At the same time, however, innovative New Economy companies could eschew investment in integrated skill bases that were as deep and broad as those under the ‘Old Economy’ business model, because of the availability of accumulated knowledge from the research labs of the Old Economy corporations upon which these could draw.

He is co-founder and president of the Academic-Industry Research Network. Previously, he was Assistant and Associate Professor of Economics at Harvard University, Professor of Economics at Barnard College of Columbia University and Distinguished Research Professor at INSEAD. His book Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Upjohn Institute, 2009) won the 2010 Schumpeter Prize. His article, ‘Innovative Business Models and Varieties of Capitalism’ received the Henrietta Larson Award from Harvard Business School for best article in Business History Review in 2010.

Successful start-ups almost always begin with an idea that has ripened in the research organisation of a large company. Lose the large companies, or research organisations of large companies, and start-ups disappear.33 While, some two decades after Moore made this statement, technology start-ups have yet to disappear, there is no doubt that the New Economy business model has been far better at commercialising existing technologies than developing new ones. Increasingly, moreover, US corporate executives look to the government to provide them with the new technologies that they need,34 even as these executives have turned toward enriching themselves by boosting their companies’ stock prices and with them their stock-based pay.35 Elsewhere I have analysed in detail the shift of US industrial corporations from a ‘retain-and-reinvest’ resource-allocation regime, under which corporate revenues and personnel are retained and re-invested in innovative capabilities, to a ‘downsize-and-distribute’ allocation regime in which these companies downsize their experienced labour forces and distribute corporate cash to shareholders in the name of ‘maximising shareholder value’.


pages: 275 words: 84,980

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives) by David Birch

"World Economic Forum" Davos, agricultural Revolution, Airbnb, Alan Greenspan, bank run, banks create money, bitcoin, blockchain, Bretton Woods, British Empire, Broken windows theory, Burning Man, business cycle, capital controls, cashless society, Clayton Christensen, clockwork universe, creative destruction, credit crunch, cross-border payments, cross-subsidies, crowdsourcing, cryptocurrency, David Graeber, dematerialisation, Diane Coyle, disruptive innovation, distributed ledger, Dogecoin, double entry bookkeeping, Ethereum, ethereum blockchain, facts on the ground, fake news, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, Fractional reserve banking, index card, informal economy, Internet of things, invention of the printing press, invention of the telegraph, invention of the telephone, invisible hand, Irish bank strikes, Isaac Newton, Jane Jacobs, Kenneth Rogoff, knowledge economy, Kuwabatake Sanjuro: assassination market, land bank, large denomination, low interest rates, M-Pesa, market clearing, market fundamentalism, Marshall McLuhan, Martin Wolf, mobile money, Money creation, money: store of value / unit of account / medium of exchange, new economy, Northern Rock, Pingit, prediction markets, price stability, QR code, quantitative easing, railway mania, Ralph Waldo Emerson, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social graph, special drawing rights, Suez canal 1869, technoutopianism, The future is already here, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, wage slave, Washington Consensus, wikimedia commons

It seems that the cheque may well be the first payment instrument to vanish in my lifetime because the existence of instant payment systems means it no longer has an economic function. I’ll return to this later in the book when we move on to the spread of instant payments and the potential for a ‘push for push’ in retail payments. Buttons and bank acts Industrializing Britain saw more changes in the way that money worked as it strove to reinvent money for its new economy. As the nature of that economy had changed, so the nature of money had needed to change too, but it lags. At the time, it was not clear exactly what needed doing. People could see that there were problems but not what do to about them. Naturally I refer to this time because the Internet, mobile phones and online commerce are creating a vortex that is sucking in monetary innovation at an accelerating rate, my point being that we have been here before.

President Nazarbayev was not the only world leader to experiment with new forms of money in response to the financial crisis. In Venezuela, as in Greece and other countries, community currencies were explored. An example was the cimarrón there. The circular cardboard tokens (with a picture of a runaway slave on them) were supported by President Chavez with the aim of tackling poverty and establishing new economies. These types of currency tend to be used to mediate barter in ‘prosumer’ markets, where you can’t get the currency to buy things without producing things. Imagine something along these lines at Internet scale: currencies that are specific to markets, that you can’t obtain without bringing things to the market.

The mobile phone didn’t just change the payphone business, it changed the communications paradigm: the common mental model that we share as the basis for thinking about communications. Uneven The Canadian novelist William Gibson – author of the wonderful Neuromancer (the seminal work of fiction for the new economy) and the man who coined the term ‘cyberspace’ – famously observed that ‘the future is already here, it’s just unevenly distributed’. He means that the technologies that will shape society in our lifetimes already exist, it’s just that we might not have noticed them yet. One of the key elements missing from that 1988 vision of 2013 was the mobile phone, despite it having existed for a decade.


pages: 561 words: 87,892

Losing Control: The Emerging Threats to Western Prosperity by Stephen D. King

"World Economic Forum" Davos, Admiral Zheng, Alan Greenspan, asset-backed security, barriers to entry, Berlin Wall, Bernie Madoff, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Celtic Tiger, central bank independence, collateralized debt obligation, corporate governance, credit crunch, crony capitalism, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, demographic dividend, demographic transition, Deng Xiaoping, Diane Coyle, Fall of the Berlin Wall, financial deregulation, financial innovation, fixed income, foreign exchange controls, Francis Fukuyama: the end of history, full employment, G4S, George Akerlof, German hyperinflation, Gini coefficient, Great Leap Forward, guns versus butter model, hiring and firing, income inequality, income per capita, inflation targeting, invisible hand, Isaac Newton, junk bonds, knowledge economy, labour market flexibility, labour mobility, liberal capitalism, low interest rates, low skilled workers, market clearing, Martin Wolf, mass immigration, Meghnad Desai, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, old age dependency ratio, Paul Samuelson, Ponzi scheme, price mechanism, price stability, purchasing power parity, rent-seeking, reserve currency, rising living standards, Ronald Reagan, Savings and loan crisis, savings glut, Silicon Valley, Simon Kuznets, sovereign wealth fund, spice trade, statistical model, technology bubble, 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 for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transaction costs, Washington Consensus, We are all Keynesians now, women in the workforce, working-age population, Y2K, Yom Kippur War

In the late 1990s, both central bankers (notably Alan Greenspan, the then Chairman of the Federal Reserve) and economic commentators argued in favour of the so-called new economy, a view that undoubtedly contributed to large – and ultimately unsustainable – increases in equity prices, as observed in Chapter 4. The new economy was being driven, apparently, by sweeping productivity gains that would lead to both elevated economic growth and ever higher stock prices. In the late 1990s, there certainly was some evidence consistent with the ‘new economy’. In the US, growth was unexpectedly strong and inflation was unusually low. But does this constitute proof?

Second, while technology innovations can improve productivity growth and, hence, allow an economy to grow more quickly without bumping into an inflationary constraint, commodity-price declines create a very similar effect, at least for commodity-consuming nations. It’s easy to be seduced by the idea that economic success comes from technological improvements or wise policy decisions. As perceptions about the new economy began to pick up in the late 1990s, Alan Greenspan, who had famously warned of ‘irrational exuberance’ in 1996,12 seemed happy to jump on the new economy bandwagon later in the decade. His case was helped by the improving split between growth and inflation. But was he right? When the Asian crisis struck in 1997, triggered by a collapse in the value of the Thai baht, many argued that the end of the economic world was nigh.

The inflows helped push down short- and long-term interest rates, lifted the US equity market and contributed to an ongoing boom in domestic demand. This was, perhaps, the first indication that the US economy could be at the mercy of international capital flows over which policymakers had no direct control. The bubble in equities could not be sustained. While it lasted many people were happy to extol the wonders of the ‘new economy’. There certainly was an improvement in productivity growth led by cutting-edge technologies, but, as time passed, the impact of these technologies on rising living standards began to fade. Economic growth in the developed world slowed following the 2000 stock-market crash and would have been slower still in the absence of a global housing boom and a massive, and unsustainable, expansion of credit.


pages: 189 words: 64,571

The Cheapskate Next Door: The Surprising Secrets of Americans Living Happily Below Their Means by Jeff Yeager

An Inconvenient Truth, asset allocation, Boeing 747, carbon footprint, delayed gratification, do what you love, dumpster diving, index card, job satisfaction, late fees, mortgage debt, new economy, payday loans, Skype, upwardly mobile, Zipcar

Downward trends turned into a downward spiral and then into a literal free fall that would make the oxygen masks drop out of the overhead compartments on a Boeing 747. It’s a whole new economy. Who would have thought a few years ago that Ken Lay’s Enron would begin to look like a model for good corporate management? That during the Christmas shopping season of 2008, I would swear I saw then–U.S. Treasury Secretary Henry Paulson in my local dollar store? I was shocked to discover that Cabinet members are apparently allowed to moonlight. Everything has changed in this new economy, even our language. Marketers invented the term “under-buyers” to refer to those people who are now spending less—either less than they did before or less than they can afford.

Marketers invented the term “under-buyers” to refer to those people who are now spending less—either less than they did before or less than they can afford. I guess they thought the word “cheapskate” would hurt people’s feelings. Yes, when it comes to the economy, we’ve come a long way, baby. And it’s all been downhill. Or has it? It’s a new economy now, and I believe it is inviting us to take a new approach to money, and to life. Please, Just Call Me Cheap … “Under-Buyer” Sounds So Negative What do you think of when you think of a “cheapskate”? Probably someone who’s greedy, like Ebenezer Scrooge; someone who’s constantly worrying about saving a penny, and who leads a joyless life because of it.

In fact, to be successful by that measure, I would have needed to earn more than double the $10,000 salary I received in my first nonprofit job … or else still be in the fourth grade. Fortunately, I’ve never had any interest in attending my class reunions. And so I’m somewhat reluctant to propose a new measure of personal financial success for this new economy we’re living in, knowing that it, too, can’t possibly apply to everyone. But the interesting thing about the new standard for success I’m proposing—spend less than your age—is that spending is nearly always more controllable than earning. This is a standard that a great many Americans should be able to achieve, because the vast majority of the time we control our spending.


pages: 265 words: 69,310

What's Yours Is Mine: Against the Sharing Economy by Tom Slee

4chan, Airbnb, Amazon Mechanical Turk, asset-backed security, barriers to entry, Benchmark Capital, benefit corporation, Berlin Wall, big-box store, bike sharing, bitcoin, blockchain, Californian Ideology, citizen journalism, collaborative consumption, commons-based peer production, congestion charging, Credit Default Swap, crowdsourcing, data acquisition, data science, David Brooks, democratizing finance, do well by doing good, don't be evil, Dr. Strangelove, emotional labour, Evgeny Morozov, gentrification, gig economy, Hacker Ethic, impact investing, income inequality, independent contractor, informal economy, invisible hand, Jacob Appelbaum, Jane Jacobs, Jeff Bezos, John Zimmer (Lyft cofounder), Kevin Roose, Khan Academy, Kibera, Kickstarter, license plate recognition, Lyft, machine readable, Marc Andreessen, Mark Zuckerberg, Max Levchin, move fast and break things, natural language processing, Netflix Prize, Network effects, new economy, Occupy movement, openstreetmap, Paul Graham, peer-to-peer, peer-to-peer lending, Peter Thiel, pre–internet, principal–agent problem, profit motive, race to the bottom, Ray Kurzweil, recommendation engine, rent control, ride hailing / ride sharing, sharing economy, Silicon Valley, Snapchat, software is eating the world, South of Market, San Francisco, TaskRabbit, TED Talk, the Cathedral and the Bazaar, the long tail, The Nature of the Firm, Thomas L Friedman, transportation-network company, Travis Kalanick, Tyler Cowen, Uber and Lyft, Uber for X, uber lyft, ultimatum game, urban planning, WeWork, WikiLeaks, winner-take-all economy, Y Combinator, Yochai Benkler, Zipcar

Collaborative Consumption, July 31, 2014. http://www.collaborativeconsumption.com/2014/ 07/31/collaborative-finance-by-the-people-for-the-people/. ———. “The Sharing Economy Lacks A Shared Definition.” Co.Exist, November 21, 2013. http://www.fastcoexist.com/3022028/the-sharing-economy-lacks-a-shared-definition. ———. “Transcript of ‘The Currency of the New Economy Is Trust.’” TED talk, September 2012. http://www.ted.com/talks/rachel_botsman_the_currency_of_the_new_economy_is_trust/transcript. ———. “Welcome to the New Reputation Economy.” Wired, September 2012. http://www.wired.co.uk/magazine/archive/2012/09/features/welcome-to-the-new-reputation-economy. Botsman, Rachel, and Roo Rogers. What’s Mine Is Yours: The Rise of Collaborative Consumption.

But a moment later, he is more interested in building businesses: I attended a meeting of Sharing Economy participants . . . they were developing ideas—brilliant ideas actually—to share customers with each other, across verticals. One person even suggested that there could be a peer economy currency—maybe Bitcoin. Or even points to encourage people to cross verticals and recruit new people into this new economy. So it is not surprising that almost all the campaigns at Peers were focused on the well-funded sectors of the Sharing Economy represented by Airbnb and Lyft. The highest-profile campaigns, such as the 2014 ridesharing initiative in Seattle, operated side-by-side with well-funded efforts driven by Lyft and Uber themselves.

That rate is based on an annual study of the costs of vehicle operation—those things like repairs, insurance, maintenance, gas and depreciation that were not factored into Uber’s study.56 Based on this figure Dean Baker of the Center for Economic and Policy Research estimated that the average length of a drive would have to be “considerably less than 8 miles” for Uber drivers to come out ahead of traditional cab drivers.57 Baker also notes that if Uber drivers do not pay for commercial insurance, or do not invest in the upkeep of their cars to the extent that commercial drivers are expected to, they would have fewer expenses and more take home pay: “If that’s the case, this would be a typical story of getting rich in the new economy. Find a way to get around the rules and then claim it as a great innovation.” We do have one other source of information about driver pay, which is the drivers themselves. One of the most multifaceted and careful is an account by Philadelphia journalist Emily Guendelsberger of her time as an Uber driver.58 After meticulously tracking her own expenses and those of other drivers who shared them with her, she made about $17 per hour gross, and after Uber’s 28% cut and the 19% that went to expenses she ended up with just $9.34 an hour.


pages: 193 words: 47,808

The Flat White Economy by Douglas McWilliams

access to a mobile phone, banking crisis, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Chuck Templeton: OpenTable:, clean tech, cloud computing, computer age, correlation coefficient, Crossrail, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, eurozone crisis, George Gilder, hiring and firing, income inequality, informal economy, Kickstarter, knowledge economy, loadsamoney, low skilled workers, mass immigration, Metcalfe’s law, military-industrial complex, Network effects, new economy, offshore financial centre, Pareto efficiency, Peter Thiel, Productivity paradox, Robert Metcalfe, Robert Solow, Shenzhen special economic zone , Silicon Valley, smart cities, special economic zone, Steve Jobs, vertical integration, working-age population, zero-sum game

Although the whole Cebr office have supported me, the greatest help has come from Charles Davis, currently Cebr director and Rob Harbron, Joint Managing Economist for Macroeconomics for Cebr. It was during a meeting when Graham, Charles, Rob and I were considering how to handle our data on this new economy that Rob came up with the suggested name – the Flat White Economy – that became the title for the book. So the title is his and he deserves credit for it. Charles provided me with a lot of helpful data, and Chapter 6 on London’s relationship with the rest of the UK is partly based on the report which he and colleagues prepared for the Corporation of London covering the fiscal aspect of this.

And why EC1V? Why the Old Street area? Well, it is the nearest point of what might loosely be called Central London that’s within reach of the less expensive housing in East and North London. That is why Old Street Roundabout has become popularly known as ‘Silicon Roundabout. The scale of this new economy is such that it has affected – directly or indirectly – the whole UK economy. Roughly one third of the UK economy (30.7%) is now in business and financial services: this contributed 54% of the total GDP growth between 2010 and Q2 of 2014. Obviously not all of this growth is from the Flat White Economy.

I also thought that some of the damage to the financial system from the financial collapse would only fully show itself by slowing down the recovery rather than by adding to the immediate impact of the recession. Both conclusions were probably valid, but they failed to explain why London should since have recovered so much faster than the rest of the country. Figure 1.1: House prices in London 1983–2013. Source: Lloyds Regional House Price Data, 2014 Recovery: a new economy? The recovery in London started at the end of 2009. Employment had fallen by a sharp 1.7% that year, but it grew by 0.5% in 2010, with similar growth in 2011. By 2012 employment growth in London was really on a roll, with a massive 2.3% growth. In 2013 employment growth in London was even more spectacular – at 4.4%.


pages: 452 words: 110,488

The Cheating Culture: Why More Americans Are Doing Wrong to Get Ahead by David Callahan

1960s counterculture, affirmative action, Alan Greenspan, business cycle, Cornelius Vanderbilt, corporate governance, corporate raider, creative destruction, David Brooks, deindustrialization, East Village, eat what you kill, fixed income, forensic accounting, full employment, game design, greed is good, high batting average, housing crisis, illegal immigration, income inequality, job satisfaction, junk bonds, mandatory minimum, market fundamentalism, Mary Meeker, McMansion, Michael Milken, microcredit, moral hazard, multilevel marketing, new economy, New Urbanism, offshore financial centre, oil shock, old-boy network, PalmPilot, plutocrats, postindustrial economy, profit maximization, profit motive, RAND corporation, Ray Oldenburg, rent stabilization, Robert Bork, rolodex, Ronald Reagan, Savings and loan crisis, shareholder value, Shoshana Zuboff, Silicon Valley, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, War on Poverty, winner-take-all economy, World Values Survey, young professional, zero-sum game

Shortly thereafter he moved to Merrill Lynch with a $3 million contract. There, he reigned as the single most visible adviser to investors hoping to score big in the Internet gold rush. Blond and affable, with telegenic good looks, Blodget was everywhere with his stock predictions as well as broader prognostications about the new economy. What Blodget didn't mention to CNBC junkies or Merrill Lynch's own clients was that his role at Merrill went far beyond analyzing stocks. Like other star analysts of the time, he also became deeply involved in Merrill's investment banking business, helping to bring Internet companies— and fat underwriting fees—to Merrill.

In 2003, Blodget settled with Spitzer's office, agreeing to pay a $4 million penalty—yet admitting no wrongdoing. The settlement was easy enough to afford. Blodget had pulled in nearly $20 million during his brief star turn at Merrill. HENRY BLODGET and the ATM looters have nothing in common and much in common. Blodget was among the ranks of the big winners in the new economy—the very top earners who saw unprecedented income gains during the boom of the 1990s. His education and background had helped him to secure his place in the Winning Class: successful parents, private schools, Yale University, connections on Wall Street. The ATM looters, by contrast, were among the far larger ranks of Americans who had either stayed put economically or realized only modest gains during the boom years.

The vast gulf between the top tiers of American earners and everyone else is the most obvious of these costs. How big is this gulf? Very big. To get a sense of these gaps, stick around the Banana Republic store. The people working the cash register and sales floor are typical of the losers in the new economy. Most of them are young entry-level workers without college degrees. As unskilled entry-level workers, these salespeople are doing terribly, in historical terms, and may well be making less money than their parents. If they're making the minimum wage, they're earning a wage that has decreased in constant dollars by over 20 percent since 1979.


pages: 385 words: 101,761

Creative Intelligence: Harnessing the Power to Create, Connect, and Inspire by Bruce Nussbaum

"World Economic Forum" Davos, 3D printing, Airbnb, Albert Einstein, Berlin Wall, Black Swan, Chuck Templeton: OpenTable:, clean water, collapse of Lehman Brothers, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, Danny Hillis, declining real wages, demographic dividend, disruptive innovation, Elon Musk, en.wikipedia.org, Eugene Fama: efficient market hypothesis, fail fast, Fall of the Berlin Wall, follow your passion, game design, gamification, gentrification, housing crisis, Hyman Minsky, industrial robot, invisible hand, James Dyson, Jane Jacobs, Jeff Bezos, jimmy wales, John Gruber, John Markoff, Joseph Schumpeter, Kevin Roose, Kickstarter, Larry Ellison, lone genius, longitudinal study, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Martin Wolf, Max Levchin, Minsky moment, new economy, Paul Graham, Peter Thiel, QR code, race to the bottom, reality distortion field, reshoring, Richard Florida, Ronald Reagan, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, SimCity, six sigma, Skype, SoftBank, Steve Ballmer, Steve Jobs, Steve Wozniak, supply-chain management, Tesla Model S, The Chicago School, The Design of Experiments, the High Line, The Myth of the Rational Market, thinkpad, TikTok, Tim Cook: Apple, too big to fail, tulip mania, Tyler Cowen, We are the 99%, Y Combinator, young professional, Zipcar

So complex were the models created by the Wizards of Wall Street that few bank CEOs actually knew what they really were or, more important, how much they were worth. We all know how that turned out. It wasn’t supposed to be like this. Placing our trust in the experts in finance and trading was, we were all told, a crucial part of the New Economy. When BusinessWeek ran a cover on the New Economy in 2000, it was a celebration of technology, finance, strategy, consulting, sales, service, and experience. The message was that we should ship all our manufacturing overseas and concentrate on higher-level, value-added information activities. Using your head, not your hands, was considered a higher evolutionary state of economic—and social—affairs.

As Americans began to feel the effects of the Great Recession, it became clear that the economic benefits of the New Economy disproportionately went to a tiny elite, while the vast middle class saw immiseration and downward mobility. We witnessed an inequality gap that hadn’t been as wide since the 1920s and the Great Depression. The Occupy Wall Street movement, with its rallying cry “We are the 99 percent,” crystallized the sense that something needed to change. You knew something fundamental was about to change when both the Tea Party and Occupy Wall Street found a common enemy, publicly blaming “Crony Capitalism” for destroying the American Dream. Even while the New Economy was at its peak, alternative ways of thinking and doing had begun springing up around the nation.

Summers was, after all, a chief architect of the deregulation that helped provoke the financial crash in 2007. In 1999, Summers, along with Treasury Secretary and ex-Goldman Sachs co-CEO Robert Rubin, did away with Glass-Steagall, the Depression-era regulation of the financial markets, calling the repeal “historic legislation” that will “better enable American companies to compete in the new economy.” Perhaps no one believed more in the rationality and efficiency of markets than the former chairman of the Federal Reserve. But in October 2008, Greenspan told a congressional committee that he had put too much faith in the self-correcting powers of the markets. “Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform, as reported in the New York Times.


words: 49,604

The Weightless World: Strategies for Managing the Digital Economy by Diane Coyle

Alan Greenspan, barriers to entry, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, Bretton Woods, business cycle, clean water, company town, computer age, Corn Laws, creative destruction, cross-subsidies, David Ricardo: comparative advantage, dematerialisation, Diane Coyle, Edward Glaeser, everywhere but in the productivity statistics, financial deregulation, flying shuttle, full employment, George Santayana, global village, Great Leap Forward, hiring and firing, Howard Rheingold, income inequality, informal economy, invention of the sewing machine, invisible hand, Jane Jacobs, Joseph Schumpeter, Kickstarter, knowledge economy, labour market flexibility, laissez-faire capitalism, lump of labour, Mahbub ul Haq, Marshall McLuhan, mass immigration, McJob, Meghnad Desai, microcredit, moral panic, Neal Stephenson, Network effects, new economy, Nick Leeson, night-watchman state, North Sea oil, offshore financial centre, pension reform, pension time bomb, pensions crisis, Robert Solow, Ronald Reagan, Silicon Valley, Snow Crash, spinning jenny, The Death and Life of Great American Cities, the market place, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tobin tax, Tragedy of the Commons, two tier labour market, very high income, War on Poverty, winner-take-all economy, working-age population

He said: ‘The economic transformation that we are on the threshold of will unleash an expansive future for America, a future far greater than anything we’ve seen before. The industrial machine was about hierarchies, big companies, The Weightless World 9 big unions, big cities, big government. The thrust of this new economy is more Jeffersonian. It gives power to individuals. It gives power to people.’14 Populism versus techno-populism, perhaps. For a while the Buchanan version made all the running. The New York Times ran a special series of long articles on corporate ‘downsizing’, and Time magazine made it a cover story in the early stages of the election campaign.

‘The Dynamo and the Computer’, Paul David, American Economic Review, May 1990. ‘The Competitive Crash in Large Scale Computing’, Timothy Bresnahan and Shane Greenstein, NBER Working Paper No. 4901, 1995. October 1996 issue. New York Times Magazine, Sunday 29 September 1996. Both reported in ‘It’s The New Economy, Stupid’ by John Heilemann, Wired magazine, San Francisco, CA, March 1996. ‘The Downsizing of America’, New York Times special report, Times books, 1996. The New York Review, 3 October 1996. The State of Working America 1996-97, Employment Policy Institute, Washington DC. (http://epn.org/epi/epswa-ex.html).

The early 1980s recession brought more redundancies as old industries shrank, with bitterness and pain. The American commentator James Fallows The Weightless World 34 described, in a long article in The Atlantic Monthly in March 1985, the ruined lives left behind by South Chicago’s retreating steel industry. ‘To the steelworkers of South Chicago everything about the ‘new’ economy is bad. They see the movement of jobs to the American south-west or to Taiwan as just another way to undercut the workingman’s wage. Few of them see a way to adapt to the new order. Why should they even think of moving? Everyone has a story about the friend or nephew who drove to Houston or Denver, found himself stacking bottles at the Seven-Eleven or competing with illegal Mexican immigrants for construction jobs, and drove back home.’


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The Shock of the Old: Technology and Global History Since 1900 by David Edgerton

agricultural Revolution, anti-communist, British Empire, Computer Numeric Control, conceptual framework, creative destruction, deglobalization, dematerialisation, desegregation, deskilling, Dr. Strangelove, endogenous growth, Fairchild Semiconductor, Ford Model T, general purpose technology, global village, Great Leap Forward, Haber-Bosch Process, interchangeable parts, knowledge economy, Lewis Mumford, Mahatma Gandhi, manufacturing employment, means of production, megacity, microcredit, Neil Armstrong, new economy, post-Fordism, post-industrial society, Productivity paradox, Ronald Reagan, Silicon Valley, spinning jenny, tacit knowledge, technological determinism, the long tail, Upton Sinclair, urban planning

Market Stalinism and foreign investment were critical in China’s drive to industrialise. Despite its scale and speed and its impact on the global economy, the growth of China is not the product of a profoundly new economy. It has a distinctly old feel to it. At the beginning of the twenty-first century China was sucking in vast quantities of heavy raw materials, from oil to copper, driving up world prices. It became easily the largest steel producer in the world, with rates of growth comparable to those of steel in the long boom. The ‘new economy’ was being replaced by a very old economy driven by commodity prices. Far from the information superhighway being the conduit for all this new production, it was none other than the ship that carried the great bulk of Chinese production, and indeed world trade as a whole.

The most significant twentieth-century technologies are often reduced to the following: flight (1903), nuclear power (1945), contraception (1955), and the internet (1965). We are told that change is taking place at an ever-accelerating pace, and that the new is increasingly powerful. The world, the gurus insist, is entering a new historical epoch as a result of technology. In the new economy, in new times, in our post-industrial and postmodern condition, knowledge of the present and past is supposedly ever less relevant. Inventors, even in these post-modern times, are ‘ahead of their time’, while societies suffer from the grip of the past, resulting in a supposed slowness to adapt to new technology.

The usual story of production goes like this: there has been a shift in employment and output from agriculture to industry and then to services. The first is labelled the industrial revolution. The second is called a transition to post-industrial, knowledge or information societies, linked to what many called post-modernism, what some Marxists called ‘new times’, and, what capitalist Wall Street gurus called the ‘new economy’.1 In one version peddled in the 1990s, modern economies are becoming ‘weightless’ and ‘dematerialised’. Such accounts resurrect an old argument, as if it had never been made before, that in future it will not be land or capital which will have power, but knowledge. They promise, again, a world where ‘intellectual property’ and ‘human capital’ rule.


pages: 283 words: 73,093

Social Democratic America by Lane Kenworthy

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, barriers to entry, basic income, benefit corporation, business cycle, carbon tax, Celtic Tiger, centre right, clean water, collective bargaining, corporate governance, David Brooks, desegregation, Edward Glaeser, endogenous growth, full employment, Gini coefficient, hiring and firing, Home mortgage interest deduction, illegal immigration, income inequality, invisible hand, Kenneth Arrow, labor-force participation, manufacturing employment, market bubble, minimum wage unemployment, new economy, off-the-grid, postindustrial economy, purchasing power parity, race to the bottom, rent-seeking, rising living standards, Robert Gordon, Robert Shiller, Ronald Reagan, school choice, shareholder value, sharing economy, Skype, Steve Jobs, too big to fail, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, universal basic income, War on Poverty, working poor, zero day

In addition, shareholders now want rapid appreciation in stock values. Whereas a generation ago they were happy with a consistent dividend payment and some long-term increase in the stock price, they now demand buoyant quarterly profits and constant growth. Robert Reich has an apt label for this new economy: “supercapitalism.” American firms, he notes, “now have little choice but to relentlessly pursue profits.”2 This shift benefits investors, consumers, and some employees. But it encourages companies to resist pay increases, drop health-insurance plans, cut contributions to employee pensions, move abroad, downsize, replace regular employees with temporary ones, and pursue a variety of other cost-cutting strategies that weaken economic security, limit opportunity for the less skilled, and reduce income growth for many ordinary Americans.3 For better or worse, the new hypercompetitive, risk-filled economy is here to stay.

And barely one in ten employed Americans is a union member. Even more problematic, these changes have a class tilt: families, community organizations, and unions have weakened most among those with less education and income.4 Some believe the best way to address the stresses and strains of the new economy is to strengthen these institutions. It’s a laudable aim. It would be good if more American children grew up in intact families, if unions ensured stable jobs and rising wages for a significant share of workers, and if community organizations provided guidance and support to more people in difficult circumstances.

Predicting Presidential Elections and Other Things. 2nd ed. Stanford, CA: Stanford University Press. Families USA. 2009. “Americans at Risk: One in Three Uninsured.” Washington, DC. Farber, Henry S. 2010. “Job Loss and the Decline in Job Security in the United States.” Pp. 223–262 in Labor in the New Economy. Edited by Katharine G. Abraham, James R. Spletzer, and Michael Harper. Chicago: University of Chicago Press. Feingold, Russ. 2013. “Building a Permanent Majority for Reform.” Democracy, Winter: 45–49. Ferguson, Thomas and Joel Rogers. 1986. Right Turn: The Decline of the Democrats and the Future of American Politics.


pages: 209 words: 80,086

The Global Auction: The Broken Promises of Education, Jobs, and Incomes by Phillip Brown, Hugh Lauder, David Ashton

active measures, affirmative action, An Inconvenient Truth, barriers to entry, Branko Milanovic, BRICs, business process, business process outsourcing, call centre, classic study, collective bargaining, corporate governance, creative destruction, credit crunch, David Ricardo: comparative advantage, deindustrialization, deskilling, disruptive innovation, Dutch auction, Ford Model T, Frederick Winslow Taylor, full employment, future of work, glass ceiling, global supply chain, Great Leap Forward, immigration reform, income inequality, industrial cluster, industrial robot, intangible asset, job automation, Jon Ronson, Joseph Schumpeter, knowledge economy, knowledge worker, low skilled workers, manufacturing employment, market bubble, market design, meritocracy, neoliberal agenda, new economy, Paul Samuelson, pensions crisis, post-industrial society, profit maximization, purchasing power parity, QWERTY keyboard, race to the bottom, Richard Florida, Ronald Reagan, shared worldview, shareholder value, Silicon Valley, sovereign wealth fund, stem cell, tacit knowledge, tech worker, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, transaction costs, trickle-down economics, vertical integration, winner-take-all economy, working poor, zero-sum game

This bargain was also touted as offering everyone an equal chance to become unequal in the competition for jobs, status, and income. Widening access to university was, for instance, presented as an extension of meritocratic competition giving all the opportunity to acquire knowledge and skills required in the new economy with credentials the currency of opportunity. Changes in employer demands for talent also pointed toward a fairer society, as companies could no longer rely on the established stereotypes of managerial leadership based on the Ivy League or Oxbridge man. Going to a top university and living as part of a cloistered elite were no longer seen as sufficient in an increasingly multicultural and global economic environment.

Arthur and Denise M. Rousseau (eds.), The Boundaryless Career: A New Employment Principle for a New Organizational Era (New York: Oxford University Press, 1996). 13. Ibid., 4 and 6. 14. Maureen S. Bogdanowicz and Elaine K. Bailey, “The Value of Knowledge and the Values of the New Worker: Generation X and the New Economy.” Journal of European Industrial Training, 26 (2002): 127. 15. Peter Sheahan, Generation Y: Thriving and Surviving with Generation Y at Work. Hardie Grant Books. http://www.managementbooks.com.au/bookweb/details. cgi?ITEMNO=9781740663175 166 Notes to Pages 16–19 16. Richard Rosecrance, The Rise of the Virtual State: Wealth and Power in the Coming Century (New York: Basic Books, 1999), xi. 17.

docID=6337&intItemID=2068 &lang=1 The Washington Times, November 24, 2008; see also, “U.S. Automakers Say Labor Costs Must Shrink to Compete,” June 20, 2007. www.workforce.com/ section/00/article/24/96/64.html See Steve Hargreaves, “The New ‘Good’ Job: 12 Bucks an Hour,” CNNMoney. com (2009). www.money.cnn.com/2009/06/04/news/economy/green_jobs/ Financial Times, July 9, 2007. Amy Lee, “Dr Reddy’s Charts New Path for Indian Drugmakers,” Financial Times, December 19, 2006. See http://money.cnn.com/magazines/fortune/global500/2009/ Ming Zeng and Peter J. Williamson, (2007) Dragons at Your Door: How Chinese Cost Innovation Is Disrupting Global Competition (Boston, Mass.: Harvard Business School Press, 2007), 2.


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Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

Alan Greenspan, Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, Bletchley Park, business cycle, California gold rush, Charles Babbage, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Dr. Strangelove, Dutch auction, Edward Lloyd's coffeehouse, electricity market, equity premium, equity risk premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, Fairchild Semiconductor, financial innovation, flying shuttle, Ford Model T, Francis Fukuyama: the end of history, George Akerlof, George Gilder, Goodhart's law, Great Leap Forward, greed is good, Gunnar Myrdal, haute couture, Helicobacter pylori, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, junk bonds, Kenneth Arrow, Kevin Kelly, knowledge economy, Larry Ellison, light touch regulation, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Michael Milken, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, pets.com, Phillips curve, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, proprietary trading, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, Right to Buy, risk tolerance, road to serfdom, Robert Solow, Ronald Coase, Ronald Reagan, Savings and loan crisis, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, Stuart Kauffman, telemarketer, The Chicago School, The Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, Washington Consensus, women in the workforce, work culture , yield curve, yield management

General Electric, whose strategic planning systems had been the envy of other businesses, prospered through being quick to dismantle them. 2 European states and underdeveloped countries pursued policies of privatization and deregulation. The United States economy performed well in the 1990s. Business Week proclaimed the "new economy": technology had transformed America's long-term growth potential. With the aid of Blootnberg television, this strong economic performance was translated into an extraordinary stock market boom. In 1996, the chairman of the Federal Reserve Board, Alan Greenspan, warned of "irrational exuberance."

It is difficult to maintain this position because economic data is widely used in political debate. In the 1990s the Bureau of Economic Analysis, which compiles the U.S. national accounts, was under obvious pressure, particularly from Chairman Greenspan, to support the assertions then made about the "new economy." On the other side of the political fence, those who argue that GDP should account for environmental costs or unpaid work are more concerned to make environmental or feminist arguments than to enhance the integrity of national accounting frameworks. GDP and other economic measurements are likely to be of greatest use to a wide range of users if as far as is possible the measurement relates to issues of objective fact.

In the decade since the Cold War ended, admiring eyes have switched from Japan, whose own boom ended with its own bubble in the late 1980s, to Germany, whose successful social market economy struggled with the burden of reunification in the 1990s. Attention was diverted to the Asian tigers-Singapore, Korea, Hong Kong-but ended with the financial crisis of 1997. And since then America's New Economy has occupied center stage. In superficial economic commentary, trends of a few years or even months are projected into an indefinite future with the transience of designer fashions. The really important observation is that differences in economic performance and experience among rich states are small and temporary, while differences between rich and poor states are large and enduring.


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The Age of Entitlement: America Since the Sixties by Christopher Caldwell

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, Alvin Toffler, anti-communist, behavioural economics, Bernie Sanders, big data - Walmart - Pop Tarts, Black Lives Matter, blue-collar work, Cass Sunstein, choice architecture, classic study, computer age, crack epidemic, critical race theory, crony capitalism, Daniel Kahneman / Amos Tversky, David Attenborough, desegregation, disintermediation, disruptive innovation, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, financial deregulation, financial innovation, Firefox, full employment, Future Shock, George Gilder, global value chain, Home mortgage interest deduction, illegal immigration, immigration reform, informal economy, James Bridle, Jeff Bezos, John Markoff, junk bonds, Kevin Kelly, Lewis Mumford, libertarian paternalism, Mark Zuckerberg, Martin Wolf, mass immigration, mass incarceration, messenger bag, mortgage tax deduction, Nate Silver, new economy, Norman Mailer, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, open immigration, opioid epidemic / opioid crisis, post-industrial society, pre–internet, profit motive, public intellectual, reserve currency, Richard Thaler, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Rosa Parks, Silicon Valley, Skype, South China Sea, Steve Jobs, tech billionaire, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, transatlantic slave trade, transcontinental railway, W. E. B. Du Bois, War on Poverty, Whole Earth Catalog, zero-sum game

This meant that conflict, when it eventually came, would be constitutional conflict, with all the gravity that the adjective “constitutional” implies. 7 Winners Outsourcing and global value chains—Politicized lending and the finance crisis—Civil rights as a ruling-class cause—Google and Amazon as governments in embryo—Eliot Spitzer, Edward Snowden, and surveillance—The culture of internet moguls—The affinity between high tech and civil rights—The rise of philanthropy—Obama: governing without government—Nudge and behavioral economics—From gay rights to gay marriage—Windsor: the convergence of elites—Obergefell: triumph of the de facto constitution It took a long time for Americans to realize that the New Economy was a new economy. They were accustomed to marketing hype. When politicians used the term “New Economy,” it was easy for voters to assume it was only a jazzed-up way of describing the process, familiar for centuries, by which mechanization was introduced into certain industrial tasks, creating limited short-term sectorial disruptions but offering rewards to those trained in the new technology.

Certain things would no longer be made in America at all. The country would therefore become an economic part rather than an economic whole, rendering nonsensical, at least for a while, all kinds of inherited cultural and political beliefs about sovereignty, national independence, and social cohesion. In this sense the New Economy was like the new constitution. Over the fifty years leading up to the election of 2016, those who found ways to use the newly unleashed powers flourished. Those who continued to believe they could trust in old traditions, or vote their way to the country they wanted, lost ground. Outsourcing and global value chains The high wages of industrial workforces in Western countries had once been invulnerable, because the capital-owning part of an economy was bound by the laws of the land and the laws of economics to the fate of its workforce.

At a time when international competition was bidding down the price of industrial handwork, corporations retooled in order to capture the global economy’s ever-more-lucrative brainwork: the design, the marketing, the public relations. The problem was, and remains, that only a small fraction of people in any society is equipped to do brainwork. Big though the New Economy may have looked to American executives, professors, and philanthropists, American workers experienced it as smaller than the old one. They were in a catch-22: Until they consented to the outsourcing of their jobs, they were called pampered obstructionists, and berated; once their jobs had left and their consent was no longer needed, they were called nostalgic losers, and forgotten.


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The Retreat of Western Liberalism by Edward Luce

"World Economic Forum" Davos, 3D printing, affirmative action, Airbnb, Alan Greenspan, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, bread and circuses, Bretton Woods, Brexit referendum, 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, driverless car, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Evgeny Morozov, fake news, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, gentrification, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, Great Leap Forward, illegal immigration, imperial preference, income inequality, independent contractor, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, Les Trente Glorieuses, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, meritocracy, 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, opioid epidemic / opioid crisis, Peace of Westphalia, Peter Thiel, plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Robert Solow, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, 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, 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

Tyler Cowen has coined a new acronym to replace Nimbys (Not in My Backyard): Bananas (Build Absolutely Nothing Anywhere Near Anything).50 Such risk aversion breeds its own failure. So deeply rooted is gentrification that Richard Florida has now modified his widely acclaimed thesis about the rise of the creative classes. Cities are becoming too successful for their own good. Until recently, he believed they would be the engine rooms of the new economy, embracing the diversity necessary to attract talent. That has certainly happened. Gay pride parades seem to get larger every year. A thousand multicultural flowers are blooming. Yet in squeezing out income diversity, the new urban economies are also shutting off the scope for serendipity. The West’s global cities are like tropical islands surrounded by oceans of resentment.

Facebook’s data servers are now managed by Cyborg, a software program. It requires one human technician for every twenty thousand computers. Almost any job that involves sitting in front of a screen and manipulating information is disappearing, or will do soon. Software can now drive cars and mark student essays. By skewing the gains of the new economy to a few, robots also weaken the chief engine of growth: middle-class demand. As labour becomes pricier relative to machines, spending power falls. The US economy produces more than a third more today than it did in 1998 with the same-sized labour force and a significantly larger population. It still makes sense for people to obtain degrees.

As the real value of pensions and social security goes down, the pressure to postpone retirement grows. Again, we should be careful not to generalise: some older people are working because they enjoy it. Yet we should not romanticise what is happening either. The age of automation is making labour increasingly dispensable, so companies are constantly on the lookout for ways to slim down. The new economy has created digital platforms that enable people to offer their services online. Yet what they find is generally far less secure than what they lost. Such work does not provide healthcare or matching retirement contributions. Nor does it always pay. Almost three-quarters of independent workers in the US report serious difficulties in chasing up what they are owed.


Speaking Code: Coding as Aesthetic and Political Expression by Geoff Cox, Alex McLean

4chan, Amazon Mechanical Turk, augmented reality, bash_history, bitcoin, Charles Babbage, cloud computing, commons-based peer production, computer age, computer vision, Computing Machinery and Intelligence, crowdsourcing, dematerialisation, Donald Knuth, Douglas Hofstadter, en.wikipedia.org, Everything should be made as simple as possible, finite state, Free Software Foundation, Gabriella Coleman, Gödel, Escher, Bach, Hacker Conference 1984, Ian Bogost, Jacques de Vaucanson, language acquisition, Larry Wall, late capitalism, means of production, natural language processing, Neal Stephenson, new economy, Norbert Wiener, Occupy movement, packet switching, peer-to-peer, power law, Richard Stallman, Ronald Coase, Slavoj Žižek, social software, social web, software studies, speech recognition, SQL injection, stem cell, Stewart Brand, systems thinking, The Nature of the Firm, Turing machine, Turing test, Vilfredo Pareto, We are Anonymous. We are Legion, We are the 99%, WikiLeaks, Yochai Benkler

., 178. 107. radioqualia (Adam Hyde and Honor Harger), Free Radio Linux (2001); see http://www .radioqualia.net/documentation/frl/index.html. 108. Simon Yuill, “All Problems of Notation Will Be Solved by the Masses,” Mute (February 2008); available at http://www.metamute.org/en/All-Problems-of-Notation-Will-be-Solved-by -the-Masses. 109. Virno, A Grammar of the Multitude, 90. 110. In Christian Marazzi, Capital and Language: From the New Economy to the War Economy, trans. Gregory Conti (Los Angeles: Semiotext(e), 2008), 156. 111. Ibid., 34. 112. Berardi, The Soul at Work, 22. 113. Ibid., 117–118. Berardi refers to this as the “psychopathology of desire,” further developing Guattari’s use of desire as a field of operation, open to capture by Disney or Microsoft as well as by social movements. 114.

Vascellaro, “Facebook’s About-Face on Data,” Wall Street Journal, 19 February 2009; available at http://online.wsj.com/article/ SB123494484088908625.html#ixzz1dCjqZGSk. Facebook’s Terms of Service are available at http://www.facebook.com/legal/terms. 91. Bauwens, “The Social Web and Its Social Contracts.” 92. See Thomas H. Davenport and John C. Beck, The Attention Economy: Understanding the New Economy of Business (Boston: Harvard Business School Press, 2001). 93. The figures are taken from the Financial Times, 6 January 2011, and from Facebook’s publicity material. Both are quoted in Adam Avidsson and Elanor Colleoni, “Value in Informational Capitalism and on the Internet: A Reply to Christian Fuchs,” Social Science Research Network, 28 February 2011; available at http://papers.ssrn.com/sol3/papers.cfm?

On the other hand, information wants to be free, because the cost of getting it out is getting lower and lower all the time. So you have these two fighting against each other.” Available at http://en.wikipedia.org/wiki/Information_wants_to_be_free. 33. See Thomas H. Davenport and John C. Beck, The Attention Economy: Understanding the New Economy of Business (Boston: Harvard Business School Press, 2001). 34. Berardi, Precarious Rhapsody, 113. 35. Ibid., 54. 36. Available at http://www.digitalcraft.org/iloveyou/loveletter_reading.htm. The virus source code is available at http://www.cexx.org/loveletter.htm. 37. The virus also inspired the exhibition “I Love You [rev.eng],” curated by digitalcraft.org/ Franziska Nori in 2002, at the Museum für angewandte Kunst in Frankfurt am Main.


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The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony by David G. W. Birch

"World Economic Forum" Davos, Alan Greenspan, algorithmic management, AlphaGo, bank run, Big Tech, bitcoin, blockchain, Bretton Woods, BRICs, British Empire, business cycle, capital controls, cashless society, central bank independence, COVID-19, cross-border payments, cryptocurrency, Diane Coyle, disintermediation, distributed ledger, Donald Trump, driverless car, Elon Musk, Ethereum, ethereum blockchain, facts on the ground, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, forward guidance, Fractional reserve banking, global reserve currency, global supply chain, global village, Hyman Minsky, information security, initial coin offering, Internet of things, Jaron Lanier, Kenneth Rogoff, knowledge economy, M-Pesa, Mark Zuckerberg, market clearing, market design, Marshall McLuhan, mobile money, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, new economy, Northern Rock, one-China policy, Overton Window, PalmPilot, pattern recognition, Pingit, QR code, quantum cryptography, race to the bottom, railway mania, ransomware, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social distancing, sovereign wealth fund, special drawing rights, subscription business, the payments system, too big to fail, transaction costs, Vitalik Buterin, Washington Consensus

The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A. The way in which I can take a $20 bill, hand it over to you and there’s no record of where it came from. – Milton Friedman (1999) More than two decades after Milton Friedman’s prediction that a ‘reliable’ digital alternative to notes and coins would revolutionize the new economy, we still do not have such a thing in widespread use. Yes, a few people use cryptocurrencies of one form or another, although mainly for speculative purposes. For most people, however, digital money means a mobile or web front-end grafted to a half-century-old set of payment rails that transport the fiat currencies of the world via laser beams and transistors.

In other words, the desired form of e-cash is a perfect tool for crime. I think it is unrealistic to imagine that this standard will be allowed by the authorities, although whether they will be able to do anything about it is another matter – one that we will return to later when we think about what digital money should do for the new economy. Let us continue with this line of thinking and say that digital money is a form of e-cash. The crucial distinction between e-money and e-cash is that, if I want to pay you for something, I can send e-money to your bank account, but that is it; I cannot use Pingit or Venmo to put money into your pocket, only into an account somewhere.

That is pretty smart, although to my mind it is only one of the characteristics of smart money that will distinguish it from the dumb money we have today (see table 2). The ecology of the coming currency landscape, instead of being a fiat currency monoculture, will have a rich and diverse set of currencies to help us (well, our bots) navigate the information-rich marketplaces of the new economy. Table 2. Dumb and smart money. DUMB MONEY SMART MONEY Money that substitutes for memory Money that has a memory Standalone money Money with an API Money as a value Money as a distributed application Money that you can make decisions about Money that can make decisions about you Money that is a static creation of the nation state Money that is the dynamic property of communities These new perspectives – money as ‘local’, money as ‘translucent’, money as ‘smart’ – integrate to form what seems to me a more plausible narrative about the future of digital money than the libertarianism of Bitcoin maximalists.


pages: 296 words: 83,254

After the Gig: How the Sharing Economy Got Hijacked and How to Win It Back by Juliet Schor, William Attwood-Charles, Mehmet Cansoy

1960s counterculture, Airbnb, algorithmic management, Amazon Mechanical Turk, American Legislative Exchange Council, back-to-the-land, barriers to entry, bike sharing, Californian Ideology, carbon footprint, clean tech, collaborative consumption, collaborative economy, Community Supported Agriculture, COVID-19, creative destruction, crowdsourcing, deskilling, driverless car, en.wikipedia.org, financial independence, future of work, gentrification, George Gilder, gig economy, global supply chain, global village, haute cuisine, income inequality, independent contractor, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jean Tirole, Jeff Bezos, jitney, job satisfaction, John Perry Barlow, John Zimmer (Lyft cofounder), Kevin Kelly, Lyft, Marshall McLuhan, Mason jar, mass incarceration, Mitch Kapor, Network effects, new economy, New Urbanism, Occupy movement, peer-to-peer rental, Post-Keynesian economics, precariat, profit maximization, profit motive, race to the bottom, regulatory arbitrage, rent gap, rent-seeking, ride hailing / ride sharing, Ruby on Rails, selection bias, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, smart cities, social distancing, Stewart Brand, TaskRabbit, technological determinism, technoutopianism, Telecommunications Act of 1996, The Nature of the Firm, the payments system, Tragedy of the Commons, transaction costs, transportation-network company, Travis Kalanick, two-sided market, Uber and Lyft, Uber for X, uber lyft, urban planning, wage slave, walking around money, Whole Earth Catalog, women in the workforce, working poor, Yochai Benkler, Zipcar

I presented to the National Economic Council of the White House, the European Commission in Brussels, a joint workshop of the Royal Society and the American Academy of Arts and Sciences, the Division of Consumer Economics of the Federal Reserve Board, the Inaugural US conference of CoreEcon, the Institute for Work and the Economy, the Environmental Law Institute, the New Economy Coalition, the Digital Media and Learning Conference, the Sharing Cities Summit, the ReShaping Work Conference, the Women’s Forum, the National Institute for Public Policy Analysis (Italy), the Feltrinelli Foundation, the Milan EXPO2015, and the OIKOS Think Tank in Antwerp. I presented at the SHARE conference which I discuss at the end of chapter 1.

They concluded that “below median-income consumers will enjoy a disproportionate fraction of the eventual welfare gains from this kind of ‘sharing economy’ through broader inclusion, higher-quality rental based consumption, and new ownership facilitated by rental supply revenues.” Fraiberger and Sundararajan (2015, 1) (in Abstract). To put the point in plainer language, they are predicting that poorer people will gain more than others by getting access to these new economies, on account of lower prices when they rent cars, and by purchasing vehicles from which they can then earn money. 9. Author’s calculation from US Census. www.census.gov/content/dam/Census/library/publications/2018/demo/p60–263.pdf. 10. Arrow (1971). Positive stereotypes will produce the reverse outcome—all members of a group will be advantaged. 11.

These include “Distinction at Work: Status Practices in a Community Production Environment” (Attwood-Charles and Schor 2019 [makerspace]); “We Are Creatives: Symbolic Inefficacy and the Decoupling of Meaning from Practice” (Attwood-Charles 2019b [makerspace]); “Creativity as Organizational Myth and Practice” (Attwood-Charles 2020 [makerspace]); “Homemade Matters: Logics of Opposition in a Failed Food Swap” (Fitzmaurice and Schor 2018 [food swap]); “The Pedagogy of Precarity: Laboring to Learn in the New Economy” (Carfagna 2017 [open learning]); and “New Cultures of Connection in a Boston Time Bank” (Dubois, Schor, and Carfagna 2014 [time bank]). Papers with cross-case analysis are “Paradoxes of Openness and Distinction in the Sharing Economy” (Schor et al. 2016); and “An Emerging Eco-habitus: The Reconfiguration of High Cultural Capital Practices among Ethical Consumers” (Carfagna et al. 2014). 4.


The Metropolitan Revolution: How Cities and Metros Are Fixing Our Broken Politics and Fragile Economy by Bruce Katz, Jennifer Bradley

"World Economic Forum" Davos, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, benefit corporation, British Empire, business climate, carbon footprint, clean tech, clean water, collapse of Lehman Brothers, company town, congestion pricing, data science, deindustrialization, demographic transition, desegregation, Donald Shoup, double entry bookkeeping, edge city, Edward Glaeser, financial engineering, global supply chain, immigration reform, income inequality, industrial cluster, intermodal, Jane Jacobs, jitney, Kickstarter, knowledge economy, Lewis Mumford, lone genius, longitudinal study, Mark Zuckerberg, Masdar, megacity, megaproject, Menlo Park, Moneyball by Michael Lewis explains big data, Network effects, new economy, New Urbanism, Occupy movement, place-making, postindustrial economy, purchasing power parity, Quicken Loans, race to the bottom, Richard Florida, Shenzhen was a fishing village, Silicon Valley, smart cities, smart grid, sovereign wealth fund, tech worker, TechCrunch disrupt, TED Talk, the built environment, The Death and Life of Great American Cities, the market place, The Spirit Level, Tony Hsieh, too big to fail, trade route, transit-oriented development, urban planning, white flight, Yochai Benkler

In his 2012 TED talk, “Be the Entrepreneur of Your Own Life,” the venture capitalist Reid Hoffman, cofounder of LinkedIn, extolled the power of “network literacy,” which is, he said, “absolutely critical to how we’ll navigate the world.” He continued, “In a networked age, identity is not so simply determined. Your identity is actually multivariate, distributed, and partly out of your control. Who you know shapes who you are.”62 Northeast Ohio’s efforts to use networks to bring about a new economy—built on the foundations of its old economy—are aligned with powerful social, economic, and cultural forces. This feeling of alignment motivates people like Chris Thompson to go to all those meetings and bring all those doughnuts. He believes that his work and the work of the Fund for Our Economic Future reflects “the civic challenge of our time.

Second, the launch of M1 Rail exemplifies the collaborative spirit and integrated nature of economy shaping and place making at the heart of the metropolitan revolution. Detroit’s revival is being inspired, accelerated, and supported by an intricate web of philanthropic and business leaders and a remarkable set of nonprofit and quasi-public intermediaries that are painstakingly connecting the dots between hundreds of separate actions and transactions. The New Economy Initiative for Southeast Michigan— a $100 million consortium of ten local and national foundations—is a major investor in Detroit’s midtown and downtown. Since its inception in 2007, the initiative has supported or created several investment funds for start-ups and provided capital for significant place-making infrastructure, particularly in TechTown in midtown and its surrounding area, and its grants have helped launch 417 new companies, create 6,700 jobs, and leverage $261 million in additional investment in start-up companies supported by its grantees.100 06-2151-2 ch6.indd 139 5/20/13 6:53 PM 140 THE RISE OF INNOVATION DISTRICTS Living Cities, another philanthropic consortium, has invested $22 million in the Woodward Corridor Initiative to “redensify” the corridor and realize the full potential of the transit investment.101 The Kresge Foundation alone committed $150 million over the next five years to implement the recommendations and strategies outlined in the Detroit Future City report, doubling down on the investments it has already made along the riverfront, in M1 Rail, in the planning for the Detroit Future City effort, and as part of both the New Economy Initiative and Living Cities.102 In 2011 the Henry Ford Health System, the Detroit Medical Center, and Wayne State University, along with state and philanthropic support, launched the Live Midtown initiative, which provides financial incentives for employees who move to the area and entices existing renters and homeowners to stay and reinvest.103 Based on the program’s success, a group of downtown corporations—Quicken Loans, Blue Cross Blue Shield, Compuware, Strategic Staffing Solutions, Marketing Associates, and DTE Energy—created the Live Downtown Initiative.

Since its inception in 2007, the initiative has supported or created several investment funds for start-ups and provided capital for significant place-making infrastructure, particularly in TechTown in midtown and its surrounding area, and its grants have helped launch 417 new companies, create 6,700 jobs, and leverage $261 million in additional investment in start-up companies supported by its grantees.100 06-2151-2 ch6.indd 139 5/20/13 6:53 PM 140 THE RISE OF INNOVATION DISTRICTS Living Cities, another philanthropic consortium, has invested $22 million in the Woodward Corridor Initiative to “redensify” the corridor and realize the full potential of the transit investment.101 The Kresge Foundation alone committed $150 million over the next five years to implement the recommendations and strategies outlined in the Detroit Future City report, doubling down on the investments it has already made along the riverfront, in M1 Rail, in the planning for the Detroit Future City effort, and as part of both the New Economy Initiative and Living Cities.102 In 2011 the Henry Ford Health System, the Detroit Medical Center, and Wayne State University, along with state and philanthropic support, launched the Live Midtown initiative, which provides financial incentives for employees who move to the area and entices existing renters and homeowners to stay and reinvest.103 Based on the program’s success, a group of downtown corporations—Quicken Loans, Blue Cross Blue Shield, Compuware, Strategic Staffing Solutions, Marketing Associates, and DTE Energy—created the Live Downtown Initiative.


pages: 370 words: 105,085

Joel on Software by Joel Spolsky

AltaVista, AOL-Time Warner, Apple Newton, barriers to entry, Beos Apple "Steve Jobs" next macos , business logic, c2.com, commoditize, Dennis Ritchie, General Magic , George Gilder, index card, Jeff Bezos, knowledge worker, machine readable, Metcalfe's law, Mitch Kapor, Multics, Network effects, new economy, off-by-one error, PageRank, PalmPilot, Paul Graham, pneumatic tube, profit motive, reality distortion field, Robert X Cringely, shareholder value, Silicon Valley, Silicon Valley startup, SimCity, six sigma, slashdot, Steve Ballmer, Steve Jobs, the scientific method, thinkpad, VA Linux, web application

We all piled into B2B and B2C and P2P like a happy family getting in the Suburban for a Sunday outing to the Krispy Kreme Donut Shop. But wait, that's not even the amusing part; the amusing part was watching the worst business plans fail, as their stock went from 316 to 3/16. Take that, new economy blabbermouths! Ah, the schadenfreudef. Ah, the glee, when once again, Wired magazine proves that as soon as it puts something on the cover, that thing will be proven to be stupid and wrong within a few short months. And with this New Economy thing, Wired really blew it, because they should have known by then what a death kiss their cover was for any technology or company or meme, after years of touting smell-o-rama and doomed game companies and how PointCast was going to replace the Web,2 no, wait, PointCast already replaced the Web, in March 1997.

And with this New Economy thing, Wired really blew it, because they should have known by then what a death kiss their cover was for any technology or company or meme, after years of touting smell-o-rama and doomed game companies and how PointCast was going to replace the Web,2 no, wait, PointCast already replaced the Web, in March 1997. But they tempted fate anyway, and didn't just put the New Economy on the cover, they devoted the whole goddamn issue to the New Economy,3 thus condemning the NASDAQ to plummet like a sheep learning to fly. __________ 2. Craig Bicknell, "PointCast Coffin About to Shut." Wired News, March 29, 2000. See www.wired.lycos.com/news/business/0,1367,35208,00.html. 3. Peter Schwartz and Peter Leyden, "The Long Boom: A History of the Future, 1980–2020." Wired, July 1997.

And thankfully, we no longer have to contend with 37 companies, each with $25 million in VC, competing against us by giving away their product for free in exchange for agreeing to have a big advertisement tattooed on your forehead. In the post-new economy, everybody is trying to figure out how much they can get away with charging. There's nothing wrong with the post-new economy, if you're smart. But all the endless news about the "dot coma" says more about the lack of creativity of business press editors than anything else. Sorry, fuckedcompany.com, it was funny for a month or so, now it's just pathetic. We'll focus on improving our product, and we'll focus on staying in business, by listening to our customers and eating our own dog food, instead of flying all over the country trying to raise more venture capital.


pages: 246 words: 68,392

Gigged: The End of the Job and the Future of Work by Sarah Kessler

"Susan Fowler" uber, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, basic income, bitcoin, blockchain, business cycle, call centre, cognitive dissonance, collective bargaining, crowdsourcing, data science, David Attenborough, do what you love, Donald Trump, East Village, Elon Musk, financial independence, future of work, game design, gig economy, Hacker News, income inequality, independent contractor, information asymmetry, Jeff Bezos, job automation, law of one price, Lyft, Mark Zuckerberg, market clearing, minimum wage unemployment, new economy, opioid epidemic / opioid crisis, payday loans, post-work, profit maximization, QR code, race to the bottom, ride hailing / ride sharing, Salesforce, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, TaskRabbit, TechCrunch disrupt, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, working-age population, Works Progress Administration, Y Combinator

Household income in the United States became noticeably more volatile between the early 1970s and the late 2000s,13 and a Federal Reserve study published in 2014 found that a third of American households experience volatile income swings, mostly due to unpredictable hours.14 In 2004, when the Los Angeles Times reported the results of a survey that followed 5,000 families for 40 years, it concluded that “a growing number of families have found themselves caught on a financial roller coaster ride, with their annual incomes taking increasingly wild leaps and plunges.”15 The paper compared the new economy to the stock market, with an unpredictable schedule of big payouts and big setbacks for workers. This was a theme park ride that few people enjoyed. Labor leader David Rolf and venture capitalist Nick Hanauer, writing in the journal Democracy, explained why: Economic security is what frees us from the fear that one job loss, one illness—one economic downturn amidst a business cycle guaranteed to produce economic downturns—could cost us our home, our car, our family, and our social status.

After the disappointment of Dynamo, the online organizing platform for Mechanical Turk workers Kristy had helped build, she had come to the conclusion that the only way to make sure the interests of crowd workers were considered was to have workers run the platform. To bring an old idea—cooperatives—into the new economy. Trebor agreed. It was an idea around which he eventually based a book and a conference that was attended by 1,500 people.2 He named it “platform cooperativism.” Typical arguments against cooperatives are that they are slow—voting on decisions takes time—and that they lack the means to market themselves.

New York Times. January 26, 2013. https://opinionator.blogs.nytimes.com/2013/01/26/the-rise-of-the-permanent-temp-economy/. 7   Dey, Matthew, Susan Houseman, and Anne Polivka. What Do We Know about Contracting Out in the United States? Evidence from Household and Establishment Surveys. In Labor in the New Economy, eds. Katharine G. Abraham, James R. Spletzer, and Michael Harper. University of Chicago Press, October 2010. 8   Manyika, James, Susan Lund, Jacques Bughin, Kelsey Robinson, Jan Mischke, and Deepa Mahajan. Independent Work: Choice, Necessity, and the Gig Economy. McKinsey Global Institute. October 2016. 9   General Accounting Office.


pages: 327 words: 90,542

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

"there is no alternative" (TINA), "World Economic Forum" Davos, 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Alfred Russel Wallace, Anthropocene, 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, carbon tax, 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, digital divide, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial engineering, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, geopolitical risk, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, Great Leap Forward, Greenspan put, happiness index / gross national happiness, high-speed rail, 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), it is difficult to get a man to understand something, when his salary depends on his not understanding it, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, junk bonds, Kenneth Rogoff, Kevin Roose, knowledge economy, knowledge worker, Les Trente Glorieuses, light touch regulation, liquidity trap, Long Term Capital Management, low interest rates, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, middle-income trap, Mikhail Gorbachev, military-industrial complex, Minsky moment, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, PalmPilot, passive income, peak oil, peer-to-peer lending, pension reform, planned obsolescence, 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, Robert Solow, Ronald Reagan, Russell Brand, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, Stephen Fry, systems thinking, 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

Faltering Innovation Confronts the Six Headwinds,” Centre for Economic Policy Research, Policy Insight, no. 63 (September 2012). 10 Robert Salow, “We'd Better Watch Out,” New York Times Book Review, 12 July 1987. 11 See Founders Fund, “What Happened to the Future?” www.foundersfund.com/the-future. 12 Andy Xie, “Mirage of the ‘New Economy,’” Marketwatch, 26 March 2014. www.marketwatch.com/story/mirage-of-the-new-economy-2014-03-26. 13 Suzanne Woolley, “Amazon May Have Just Created a Weapon of Mass Consumption,” Financial Times, 21 June 2014. 14 Jill Lepore, “The Disruption Machine: What the Gospel of Innovation Gets Wrong,” New Yorker, 23 June 2014. www.newyorker.com/reporting/2014/06/23/140623fa_fact_lepore?

One commentator wryly dismissed social networking sites as “just places for people to express their narcissism cheaply.”12 In June 2014, Amazon announced its latest innovation, a smartphone that uses image-recognition technology to allow customers to purchase products by pointing it at more than 70 million objects in its online store. Designed to minimize barriers to spending, it exemplifies the instantaneous gratification that passes for innovation in the new economy. Critics have branded it a weapon of mass consumption that allows you to point and shoot yourself in the foot.13 Many new technologies displace existing industries, limiting the effect on growth and productivity. Recent innovations have focused on marketing and distributing existing goods and services, rather than on creating entirely new industries.

Emerging nations combined their cheap labor and local or imported resources with foreign technology or capital to manufacture and export goods and services to developed countries. Improvements in technology, telecommunications, and transport allowed cheaper emerging nations to compete with advanced economies. One-off events were important. The Y2K software problems fueled the development of India's software industry. The new economy was centered on China, now the world's factory, exporting around 50 percent of its output. It imported resources and parts that were then assembled or processed and shipped out again. Smaller emerging economies, especially in Asia, became integrated into new Sino-centric global supply chains. Consultant David Rothkopf highlighted the uneven balance of power within emerging markets: “Without China, the BRICs are just the BRI, a bland, soft cheese that is primarily known for the whine [sic] that goes with it…”8 China was now the largest purchaser of iron ore and other metals, and one of the biggest purchasers of cotton and soybeans.


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What Would Google Do? by Jeff Jarvis

"World Economic Forum" Davos, 23andMe, Amazon Mechanical Turk, Amazon Web Services, Anne Wojcicki, AOL-Time Warner, barriers to entry, Berlin Wall, bike sharing, business process, call centre, carbon tax, cashless society, citizen journalism, clean water, commoditize, connected car, content marketing, credit crunch, crowdsourcing, death of newspapers, different worldview, disintermediation, diversified portfolio, don't be evil, Dunbar number, fake news, fear of failure, Firefox, future of journalism, G4S, Golden age of television, Google Earth, Googley, Howard Rheingold, informal economy, inventory management, Jeff Bezos, jimmy wales, John Perry Barlow, Kevin Kelly, Marc Benioff, Mark Zuckerberg, moral hazard, Network effects, new economy, Nicholas Carr, old-boy network, PageRank, peer-to-peer lending, post scarcity, prediction markets, pre–internet, Ronald Coase, Salesforce, search inside the book, Sheryl Sandberg, Silicon Valley, Skype, social graph, social software, social web, spectrum auction, speech recognition, Steve Jobs, the long tail, the medium is the message, The Nature of the Firm, the payments system, The Wisdom of Crowds, transaction costs, web of trust, WikiLeaks, Y Combinator, Zipcar

Google Rules New Relationship • Give the people control and we will use it • Dell hell • Your worst customer is your best friend • Your best customer is your partner New Architecture • The link changes everything • Do what you do best and link to the rest • Join a network • Be a platform • Think distributed New Publicness • If you’re not searchable, you won’t be found • Everybody needs Googlejuice • Life is public, so is business • Your customers are your ad agency New Society • Elegant organization New Economy • Small is the new big • The post-scarcity economy • Join the open-source, gift economy • The mass market is dead—long live the mass of niches • Google commodifies everything • Welcome to the Google economy New Business Reality • Atoms are a drag • Middlemen are doomed • Free is a business model • Decide what business you’re in New Attitude • There is an inverse relationship between control and trust • Trust the people • Listen New Ethic • Make mistakes well • Life is a beta • Be honest • Be transparent • Collaborate • Don’t be evil New Speed • Answers are instantaneous • Life is live • Mobs form in a flash New Imperatives • Beware the cash cow in the coal mine • Encourage, enable, and protect innovation • Simplify, simplify • Get out of the way If Google Ruled the World Media • The Google Times: Newspapers, post-paper • Googlewood: Entertainment, opened up • GoogleCollins: Killing the book to save it Advertising • And now, a word from Google’s sponsors Retail • Google Eats: A business built on openness • Google Shops: A company built on people Utilities • Google Power & Light: What Google would do • GT&T: What Google should do Manufacturing • The Googlemobile: From secrecy to sharing • Google Cola: We’re more than consumers Service • Google Air: A social marketplace of customers • Google Real Estate: Information is power Money • Google Capital: Money makes networks • The First Bank of Google: Markets minus middlemen Public Welfare • St.

About.com might as well be a division of Google, but it’s not. It’s merely built on Google’s platform. About.com is owned by The New York Times Company, which bought it in 2005 for $410 million (and hired me to consult there). I’ll confess I was dubious about the acquisition when it occurred, but I was wrong. Today, as papers struggle in the new economy, About.com is one of the rare bright spots in any newspaper company’s P&L. About.com at first wanted to compete with Google or even to be Google. Started by Scott Kurnit as The Mining Company in 1997—a year before Google was incorporated—its goal was to provide a human-powered guide to the internet.

We also have new ethics and attitudes that spring from this new organization and change society in ways we cannot yet see, with openness, generosity, collaboration, efficiency. We are using the internet’s connective tissue to leap over borders—whether they surround countries or companies or demographics. We are reorganizing society. This is Google’s—and Facebook’s and craigslist’s—new world order. New Economy Small is the new big The post-scarcity economy Join the open-source, gift economy The mass market is dead—long live the mass of niches Google commodifies everything Welcome to the Google economy Small is the new big Mind you, big is still big. Wal-Mart is the largest company on earth.


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Value of Everything: An Antidote to Chaos The by Mariana Mazzucato

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, bank run, banks create money, Basel III, behavioural economics, Berlin Wall, Big bang: deregulation of the City of London, bonus culture, Bretton Woods, business cycle, butterfly effect, buy and hold, Buy land – they’re not making it any more, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, carried interest, clean tech, Corn Laws, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, debt deflation, European colonialism, Evgeny Morozov, fear of failure, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, financial intermediation, financial repression, full employment, G4S, George Akerlof, Glass-Steagall Act, Google Hangouts, Growth in a Time of Debt, high net worth, Hyman Minsky, income inequality, independent contractor, index fund, informal economy, interest rate derivative, Internet of things, invisible hand, John Bogle, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, labour market flexibility, laissez-faire capitalism, light touch regulation, liquidity trap, London Interbank Offered Rate, low interest rates, margin call, Mark Zuckerberg, market bubble, means of production, military-industrial complex, Minsky moment, Money creation, money market fund, negative equity, Network effects, new economy, Northern Rock, obamacare, offshore financial centre, Pareto efficiency, patent troll, Paul Samuelson, peer-to-peer lending, Peter Thiel, Post-Keynesian economics, profit maximization, proprietary trading, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, rent control, rent-seeking, Robert Solow, Sand Hill Road, shareholder value, sharing economy, short selling, Silicon Valley, Simon Kuznets, smart meter, Social Responsibility of Business Is to Increase Its Profits, software patent, Solyndra, stem cell, Steve Jobs, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, transaction costs, two and twenty, two-sided market, very high income, Vilfredo Pareto, wealth creators, Works Progress Administration, you are the product, zero-sum game

Leslie, The Cold War and American Science: The Military-Industrial-Academic Complex at MIT and Stanford (New York: Columbia University Press, 1993). 9. See W. Lazonick, Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States (Kalamazoo, MI: W. E. Upjohn Institute for Employment Research, 2009), ch. 2: doi: https://doi.org/10.17848/9781441639851 10. Business Week, 1960, cited in H. Lazonick, Sustainable Prosperity in the New Economy? Business Organization and High-tech Employment in the United States (Kalamazoo, MI: Upjohn Press, 2009), p. 79. 11. W. Lazonick and M. Mazzucato, ‘The risk-reward nexus in the innovation-inequality relationship: Who takes the risks?

Indeed, Google's stated mission is Do No Evil. In April 2016 a front cover of the Economist showed the Facebook founder Mark Zuckerberg dressed like a Roman emperor under the headline ‘Imperial Ambition'. Meanwhile, innovation is seen as the new force in modern capitalism, not just in Silicon Valley but globally. Phrases like the ‘new economy', ‘the innovation economy', ‘the information society' or ‘smart growth' encapsulate the idea that it is entrepreneurs, garage tinkerers and their patents that unleash the ‘creative destruction' from which the jobs of the future come. We are told to welcome the likes of Uber and Airbnb because they are the forces of renewal that sweep away the old incumbents, whether black cabs in London or ‘dinosaur' hotel chains like Hilton.

Sunga, ‘An alternative to the current treatment of interest as transfer in the United Nations and Canadian systems of national accounts', Review of Income and Wealth, 30(4) (1984), p. 385: http://doi.org/10.1111/j.1475-4991.1984.tb00487.x 17. B. R. Moulton, The System of National Accounts for the New Economy: What Should Change? (Washington DC: Bureau of Economic Analysis, US Dept. of Commerce, 2003), p. 17: http://www.bea.gov/about/pdf/sna_neweconomy_1003.pdf 18. The development of income and growth estimation is sometimes depicted as a purely empirical affair that is barely influenced by theory (R.


Financial Statement Analysis: A Practitioner's Guide by Martin S. Fridson, Fernando Alvarez

Bear Stearns, book value, business cycle, corporate governance, credit crunch, discounted cash flows, diversification, Donald Trump, double entry bookkeeping, Elon Musk, financial engineering, fixed income, information trail, intangible asset, interest rate derivative, interest rate swap, junk bonds, negative equity, new economy, offshore financial centre, postindustrial economy, profit maximization, profit motive, Richard Thaler, shareholder value, speech recognition, statistical model, stock buybacks, the long tail, time value of money, transaction costs, Y2K, zero-coupon bond

Building up subscriber bases through heavy consumer advertising was an expensive proposition, but one day, investors believed, a large, loyal following would translate into rich revenue streams. Much of the dot-coms’ stock market value disappeared during the tech wreck of 2000, but the perceived mismatch between the information-intensive New Economy and traditional notions of assets persisted. Prominent accounting theorists argued that financial reporting practices rooted in an era more dominated by heavy manufacturing grossly understated the value created by research and development outlays, which GAAP was resistant to capitalizing. They observed further that traditional accounting generally permitted assets to rise in value only if they were sold.

Most of the write-off represented a reduction of goodwill that the manufacturer of paint and related products had created through a string of acquisitions. Even after the huge hit, goodwill represented 18.8 percent of Sherwin-Williams's assets and accounted for 47.9 percent of shareholders’ equity. Both Old Economy and New Economy companies, in short, are vulnerable to a sudden loss of stated asset value. Therefore, users of financial statements should not assume that balance sheet figures invariably correspond to the current economic worth of the assets they represent. A more reasonable expectation is that the numbers have been calculated in accordance with GAAP.

Its ratio of tangible assets to liabilities did not change, however. The rating agencies monitored both ratios but had customarily attached greater significance to the version that ignored intangible assets such as goodwill. HOW GOOD IS GOODWILL? By maintaining a skeptical attitude to the value of intangible assets throughout the New Economy excitement of the late nineties, Moody's and Standard & Poor's were bucking the trend. The more stylish view was that balance sheets constructed according to GAAP seriously understated the value of corporations in dynamic industries such as computer software and e-commerce. Their earning power, so the story went, derived from inspired ideas and improved methods of doing business, not from the bricks and mortar for which conventional accounting was designed.


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The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns by John C. Bogle

asset allocation, backtesting, buy and hold, creative destruction, currency risk, diversification, diversified portfolio, financial intermediation, fixed income, index fund, invention of the wheel, Isaac Newton, John Bogle, junk bonds, low interest rates, new economy, passive investing, Paul Samuelson, random walk, risk tolerance, risk-adjusted returns, Sharpe ratio, stocks for the long run, survivorship bias, transaction costs, Upton Sinclair, Vanguard fund, William of Occam, yield management, zero-sum game

When counterproductive investor emotions are magnified by counterproductive fund industry promotions, little good is apt to result. This lag effect has been amazingly pervasive. For example, the returns provided to investors from 2008 to 2016 by 186 of the 200 largest equity funds were lower than the returns that they reported to investors! This lag was especially evident during the “new economy” craze of the late 1990s. Then, the fund industry organized more and more funds, usually funds that carried considerably higher risk than the stock market itself, and magnified the problem by heavily advertising the eye-catching past returns earned by the hottest funds. As the market soared, investors poured ever larger sums of money into equity funds.

They invested a net total of only $18 billion in 1990 when stocks were cheap, but $420 billion in 1999 and 2000, when stocks were substantially overvalued (Exhibit 7.2). EXHIBIT 7.2 The Timing and Selection Penalties: Net Flow into U.S. Equity Funds What’s more, investors also overwhelmingly chose “new economy” funds, technology funds, and the hottest-performing growth funds, to the virtual exclusion of more conservative value-oriented funds. Whereas only 20 percent of their money had been invested in risky aggressive growth funds in 1990, investors poured fully 95 percent into such funds as those fund returns peaked during 1999 and early 2000.

If you can avoid jumping on the bandwagon . . . And if professional investment consultants are wise enough—or lucky enough—to keep their clients from jumping on the latest and hottest bandwagon (for example, the tech-stock craze of the late 1990s, reflected in the mania for funds investing in “new economy” stocks), their clients may earn returns that easily surpass the disappointing returns achieved by fund investors as a group. Remember the additional shortfall of about one and one-half percentage points per year relative to the average equity fund that we estimated in Chapter 7? To remind you, the average nominal investor return came to just 6.3 percent per year during 1991–2016, despite a strong stock market in which a simple S&P 500 Index fund earned an annual return of 9.1 percent.


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Prediction Machines: The Simple Economics of Artificial Intelligence by Ajay Agrawal, Joshua Gans, Avi Goldfarb

Abraham Wald, Ada Lovelace, AI winter, Air France Flight 447, Airbus A320, algorithmic bias, AlphaGo, Amazon Picking Challenge, artificial general intelligence, autonomous vehicles, backpropagation, basic income, Bayesian statistics, Black Swan, blockchain, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, carbon tax, Charles Babbage, classic study, collateralized debt obligation, computer age, creative destruction, Daniel Kahneman / Amos Tversky, data acquisition, data is the new oil, data science, deep learning, DeepMind, deskilling, disruptive innovation, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, financial engineering, fulfillment center, general purpose technology, Geoffrey Hinton, Google Glasses, high net worth, ImageNet competition, income inequality, information retrieval, inventory management, invisible hand, Jeff Hawkins, job automation, John Markoff, Joseph Schumpeter, Kevin Kelly, Lyft, Minecraft, Mitch Kapor, Moneyball by Michael Lewis explains big data, Nate Silver, new economy, Nick Bostrom, On the Economy of Machinery and Manufactures, OpenAI, paperclip maximiser, pattern recognition, performance metric, profit maximization, QWERTY keyboard, race to the bottom, randomized controlled trial, Ray Kurzweil, ride hailing / ride sharing, Robert Solow, Salesforce, Second Machine Age, self-driving car, shareholder value, Silicon Valley, statistical model, Stephen Hawking, Steve Jobs, Steve Jurvetson, Steven Levy, strong AI, The Future of Employment, the long tail, The Signal and the Noise by Nate Silver, Tim Cook: Apple, trolley problem, Turing test, Uber and Lyft, uber lyft, US Airways Flight 1549, Vernor Vinge, vertical integration, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, William Langewiesche, Y Combinator, zero-sum game

As the effects of the internet began to spread across industries and up and down the value chain, technology advocates stopped referring to the internet as a new technology and began referring to it as the “New Economy.” The term caught on. The internet transcended the technology and permeated human activity at a fundamental level. Politicians, corporate executives, investors, entrepreneurs, and major news organizations started using the term. Everyone began referring to the New Economy. Everyone, that is, except economists. We did not see a new economy or a new economics. To economists, this looked like the regular old economy. To be sure, some important changes had occurred.

See also uncertainty AI canvas for, 134–138 AI’s impact on, 3 centrality of, 73–74 cheap prediction and, 29 complexity and, 103–110 decomposing, 133–140 on deployment timing, 184–187 elements of, 74–76, 134–138 experiments and, 99–100 fully automated, 111–119 human strengths in, 98–102 human weaknesses in prediction and, 54–58 judgment in, 74, 75–76, 78–81, 83–94, 96–97 knowledge in, 76–78 modeling and, 99, 100–102 predicting judgment and, 95–102 preferences and, 88–90 satisficing in, 107–109 work flow analysis and, 123–131 decision trees, 13, 78–81 Deep Genomics, 3 deep learning approach, 7, 13 back propagation in, 38 flexibility in, 36 to language translation, 26–27 security risks with, 203–204 DeepMind, 7–8, 183, 187, 222, 223 Deep Thinking (Kasporov), 63 demand management, 156–157 dependent variables, 45 deployment decisions, 184–187 deskilling, 192–193 deterministic programming, 38, 40 Didi, 219 disparate impact, 197 disruptive technologies, 181–182 diversity, 201–202 division of labor, 53–69 human/machine collaboration, 65–67 human weaknesses in prediction and, 54–58 machine weaknesses in prediction and, 58–65 prediction by exception and, 67–68 dog fooding, 184 drone weapons, 116 Dropbox, 190 drug discovery, 28, 134–138 Dubé, J. P., 93–94 Duke University Teradata Center, 35 earthquakes, 59–60 eBay, 199 economics, 3 of AI, 8–9 of cost reductions, 9–11 data collection and, 49–50 on externalities, 116–117 New Economy and, 10–11 economies of scale, 49–50, 215–217 Edelman, Ben, 196–197 education, income inequality and, 214 electricity, cost of light and, 11 emergency braking, automatic, 111–112 error, tolerance for, 184–186 ethical dilemmas, 116 Etzioni, Oren, 220 Europe, privacy regulation in, 219–220 exceptions, prediction by, 67–68 Executive Office of the US President, 222–223 experience, 191–193 experimentation, 88, 99–100 AI tool development and, 159–160 expert prediction, 55–58 externalities, 116–117 Facebook, 176, 190, 195–196, 215, 217 facial recognition, 190, 219–220 Federal Aviation Administration, 185 Federal Trade Commission, 195 feedback data, 43, 46 in decision making, 74–76, 134–138 experience and, 191–193 risks with, 204–205 financial crisis of 2008, 36–37 flexibility, 36 Forbes, Silke, 168–169 Ford, 123–134, 164 Frankston, Bob, 141, 164 fraud detection, 24–25, 27, 84–88, 91 Frey, Carl, 149 fulfillment industry, 105, 143–145 Furman, Jason, 213 Gates, Bill, 163, 210, 213, 221 gender discrimination, 196–198 Gildert, Suzanne, 145 Glozman, Ron, 53–54 Goizueta, Robert, 43 Goldin, Claudia, 214 Goldman Sachs, 125 Google, 7–8, 43, 50, 187, 215, 223 advertising, 176, 195–196, 198–199 AI-first strategy at, 179–180 AI tool development at, 160 anti-spam team sting, 202–203 bias in ads and, 195–196 China, 219 Inbox, 185, 187 market share of, 216–217 Now, 106 privacy policy, 190 search engine optimization and, 64 search tool, 19 translation service, 25–26 video content algorithm, 200 Waymo, 95 Waze and, 89–90 Grammarly, 96 Greece, ancient, 23 Griliches, Zvi, 159 Grove, Andy, 155 hackers, 200 Hacking, Ian, 40 Hammer, Michael, 123–134 Harford, Tim, 192–193 Harvard Business School cases, 141 Hawking, Stephen, 8, 210–211, 221 Hawkins, Jeff, 39 health insurance, 28 heart disease, diagnosing, 44–45, 47–49 Heifets, Abraham, 135, 136 Hemingway, Ernest, 25–26 heuristics, 55 Hinton, Geoffrey, 145 hiring, 58, 98 ZipRecruiter and, 93–94, 100 Hoffman, Mitchell, 58 homogeneity, data, 201–202 hotel industry, 63–64 Houston Astros, 161 Howe, Kathryn, 14 human resource (HR) management, 172–173 IBM’s Watson, 146 identity verification, 201, 219–220 iFlytek, 26–27 if-then logic, 91, 104–109 image classification, 28–29 ImageNet, 7 ImageNet Challenge, 28–29 imitation of algorithms, 202–204 income inequality, 19, 212–214 independent variables, 45 inequality, 19, 212–214 initial public offerings (IPOs), 9–10, 125 innovation, 169–170, 171, 218–219 innovator’s dilemma, 181–182 input data, 43 in decision making, 74–76, 134–138 identifying required, 139 Integrate.ai, 14 Intel, 15, 215 intelligence churn prediction and, 32–36 human, 39 prediction as, 2–3, 29, 31–41 internet advertising, 175–176 browsers, 9–10 delivery time uncertainty and commerce via, 157–158 development of the commercial, 9–10 inventory management, 28, 105 Iowa, hybrid corn adoption in, 158–160, 181 iPhone, 129–130, 155 iRobot, 104 James, Bill, 56 Jelinek, Frederick, 108 jobs, 19.

See also jobs “Lady Lovelace’s Objection,” 13 Lambrecht, Anja, 196 language translation, 25–27, 107–108 laws of robotics, 115 learning -by-using, 182–183 in the cloud vs. on the ground, 188–189, 202 experience and, 191 in-house and on-the-job, 185 language translation, 26–27 pathways to, 182–184 privacy and data for, 189–190 reinforcement, 13, 145, 183–184 by simulation, 187–188 strategy for, 179–194 supervised, 183 trade-offs in performance and, 181–182 when to deploy and, 184–187 Lederman, Mara, 168–169 Lee, Kai-Fu, 219 Lee Se-dol, 8 legal documents, redacting, 53–54, 68 legal issues, 115–117 Lewis, Michael, 56 Li, Danielle, 58 liability, 117, 195–198 lighting, cost of, 11 London cabbies, 76–78 Lovelace, Ada, 12, 13 Lyft, 88–89 Lytvyn, Max, 96 machine learning, 18 adversarial, 187–188 churn prediction and, 32–36 complexity and, 103–110 from data, 45–47 feedback for, 46–47 flexibility in, 36 judgment and, 83 one-shot, 60 regression compared with, 32–35 statistics and prediction and, 37–40 techniques, 8–9 transformation of prediction by, 37–40 Mailmobile, 103 management AI’s impact on, 3 by exception, 67–68 Mastercard, 25 mathematics, made cheap by computers, 12, 14 Mazda, 124 MBA programs, student recruitment for, 127–129, 133–139 McAfee, Andrew, 91 Mejdal, Sig, 161 Microsoft, 9–10, 176, 180, 202–204, 215, 217 Tay chatbot, 204–205 mining, automation in, 112–114 Misra, Sanjog, 93–94 mobile-first strategy, 179–180 Mobileye, 15 modeling, 99, 100–102 Moneyball (Lewis), 56, 161–162 monitoring of predictions, 66–67 multivariate regression, 33–34 music, digital, 12, 61 Musk, Elon, 209, 210, 221 Mutual Benefit Life, 124–125 Napster, 61 NASA, 14 National Science and Technology Council (NSTC), 222–223 navigation apps, 77–78, 88–90, 106 Netscape, 9–10 neural networks, 13 New Economy, 10 New York City Fire Department, 197 New York Times, 8, 218 Nordhaus, William, 11 Norvig, Peter, 180 Nosko, Chris, 199 Novak, Sharon, 169–170 Numenta, 223 Nymi, 201 Oakland Athletics, 56, 161–162 Obama, Barack, 217–218 objectives, identifying, 139 object recognition, 7, 28–29 Olympics, Rio, 114–115 omitted variables, 62 one-shot learning, 60 On Intelligence (Hawkins), 39 Open AI, 210 optimization, search engine, 64 oracles, 23 organizational structure, 161–162 Osborne, Michael, 149 Otto, 157–158 outcomes in decision making, 74–76, 134–138 job redesign and, 142 outsourcing, 169–170, 171 Page, Larry, 179 Paravisini, Daniel, 66–67 pattern recognition, 145–147 Pavlov, Ivan, 183 payoff calculations, 78–81 in drug discovery, 136 judgment in, 87–88 Pell, Barney, 2 performance, trade-offs between learning and, 181–182, 187 performance reviews, 172–173 photography digital, 14 sports, automation of, 114–115 Pichai, Sundar, 179–180 Piketty, Thomas, 213 Pilbara, Australia, mining in, 112–114 policy, 3, 210 power calculations, 48 prediction, 23–30 about the present, 23–24 behavior affected by, 23 bias in, 34–35 complements to, 15 consequences of cheap, 29 credit card fraud prevention and, 24–25 in decision making, 74–76, 134–138 definition of, 13, 24 by exception, 67–68 human strengths in, 60 human weaknesses in, 54–58 improvements in, 25–29 as intelligence, 2–3, 29, 31–41 in language translation, 25–27 machine weaknesses in, 58–65 made cheap, 13–15 selling, 176–177 techniques, 13 unanticipated correlations and, 36–37 of what a human would do, 95–102 predictive text, 130 preferences, 88–90, 96–97, 98 selling consumer, 176–177 presidential elections, 59 prices effects of reduced AI, 9–11 human judgment in, 100 sales causality and, 63–64 for ZipRecruiter, 93–94 privacy issues, 19, 49, 98 China and, 219–220 country differences in, 219–221 data collection, 189–190 probabilistic programming, 38, 40 processes.


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Revolution at Point Zero: Housework, Reproduction, and Feminist Struggle by Silvia Federici

"World Economic Forum" Davos, Alan Greenspan, Community Supported Agriculture, declining real wages, equal pay for equal work, feminist movement, financial independence, fixed income, gentrification, global village, illegal immigration, informal economy, invisible hand, labor-force participation, land tenure, mass incarceration, means of production, microcredit, military-industrial complex, neoliberal agenda, new economy, Occupy movement, planetary scale, Scramble for Africa, statistical model, structural adjustment programs, the market place, tontine, trade liberalization, UNCLOS, wages for housework, Washington Consensus, women in the workforce, World Values Survey

Pyle, “Transnational Migration and Gendered Care Work: Introduction,” Globalizations 3, no. 3 (2006): 289; Arlie Hochschild and Barbara Ehrenreich, Global Women: Nannies, Maids and Sex Workers in the New Economy (New York: Holt, 2002). 13. Dario Di Vico, “Le badanti, il nuovo welfare privato. Aiutano gli anziani e lo Stato risparmia,” Corriere della Sera, June 13, 2004, 15. 14. Arlie Hochschild, “Global Care Chains and Emotional Surplus Value,” in Global Capitalism, eds. Will Hutton and Anthony Giddens (New York: The New Press, 2000); Arlie Hochschild and Barbara Ehrenreich, Global Women: Nannies, Maids and Sex Workers in the New Economy (New York: Holt, 2002), 26-27. 15. New York Times, January 28, 2009. 16. The Bill of Rights Domestic Workers United campaigned for and won in 2010 in New York State was the first in the country that recognized that care workers are workers, entitled to the same rights that other categories of workers have. 17.

Governments are now attempting to use the crisis to impose stiff austerity regimes on us for years to come. But through land takeovers, urban farming, community-supported agriculture, through squats, the creation of various forms of barter, mutual aid, alternative forms of healthcare—to name some of the terrains on which this reorganization of reproduction is more developed—a new economy is beginning to emerge that may turn reproductive work from a stifling, discriminating activity into the most liberating and creative ground of experimentation in human relations. As I stated, this is not a utopia. The consequences of the globalized world economy would certainly have been far more nefarious except for the efforts that millions of women have made to ensure that their families would be supported, regardless of their value on the capitalist labor market.

King Leopold’s Ghost, Boston: Houghton Mifflin Co., 1998. Hochschild, Arlie. “Global Care Chains and Emotional Surplus Value.” In Global Capitalism, edited by Will Hutton and Anthony Giddens. New York: The New Press, 2000. Hochschild, Arlie, and Barbara Ehrenreich. Global Women: Nannies, Maids and Sex Workers in the New Economy. New York: Holt, 2002. Holloway, John. Change the World Without Taking Power. London: Pluto Press, 2002. _. Crack Capitalism. London: Pluto Press, 2010. Holmstrom, Nancy, ed. The Socialist Feminist Project: A Contemporary Reader in Theory and Politics. New York: Monthly Review Press, 2002. hooks, bell.


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The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future by Joseph C. Sternberg

Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, American Legislative Exchange Council, Asian financial crisis, banking crisis, Basel III, Bear Stearns, Bernie Sanders, blue-collar work, centre right, corporate raider, Detroit bankruptcy, Donald Trump, Edward Glaeser, employer provided health coverage, Erik Brynjolfsson, eurozone crisis, financial engineering, future of work, gig economy, Gordon Gekko, hiring and firing, Home mortgage interest deduction, housing crisis, independent contractor, job satisfaction, job-hopping, labor-force participation, low interest rates, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, minimum wage unemployment, mortgage debt, mortgage tax deduction, Nate Silver, new economy, obamacare, oil shock, payday loans, pension reform, quantitative easing, Richard Florida, Ronald Reagan, Saturday Night Live, Second Machine Age, sharing economy, Silicon Valley, sovereign wealth fund, Steve Bannon, stop buying avocado toast, TaskRabbit, total factor productivity, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, unpaid internship, women in the workforce

The “death of American manufacturing” is mired in controversy—by some measures manufacturing has declined steadily as a proportion of total GDP since the 1950s; by other measures it’s holding more or less steady—but America still is very much an economy that produces physical things in addition to all those services.32 And it’s clear that the nature of American manufacturing has changed significantly, as has the nature of employment within manufacturing industries. This work has become progressively higher skilled and more productive, while many workers who couldn’t keep up with the transformation (or, far more often, whose employers couldn’t keep up) have struggled to navigate the new economy. Manufacturing’s share of employment has fallen from above 30 percent in the 1950s to less than 10 percent now.33 Countless economists going back forty years or more have tried to dig into what’s driving this transformation. Commonly cited culprits include technological advances, especially the computing revolution; foreign trade, especially with super-efficient industrial powerhouses such as Germany or Japan or low-wage behemoths such as China; US domestic tax policies and economic regulations; other policy failures such as deteriorating public education—you name it, someone has probably thought of it as an explanation for this switch.

In the course of doing so, they would make labor ever more expensive, and investments requiring more labor ever less attractive, at precisely the moment capital investment was becoming cheaper and cheaper—at least for some investors in some industries. To see why that approach was such a disaster, look no further than the Affordable Care Act, or Obamacare. Obamacare was an attempt to solve a glaring problem: in a new economy of constant employment churn (and where there were fewer and fewer mid-paying jobs to support health benefits for large tranches of the working population) it just doesn’t make a lot of sense to tie insurance to employment. It never made sense anyway. America’s system of employment-based insurance developed the way it did only by accident.

Among twenty-five- to thirty-four-year-olds, three-quarters of those who lived at home as of 2016 had actual work or were studying.9 An oft-repeated reason for living at home is that rents are unaffordably high, especially in vibrant urban areas where the job market tends to be strongest for creative, highly educated Millennials.* A paradox is that many of America’s most expensive places to live have become so pricy because they’re magnets for the kinds of creative, new-economy jobs that attract hyper-educated Millennials like moths to a flame (or like avocado to toast)—yet Millennials struggle to afford to live in these hubs partly as a result of rising rents and partly because our pay doesn’t keep pace. The moving-back-in-with-Mom-and-Dad trend represents an enormous backward step in the evolution of modern American adulthood.


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Value Investing: From Graham to Buffett and Beyond by Bruce C. N. Greenwald, Judd Kahn, Paul D. Sonkin, Michael van Biema

Andrei Shleifer, barriers to entry, Berlin Wall, book value, business cycle, business logic, capital asset pricing model, corporate raider, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, diversified portfolio, Eugene Fama: efficient market hypothesis, Fairchild Semiconductor, financial engineering, fixed income, index fund, intangible asset, junk bonds, Long Term Capital Management, naked short selling, new economy, place-making, price mechanism, quantitative trading / quantitative finance, Richard Thaler, risk free rate, search costs, shareholder value, short selling, Silicon Valley, stocks for the long run, Telecommunications Act of 1996, time value of money, tulip mania, Y2K, zero-sum game

In the last years of the last century, it looked as if value investors were an endangered species. The "New Economy," based on digital technologies and biotechnologies in all their manifestations, was thought to cultivate companies with prospects for unlimited growth in sales and even more growth in income. By now it is clear that at least some of these premises were mistaken. There is no need to review the history of those miraculous initial public offerings (IPOs) that came public at $20, spiked to $120, and then drifted or thudded back to earth, on the basis of earnings that no one had seen but were promised four or five years hence. The most fervid proponents of the New Economy hypothesis argued that some of the funda mental truths of economics had been repealed, such as the theory that competitors would be drawn to profitable industries and ultimately force profit margins down into a normal range.

Figure 7.3 Intel Capital Expenditures and PPE, 1975-1998 If there are assets that a competitor would have needed to produce to compete with Intel, they are not found on the balance sheet for 1975. That does not mean that they didn't exist. Intel, we should not forget, was a New Economy stock long before the New Economy had a name (at least in its post-1920s incarnation). As an early and major manufacturer of memory chips and then microprocessors, Intel invested in knowledge-based resources-the science and engineering skills needed to design and fabricate semiconductors-and supplied knowledge-enhancing products, which were the memory and brains of computers and industrial equipment, to its customers.

The most fervid proponents of the New Economy hypothesis argued that some of the funda mental truths of economics had been repealed, such as the theory that competitors would be drawn to profitable industries and ultimately force profit margins down into a normal range. This intellectual environment, when coupled with stock markets that for three or four years only went up, and up substantially, was not friendly to value investors. Even those whose long-term performance records were the stuff of legend fell behind those who either understood the New Economy or, more likely, were able to anticipate how other investors would respond to its prospects. At the end of the decade (and century and millennium), the debate between those who saw the current market level as tulip mania revisited and those who saw it as a stepping stone to 36,000 on the Dow was still raging.


pages: 519 words: 148,131

An Empire of Wealth: Rise of American Economy Power 1607-2000 by John Steele Gordon

accounting loophole / creative accounting, Alan Greenspan, bank run, banking crisis, Bretton Woods, British Empire, business cycle, buttonwood tree, California gold rush, Charles Babbage, clean water, collective bargaining, Corn Laws, Cornelius Vanderbilt, corporate governance, cotton gin, cuban missile crisis, disintermediation, double entry bookkeeping, failed state, Fairchild Semiconductor, financial independence, flying shuttle, Ford Model T, Frederick Winslow Taylor, full employment, Glass-Steagall Act, global village, Ida Tarbell, imperial preference, industrial research laboratory, informal economy, interchangeable parts, invisible hand, Isaac Newton, it's over 9,000, Jacquard loom, James Hargreaves, James Watt: steam engine, joint-stock company, joint-stock limited liability company, junk bonds, lone genius, Louis Pasteur, low interest rates, margin call, Marshall McLuhan, means of production, megaproject, Menlo Park, Mikhail Gorbachev, Money creation, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, new economy, New Urbanism, postindustrial economy, price mechanism, Ralph Waldo Emerson, RAND corporation, rent control, rent-seeking, reserve currency, rolodex, Ronald Reagan, Savings and loan crisis, spinning jenny, Suez canal 1869, The Wealth of Nations by Adam Smith, three-masted sailing ship, trade route, transaction costs, transcontinental railway, undersea cable, vertical integration, Yom Kippur War

The United States was now a continental nation in geopolitical reality as well as nominal geographic fact. The need to devise the new rules and institutions that would allow this new economy to flourish, and to assure that its fruits were equitably enjoyed by all segments of society, would dominate domestic American politics for the next century, just as preserving the Union and slavery had dominated the politics of the antebellum period. Many of the devices adopted to govern the new economy in this time would come through governmental and legislative action, especially in the latter decades. But, in fact, just as many would emerge out of the private sector, as the lawyers, bankers, brokers, railroaders, labor leaders, and industrialists sought to advance their own long-term self-interests, which were by no means always identical.

Chapter Fourteen: A Cross of Gold Part IV The American Century Begins Transition: The First World War Chapter Fifteen: Getting Prices Down to the Buying Power Chapter Sixteen: Fear Itself Chapter Seventeen: Converting Retreat into Advance Part V A New Economic Revolution Transition: The Second World War Chapter Eighteen: The Great Postwar Boom Chapter Nineteen: The Crisis of the New Deal Order Chapter Twenty: A New Economy, a New World, a New War Notes Bibliography Searchable Terms About the Author Praise Other Books by John Steele Gordon Copyright About the Publisher ACKNOWLEDGMENTS MY FIRST THANKS, needless to say, are due to my editor, Tim Duggan; his assistant, John Williams; and my agent, Katinka Matson.

The reason that the nineteenth century seems so peculiarly scandal-ridden, perhaps, is that there was so much economic, technological, and social change in that century. With the reforms brought about by the scandals of the immediate post–Civil War era, the American economy and American politics settled into a more law-abiding period while the economy continued to evolve at breakneck speed. But many of the men who would play a central role in shaping the new economy, men such as J. P. Morgan, John D. Rockefeller, and Andrew Carnegie, came of age in the era of unprecedented government corruption and would never be able to conceive of government as a suitable instrument for reforming and regulating the economy. To them, government was part of the problem, not the solution.


pages: 116 words: 31,356

Platform Capitalism by Nick Srnicek

"World Economic Forum" Davos, 3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, Big Tech, Californian Ideology, Capital in the Twenty-First Century by Thomas Piketty, cloud computing, collaborative economy, collective bargaining, data science, deindustrialization, deskilling, Didi Chuxing, digital capitalism, digital divide, disintermediation, driverless car, Ford Model T, future of work, gig economy, independent contractor, Infrastructure as a Service, Internet of things, Jean Tirole, Jeff Bezos, knowledge economy, knowledge worker, liquidity trap, low interest rates, low skilled workers, Lyft, Mark Zuckerberg, means of production, mittelstand, multi-sided market, natural language processing, Network effects, new economy, Oculus Rift, offshore financial centre, pattern recognition, platform as a service, quantitative easing, RFID, ride hailing / ride sharing, Robert Gordon, Salesforce, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, software as a service, surveillance capitalism, TaskRabbit, the built environment, total factor productivity, two-sided market, Uber and Lyft, Uber for X, uber lyft, unconventional monetary instruments, unorthodox policies, vertical integration, warehouse robotics, Zipcar

In the cut-throat early stages investors enthusiastically joined, in hopes of picking the eventual winner. Many companies did not have to rely on VC either, as the equity markets swooned over tech stocks. Initially driven by declining borrowing costs and rising corporate profits,14 the stock market boom came unmoored from the real economy when it latched onto the ‘new economy’ promised by internet-based companies. During its peak period between 1997 and 2000, technology stocks rose 300 per cent and took on a market capitalisation of $5 trillion.15 This excitement about the new industry translated into a massive injection of capital into the fixed assets of the internet.

There is no necessity to this outcome, as political efforts can stall or reverse it; but within a capitalist mode of production there are strong competitive pressures towards this end. Challenges For all the rhetoric of having overcome capitalism and of transitioning to a new mode of production – a rhetoric inherent in the postindustrial thesis of the 1960s, in the ideas of ‘new economy’ disciples in the 1990s, and in the radical and conservative paeans to the sharing economy of today – we still remain bound to a system of competition and profitability. Platforms offer new forms of competition and control, but in the end profitability is the great arbiter of success. Given these constraints, we must now open platforms up onto the wider economy.

‘A Proposal for Modernizing Labor Laws for Twenty-First-Century Work: The “Independent Worker”.’ The Hamilton Project. Discussion paper 2015-10. December. http://www.hamiltonproject.org/assets/files/modernizing_labor_laws_for_twenty_first_century_work_krueger_harris.pdf (accessed 25 May 2016). Henwood, Doug. 2003. After the New Economy. New York: New Press. Henwood, Doug. 2015. ‘What the Sharing Economy Takes’. The Nation, 27 January. http://www.thenation.com/article/what-sharing-economy-takes (accessed 25 May 2016). Herrman, John. 2016. ‘Media Websites Battle Faltering Ad Revenue and Traffic’. The New York Times, 17 April. http://www.nytimes.com/2016/04/18/business/media-websites-battle-falteringad-revenue-and-traffic.html (accessed 30 June 2016).


pages: 196 words: 57,974

Company: A Short History of a Revolutionary Idea by John Micklethwait, Adrian Wooldridge

affirmative action, AOL-Time Warner, barriers to entry, Bear Stearns, Bonfire of the Vanities, book value, borderless world, business process, Carl Icahn, Charles Lindbergh, classic study, company town, Corn Laws, Cornelius Vanderbilt, corporate governance, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, double entry bookkeeping, Etonian, Fairchild Semiconductor, financial engineering, Great Leap Forward, hiring and firing, Ida Tarbell, industrial cluster, invisible hand, James Watt: steam engine, John Perry Barlow, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, knowledge economy, knowledge worker, laissez-faire capitalism, manufacturing employment, market bubble, Michael Milken, military-industrial complex, mittelstand, new economy, North Sea oil, pneumatic tube, race to the bottom, railway mania, Ronald Coase, scientific management, Silicon Valley, six sigma, South Sea Bubble, Steve Jobs, Steve Wozniak, strikebreaker, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transaction costs, Triangle Shirtwaist Factory, tulip mania, wage slave, William Shockley: the traitorous eight

In the late nineteenth century, the finest examples of the “new economy” in Europe were all in Germany: the vast electrical-equipment producing complex at Siemenstadt, the huge chemical works of Leverkusen, Ludwigshafen, and Frankfurt, the massive machinery works and steel mills in the Ruhr and along the Rhine. When Alfred Krupp died in 1887, his company employed twenty thousand people, and boasted its own hospitals and schools. Britain had nothing comparable to offer. Germany’s companies were similar to America’s in their focus on the new economy: almost two-thirds of the top two hundred dealt with metals, chemicals, and machinery.

In some cases, regulators breached the corporate veil—holding directors personally responsible for their firms’ actions. In Britain, for instance, the 1986 Insolvency Act made directors liable for the debts a company incurred after the point when they might reasonably be expected to have closed it down. But the real onslaught occurred in America, after the New Economy bubble burst. ENRON AND BEYOND The 1990s was a decade of infatuation with companies. The number of magazines devoted to business multiplied, even as the ages of the smiling chief executives on their covers plummeted. But the adoration went well beyond young whippersnappers. When Roberto Goizueta, the veteran boss of Coca-Cola, tried to justify his $80 million pay packet to a shareholder meeting, he was interrupted four times—with applause.

The specific catalyst was, ironically enough, one of the firms that Bush had turned to to design his energy policy. Enron was a darling of the 1990s—a new form of energy company that did not rely on drilling and gas stations but on teams of financial traders. A Harvard Business School case study was approvingly titled “Enron’s Transformation: From Gas Pipelines to New Economy Powerhouse.” Unfortunately, the energy trading company took its penchant for innovation just a little too far. Its managers used highly complicated financial engineering—convoluted partnerships, off-the-books debt, and exotic hedging techniques—to hide huge losses. And when those losses emerged, they sold millions in company stock while their employees were prohibited from doing likewise.


pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, California energy crisis, capital controls, centre right, collective bargaining, creative destruction, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, gentrification, George Gilder, Gini coefficient, global reserve currency, Great Leap Forward, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low interest rates, low-wage service sector, manufacturing employment, market fundamentalism, mass immigration, means of production, megaproject, Mexican peso crisis / tequila crisis, military-industrial complex, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Savings and loan crisis, Silicon Valley, special economic zone, structural adjustment programs, Suez crisis 1956, the built environment, The Chicago School, Tragedy of the Commons, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, We are all Keynesians now, Winter of Discontent

Since degree of neoliberalization was increasingly taken by the IMF and the World Bank as a measure of a good business climate, the pressure on all states to adopt neoliberal reforms ratcheted upwards.2 Thirdly, the Wall Street–IMF–Treasury complex that came to dominate economic policy in the Clinton years was able to persuade, cajole, and (thanks to structural adjustment programmes administered by the IMF) coerce many developing countries to take the neoliberal road.3 The US also used the carrot of preferential access to its huge consumer market to persuade many countries to reform their economies along neoliberal lines (in some instances through bilateral trade agreements). These policies helped produce a boom in the US in the 1990s. The US, riding a wave of technological innovation that underpinned the rise of a so-called ‘new economy’, looked as if it had the answer and that its policies were worthy of emulation, even though the relatively full employment achieved was at low rates of pay under conditions of diminishing social protections (the number of people without health insurance grew). Flexibility in labour markets and reductions in welfare provision (Clinton’s draconian overhaul of ‘the welfare system as we know it’) began to pay off for the US and put competitive pressures on the more rigid labour markets that prevailed in most of Europe (with the exception of Britain) and Japan.

The most immediate question concerns what sort of crisis might serve the US best in resolving its own situation, for that choice is indeed within the realm of policy options. In presenting these options it is important to recall that the US has not been immune to financial difficulties over the last twenty years. The stock market crash of 1987 deleted nearly 30 per cent of asset values, and at the trough of the crash that followed the bursting of the new economy bubble in the late 1990s more that $8 trillion in paper assets was lost, before the recovery to former levels. The bank and savings and loan failures of 1987 cost nearly $200 billion to remedy, and in that year matters became so bad that William Isaacs, chairman of the Federal Deposit Insurance Corporation, warned that ‘the US may be headed towards the nationalization of banking’.

Stanislaw, The Commanding Heights: The Battle Between Government and Market Place that is Remaking the Modern World (New York: Simon & Schuster, 1999). 18. L. Panitch and S. Gindin, ‘Finance and American Empire’, in The Empire Reloaded: Socialist Register 2005 (London: Merlin Press, 2005) 46–81. 19. D. Henwood, After the New Economy (New York: New Press, 2003), 208. 20. L. Alvarez, ‘Britain Says U.S. Planned to Seize Oil in ’73 Crisis’, New York Times, 4 Jan. 2004, A6. On the Saudi agreement to recycle petrodollars through the US see P. Gowan, The Global Gamble: Washington’s Faustian Bid for World Dominance (London: Verso, 1999), 20. 21.


pages: 313 words: 84,312

We-Think: Mass Innovation, Not Mass Production by Charles Leadbeater

1960s counterculture, Andrew Keen, barriers to entry, bioinformatics, c2.com, call centre, citizen journalism, clean water, cloud computing, complexity theory, congestion charging, death of newspapers, Debian, digital divide, digital Maoism, disruptive innovation, double helix, Douglas Engelbart, Edward Lloyd's coffeehouse, folksonomy, frictionless, frictionless market, future of work, game design, Garrett Hardin, Google Earth, Google X / Alphabet X, Hacker Ethic, Herbert Marcuse, Hernando de Soto, hive mind, Howard Rheingold, interchangeable parts, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jean Tirole, jimmy wales, Johannes Kepler, John Markoff, John von Neumann, Joi Ito, Kevin Kelly, knowledge economy, knowledge worker, lateral thinking, lone genius, M-Pesa, Mark Shuttleworth, Mark Zuckerberg, Marshall McLuhan, Menlo Park, microcredit, Mitch Kapor, new economy, Nicholas Carr, online collectivism, Paradox of Choice, planetary scale, post scarcity, public intellectual, Recombinant DNA, Richard Stallman, Shoshana Zuboff, Silicon Valley, slashdot, social web, software patent, Steven Levy, Stewart Brand, supply-chain management, synthetic biology, the Cathedral and the Bazaar, The Death and Life of Great American Cities, the long tail, the market place, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Tragedy of the Commons, Whole Earth Catalog, work culture , Yochai Benkler, Zipcar

Much of the content was submitted by readers, and those who were first to recommend something interesting got their names listed in the magazine. Brand went on to help create the Whole Earth ’Lectronic Link, an early Internet bulletin board, which in turn spawned the Electronic Frontier Foundation, which campaigns for freedom of speech online, and Wired magazine, the bible of the New Economy. More than any other magazine, Wired lionised technology entrepreneurs as the carriers of revolution. By 1971, however, the workload on the Whole Earth Catalog was taking its toll on Brand and he decided to close the magazine down with a Demise Party, held on 21 June at the Palace of Fine Arts in the centre of San Francisco.

They are collaborative individualists – they have a strong sense of their individual rights, ambitions and aspirations but they have grown up being highly social, thanks to the web and mobile phones. When my stepdaughter Henrietta organises her friends with text messages they are like an electronic herd grazing across north London until they converge on the same bar. Worries that they are over-socialised are wide of the mark, especially as most critics of the new economy, such as Richard Sennett,complain of exactly the opposite: that young people are too individualistic and atomised. If Sennett is right, we need more social tethering, not less. The web is certainly changing how young people establish their sense of individuality; it is not extinguishing it. Our freedom as consumers has also grown, not only because we can now search more easily across many more products but also because the digital economy allows a far greater diversity of products to co-exist.

Clark, Design Rules (Cambridge, MA/London: MIT Press, 2000) Chapter 4 1 Richard Sennett, The Culture of the New Capitalism (New Haven, CT/London: Yale University Press, 2006) 2 Mitch Kapor, blog.kapor.com 3 Henry Chesbrough, Wim Vanhaverbeke and Joel West (Eds), Open Innovation: Researching a New Paradigm (Oxford University Press, 2006) 4 John Hartley, ‘Culture Business and the Value Chain of Meaning’, The New Economy, Creativity and Consumption – A Symposium (Brisbane: Queensland University of Technology Publications, 2002), pp. 39–46 5 http://www.blizzard.com/inblizz/profile.shtml 6 Nicolas Ducheneaut, Nicholas Yee, Eric Nickell and Robert J. Moore, ‘Alone Together? Exploring the Social Dynamics of Massively Multiplayer Online Games’, Conference on Human Factors in Computing Systems,2006, p. 3.


pages: 403 words: 87,035

The New Geography of Jobs by Enrico Moretti

assortative mating, Bill Gates: Altair 8800, business climate, call centre, classic study, clean tech, cloud computing, corporate raider, creative destruction, desegregation, Edward Glaeser, Fairchild Semiconductor, financial innovation, gentrification, global village, hiring and firing, income inequality, industrial cluster, Jane Jacobs, Jeff Bezos, Joseph Schumpeter, knowledge economy, labor-force participation, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, medical residency, Menlo Park, new economy, peer-to-peer lending, Peter Thiel, Productivity paradox, Recombinant DNA, Richard Florida, Sand Hill Road, Shenzhen special economic zone , Silicon Valley, Skype, Solyndra, special economic zone, Startup school, Steve Jobs, Steve Wozniak, tech worker, thinkpad, Tyler Cowen, Tyler Cowen: Great Stagnation, Wall-E, Y Combinator, zero-sum game

. [>] Shenzhen’s population has grown: According to the Shenzhen government’s official website, the city population was 30,000 in 1979 and 10.36 million in 2010. [>] Essentially this is why: Kraemer, Linden, and Dedrick, “Capturing Value in Global Networks.” [>] About a third of Americans work: My calculations are based on County Business Patterns data from the U.S. Census Bureau. [>] “the New Economy gives both companies and workers”: Atkinson and Gottlieb, “The Metropolitan New Economy Index,” 2001. 1. AMERICAN RUST [>] American Rust: American Rust is the title of a novel by Philipp Meyer. [>] Consider Figure 1: My analysis is based on data from County Business Patterns, U.S. Census Bureau. [>] Nineteen out of twenty sectors: U.S.

The paradox is that the very success of the country’s engine of growth is generating a deep and growing inequality among American communities. As we will discover, the winners and losers in this process are not always the people we expect. It wasn’t supposed to be this way. At the peak of the dot-com frenzy in 2000, observers of all stripes almost unanimously concluded that “the New Economy gives both companies and workers more locational freedom.” In The World Is Flat, one of the most influential books about globalization, Thomas Friedman famously argued that cell phones, e-mail, and the Internet lowered communication barriers so much that location was irrelevant. Distance was dead.

If human capital was the key to economic prosperity in the twentieth century, it is even more important in the twenty-first. In the coming decades, successful societies will be the ones that can attract and nurture the most creative workers and entrepreneurs. The United States needs to choose how it wants to increase its human capital to stay competitive in this new economy. There are two ways to supply America’s innovative businesses with the educated workers they need while reducing the economic divide between those with skills and those without. One avenue is to dramatically reform immigration policy in favor of workers with college and postgraduate degrees. This policy, already adopted by such countries as Canada and Australia, would increase America’s human capital at little expense to American taxpayers.


pages: 263 words: 80,594

Stolen: How to Save the World From Financialisation by Grace Blakeley

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, basic income, battle of ideas, Berlin Wall, Big bang: deregulation of the City of London, Big Tech, bitcoin, bond market vigilante , Bretton Woods, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, capitalist realism, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collective bargaining, corporate governance, corporate raider, credit crunch, Credit Default Swap, cryptocurrency, currency peg, David Graeber, debt deflation, decarbonisation, democratizing finance, Donald Trump, emotional labour, eurozone crisis, Extinction Rebellion, extractivism, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, fixed income, full employment, G4S, gender pay gap, gig economy, Gini coefficient, global reserve currency, global supply chain, green new deal, Greenspan put, housing crisis, Hyman Minsky, impact investing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), Jeremy Corbyn, job polarisation, junk bonds, Kenneth Rogoff, Kickstarter, land value tax, light touch regulation, low interest rates, low skilled workers, market clearing, means of production, Modern Monetary Theory, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, paradox of thrift, payday loans, pensions crisis, Phillips curve, Ponzi scheme, Post-Keynesian economics, post-war consensus, price mechanism, principal–agent problem, profit motive, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Right to Buy, rising living standards, risk-adjusted returns, road to serfdom, Robert Solow, savings glut, secular stagnation, shareholder value, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, the built environment, The Great Moderation, too big to fail, transfer pricing, universal basic income, Winter of Discontent, working-age population, yield curve, zero-sum game

Marx showed that every kind of capitalist system is subject to its own contradictions: strains that arise from the normal functioning of the economic model — from businesses trying to make money, politicians trying to get votes, and people trying to survive.21 These dynamics have characterised the development of capitalism for centuries. Each and every capitalist model must end in crisis, and moments of crisis are moments of adaption — moments when, out of the ashes of the old, the new economy can be born. They are also, as the Italian theorist Antonio Gramsci pointed out, very dangerous moments indeed. Each crisis of capitalism doesn’t simply threaten to bring down the dominant economic model, but the institutions that govern politics and society too. When people no longer expect to be made better off by the status quo, they withdraw their support for it.

In just over a decade, it will be too late for us to deal with one of the greatest challenges humanity has ever faced, and before that, elites are likely to have reasserted their control by foisting upon us a new order that maintains all the powers of the old. But between now and then lies an extended moment of crisis — a moment of contingency and uncertainty — a moment during which the logic of capitalism has once again been brought into question. A new economy, and a new society, is slowly being born in the minds of those who know that history will never end. It is up to us to bring that new world into being. CHAPTER ONE THE GOLDEN AGE OF CAPITALISM In 1944, the great and the good met in Bretton Woods, New Hampshire, to discuss rebuilding the world economy in the wake of the bloodiest war in history.1 The American delegation, led by Harry Dexter White, had been sent to ensure that the reins of the global economy were handed from the UK to the US in an orderly fashion.

Corporate Raiders, Hostile Takeovers, and Activist Investors Lord Hanson — aka “Lord Moneybags” — is famous for many things.35 He was engaged to Audrey Hepburn, had a fling with Joan Collins, and also happens to be one of the UK’s most notorious corporate raiders. Although he made his money in the new economy, Hanson didn’t exactly come from humble beginnings. Born into a family that made its money during the industrial revolution, he built multiple successful business ventures on the back of his family’s wealth before teaming up with Lord Gordon White to start Hanson Trust in 1964. At its height, Hanson Trust was worth £11bn.


pages: 382 words: 107,150

We Are All Fast-Food Workers Now: The Global Uprising Against Poverty Wages by Annelise Orleck

"World Economic Forum" Davos, airport security, American Legislative Exchange Council, anti-communist, Bernie Sanders, big-box store, Black Lives Matter, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, card file, clean water, collective bargaining, corporate social responsibility, deindustrialization, Deng Xiaoping, Donald Trump, export processing zone, Ferguson, Missouri, financial deregulation, food desert, Food sovereignty, gentrification, gig economy, global supply chain, global value chain, immigration reform, independent contractor, indoor plumbing, Jeremy Corbyn, Kickstarter, land reform, land tenure, Mahatma Gandhi, mass immigration, McJob, means of production, new economy, payday loans, precariat, race to the bottom, Rana Plaza, rent-seeking, ride hailing / ride sharing, road to serfdom, Ronald Reagan, Rosa Parks, shareholder value, Shenzhen special economic zone , Skype, special economic zone, Triangle Shirtwaist Factory, union organizing, War on Poverty, women in the workforce, working poor

In 2015, annual profits in global apparel and textile production were $1.2 trillion, the total net worth of the industry, $4.4 trillion. As oil prices dropped and global oil profits fell, the garment industry continued to boom. Like consumer electronics, which also employs millions of migrant women, fast fashion is one of the main drivers of the new global economy.9 That new economy relies heavily on forced labor. In 2015, unfree and child labor was found in garment factories in Argentina, Bangladesh, Brazil, Cambodia, China, Vietnam, Thailand, India, Nepal, and Ethiopia. Sexual violence is endemic in garment shops. So are beatings. In 2014, 90 percent of garment workers surveyed by the AFL-CIO said they had been physically punished for making errors or for not meeting quotas.

This book has highlighted the successes of many different low-wage workers’ movements but also noted the costs of struggle. In the end, they leave us with this: Change is possible on small and large scales, even against overwhelming odds. But progress is neither linear nor easy. Los Angeles Alliance for a New Economy cofounder Madeline Janis feels there is little to be gained by mourning what’s been lost. To win progressive change, she argues, we must look forward. LAANE has achieved significant victories, in Los Angeles and nationally. They’ve built broad coalitions linking labor, community, academic, and environmental groups; registered new voters and marshaled them to push through groundbreaking policies; tapped urban development projects and cutting-edge manufacturing technologies and turned them to aid poor and working people.

We can use these and other flashes of light to strike sparks, to build models, to cast seeds of change to nourish a new world. Maria Elena Durazo has described the 2010s as a time of activist convergences. From the confluences of many movements—for labor, gender, race, immigrant, and environmental justice—visions and practical plans are taking shape. The “new economy” movement is working to create more humane local, national, and global economies driven by renewable energy. Roots of Change, Food Policy Councils, Via Campesina, Food First, and others are laying the groundwork for healthier, more inclusive farm, food, and water systems. The Worker Rights Consortium, International Labor Rights Forum, and global unions including the ITUC, IUF, UNI Global Union, and IndustriALL are constructing new global values chains—built on fair trade and worker justice.


pages: 319 words: 106,772

Irrational Exuberance: With a New Preface by the Author by Robert J. Shiller

Alan Greenspan, Andrei Shleifer, asset allocation, banking crisis, benefit corporation, Benoit Mandelbrot, book value, business cycle, buy and hold, computer age, correlation does not imply causation, Daniel Kahneman / Amos Tversky, demographic transition, diversification, diversified portfolio, equity premium, Everybody Ought to Be Rich, experimental subject, hindsight bias, income per capita, index fund, Intergovernmental Panel on Climate Change (IPCC), Joseph Schumpeter, Long Term Capital Management, loss aversion, Mahbub ul Haq, mandelbrot fractal, market bubble, market design, market fundamentalism, Mexican peso crisis / tequila crisis, Milgram experiment, money market fund, moral hazard, new economy, open economy, pattern recognition, Phillips curve, Ponzi scheme, price anchoring, random walk, Richard Thaler, risk tolerance, Robert Shiller, Ronald Reagan, Small Order Execution System, spice trade, statistical model, stocks for the long run, Suez crisis 1956, survivorship bias, the market place, Tobin tax, transaction costs, tulip mania, uptick rule, urban decay, Y2K

The most prominent business news in the papers in recent years had been about the formation of numerous combinations, trusts, and mergers in a wide variety of businesses, stories such as the formation of U.S. Steel out of a number of smaller steel companies. Many stock market forecasters in 1901 saw these developments as momentous, and the term community of interest was commonly used to describe the new economy dominated by them. An April 1901 editorial in the New York Daily Tribune explained: But a new era has come, the era of “community of interest,” whereby it is hoped to avoid ruinous price cutting and to avert the destruction which has in the past, when business depression occurred, overtaken so many of the competing concerns in every branch of industry.

Kennedy was viewed as the incarnation of our national optimism and of the strength of the stock market: “Wall Street has a simple description for the phenomenal strength of stock prices, ‘The Kennedy Market.’” The confidence inspired by the Kennedy economic program led some to conclude that the country was entering a “new economy” in which “businessmen can enjoy reasonably continuous prosperity indefinitely” and that there was “more justification for confidence” in monetary policy than in times past.24 The Kennedy initiatives were expanded on by the “Great Society” program of his successor, Lyndon Johnson, beginning in 1964; Johnson’s program set as its primary goals nothing less than an end to poverty and urban decay.

Here I make just a few additional observations and then contrast the modern new era thinking with that during the new eras described in this chapter. 112 C ULT UR AL FAC T OR S As with all major stock market booms, there have been writers during the 1990s who offer new era theories to justify the market. Michael Mandel, writing in Business Week in 1996 in an article entitled “The Triumph of the New Economy,” listed five reasons for his belief that the market is not crazy: increased globalization, the boom in high-tech industries, moderating inflation, falling interest rates, and surging profits.29 A prominent theory during this boom has been that low inflation makes for a strong market outlook. In the 1990s, theories about inflation dominated discussion of the market outlook just as they did in the 1960s, but now the prevalent theory has been reversed.


pages: 454 words: 107,163

Break Through: Why We Can't Leave Saving the Planet to Environmentalists by Michael Shellenberger, Ted Nordhaus

"World Economic Forum" Davos, Abraham Maslow, affirmative action, An Inconvenient Truth, anti-communist, Berlin Wall, bread and circuses, carbon credits, carbon tax, clean water, conceptual framework, David Brooks, deindustrialization, Easter island, facts on the ground, falling living standards, Francis Fukuyama: the end of history, full employment, Great Leap Forward, Herbert Marcuse, illegal immigration, Indoor air pollution, insecure affluence, Intergovernmental Panel on Climate Change (IPCC), invisible hand, knowledge economy, land reform, loss aversion, market fundamentalism, McMansion, means of production, meta-analysis, Michael Shellenberger, microcredit, new economy, oil shock, postindustrial economy, Ralph Waldo Emerson, Richard Florida, science of happiness, seminal paper, Silicon Valley, Stewart Brand, Ted Nordhaus, the strength of weak ties, Thomas Kuhn: the structure of scientific revolutions, trade liberalization, War on Poverty, We are as Gods, winner-take-all economy, World Values Survey, zero-sum game

It will certainly require siting windmills in all sorts of places that people such as Bobby Kennedy Jr. might not like. There is a difference between a hard choice and a false choice. An ethic that is based on preserving good natural things and stopping bad human things is poorly suited to either making hard choices or creating a politics capable of creating new good things. New identities, new landscapes, new economies, and new kinds of consumption will need to be developed to address the human and ecological crises of our time. Those who have a hard time accepting, nay, embracing windmills in Nantucket Sound or high-rise buildings in urban centers will not be able to create a politics capable of helping countries like China (not to mention the United States) meet their energy needs in a more ecologically sound way. 5.

Environmental organizations whose mission it is to implement, defend, and extend those laws to cover new problems, from global warming to deforestation, thus borrow from the older mental models. And herein lies the anomaly that most frustrates the environmentalists’ pollution paradigm: the fact that overcoming global warming demands something qualitatively different from limiting our contamination of nature. It demands unleashing human power, creating a new economy, and remaking nature as we prepare for the future. And to accomplish all of that, the right models come not from raw sewage, acid rain, or the ozone hole but instead from the very thing environmentalists have long imagined to be the driver of pollution in the first place: economic development. 4.

The anti-ecological logic of contemporary environmentalism reduces the cause of global warming to a single thing: humans emitting too much greenhouse gas. Their goal is thus to reduce greenhouse gas emissions. But what if we define the causes of global warming more expansively—as the consequence of our failure to create new economies, new patterns of development, new housing, and a new consumer culture, which together are far better able to meet our material and postmaterial needs? Imagine what would have happened if environmentalists had proposed that the nations of the world make a massive, shared investment in clean energy, better and more efficient housing development, and more comfortable and efficient transportation systems.


pages: 484 words: 136,735

Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis by Anatole Kaletsky

"World Economic Forum" Davos, Alan Greenspan, bank run, banking crisis, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, business cycle, buy and hold, Carmen Reinhart, classic study, cognitive dissonance, collapse of Lehman Brothers, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, currency manipulation / currency intervention, currency risk, David Ricardo: comparative advantage, deglobalization, Deng Xiaoping, eat what you kill, Edward Glaeser, electricity market, Eugene Fama: efficient market hypothesis, eurozone crisis, experimental economics, F. W. de Klerk, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, foreign exchange controls, full employment, geopolitical risk, George Akerlof, global rebalancing, Goodhart's law, Great Leap Forward, Hyman Minsky, income inequality, information asymmetry, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, Kickstarter, laissez-faire capitalism, long and variable lags, Long Term Capital Management, low interest rates, mandelbrot fractal, market design, market fundamentalism, Martin Wolf, military-industrial complex, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Nelson Mandela, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, offshore financial centre, oil shock, paradox of thrift, Pareto efficiency, Paul Samuelson, Paul Volcker talking about ATMs, peak oil, pets.com, Ponzi scheme, post-industrial society, price stability, profit maximization, profit motive, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, statistical model, systems thinking, 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 Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, Vilfredo Pareto, Washington Consensus, zero-sum game

Then, forty years after the Great Depression, another enormous economic crisis—the global inflation of the late 1960s and 1970s—inspired the free-market revolution of Margaret Thatcher and Ronald Reagan, creating a third version of capitalism, clearly distinct from the previous two. Forty years after the great inflation of the late 1960s, the global economy was hit by another systemic crisis, in 2007-09. The argument of this book is that this crisis is creating a fourth version of the capitalist system, a new economy as different from the designs of Reagan and Thatcher as those were from the New Deal. Hence the birth of a new economy in the subtitle of this book. The concept of capitalism as an evolutionary system, whose economic rules and political institutions are subject to profound change, may seem controversial and even subversive from the standpoint of precrisis thinking.

The propensity of modern economic theory for unjustified and oversimplified assumptions allowed politicians, regulators, and bankers to create for themselves the imaginary world of market fundamentalist ideology, in which financial stability is automatic, involuntary unemployment is impossible, and efficient, omniscient markets can solve all economic problems, if only the government will stand aside. In the new economy emerging from the 2007-09 crisis, the self-serving assumptions of efficient, self-stabilizing markets have been discredited, but something will have to be put in their place. Since the eighteenth century, each transformation of the capitalist system has coincided with a transformed understanding of economics—Smith and Ricardo from 1780 to 1820; the marginalist revolution of Mill, Jevons, and Walras in the 1870s; Keynes in the 1930s; and Friedman in the 1970s.

The third essential feature of the new economics, both as a cause and consequence of the other two, will be a focus on the inherent unpredictability of human behavior and economic events. The emphasis on unpredictability introduced by Keynes, Schumpeter, and Frank Knight will be a guiding principle of the new theories competing for leadership in the intellectual marketplace during the next phase of economic thinking. In the new economy emerging from the 2007-09 crisis, all participants will recognize that the markets and the government are both liable to be wrong. In a world where the future is indeterminate and depends on reflexive interactions between human behavior, expectations, and reality, the concept of a single correct model of how the economy operates, assumed by rational expectations, is an absurd delusion.


pages: 457 words: 128,838

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna, Michael J. Casey

Airbnb, Alan Greenspan, altcoin, Apple Newton, bank run, banking crisis, bitcoin, Bitcoin Ponzi scheme, blockchain, Bretton Woods, buy and hold, California gold rush, capital controls, carbon footprint, clean water, Cody Wilson, collaborative economy, collapse of Lehman Brothers, Columbine, Credit Default Swap, cross-border payments, cryptocurrency, David Graeber, decentralized internet, disinformation, disintermediation, Dogecoin, driverless car, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, fiat currency, financial engineering, financial innovation, Firefox, Flash crash, Ford Model T, Fractional reserve banking, Glass-Steagall Act, hacker house, Hacker News, Hernando de Soto, high net worth, informal economy, intangible asset, Internet of things, inventory management, Joi Ito, Julian Assange, Kickstarter, Kuwabatake Sanjuro: assassination market, litecoin, Long Term Capital Management, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, Money creation, money: store of value / unit of account / medium of exchange, Nelson Mandela, Network effects, new economy, new new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, off-the-grid, offshore financial centre, payday loans, Pearl River Delta, peer-to-peer, peer-to-peer lending, pets.com, Ponzi scheme, prediction markets, price stability, printed gun, profit motive, QR code, RAND corporation, regulatory arbitrage, rent-seeking, reserve currency, Robert Shiller, Ross Ulbricht, Satoshi Nakamoto, seigniorage, shareholder value, sharing economy, short selling, Silicon Valley, Silicon Valley startup, Skype, smart contracts, special drawing rights, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, supply-chain management, Ted Nelson, The Great Moderation, the market place, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, Turing complete, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, underbanked, Vitalik Buterin, WikiLeaks, Y Combinator, Y2K, zero-sum game, Zimmermann PGP

One solution that the Film Annex is now pursuing in conjunction with bitcoin-trading platform Atlas ATS is a Pakistan-based exchange for swapping bitcoins into traditional currencies. But Rulli only reluctantly went along with this; it was too soft an option, he felt. He wanted the exchange to be solely in bitcoin for other digital currencies, with no option to buy rupees or dollars: “The belief I have is that if you lock these people into this new economy, they will make that new economy as efficient as possible. If you start giving people opportunities to get out of the economy, they will just cut it down, whereas if the only way for you to enrich yourself is by trading bitcoins for litecoins and dogecoins, you are going to become an expert in that … you will become the best trader in Pakistan.”

For Elizabeth —PV For Mum and Dad —MC Contents Title Page Copyright Notice Dedication Introduction: Digital Cash for a Digital Age 1. From Babylon to Bitcoin 2. Genesis 3. Community 4. Roller Coaster 5. Building the Blockchain 6. The Arms Race 7. Satoshi’s Mill 8. The Unbanked 9. The Everything Blockchain 10. Square Peg Meets Round Hole 11. A New New Economy Conclusion: Come What May Acknowledgments Notes Index Also by Michael J. Casey About the Authors Copyright Introduction DIGITAL CASH FOR A DIGITAL AGE Money won’t create success, the freedom to make it will. —Nelson Mandela Even though Parisa Ahmadi was in the top of her class at the all-girls Hatifi High School in Herat, Afghanistan, her family was initially against her enrolling in classes being offered by a private venture that promised to teach young girls Internet and social-media skills—and even pay them for their efforts.

In this evolving environment, cryptocurrencies are poised to play a highly disruptive role. It will be up to us, the citizens, voters, and economic agents of this future society, to figure out how much of a role we want this technology to take and thus which of the two cryptocurrency models ends up dominant. Eleven A NEW NEW ECONOMY Progress is a comfortable disease. —E. E. Cummings Until now, we’ve largely focused on how cryptocurrencies have developed and the benefits and challenges they pose to society. But these new forms of money and ways of organizing commercial activity are not landing in a static, dormant society, as if human beings were just waiting to be woken by a new monetary idea.


pages: 443 words: 112,800

The Third Industrial Revolution: How Lateral Power Is Transforming Energy, the Economy, and the World by Jeremy Rifkin

3D printing, additive manufacturing, Albert Einstein, American ideology, An Inconvenient Truth, barriers to entry, behavioural economics, bike sharing, borderless world, carbon footprint, centre right, clean tech, collaborative consumption, collaborative economy, Community Supported Agriculture, corporate governance, decarbonisation, deep learning, distributed generation, electricity market, en.wikipedia.org, energy security, energy transition, Ford Model T, global supply chain, Great Leap Forward, high-speed rail, hydrogen economy, income inequality, industrial cluster, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, job automation, knowledge economy, manufacturing employment, marginal employment, Martin Wolf, Masdar, megacity, Mikhail Gorbachev, new economy, off grid, off-the-grid, oil shale / tar sands, oil shock, open borders, peak oil, Ponzi scheme, post-oil, purchasing power parity, Ray Kurzweil, rewilding, Robert Solow, Ronald Reagan, scientific management, scientific worldview, Silicon Valley, Simon Kuznets, Skype, smart grid, smart meter, Spread Networks laid a new fibre optics cable between New York and Chicago, supply-chain management, systems thinking, tech billionaire, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, transaction costs, trickle-down economics, urban planning, urban renewal, Yom Kippur War, Zipcar

The new, second-generation electricity communication, by contrast, is distributed in nature and ideally suited to manage distributed forms of energy—that is, renewable energy—and the lateral kinds of business activity that accompany such an energy regime. The new distributed communications technologies would have to wait another two decades to hook up with distributed energies and create the basis for a new infrastructure and a new economy. In the 1990s and the first decade of the twenty-first century, the Information and Communication Technology (ICT) revolution was grafted on to the older, centralized Second Industrial Revolution. It was, from the start, an unnatural fit. While ICT enhanced productivity, streamlined practices, and created some new business opportunities and jobs—which probably extended the useful life of an aging industrial model—it could never achieve its full distributed communication potential because of the inherent constraints that come with being attached to a centralized energy regime and commercial infrastructure.

The funds will be used to install digital electric meters, transmission grid sensors, and energy storage technologies to enable high-tech electricity distribution; this will transform the existing power grid into an Internet of energy. CPS Energy in San Antonio, Texas; Xcel Utility in Boulder, Colorado; and PG&E, Sempra, and Southern ConEdison in California will be laying down parts of the smart grid over the next several years. The smart grid is the backbone of the new economy. Just as the Internet created thousands of new businesses and millions of new jobs, so too will the intelligent electricity network—except “this network will be 100 or 1,000 times larger than the Internet,” says Marie Hattar, vice president of marketing in Cisco’s network systems solutions group.

The real multiplier effect occurs when the interaction between pillars gives rise to a new emergent paradigm. While each of the five pillars that make up the Third Industrial Revolution infrastructure, taken alone, would add only marginal value to the economy, when they are connected in an interactive system that acts like an evolving organism, the new economy takes off. And just like any organism, it passes through a juvenile, mature, and senescent stage. I stress this because our team ran up against a miscommunication that threatened to undermine our efforts in the weeks just before CPS was to formally release the master plan to the public. CPS told news sources that our Third Industrial Revolution plan was going to cost a whopping $16 billion and significantly increase electricity bills.


pages: 324 words: 90,253

When the Money Runs Out: The End of Western Affluence by Stephen D. King

Alan Greenspan, Albert Einstein, Apollo 11, Asian financial crisis, asset-backed security, banking crisis, Basel III, Bear Stearns, Berlin Wall, Bernie Madoff, bond market vigilante , British Empire, business cycle, capital controls, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, congestion charging, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-subsidies, currency risk, debt deflation, Deng Xiaoping, Diane Coyle, endowment effect, eurozone crisis, Fall of the Berlin Wall, financial innovation, financial repression, fixed income, floating exchange rates, Ford Model T, full employment, George Akerlof, German hyperinflation, Glass-Steagall Act, Hyman Minsky, income inequality, income per capita, inflation targeting, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, junk bonds, Kickstarter, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, London Interbank Offered Rate, loss aversion, low interest rates, market clearing, mass immigration, Minsky moment, moral hazard, mortgage debt, Neil Armstrong, new economy, New Urbanism, Nick Leeson, Northern Rock, Occupy movement, oil shale / tar sands, oil shock, old age dependency ratio, price mechanism, price stability, quantitative easing, railway mania, rent-seeking, reserve currency, rising living standards, risk free rate, Savings and loan crisis, seminal paper, South Sea Bubble, sovereign wealth fund, technology bubble, The Market for Lemons, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, too big to fail, trade route, trickle-down economics, Washington Consensus, women in the workforce, working-age population

Technology companies with only the vaguest of business plans found that money grew on trees, a repeat of the extraordinary events first seen in the 1720 South Sea Bubble when, famously, a company hoped to raise money ‘for carrying out an undertaking of great advantage, but nobody to know what it is’. Such was the enthusiasm for the new economy that Business Week ran the following story at the end of January 2000 under the headline ‘The New Economy: It works in America: Will it go global?’ It seems almost too good to be true. With the information technology sector leading the way, the U.S. has enjoyed almost 4% growth since 1994. Unemployment has fallen from 6% to about 4%, and inflation just keeps getting lower and lower.

Thanks to strong emerging demand, commodity prices ended up a lot higher, a process that squeezed real spending power in the West even as it lined the pockets of commodity producers in other parts of the world. The second, predating the financial crisis that began in 2007, was simply a loss of momentum following the exuberance associated with the so-called ‘new economy’ in the 1990s. This seemingly miraculous development offered an intoxicating mix of rapid productivity gains (particularly in the US), technological advance, strong growth, low inflation and ever higher stock prices. The elixir of ever rising wealth that, temporarily, had been Japan's monopoly to enjoy in the 1980s had been uncovered by the US and, in patchy fashion, by Europe too.

This spectacular boom was not built on smoke and mirrors. Rather, it reflects a willingness to undertake massive risky investments in innovative information technology, combined with a decade of retooling U.S. financial markets, governments, and corporations to cut costs and increase flexibility and efficiency. The result is the so-called New Economy: faster growth and lower inflation. Most corporate executives and policymakers in Europe and Asia, once skeptical about the U.S. performance, have taken this lesson to heart. There are still widespread misgivings about the U.S. model of free-market capitalism. But driven by a desire for faster growth, combined with a fear of being left behind, the rest of the world is starting to embrace the benefits of a technology-driven expansion.16 That story, however, went wrong only a few weeks later.


pages: 384 words: 93,754

Green Swans: The Coming Boom in Regenerative Capitalism by John Elkington

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, agricultural Revolution, Anthropocene, anti-fragile, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, Berlin Wall, bitcoin, Black Swan, blockchain, Boeing 737 MAX, Boeing 747, Buckminster Fuller, business cycle, Cambridge Analytica, carbon footprint, carbon tax, circular economy, Clayton Christensen, clean water, cloud computing, corporate governance, corporate social responsibility, correlation does not imply causation, creative destruction, CRISPR, crowdsourcing, David Attenborough, deglobalization, degrowth, discounted cash flows, distributed ledger, do well by doing good, Donald Trump, double entry bookkeeping, drone strike, Elon Musk, en.wikipedia.org, energy transition, Extinction Rebellion, Future Shock, Gail Bradbrook, Geoffrey West, Santa Fe Institute, George Akerlof, global supply chain, Google X / Alphabet X, green new deal, green transition, Greta Thunberg, Hans Rosling, hype cycle, impact investing, intangible asset, Internet of things, invention of the wheel, invisible hand, Iridium satellite, Jeff Bezos, John Elkington, Jony Ive, Joseph Schumpeter, junk bonds, Kevin Kelly, Kickstarter, M-Pesa, Marc Benioff, Mark Zuckerberg, Martin Wolf, microplastics / micro fibres, more computing power than Apollo, move fast and break things, Naomi Klein, Nelson Mandela, new economy, Nikolai Kondratiev, ocean acidification, oil shale / tar sands, oil shock, opioid epidemic / opioid crisis, placebo effect, Planet Labs, planetary scale, plant based meat, plutocrats, Ponzi scheme, radical decentralization, Ralph Nader, reality distortion field, Recombinant DNA, Rubik’s Cube, Salesforce, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Silicon Valley, smart cities, smart grid, sovereign wealth fund, space junk, Steven Pinker, Stewart Brand, supply-chain management, synthetic biology, systems thinking, The future is already here, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Tim Cook: Apple, urban planning, Whole Earth Catalog

In Green Swans, his most important book yet, one can feel John’s clever mind and earnest soul wrestling with the ultimate Rubik’s Cube puzzle of all human history: How to transform capitalism to an economic system that is actually regenerative, like all other living systems on this planet. An essential guide for business leaders and a profound yet realistic dose of hope for the challenging ‘Exponential Twenties’ that lie ahead.” —John Fullerton, Founder of Capital Institute, author of Regenerative Capitalism: How Universal Principles and Patterns Will Shape the New Economy, and former Managing Director of JPMorgan “Green Swans is a delightful, disturbing, and hopeful read. As we enter what John refers to as the ‘Exponential Decade’ of the 2020s, the stakes couldn’t be higher for humanity and planet earth. During these turbulent and promising times, I for one am extremely grateful for the steady guidance, wisdom, brutal honesty, and insights John shares here.

., tenfold) or 100X the impact on anywhere between one million and one billion people. Looking back now, I had been exploring the edges of exponential thinking for quite a while. In 2005, for example, I visited Wired magazine’s founding editor Kevin Kelly at his home in California. His books Out of Control and New Rules for the New Economy had helped shift my vision of the future from a future of scarcity to one increasingly characterized, at least in some areas, by abundance. In a world increasingly marked by decreasing returns and limits to growth, he argued that new digital technology offered increasing—indeed exponentially accelerating—returns.

The net result is that capitalist algorithms have increasingly driven yawning wealth divides and helped wipe something like 60% off the Living Planet Index, a measure of the vitality of Earth’s biosphere calculated by the World Wildlife Fund (WWF).18 “We are the first generation to know we are destroying our planet and the last one that can do anything about it,” WWF UK CEO Tanya Steele told our Green Swan Day audience. Since the New Economy period, we have seen what we might inelegantly call the exponential algorithmicization of our economies. Indeed, leading CEOs like Apple’s Tim Cook have spotlighted the dysfunctions of many of today’s algorithms—and of those who code them. Giving a commencement address at Stanford, he warned his Silicon Valley compatriots, “If you have built a chaos factory, you can’t dodge responsibility for the chaos.”19 Some of these problems can be solved fairly quickly, but others—including the implications of the burgeoning surveillance state—represent intergenerational challenges.


pages: 222 words: 50,318

The Option of Urbanism: Investing in a New American Dream by Christopher B. Leinberger

addicted to oil, American Society of Civil Engineers: Report Card, asset allocation, big-box store, centre right, commoditize, credit crunch, David Brooks, desegregation, Donald Shoup, Donald Trump, drive until you qualify, edge city, Ford Model T, full employment, General Motors Futurama, gentrification, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, knowledge economy, Lewis Mumford, McMansion, mortgage tax deduction, new economy, New Urbanism, peak oil, Ponzi scheme, postindustrial economy, RAND corporation, Report Card for America’s Infrastructure, reserve currency, Richard Florida, Savings and loan crisis, Seaside, Florida, the built environment, transit-oriented development, urban planning, urban renewal, urban sprawl, value engineering, walkable city, white flight

Nor is it just the recognition that the unintended consequences of 1985 Hill Valley, drivable sub-urbanism, including a myriad of social, environmental, fiscal, and economic issues, need to be addressed and solved. The next American Dream is based upon the recognition that the market wants a built environment that provides choice, lines up with the new economy that is emerging and is more environmentally, fiscally, and economically sustainable. This book also points out some of the probable unintended consequences of this next American Dream—it wouldn’t be fair if we didn’t leave our grandchildren some problems to solve. 1 F UTUR AMA AND THE 20 TH -C ENTURY A MERICAN D REAM I magine yourself living a middle-class life in 1939 in one of America’s cities, such as Philadelphia, Chicago, or Seattle.

However, this change showed that the American Dream is not immutable; its physical development could be fundamentally modified. In 1920, manufacturing jobs caught up with agricultural jobs; each sector had about twenty-six percent of the total jobs in the economy. This signaled the shift to the then new economy, the industrial economy, which was primarily based in metropolitan areas. In the 1920 U.S. Census, for the first time in American history, a majority of Americans were living in metropolitan areas, not in rural areas.24 24 | THE OPTION OF URBANISM Manufacturing jobs stayed at about twenty-six percent of all U.S. jobs until 1970, the peak of the industrial economy.

The boredom of having only the option of drivable sub-urban life, including the unintended consequences of ever longer and more congested commutes and the running of nearly every errand in a car, is not to be underestimated. T H E M A R K E T R E D I S C OV E R S WA L K A B L E U R B A N I S M | 9 1 Alongside these demographic changes, the economy has made a fundamental change. The new economy has been called many things: the virtual economy, the service economy, the postindustrial economy, the knowledge economy, and the creative economy. This has come to mean a focus on the up front, creative portion of a product or service development and the back-end marketing and distribution of that product or service.


pages: 565 words: 151,129

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism by Jeremy Rifkin

3D printing, active measures, additive manufacturing, Airbnb, autonomous vehicles, back-to-the-land, benefit corporation, big-box store, bike sharing, bioinformatics, bitcoin, business logic, business process, Chris Urmson, circular economy, clean tech, clean water, cloud computing, collaborative consumption, collaborative economy, commons-based peer production, Community Supported Agriculture, Computer Numeric Control, computer vision, crowdsourcing, demographic transition, distributed generation, DIY culture, driverless car, Eben Moglen, electricity market, en.wikipedia.org, Frederick Winslow Taylor, Free Software Foundation, Garrett Hardin, general purpose technology, global supply chain, global village, Hacker Conference 1984, Hacker Ethic, industrial robot, informal economy, information security, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, job automation, John Elkington, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Julian Assange, Kickstarter, knowledge worker, longitudinal study, low interest rates, machine translation, Mahatma Gandhi, manufacturing employment, Mark Zuckerberg, market design, mass immigration, means of production, meta-analysis, Michael Milken, mirror neurons, natural language processing, new economy, New Urbanism, nuclear winter, Occupy movement, off grid, off-the-grid, oil shale / tar sands, pattern recognition, peer-to-peer, peer-to-peer lending, personalized medicine, phenotype, planetary scale, price discrimination, profit motive, QR code, RAND corporation, randomized controlled trial, Ray Kurzweil, rewilding, RFID, Richard Stallman, risk/return, Robert Solow, Rochdale Principles, Ronald Coase, scientific management, search inside the book, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, smart grid, smart meter, social web, software as a service, spectrum auction, Steve Jobs, Stewart Brand, the built environment, the Cathedral and the Bazaar, the long tail, The Nature of the Firm, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, Tragedy of the Commons, transaction costs, urban planning, vertical integration, warehouse automation, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog, Whole Earth Review, WikiLeaks, working poor, Yochai Benkler, zero-sum game, Zipcar

Although the indicators of the great transformation to a new economic system are still soft and largely anecdotal, the Collaborative Commons is ascendant and, by 2050, it will likely settle in as the primary arbiter of economic life in most of the world. An increasingly streamlined and savvy capitalist system will continue to soldier on at the edges of the new economy, finding sufficient vulnerabilities to exploit, primarily as an aggregator of network services and solutions, allowing it to flourish as a powerful niche player in the new economic era, but it will no longer reign. I understand that this seems utterly incredible to most people, so conditioned have we become to the belief that capitalism is as indispensable to our well-being as the air we breathe.

[companies] must be able to anticipate selling their products at a profit to someone.11 Summers and DeLong opposed government subsidies to cover the upfront costs, arguing that the shortcomings of “administrative bureaucracy,” “group-think,” and “red-tape” “destroy the entrepreneurial energy of the market.”12 In lieu of government intervention, the two distinguished economists reluctantly suggested that perhaps the best way to protect innovation in an economy where “goods are produced under conditions of substantial increasing returns to scale” was to favor short-term natural monopolies.13 Summers and DeLong made the point that “temporary monopoly power and profits are the reward needed to spur private enterprise to engage in such innovation.”14 They both realized the bind this put private enterprise in, admitting that “natural monopoly does not meet the most basic conditions for economic efficiency: that price equal marginal cost.”15 Indeed, the modus operandi of a monopoly, as every economist knows, is to hold back would-be competitors from introducing new innovations that increase productivity, reduce marginal costs, and lower the price to customers. Nonetheless, Summers and DeLong concluded that in the “new economy” this might be the only way forward. In an incredible admission, the two acknowledged that “the right way to think about this complex set of issues is not clear, but it is clear that the competitive paradigm cannot be fully appropriate . . . but we do not yet know what the right replacement paradigm will be.”16 Summers and DeLong found themselves hopelessly trapped.

An increasing number of people are collaborating in “patient-driven” health-care networks to improve diagnoses and find new treatments and cures for diseases, again at near zero marginal cost. And young social entrepreneurs are establishing ecologically sensitive businesses, crowdfunding new enterprises, and even creating alternative social currencies in the new economy. The result is that “exchange value” in the marketplace is increasingly being replaced by “shareable value” on the Collaborative Commons. When prosumers share their goods and services on a Collaborative Commons, the rule book that governs a market-exchange economy becomes far less relevant to the life of society.


pages: 185 words: 43,609

Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel, Blake Masters

Airbnb, Alan Greenspan, Albert Einstein, Andrew Wiles, Andy Kessler, Berlin Wall, clean tech, cloud computing, crony capitalism, discounted cash flows, diversified portfolio, do well by doing good, don't be evil, Elon Musk, eurozone crisis, Fairchild Semiconductor, heat death of the universe, income inequality, Jeff Bezos, Larry Ellison, Lean Startup, life extension, lone genius, Long Term Capital Management, Lyft, Marc Andreessen, Mark Zuckerberg, Max Levchin, minimum viable product, Nate Silver, Network effects, new economy, Nick Bostrom, PalmPilot, paypal mafia, Peter Thiel, pets.com, power law, profit motive, Ralph Waldo Emerson, Ray Kurzweil, self-driving car, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Singularitarianism, software is eating the world, Solyndra, Steve Jobs, strong AI, Suez canal 1869, tech worker, Ted Kaczynski, Tesla Model S, uber lyft, Vilfredo Pareto, working poor

Consider an elementary proposition: companies exist to make money, not to lose it. This should be obvious to any thinking person. But it wasn’t so obvious to many in the late 1990s, when no loss was too big to be described as an investment in an even bigger, brighter future. The conventional wisdom of the “New Economy” accepted page views as a more authoritative, forward-looking financial metric than something as pedestrian as profit. Conventional beliefs only ever come to appear arbitrary and wrong in retrospect; whenever one collapses, we call the old belief a bubble. But the distortions caused by bubbles don’t disappear when they pop.

So the backdrop for the short-lived dot-com mania that started in September 1998 was a world in which nothing else seemed to be working. The Old Economy couldn’t handle the challenges of globalization. Something needed to work—and work in a big way—if the future was going to be better at all. By indirect proof, the New Economy of the internet was the only way forward. MANIA: SEPTEMBER 1998–MARCH 2000 Dot-com mania was intense but short—18 months of insanity from September 1998 to March 2000. It was a Silicon Valley gold rush: there was money everywhere, and no shortage of exuberant, often sketchy people to chase it.

Kaczynski, Ted Karim, Jawed Karp, Alex, 11.1, 12.1 Kasparov, Garry Katrina, Hurricane Kennedy, Anthony Kesey, Ken Kessler, Andy Kurzweil, Ray last mover, 11.1, 13.1 last mover advantage lean startup, 2.1, 6.1, 6.2 Levchin, Max, 4.1, 10.1, 12.1, 14.1 Levie, Aaron lifespan life tables LinkedIn, 5.1, 10.1, 12.1 Loiseau, Bernard Long-Term Capital Management (LTCM) Lord of the Rings (Tolkien) luck, 6.1, 6.2, 6.3, 6.4 Lucretius Lyft MacBook machine learning Madison, James Madrigal, Alexis Manhattan Project Manson, Charles manufacturing marginal cost marketing Marx, Karl, 4.1, 6.1, 6.2, 6.3 Masters, Blake, prf.1, 11.1 Mayer, Marissa Medicare Mercedes-Benz MiaSolé, 13.1, 13.2 Michelin Microsoft, 3.1, 3.2, 3.3, 4.1, 5.1, 14.1 mobile computing mobile credit card readers Mogadishu monopoly, monopolies, 3.1, 3.2, 3.3, 5.1, 7.1, 8.1 building of characteristics of in cleantech creative dynamism of new lies of profits of progress and sales and of Tesla Morrison, Jim Mosaic browser music recording industry Musk, Elon, 4.1, 6.1, 11.1, 13.1, 13.2, 13.3 Napster, 5.1, 14.1 NASA, 6.1, 11.1 NASDAQ, 2.1, 13.1 National Security Agency (NSA) natural gas natural secrets Navigator browser Netflix Netscape NetSecure network effects, 5.1, 5.2 New Economy, 2.1, 2.2 New York Times, 13.1, 14.1 New York Times Nietzsche, Friedrich Nokia nonprofits, 13.1, 13.2 Nosek, Luke, 9.1, 14.1 Nozick, Robert nutrition Oedipus, 14.1, 14.2 OfficeJet OmniBook online pet store market Oracle Outliers (Gladwell) ownership Packard, Dave Page, Larry Palantir, prf.1, 7.1, 10.1, 11.1, 12.1 PalmPilots, 2.1, 5.1, 11.1 Pan, Yu Panama Canal Pareto, Vilfredo Pareto principle Parker, Sean, 5.1, 14.1 Part-time employees patents path dependence PayPal, prf.1, 2.1, 3.1, 4.1, 4.2, 4.3, 5.1, 5.2, 5.3, 8.1, 9.1, 9.2, 10.1, 10.2, 10.3, 10.4, 11.1, 11.2, 12.1, 12.2, 14.1 founders of, 14.1 future cash flows of investors in “PayPal Mafia” PCs Pearce, Dave penicillin perfect competition, 3.1, 3.2 equilibrium of Perkins, Tom perk war Perot, Ross, 2.1, 12.1, 12.2 pessimism Petopia.com Pets.com, 4.1, 4.2 PetStore.com pharmaceutical companies philanthropy philosophy, indefinite physics planning, 2.1, 6.1, 6.2 progress without Plato politics, 6.1, 11.1 indefinite polling pollsters pollution portfolio, diversified possession power law, 7.1, 7.2, 7.3 of distribution of venture capital Power Sellers (eBay) Presley, Elvis Priceline.com Prince Procter & Gamble profits, 2.1, 3.1, 3.2, 3.3 progress, 6.1, 6.2 future of without planning proprietary technology, 5.1, 5.2, 13.1 public opinion public relations Pythagoras Q-Cells Rand, Ayn Rawls, John, 6.1, 6.2 Reber, John recession, of mid-1990 recruiting, 10.1, 12.1 recurrent collapse, bm1.1, bm1.2 renewable energy industrial index research and development resources, 12.1, bm1.1 restaurants, 3.1, 3.2, 5.1 risk risk aversion Romeo and Juliet (Shakespeare) Romulus and Remus Roosevelt, Theodore Royal Society Russia Sacks, David sales, 2.1, 11.1, 13.1 complex as hidden to non-customers personal Sandberg, Sheryl San Francisco Bay Area savings scale, economies of Scalia, Antonin scaling up scapegoats Schmidt, Eric search engines, prf.1, 3.1, 5.1 secrets, 8.1, 13.1 about people case for finding of looking for using self-driving cars service businesses service economy Shakespeare, William, 4.1, 7.1 Shark Tank Sharma, Suvi Shatner, William Siebel, Tom Siebel Systems Silicon Valley, 1.1, 2.1, 2.2, 2.3, 5.1, 5.2, 6.1, 7.1, 10.1, 11.1 Silver, Nate Simmons, Russel, 10.1, 14.1 singularity smartphones, 1.1, 12.1 social entrepreneurship Social Network, The social networks, prf.1, 5.1 Social Security software engineers software startups, 5.1, 6.1 solar energy, 13.1, 13.2, 13.3, 13.4 Solaria Solyndra, 13.1, 13.2, 13.3, 13.4, 13.5 South Korea space shuttle SpaceX, prf.1, 10.1, 11.1 Spears, Britney SpectraWatt, 13.1, 13.2 Spencer, Herbert, 6.1, 6.2 Square, 4.1, 6.1 Stanford Sleep Clinic startups, prf.1, 1.1, 5.1, 6.1, 6.2, 7.1 assigning responsibilities in cash flow at as cults disruption by during dot-com mania economies of scale and foundations of founder’s paradox in lessons of dot-com mania for power law in public relations in sales and staff of target market for uniform of venture capital and steam engine Stoppelman, Jeremy string theory strong AI substitution, complementarity vs.


pages: 480 words: 123,979

Dawn of the New Everything: Encounters With Reality and Virtual Reality by Jaron Lanier

4chan, air gap, augmented reality, back-to-the-land, Big Tech, Bill Atkinson, Buckminster Fuller, Burning Man, carbon footprint, cloud computing, collaborative editing, commoditize, Computer Lib, cosmological constant, creative destruction, crowdsourcing, deep learning, Donald Trump, Douglas Engelbart, Douglas Hofstadter, El Camino Real, Elon Musk, fake news, Firefox, game design, general-purpose programming language, gig economy, Google Glasses, Grace Hopper, Gödel, Escher, Bach, Hacker Ethic, Hans Moravec, Howard Rheingold, hype cycle, impulse control, information asymmetry, intentional community, invisible hand, Ivan Sutherland, Jaron Lanier, John Gilmore, John Perry Barlow, John von Neumann, Kevin Kelly, Kickstarter, Kuiper Belt, lifelogging, mandelbrot fractal, Mark Zuckerberg, Marshall McLuhan, Menlo Park, military-industrial complex, Minecraft, Mitch Kapor, Mondo 2000, Mother of all demos, Murray Gell-Mann, Neal Stephenson, Netflix Prize, Network effects, new economy, Nick Bostrom, Norbert Wiener, Oculus Rift, pattern recognition, Paul Erdős, peak TV, Plato's cave, profit motive, Project Xanadu, quantum cryptography, Ray Kurzweil, reality distortion field, recommendation engine, Richard Feynman, Richard Stallman, Ronald Reagan, self-driving car, Silicon Valley, Silicon Valley startup, Skinner box, Skype, Snapchat, stem cell, Stephen Hawking, Steve Bannon, Steve Jobs, Steven Levy, Stewart Brand, systems thinking, technoutopianism, Ted Nelson, telemarketer, telepresence, telepresence robot, Thorstein Veblen, Turing test, Vernor Vinge, Whole Earth Catalog, Whole Earth Review, WikiLeaks, wikimedia commons

The algorithms running companies like Google and Facebook are among the only bits that have never been hacked, because they are the only definitive assets in the New Economy. All other bits are somebody else’s problem, but the algorithms are seriously protected. After all the talk about open source and sharing, the algorithms are the only successfully kept secrets left on the planet. Every other asset—the content, in other words—is provided by third parties so that these companies can avoid responsibilities and liabilities. So doesn’t the combination of Supreme Court rulings together with New Economy conventions mean that America has already backed into declaring algorithms to not only be people, but superhuman?

But not at the expense of daring thoughts about how the future can be better. Be tactically pessimistic and strategically optimistic. o) Don’t necessarily agree with me or anyone else. Think for yourself. * * * Forty-third VR Definition: A new art form that must escape the clutches of gaming, cinema, traditional software, New Economy power structures, and maybe even the ideas of its pioneers. * * * Flags Planted It’s often said that I coined the term “virtual reality.” It depends on how you think about the boundaries between context, languages, and history. There’s a wonderful argument that I did not. Before World War II, the radical dramatist Antonin Artaud used the French phrase réalité virtuelle in his discussions of a “theater of cruelty.”

You could keep many social media accounts, each with a different persona that would provoke a differently biased feed. But no one has the time, and besides, that would violate the policies of the contract you clicked on. So you must trust an intelligent algorithm, sifting through an endless ocean of news sources to bring each person the very best, most relevant news. But the New Economy is in the process of gutting investigative journalism. The tech companies have won most of the cash that used to flow to newspapers for ads and subscriptions. Therefore, there are few genuine, high-integrity primary news sources, compared to antebellum days. There is almost no remaining local investigative reporting.


pages: 504 words: 126,835

The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel

Airbnb, Alan Greenspan, Albert Einstein, American ideology, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, Blue Ocean Strategy, BRICs, Burning Man, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, classic study, Clayton Christensen, Colonization of Mars, commoditize, commodity super cycle, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Dr. Strangelove, driverless car, Elon Musk, Erik Brynjolfsson, Fairchild Semiconductor, fear of failure, financial engineering, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, general purpose technology, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, Greenspan put, Herman Kahn, high net worth, hiring and firing, hockey-stick growth, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, laissez-faire capitalism, low interest rates, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, middle-income trap, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, precautionary principle, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Robert Solow, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, subprime mortgage crisis, technological determinism, technological singularity, TED Talk, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, University of East Anglia, unpaid internship, Vanguard fund, vertical integration, Yogi Berra

It is a standard lesson of microeconomics that marginal cost equals marginal value – and new digital services are better than offline services in exploiting the relation between costs and value for consumers, especially at the margin. Present criticism of GDP standards often resembles the idea some 20 years ago about a “new economy” that would change the way the economy works. Like the belief in the new economy, there are charges of GDP mismeasurement that confuse definitions of GDP and value-added creation in the economy. Some of it goes back to corporate valuation: the high valuation of companies is a sign of markets understanding the real value generation of, say, free online services that statistical authorities are not capturing.

., “Growth and Renewal in the United States,” 28–9. 57.OECD, “Growing Income Inequality in OECD Countries.” 58.Mui, “Companies Have Found Something to Give their Workers.” 59.Mui, “Companies Have Found Something to Give their Workers.” 60.Lawrence, “The Growing Gap between Real Wages and Labor Productivity.” 61.Shapiro, “Income Growth and Decline.” 62.Karabarbounis and Neiman, “The Global Decline of the Labor Share.” 63.Benzell et al., “Robots Are Us.” 64.Groemling, “Falling Labor Share in Germany,” 1–20. 65.Feldstein, “Did Wages Reflect Growth in Productivity?” 66.Bridgam, “Is Labor’s Loss Capital’s Gain?” 67.Diewert and Fox. “The New Economy and an Old Problem.” 68.Lawrence, “Recent Declines in Labor’s Share in US Income.” 69.Acemoglu and Robinson, “The Rise and Decline of General Laws of Capitalism.” 70.Pessoa and Van Reenen, “Decoupling of Wage Growth and Productivity Growth?” 71.Roine and Waldenström, “On the Role of Capital Gains in Swedish Income Inequality.” 72.Konjunktur Institutet, “Lönebildningsrapporten,” 30. 73.US President, “Economic Report,” 34. 74.US President, “Economic Report,” 34. 75.Mokyr, “What Today’s Economic Gloomsayers Are Missing.” 76.Marvin, When Old Technologies Were New. 77.Frey and Osborne, “The Future of Employment,” 45. 78.Ford, Rise of the Robots, 284. 79.Kan, “Foxconn Expects Robots to Take over More Factory Work.” 80.Kan, “Foxconn Expects Robots to Take over More Factory Work.” 81.Kan, “Foxconn’s CEO Backpedals on Robot Takeover at Factories.” 82.IFR, “Robots Improve Manufacturing Success and Create Jobs.” 83.Graetz and Michaels, “Robots at Work.” 84.Fox Nation, “Obama Blames ATMs for High Unemployment.” 85.Bessen, Learning by Doing, 108. 86.Approximately in 1745 in England, and one year later in France. 87.Joyce, Ulysses, 82. 88.Rothschild, “The Sourdough Hotel.” 89.Marx and Engels, The Communist Manifesto, 12. 90.Haltiwanger, Hathaway, and Miranda, “Declining Business Dynamism in the US High-Technology Sector,” 1. 91.Andrews, Criscuolo, and Gal, “Frontier Firms, Technology Diffusion and Public Policy,” 14. 9 The Future and How to Prevent It 1.Toynbee, A Study of History: Abridgement of Volumes I–VI, 273. 2.Buiter, Rahbari, and Seydl, “The Long-Run Decline in Advanced-Economy Investment.” 3.Kotlikoff and Burns, The Clash of Generations, 229. 4.Wilson and Purushothaman, “Dreaming with BRICs.” 5.Xie, “Goldman’s BRIC Era Ends.” 6.Das, India Grows at Night. 7.Magnus, “Hitting a BRIC Wall.” 8.IMF, “Adjusting to Lower Commodity Prices.” 9.Hoenig, “Back to Basics.” 10.The Economist, “One Regulator to Rule Them All.” 11.Zingales, “Does Finance Benefit Society?”

Dettmer, Bianka, Fredrik Erixon, Andrea Freytag, and Pierre-Olivier Legault Tremblay, “The Dynamics of Structural Change: Trade between the European Union and China.” Chinese Economy, 44.4 (2011): 42–74. DOI:10.2753/CES1097-1475440403. Diamandis, Peter H., and Steven Kotler, Abundance: The Future Is Better Than You Think. Free Press, 2012. Diewert, W. Erwin, and Kevin J. Fox, “The New Economy and an Old Problem: Net versus Gross Output.” Center for Applied Economic Research, Jan. 2005. Doidge, Craig, G. Andrew Karolyi, and René M. Stulz, “The US Listing Gap.” NBER Working Paper No. 21181. National Bureau of Economic Research, May 2015. Downes, Larry, “Fewer, Faster, Smarter.” Democracy, No. 38 (Fall 2015).


pages: 303 words: 100,516

Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork by Reeves Wiedeman

Adam Neumann (WeWork), Airbnb, asset light, barriers to entry, Black Lives Matter, Blitzscaling, Burning Man, call centre, carbon footprint, company town, coronavirus, corporate governance, COVID-19, cryptocurrency, digital nomad, do what you love, Donald Trump, driverless car, dumpster diving, East Village, eat what you kill, Elon Musk, Erlich Bachman, fake news, fear of failure, Gavin Belson, Gordon Gekko, housing crisis, index fund, Jeff Bezos, low interest rates, Lyft, Marc Benioff, margin call, Mark Zuckerberg, Masayoshi Son, Maui Hawaii, medical residency, Menlo Park, microapartment, mortgage debt, Network effects, new economy, prosperity theology / prosperity gospel / gospel of success, reality distortion field, ride hailing / ride sharing, Salesforce, Sand Hill Road, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Skype, Snapchat, SoftBank, software as a service, sovereign wealth fund, starchitect, stealth mode startup, Steve Jobs, Steve Wozniak, subscription business, TechCrunch disrupt, the High Line, Tim Cook: Apple, too big to fail, Travis Kalanick, Uber for X, uber lyft, Vision Fund, WeWork, zero-sum game

Two years after Adam moved to New York, a friend visiting from Israel surveyed Adam’s life and asked whether it was enjoyable enough to compensate for leaving his family and country behind. Adam woke up the next morning and decided to make a change. He decided to start his first business. * * * IN THE MID-2000S, a new economy was emerging from the wreckage of both 9/11 and the dot-com crash that scarred the beginning of the decade. YouTube was beginning to stream videos, and Baruch College students were being invited to sign up for Facebook. In this environment, Adam decided that the most promising business he could start would be manufacturing high-heeled women’s shoes that transformed into flats.

WeWork would provide a haven for those making this shift: it was a start-up begetting start-ups, a place where young entrepreneurs could build a collapsible-heel prototype, then move on if it failed without a long-term lease weighing them down. Who knew how much space a company would need in five months, let alone five years? The new economy was too precarious for that. “I’m competing against ‘work,’” Adam liked to say. “I’m competing against the old notion that the way things were done is the way things need to be done today…Why do I need to pursue my parents’ dreams? They’re not mine.” Miguel designed the company’s first logo: a stick figure taking a sledgehammer to a desktop computer

Occupy Wall Street took over a park in lower Manhattan, and a sense persisted that the old world order no longer served humanity’s needs. WeWork was premised on the idea that even the most iconoclastic entrepreneurs couldn’t build a business without help. With Jobs having left Apple to deal with pancreatic cancer, Adam seemed eager to position his company as a rising star of the new economy and himself as a candidate for America’s next entrepreneur in chief. “The next decade is the ‘We’ decade,” he told the Daily News. “If you look closely, we’re already in a revolution.” Many of WeWork’s first employees were bewildered by Adam’s bombast. WeWork’s offices were nice—but a revolution?


pages: 230 words: 76,655

Choose Yourself! by James Altucher

Airbnb, Albert Einstein, Bernie Madoff, bitcoin, cashless society, cognitive bias, dark matter, digital rights, do what you love, Elon Musk, estate planning, John Bogle, junk bonds, Mark Zuckerberg, mirror neurons, money market fund, Network effects, new economy, PageRank, passive income, pattern recognition, payday loans, Peter Thiel, Ponzi scheme, Rodney Brooks, rolodex, Salesforce, Saturday Night Live, sharing economy, short selling, side project, Silicon Valley, Skype, software as a service, Steve Jobs, superconnector, Uber for X, Vanguard fund, Virgin Galactic, Y2K, Zipcar

And we are all invited to play in it. There’s more opportunity for abundance than ever. This is the new paradigm of this century, a century where ideas take precedence over money in terms of creating abundance. These are the new rules. And this book will show you they work in your favor, and how you can succeed in this new economy. A person who still follows the old way will get an education through graduate school, get a great job, get the promotions—but will at some point feel stuck, lost, may even betrayed if he is fired or unhappy or if the world didn’t turn out as he had hoped it would, or if the ladder he imagined turned out to be missing a rung and he fell down, broke a leg, and had to start from scratch, slightly more broken than he was before.

Basically, people’s salaries are going down versus inflation, versus healthcare costs, versus housing costs, versus everything. A salary will not keep your family afloat. Two salaries won’t even keep your family afloat. You have to master the rules taught in this book. You have to learn how to live in the new economy. There is no single style of business that works for everyone. If it were that easy, then there would be too much competition and there will be no money left. I do know that when I began living by the idea matrix principles of abundance outlined in these pages, they worked for me and they began working for the people I described them to.

See books like Breakthrough Advertising, The Architecture of Persuasion, and Kevin Harrington’s (from AsSeenOnTV and Shark Tank) book Act Now, where he discusses the power of testimonials and infomercials. I had one friend a few years ago who lost his job as a TV show anchor. He was depressed and verging on broke. He moved to his hometown and went into virtual isolation. He finally wrote an article about stocks he thought would go up in the new economy. I told him, “You’re crazy. Don’t make this a free article. Sell it for two hundred dollars and call it, “One Hundred Stocks That Will Go Up 1000 percent.” He did it and sold two thousand copies and then bought a fifty-acre farm and wrote his next ten books and newsletters. I’m not insinuating that free is bad.


pages: 255 words: 75,172

Sleeping Giant: How the New Working Class Will Transform America by Tamara Draut

affirmative action, Affordable Care Act / Obamacare, always be closing, American ideology, antiwork, battle of ideas, big-box store, Black Lives Matter, blue-collar work, collective bargaining, creative destruction, David Brooks, declining real wages, deindustrialization, desegregation, Detroit bankruptcy, Donald Trump, Edward Glaeser, ending welfare as we know it, Ferguson, Missouri, financial deregulation, full employment, gentrification, immigration reform, income inequality, independent contractor, invisible hand, job satisfaction, knowledge economy, knowledge worker, low skilled workers, machine readable, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, obamacare, occupational segregation, payday loans, pink-collar, plutocrats, Powell Memorandum, profit motive, public intellectual, race to the bottom, Ralph Nader, rent-seeking, rising living standards, Ronald Reagan, shared worldview, stock buybacks, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, trickle-down economics, union organizing, upwardly mobile, War on Poverty, white flight, women in the workforce, young professional

With so many factories shuttered, typical “men’s work” steadily eroded and lower-paying service jobs took its place. As the economic contribution of these former working-class heroes to our nation dwindled, millions of men became zeroes in many people’s minds. They seemed to be a dusty anachronism in a sparkling new economy. Meanwhile, the ranks of women in the workforce grew steadily during the 1980s and 1990s, and waves of immigration began to change the ethnic and racial composition of the workforce. Seeking refuge from the economic dislocation, millions of Americans earned bachelor’s and advanced degrees, a process that perversely exacerbated already hardened lines of privilege, with whites earning college degrees at a much greater rate than blacks or Latinos.

Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook, 2014–15, Food and Beverage Serving and Related Workers, at http://www.​bls.​gov/​ooh/​food-​preparation-​and-​serving/​food-​and-​beverage-​serving-​and-​related-​workers.​htm#tab-1. Chapter Two: The New Indignity of Work 1. Annalyn Kurtz, “Subway Leads Fast Food in Under-Paying Workers,” CNN Money, May 1, 2014, at http://money.​cnn.​com/​2014/​05/​01/​news/​economy/​subway-​labor-​violations/; http://www.​nelp.​org/​page/​-/​Justice/​2014/​Whos-​the-​Boss-​Restoring-​Accoun​tability-​Labor-​Standards-​Outsourced-​Work-​Report.​pdf​?nocdn=1. 2. Author’s analysis of Department of Labor’s “Wage and Hour Compliance Action Database,” at http://ogesdw.​dol.​gov/​views/​data_​summary.​php. 3.

Department of Labor, Wage and Hour Division, “Fiscal Year Statistics for WHD, FY 1997-FY2014,” at http://www.​dol.​gov/​whd/​statistics/​statstables.​htm#flsa. 5. Kurtz, “Subway Leads Fast Food Industry.” 6. Annalyn Kurtz, “10 Big Overtime Pay Violators,” CNN Money, August 5, 2014, at http://money.​cnn.​com/​gallery/​news/​economy/​2014/​03/​13/​overtime-​violations/​?iid=EL. 7. Ibid. 8. Ross Eisenbrey, “Improving the Quality of Jobs Through Better Labor Standards,” Full Employment, April 2, 2014, at http://www.​pathto​fullem​ployment.​org/​wp-​content/​uploads/​2014/​04/​eisenbrey.​pdf. 9. Brady Meixell and Ross Eisenbrey, “An Epidemic of Wage Theft Is Costing Workers Hundreds of Millions of Dollars a Year,” Economic Policy Institute, September 11, 2014, at https://docs.​google.​com/​viewer?​


pages: 270 words: 79,068

The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz

Airbnb, Ben Horowitz, Benchmark Capital, business intelligence, cloud computing, financial independence, Google Glasses, hiring and firing, Isaac Newton, Jeff Bezos, Kiva Systems, Larry Ellison, Marc Andreessen, Mark Zuckerberg, move fast and break things, new economy, nuclear winter, Peter Thiel, Productivity paradox, random walk, Ronald Reagan, Silicon Valley, six sigma, SoftBank, Steve Ballmer, Steve Jobs, stock buybacks, Strategic Defense Initiative

As my friend and investment banker Frank Quattrone said at the time, “No one wanted to tell their grandchildren that they missed out on this one.” The deal changed everything. Microsoft had been in business for more than a decade before its IPO; we’d been alive for sixteen months. Companies began to get defined as “new economy” or as “old economy.” And the new economy was winning. The New York Times called the Netscape IPO “world-shaking.” But there was a crack in our armor: Microsoft announced that it would be bundling its browser, Internet Explorer, with its upcoming breakthrough operating system release, Windows 95—for free. This posed a huge problem to Netscape, because nearly all of our revenue came from browser sales, and Microsoft controlled more than 90 percent of operating systems.

We deconstructed IIS and found that it had every feature that we had—including the security in our high-end product—and was five times faster. Uh-oh. I figured that we had about five months before Microsoft released IIS to solve the problem or else we would be toast. In the “old economy,” product cycles typically took eighteen months to complete, so this was an exceptionally short time frame even in the “new economy.” So I went to see our department head, Mike Homer. With the possible exception of Marc, Mike Homer was the most significant creative force behind Netscape. More important, the worse a situation became, the stronger Mike would get. During particularly brutal competitive attacks, most executives would run from the press.

The NASDAQ peaked at 5,048.62 on March 10, 2000—more than double its value from the year before—and then fell by 10 percent ten days later. A Barron’s cover story titled “Burning Up” predicted what was to come. By April, after the government declared Microsoft a monopoly, the index plummeted even further. Startups lost massive value, investors lost massive wealth, and dot-coms, once heralded as the harbinger of a new economy, went out of business almost overnight and became known as dot-bombs. The NASDAQ eventually fell below 1,200, an 80 percent drop from its peak. We thought our business might have been the fastest growing of all time at that point. That was the good news. The bad news was that we needed to raise even more money in this disastrous climate; nearly all of the $66 million in equity and debt we had raised had already been deployed in our quest to build the number-one cloud service and to support our now fast-growing set of customers.


pages: 272 words: 76,154

How Boards Work: And How They Can Work Better in a Chaotic World by Dambisa Moyo

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Web Services, AOL-Time Warner, asset allocation, barriers to entry, Ben Horowitz, Big Tech, bitcoin, Black Lives Matter, blockchain, Boeing 737 MAX, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon footprint, collapse of Lehman Brothers, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, cryptocurrency, deglobalization, don't be evil, Donald Trump, fake news, financial engineering, gender pay gap, geopolitical risk, George Floyd, gig economy, glass ceiling, global pandemic, global supply chain, hiring and firing, income inequality, index fund, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jeff Bezos, knowledge economy, labor-force participation, long term incentive plan, low interest rates, Lyft, money: store of value / unit of account / medium of exchange, multilevel marketing, Network effects, new economy, old-boy network, Pareto efficiency, passive investing, Pershing Square Capital Management, proprietary trading, remote working, Ronald Coase, Savings and loan crisis, search costs, shareholder value, Shoshana Zuboff, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, sovereign wealth fund, surveillance capitalism, The Nature of the Firm, Tim Cook: Apple, too big to fail, trade route, Travis Kalanick, uber lyft, Vanguard fund, Washington Consensus, WeWork, women in the workforce, work culture

Last modified February 12, 2020. www.calpers.ca.gov/page/forms-publications/diversity-inclusion-report-2018-19. Campell, David, David Edgar, and George Stonehouse. Business Strategy: An Introduction. London: Red Globe Press, 2011. Carney, Mark. “New Economy, New Finance, New Bank.” Speech given at the Mansion House, London, UK, June 21, 2018. www.bankofengland.co.uk/-/media/boe/files/speech/2018/new-economy-new-finance-new-bank-speech-by-mark-carney.pdf. Catalyst. “About Us.” www.catalyst.org/mission/. . “Women on Corporate Boards: Quick Take.” March 13, 2020. www.catalyst.org/research/women-on-corporate-boards/. Cavale, Siddharth.

Diversity from an Investor’s Perspective. London: New Financial, 2017. https://newfinancial.org/wp-content/uploads/2017/10/Diversity_from_investor_perspective_FINAL.pdf. Shane, Daniel. “Trump Renews Attack on TPP: ‘I Don’t Like the Deal.’” CNN Business, April 18, 2018. https://money.cnn.com/2018/04/18/news/economy/trump-tpp-trade-deal-tweet/index.html. Sheetz, Michael. “Star Analyst Is Getting Pushback from Clients on His Negative GE Takes, but He Doesn’t Care.” CNBC, June 24, 2019. www.cnbc.com/2019/06/24/jp-morgan-analyst-stephen-tusa-pushback-on-general-electric-skepticism.html. Shi, Lin, Laurens Swinkels, and Fieke van der Lecq.

London: Financial Reporting CouncilLtd., 2016. www.frc.org.uk/getattachment/ca7e94c4-b9a9-49e2-a824-ad76a322873c/UK-Corporate-Governance-Code-April-2016.pdf. Ulukaya, Hamdi. “Chobani Founder: Higher Wages Important to Our Success.” CNN Business, March 31, 2016. https://money.cnn.com/2016/03/31/news/economy/chobani-minimum-wage/index.html. Umoh, Ruth. “Why Jeff Bezos Wants Amazon Employees to ‘Wake Up Every Morning Terrified.’” CNBC Make It, August 28, 2018. www.cnbc.com/2018/08/28/why-jeff-bezos-wants-amazon-employees-to-wake-up-terrified.html. UN Climate Change. “The Paris Agreement.” https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement.


pages: 460 words: 131,579

Masters of Management: How the Business Gurus and Their Ideas Have Changed the World—for Better and for Worse by Adrian Wooldridge

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Alan Greenspan, barriers to entry, behavioural economics, Black Swan, blood diamond, borderless world, business climate, business cycle, business intelligence, business process, carbon footprint, Cass Sunstein, Clayton Christensen, clean tech, cloud computing, collaborative consumption, collapse of Lehman Brothers, collateralized debt obligation, commoditize, company town, corporate governance, corporate social responsibility, creative destruction, credit crunch, crowdsourcing, David Brooks, David Ricardo: comparative advantage, disintermediation, disruptive innovation, do well by doing good, don't be evil, Donald Trump, Edward Glaeser, Exxon Valdez, financial deregulation, Ford Model T, Frederick Winslow Taylor, future of work, George Gilder, global supply chain, Golden arches theory, hobby farmer, industrial cluster, intangible asset, It's morning again in America, job satisfaction, job-hopping, joint-stock company, Joseph Schumpeter, junk bonds, Just-in-time delivery, Kickstarter, knowledge economy, knowledge worker, lake wobegon effect, Long Term Capital Management, low skilled workers, Mark Zuckerberg, McMansion, means of production, Menlo Park, meritocracy, Michael Milken, military-industrial complex, mobile money, Naomi Klein, Netflix Prize, Network effects, new economy, Nick Leeson, Norman Macrae, open immigration, patent troll, Ponzi scheme, popular capitalism, post-industrial society, profit motive, purchasing power parity, radical decentralization, Ralph Nader, recommendation engine, Richard Florida, Richard Thaler, risk tolerance, Ronald Reagan, science of happiness, scientific management, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Steven Levy, supply-chain management, tacit knowledge, technoutopianism, the long tail, The Soul of a New Machine, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Hsieh, too big to fail, vertical integration, wealth creators, women in the workforce, young professional, Zipcar

Give enough people the capacity to create, and inevitably gems will emerge.”10 Whatever you think of the cultural impact of the long tail, there is no doubt that it is producing a new economy, with new giants emerging to take advantage of the world of micro-markets. eBay, which was born as recently as 1996, is now worth in excess of $35 billion, with more than 200 million registered users shifting more than $40 billion of merchandise every year. The new economy is also creating new marketing opportunities (and new marketing nightmares). Top-down messaging is losing influence while bottom-up buzz is gaining power. People are less and less likely to trust traditional advertisers and more and more likely to trust people who write online reviews or generate links on social networks.

The Long Tail is the product of a melding of the new business culture and the old one. The book started life as a blog in which Anderson conducted a sort of online seminar with his readers. It ended up as an old-fashioned business best-seller: a carefully packaged “big idea” that was supposed to reveal the secret of prospering in the new economy and that also includes a business tool that managers can apply to their businesses, the “long tail” of the title. This was Silicon Valley repackaged for the business traveler class. Anderson’s big idea was that we are moving from a world of big hits to a world of niche products. Technological innovation (particularly the Internet) is removing bottlenecks in distribution that forced companies to focus on a few products.

What does it mean to protect the “American” car industry when the components of the average car are made all around the world? In The Work of Nations (1991) he argued that a country’s competitiveness depends on its human capital—on the education and skills of its population—rather than on the profitability of the companies that happen to have their headquarters within its borders. The United States had embraced a “new economy” based on high value rather than high volume and on customization rather than standardization, he argued, in phrases that have resounded through his later work, and companies had been transformed from nation-bound pyramids into world-spanning networks. In this new world, the only “industrial policy” worth bothering with is to invest in education and training: countries with the highest-quality human capital will act as magnets to the highest-value-added jobs.


pages: 448 words: 142,946

Sacred Economics: Money, Gift, and Society in the Age of Transition by Charles Eisenstein

Albert Einstein, back-to-the-land, bank run, Bernie Madoff, big-box store, bread and circuses, Bretton Woods, capital controls, carbon credits, carbon tax, clean water, collateralized debt obligation, commoditize, corporate raider, credit crunch, David Ricardo: comparative advantage, debt deflation, degrowth, deindustrialization, delayed gratification, disintermediation, diversification, do well by doing good, fiat currency, financial independence, financial intermediation, fixed income, floating exchange rates, Fractional reserve banking, full employment, global supply chain, God and Mammon, happiness index / gross national happiness, hydraulic fracturing, informal economy, intentional community, invisible hand, Jane Jacobs, land tenure, land value tax, Lao Tzu, Lewis Mumford, liquidity trap, low interest rates, McMansion, means of production, megaproject, Money creation, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, multilevel marketing, new economy, off grid, oil shale / tar sands, Own Your Own Home, Paul Samuelson, peak oil, phenotype, planned obsolescence, Ponzi scheme, profit motive, quantitative easing, race to the bottom, Scramble for Africa, special drawing rights, spinning jenny, technoutopianism, the built environment, Thomas Malthus, too big to fail, Tragedy of the Commons

Negative-Interest Currency 2. Elimination of Economic Rents, and Compensation for Depletion of the Commons 3. Internalization of Social and Environmental Costs 4. Economic and Monetary Localization 5. The Social Dividend 6. Economic Degrowth 7. Gift Culture and P2P Economics PART III: LIVING THE NEW ECONOMY Chapter 18: Relearning Gift Culture Chapter 19: Nonaccumulation Chapter 20: Right Livelihood and Sacred Investing The Dharma of Wealth Robbing Peter to Pay Paul Old Accumulations to New Purposes Right Livelihood Chapter 21: Working in the Gift Trusting Gratitude Business in the Gift The Sacred Professions Chapter 22: Community and the Unquantifiable Chapter 23: A New Materialism Conclusion: The More Beautiful World Our Hearts Tell Us Is Possible Appendix: Quantum Money and the Reserve Question Bibliography About the Author INTRODUCTION The purpose of this book is to make money and human economy as sacred as everything else in the universe.

Obviously, if we are to make money into something sacred, nothing less than a wholesale revolution in money will suffice, a transformation of its essential nature. It is not merely our attitudes about money that must change, as some self-help gurus would have us believe; rather, we will create new kinds of money that embody and reinforce changed attitudes. Sacred Economics describes this new money and the new economy that will coalesce around it. It also explores the metamorphosis in human identity that is both a cause and a result of the transformation of money. The changed attitudes of which I speak go all the way to the core of what it is to be human: they include our understanding of the purpose of life, humanity’s role on the planet, the relationship of the individual to the human and natural community; even what it is to be an individual, a self.

Even if it has not, I won’t discard the entire corpus of technology, despite all the ruin it has wrought upon nature and humanity. In fact, the achievements of science and technology do meet important needs, needs that are key drivers of sacred economics. They include the need to explore, to play, to know, and to create what we in the New Economy movement call “really cool stuff.” In a sacred economy, science, technology, and the specialization of labor that goes along with them will continue to be among the agents for the meeting of these needs. We can see this higher purpose of science and technology already, like a recessive gene that crops up irrepressibly in spite of its endless commercialization.


pages: 561 words: 157,589

WTF?: What's the Future and Why It's Up to Us by Tim O'Reilly

"Friedman doctrine" OR "shareholder theory", 4chan, Affordable Care Act / Obamacare, Airbnb, AlphaGo, Alvin Roth, Amazon Mechanical Turk, Amazon Robotics, Amazon Web Services, AOL-Time Warner, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, basic income, behavioural economics, benefit corporation, Bernie Madoff, Bernie Sanders, Bill Joy: nanobots, bitcoin, Blitzscaling, blockchain, book value, Bretton Woods, Brewster Kahle, British Empire, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, Captain Sullenberger Hudson, carbon tax, Carl Icahn, Chuck Templeton: OpenTable:, Clayton Christensen, clean water, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, computer vision, congestion pricing, corporate governance, corporate raider, creative destruction, CRISPR, crowdsourcing, Danny Hillis, data acquisition, data science, deep learning, DeepMind, Demis Hassabis, Dennis Ritchie, deskilling, DevOps, Didi Chuxing, digital capitalism, disinformation, do well by doing good, Donald Davies, Donald Trump, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, Filter Bubble, Firefox, Flash crash, Free Software Foundation, fulfillment center, full employment, future of work, George Akerlof, gig economy, glass ceiling, Glass-Steagall Act, Goodhart's law, Google Glasses, Gordon Gekko, gravity well, greed is good, Greyball, Guido van Rossum, High speed trading, hiring and firing, Home mortgage interest deduction, Hyperloop, income inequality, independent contractor, index fund, informal economy, information asymmetry, Internet Archive, Internet of things, invention of movable type, invisible hand, iterative process, Jaron Lanier, Jeff Bezos, jitney, job automation, job satisfaction, John Bogle, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Zimmer (Lyft cofounder), Kaizen: continuous improvement, Ken Thompson, Kevin Kelly, Khan Academy, Kickstarter, Kim Stanley Robinson, knowledge worker, Kodak vs Instagram, Lao Tzu, Larry Ellison, Larry Wall, Lean Startup, Leonard Kleinrock, Lyft, machine readable, machine translation, Marc Andreessen, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, McMansion, microbiome, microservices, minimum viable product, mortgage tax deduction, move fast and break things, Network effects, new economy, Nicholas Carr, Nick Bostrom, obamacare, Oculus Rift, OpenAI, OSI model, Overton Window, packet switching, PageRank, pattern recognition, Paul Buchheit, peer-to-peer, peer-to-peer model, Ponzi scheme, post-truth, race to the bottom, Ralph Nader, randomized controlled trial, RFC: Request For Comment, Richard Feynman, Richard Stallman, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Coase, Rutger Bregman, Salesforce, Sam Altman, school choice, Second Machine Age, secular stagnation, self-driving car, SETI@home, shareholder value, Silicon Valley, Silicon Valley startup, skunkworks, Skype, smart contracts, Snapchat, Social Responsibility of Business Is to Increase Its Profits, social web, software as a service, software patent, spectrum auction, speech recognition, Stephen Hawking, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, stock buybacks, strong AI, synthetic biology, TaskRabbit, telepresence, the built environment, the Cathedral and the Bazaar, The future is already here, The Future of Employment, the map is not the territory, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Fadell, Tragedy of the Commons, transaction costs, transcontinental railway, transportation-network company, Travis Kalanick, trickle-down economics, two-pizza team, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, US Airways Flight 1549, VA Linux, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, We are the 99%, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, yellow journalism, zero-sum game, Zipcar

CHAPTER 5: NETWORKS AND THE NATURE OF THE FIRM 90 “Apps can do now what managers used to do”: Esko Kilpi, “The Future of Firms,” Medium, February 6, 2015, https://medium.com/@EskoKilpi/movement-of-thought-that-led-to-airbnb-and-uber-9d4da5e3da3a. 90 “support megacorporations”: Hal Varian, “If There Was a New Economy, Why Wasn’t There a New Economics?,” New York Times, January 17, 2002, http://www.nytimes.com/2002/01/17/business/economic-scene-if-there-was-a-new-economy-why-wasn-t-there-a-new-economics.html. 90 largest media company in the world: “Google Strengthens Its Position as World’s Largest Media Owner,” Zenith Optimedia, retrieved March 30, 2017, https://www.zenithmedia.com/google-strengthens-position-worlds-largest-media-owner-2/. 90 surpassed those of the largest traditional media companies: Tom Dotan, “Facebook Ad Revenue (Finally) Tops Media Giants,” The Information, November 22, 2016, https://www.theinformation.com/facebook-ad-revenue-finally-tops-media-giants?

Stephens II, “I Often Can’t Afford Groceries Because of Volatile Work Schedules at Gap,” Guardian, August 17, 2015, https://www.theguardian.com/commentisfree/2015/aug/17/cant-afford-groceries-volatile-work-schedules-gap. 191 Starbucks: Jodi Cantor, “Working Anything but 9 to 5,” New York Times, August 13, 2014, https://www.nytimes.com/interactive/2014/08/13/us/star bucks-workers-scheduling-hours.html. 192 Starbucks only banned in mid-2014: Jodi Cantor, “Starbucks to Revise Policies to End Irregular Schedules for Its 130,000 Baristas,” New York Times, August 15, 2014, https://www.nytimes.com/2014/08/15/us/starbucks-to-revise-work-scheduling-policies.html. 192 “not enough hours”: Jodi Lambert, “The Real Low-Wage Issue: Not Enough Hours,” CNN, January 13, 2014, http://money.cnn.com/2014/01/13/news/economy/minimum-wage-hours/. 192 a host of other labor woes: Carrie Gleason and Susan Lambert, “Uncertainty by the Hour,” Future of Work Project, retrieved March 31, 2017, http://static.opensocietyfoundations. org/misc/future-of-work/just-in-time-workforce-technologies-and-low-wage-workers.pdf. 192 a study of Uber drivers: Jonathan Hall and Alan Krueger, “An Analysis of the Labor Market for Uber’s Driver-Partners in the United States,” Uber, January 22, 2015, https://s3.amazonaws.com/uber-static/comms/PDF/Uber_Driver-Partners _Hall_Kreuger_2015.pdf. 193 rather than to increase hours for individual workers: Susan Lambert, “Work Scheduling Study,” University of Chicago School of Social Service Administration, May 2010, retrieved March 31, 2017, https://ssascholars.uchicago. edu/sites/default/files/work-scheduling-study/files/univ_of_chicago_work _scheduling_manager_report_6_25_0. pdf. 193 “In August 2013”: Esther Kaplan, “The Spy Who Fired Me,” Harper’s, March 2015, 36, available at http://populardemo cracy.org/sites/default/files/Harpers Magazine-2015-03-0085373.pdf. 194 “new jobs fall on that spectrum”: Lauren Smiley, “Grilling the Government About the On-Demand Economy,” Backchannel, August 23, 2015, https://backchannel.com/why-the-us-secretary-or-labor-doesn-t-uber-272f18799f1a. 194 They became part-time employees: Brad Stone, “Instacart Reclassifies Part of Its Workforce Amid Regulatory Pressure on Uber,” Bloomberg Technology, June 22, 2015, https://www.bloomberg.com/news/articles/2015-06-22/instacart-reclassifies-part-of-its-work force-amid-regulatory-pressure-on-uber. 195 present for their children’s birthdays: Noam Scheiber, “The Perils of Ever-Changing Work Schedules Extend to Children’s Well-Being,” New York Times, August 12, 2015, https://www.nytimes.com/2015/08/13/business/economy/the-perils-of-ever-changin-work-schedules-extend-to-childrens-well-being.html. 196 writing in Harvard Business Review: Andrei Hagiu and Rob Biederman, “Companies Need an Option Between Contractor and Employee,” Harvard Business Review, August 21, 2015, https://hbr.org/2015/08/companies-need-an-option-between-contractor-and-employee. 196 writing on Medium: Simon Rothman, “The Rise of the Uncollared Worker and the Future of the Middle Class,” Medium, July 7, 2015, https://news. greylock.com/the-rise-of-the-uncollared-worker-and-the-future-of-the-middle-class-860a928357b7. 196 “Shared Security Account”: Nick Hanauer and David Rolf, “Shared Security, Shared Growth,” Democracy, no. 37 (Summer 2015), http://democracyjournal.org/magazine/37/shared-security-shared-growth/?page=all. 196 policy proposal for portable benefits: Steven Hill, “New Economy, New Social Contract,” New America, August 4, 2015, https://www.newamerica. org/economic-growth/policy-papers/new-economy-new-social-contract/. 197 “the only game being played”: Zeynep Ton, The Good Jobs Strategy (Boston: New Harvest, 2014). This quote appears at http://zeynepton.com/book/. CHAPTER 10: MEDIA IN THE AGE OF ALGORITHMS 199 Macedonian teens out to make a buck: Craig Silverman and Lawrence Alexander, “How Teens in the Balkans Are Duping Trump Supporters with Fake News,” BuzzFeed, November 3, 2016, https://www.buzzfeed.com/craigsilver man/how-macedonia-became-a-global-hub-for-pro-trump-misinfo. 199 to churn out the stuff: Laura Sydell, “We Tracked Down a Fake-News Creator in the Suburbs.

Some of us were also entrepreneurs. To be sure, it is those entrepreneurs—people like Bill Gates, Steve Jobs, and Michael Dell in the personal computer era; Jeff Bezos, Larry Page, Sergey Brin, and Mark Zuckerberg in the web era—who saw that this world driven by a passion for discovery and sharing could become the cradle of a new economy. They found financial backers, shaped the toy into a tool, and built the businesses that turned a movement into an industry. The lesson is clear: Treat curiosity and wonder as a guide to the future. That sense of wonder may just mean that those crazy enthusiasts are seeing something that you don’t . . . yet.


pages: 559 words: 169,094

The Unwinding: An Inner History of the New America by George Packer

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Alan Greenspan, Apple's 1984 Super Bowl advert, bank run, Bear Stearns, big-box store, citizen journalism, clean tech, collateralized debt obligation, collective bargaining, company town, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, DeepMind, deindustrialization, diversified portfolio, East Village, El Camino Real, electricity market, Elon Musk, Fairchild Semiconductor, family office, financial engineering, financial independence, financial innovation, fixed income, Flash crash, food desert, gentrification, Glass-Steagall Act, global macro, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, high-speed rail, housing crisis, income inequality, independent contractor, informal economy, intentional community, Jane Jacobs, Larry Ellison, life extension, Long Term Capital Management, low skilled workers, Marc Andreessen, margin call, Mark Zuckerberg, market bubble, market fundamentalism, Maui Hawaii, Max Levchin, Menlo Park, military-industrial complex, Neal Stephenson, Neil Kinnock, new economy, New Journalism, obamacare, Occupy movement, off-the-grid, oil shock, PalmPilot, Patri Friedman, paypal mafia, peak oil, Peter Thiel, Ponzi scheme, proprietary trading, public intellectual, Richard Florida, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, Savings and loan crisis, shareholder value, side project, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, single-payer health, smart grid, Snow Crash, Steve Jobs, strikebreaker, tech worker, The Death and Life of Great American Cities, the scientific method, too big to fail, union organizing, uptick rule, urban planning, vertical integration, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, white picket fence, zero-sum game

In a decade or so, the whole landscape would be different. There might be no more Wal-Marts. Exxon and Archer Daniels Midland would be moribund, brainless, obsolete. With gas up to six or seven dollars a gallon, instead of centralization and long-distance transportation and everything on a huge scale, the new economy would be decentralized, local, and small-scale. Rural areas like the Piedmont were on the cusp of revival, and everything they needed was right at hand, riches in the fallow fields. In the age of riverboat travel there had been a gristmill every fifty miles or so, where people produced flour using water power.

“If this is a one-hundred-fifty-year anomaly,” Dean said, “where we took all the cheap, affordable oil out of the ground, and used it to get us to where we are today—when that starts to unwind, we will go back to where we were before, but yet we will have learned so much in the process of all this new technology that we take with us.” And the key, he believed, was biofuel. “This is the model that will go forward, this green new economy. Unless they come up with something that will run these vehicles on air, or something that is infinite in availability, this will rule for a thousand years. It will be an agrarian economy, but locally. Who’s to say what the future holds, but when these farmers can grow their own crops and power their own diesel tractors and not be subjected to anybody and be their own boss, that’s a big change.

For during the same months of 2008 when Red Birch Energy was starting up, housing prices were dropping all over the country, and in the Piedmont, where the economy had been depressed for a decade, the crisis was forcing people to choose between paying their mortgages and putting gas in the car—at a moment when gas prices were at an all-time high—to drive to work. Foreclosure signs started appearing on properties that had never been worth very much. Dean saw the crisis as a ripple effect of the rising cost of fuel—a consequence of peak oil. But what was good for the new economy was bad for the old. And like a line of dominoes, his overleveraged businesses began to fail, one after another. The first to go was the Back Yard Burgers in Danville. Almost immediately, weekly sales dropped 30 percent, from $17,000 to $12,000. In fast food, the break-even was around $12,500.


pages: 162 words: 51,473

The Accidental Theorist: And Other Dispatches From the Dismal Science by Paul Krugman

"World Economic Forum" Davos, Alan Greenspan, Bonfire of the Vanities, Bretton Woods, business cycle, carbon tax, clean water, collective bargaining, computerized trading, corporate raider, declining real wages, floating exchange rates, full employment, George Akerlof, George Gilder, Home mortgage interest deduction, income inequality, indoor plumbing, informal economy, invisible hand, It's morning again in America, Kenneth Arrow, knowledge economy, life extension, new economy, Nick Leeson, paradox of thrift, Paul Samuelson, plutocrats, price stability, rent control, Robert Solow, Ronald Reagan, Silicon Valley, trade route, very high income, working poor, zero-sum game

America’s middle class may be anxious, but objectively, it is doing fine. The people who are really doing badly are those who do not have good jobs and never did. Those with lousy jobs have seen their already-low wages slowly but steadily sink. In other words, the main victims of (to use another of Reich’s phrases) the “new economy” are not the few thousand managers who have become hamburger flippers but the tens of millions of hamburger flippers, janitors, and so on whose real wages have been declining 1 or 2 percent per year for the last two decades. Does this distinction matter? It does if you are trying to set any sort of policy priorities.

They would rather read five books by David Halberstam than one chapter in an undergraduate textbook; and they absolutely hate the idea that they need to work their way through whimsical stories about cloth and wine and baby-sitting rather than get right into pontificating about globalization and the new economy. But there is no way around it. If you want to be truly well-informed about economics (or anything else), you must go back to school—and keep going back, again and again. You must be prepared to work through little models before you can use the big words—in fact, it is usually a good idea to try to avoid the big words altogether.

Remarkably for a book that spends most of its five-hundred-plus pages dwelling on events centuries (and occasionally millennia) in the past, a good deal of the buzz comes from the business community, not usually noted for its interest in history. Indeed, Fischer is getting favorable mention from people who tell us in the next breath that we live in a New Economy to which old rules no longer apply. There is a reason for this peculiar affinity between a historian with an eight-century perspective and business commentators obsessed with the new; what these pundits really want, it turns out, is to use his account of alleged patterns in the distant past as an excuse to ignore the lessons of more recent history.


pages: 394 words: 85,734

The Global Minotaur by Yanis Varoufakis, Paul Mason

active measures, Alan Greenspan, AOL-Time Warner, banking crisis, Bear Stearns, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, business climate, business cycle, capital controls, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, corporate governance, correlation coefficient, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, debt deflation, declining real wages, deindustrialization, Easter island, endogenous growth, eurozone crisis, financial engineering, financial innovation, first-past-the-post, full employment, Glass-Steagall Act, Great Leap Forward, guns versus butter model, Hyman Minsky, industrial robot, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, labour market flexibility, light touch regulation, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, market fundamentalism, Mexican peso crisis / tequila crisis, military-industrial complex, Money creation, money market fund, mortgage debt, Myron Scholes, negative equity, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, paper trading, Paul Samuelson, planetary scale, post-oil, price stability, quantitative easing, reserve currency, rising living standards, Ronald Reagan, special economic zone, Steve Jobs, structural adjustment programs, Suez crisis 1956, systematic trading, too big to fail, trickle-down economics, urban renewal, War on Poverty, WikiLeaks, Yom Kippur War

It was a New Age faith in the financial sector’s powers to create ‘riskless risk’, which culminated in the belief that the planet could now sustain debts (and bets made on the back of these debts) that were many multiples of actual, global income. Vulgar empiricism shored up such mystical beliefs: back in 2001, when the so-called ‘new economy’ collapsed, destroying much of the paper wealth made from the dotcom bubble and the Enron-like scams, the system held together. The 2001 new economy bubble was, in fact, worse than the sub-prime mortgage equivalent that burst six years later. And yet the ill effects were contained efficiently by the authorities (even though employment did not recover until 2004–05). If such a large shock could be absorbed so readily, surely the system could sustain smaller shocks, like the $500 billion sub-prime losses of 2007–08.

Both ‘consolidation’ waves (of the 1900s and the 1990s) had momentous consequences on Wall Street, effectively multiplying by a considerable factor the capital flows that the banks and other financial institutions were handling. However, the 1990s version was more explosive because of the effects of two new phenomena: the Minotaur-induced capital flight toward America, and the way in which the so-called New Economy, and predominantly the prospects for e-commerce, mesmerized investors. In 1998, Germany’s flagship vehicle maker, Daimler-Benz, was lured to the United States, where it attempted, successfully, to take over Chrysler, the third-largest American auto manufacturer. The price the German company paid for Chrysler, $36 billion, sounded exorbitant – but at the time it seemed like a good price, in view of Wall Street’s valuation of the merged company, which amounted to a whopping $130 billion!

., New Frontier social programmes, 83, 84 Keynes, John Maynard: Bretton Woods conference, 59, 60, 62, 109; General Theory, 37; ICU proposal, 60, 66, 90, 109, 254, 255; influence on New Dealers, 81; on investment decisions, 48; on liquidity, 160–1; trade imbalances, 62–6 Keynsianism, 157 Kim Il Sung, 77 Kissinger, Henry, 94, 98, 106 Kohl, Helmut, 201 Korea, 91, 191, 192 Korean War, 77, 86 labour: as a commodity, 28; costs, 104–5, 104, 105, 106, 137; hired, 31, 45, 46, 53, 64; scarcity of, 34–5; value of, 50–2 labour markets, 12, 202 Labour Party (British), 69 labourers, 32 land: as a commodity, 28; enclosure, 64 Landesbanken, 203 Latin America: effect of China on, 215, 218; European banks’ exposure to, 203; financial crisis, 190 see also specific countries lead, prices, 96 Lebensraum, 67 Left-Right divide, 167 Lehman Brothers, 150, 152–3 leverage, 121–2 leveraging, 37 Liberal Democratic Party (Japan), 187 liberation movements, 79, 107 LIBOR (London Interbank Offered Rate), 148 liquidity traps, 157, 190 Lloyds TSB, 153, 156 loans: and CDOs, 7–8, 129–31; defaults on, 37 London School of Economics, 4, 66 Long-Term Capital Management (LTCM) hedge fund collapse, 13 LTCM (Long-Term Capital Management) hedge fund collapse, 2, 13 Luxembourg, support for Dexia, 154 Maastricht Treaty, 199–200, 202 MacArthur, Douglas, 70–1, 76, 77 machines, and humans, 50–2 Malaysia, 91, 191 Mao, Chairman, 76, 86, 91 Maresca, John, 106–7 Marjolin, Robert, 73 Marshall, George, 72 Marshall Plan, 71–4 Marx, Karl: and capitalism, 17–18, 19, 34; Das Kapital, 49; on history, 178 Marxism, 181, 182 Matrix, The (film), 50–2 MBIA, 149, 150 McCarthy, Senator Joseph, 73 mercantilism, in Germany, 251 merchant class, 27–8 Merkel, Angela, 158, 206 Merrill Lynch, 149, 153, 157 Merton, Robert, 13 Mexico: effect of China on, 214; peso crisis, 190 Middle East, oil, 69 MIE (military-industrial establishment), 82–3 migration, Crash of 2008, 3 military-industrial complex mechanism, 65, 81, 182 Ministry for International Trade and Industry (Japan), 78 Ministry of Finance (Japan), 187 Minotaur legend, 24–5, 25 Minsky, Hyman, 37 money markets, 45–6, 53, 153 moneylenders, 31, 32 mortgage backed securities (MBS) 232, 233, 234 NAFTA (North American Free Trade Agreement), 214 National Bureau of Economic Research (US), 157 National Economic Council (US), 3 national income see GDP National Security Council (US), 94 National Security Study Memorandum 200 (US), 106 nationalization: Anglo Irish Bank, 158; Bradford and Bingley, 154; Fortis, 153; Geithner–Summers Plan, 179; General Motors, 160; Icelandic banks, 154, 155; Northern Rock, 151 NATO (North Atlantic Treaty Organization), 76, 253 negative engineering, 110 negative equity 234 neoliberalism, 139, 142; and greed, 10 New Century Financial, 147 New Deal: beginnings, 45; Bretton Woods conference, 57–9; China, 76; Global Plan, 67–71, 68; Japan, 77; President Kennedy, 84; support for the Deutschmark, 74; transfer union, 65 New Dealers: corporate power, 81; criticism of European colonizers, 79 ‘new economy’, 5–6 New York stock exchange, 40, 158 Nietzsche, Friedrich, 19 Nixon, Richard, 94, 95–6 Nobel Prize for Economics, 13 North American Free Trade Agreement (NAFTA), 214 North Atlantic Treaty Organization (NATO), 76 North Korea see Korea Northern Rock, 148, 151 Obama administration, 164, 178 Obama, Barack, 158, 159, 169, 180, 230, 231 OECD (Organisation for Economic Co-operation and Development), 73 OEEC (Organisation for European Economic Co-operation), 73, 74 oil: global consumption, 160; imports, 102–3; prices, 96, 97–9 OPEC (Organization of the Petroleum Exporting Countries), 96, 97 paradox of success, 249 parallax challenge, 20–1 Paulson, Henry, 152, 154, 170 Paulson Plan, 154, 173 Penn Bank, 40 Pentagon, the, 73 Plaza Accord (1985), 188, 192, 213 Pompidou, Georges, 94, 95–6 pound sterling, devaluing, 93 poverty: capitalism as a supposed cure for, 41–2; in China, 162; reduction in the US, 84; reports on global, 125 predatory governance, 181 prey–predator dynamic, 33–5 prices, flexible, 40–1 private money, 147, 177; Geithner–Summers Plan, 178; toxic, 132–3, 136, 179 privatization, of surpluses, 29 probability, estimating, 13–14 production: cars, 70, 103, 116, 157–8; coal, 73, 75; costs, 96, 104; cuts in, 41; in Japan, 185–6; processes, 30, 31, 64; steel, 70, 75 production–distribution cycle, 54 property see real estate prophecy paradox, 46, 47, 53 psychology, mass, 14 public debt crisis, 205 quantitative easing, 164, 231–6 railway bubbles, 40 Rational Expectations Hypothesis (REH), 15–16 RBS (Royal Bank of Scotland), 6, 151, 156; takeover of ABN-Amro, 119–20 Reagan, Ronald, 10, 99, 133–5, 182–3 Real Business Cycle Theory (RBCT), 15, 16–17 real estate, bubbles, 8–9, 188, 190, 192–3 reason, deferring to expectation, 47 recession predictions, 152 recessions, US, 40, 157 recycling mechanisms, 200 regulation, of banking system, 10, 122 relabelling, 14 religion, organized, 27 renminbi (RMB), 213, 214, 217, 218, 253 rentiers, 165, 187, 188 representative agents, 140 Reserve Bank of Australia, 148 reserve currency status, 101–2 risk: capitalists and, 31; riskless, 5, 6–9, 14 Roach, Stephen, 145 Robbins, Lionel, 66 Roosevelt, Franklin D., 165; attitude towards Britain, 69; and bank regulation, 10; New Deal, 45, 58–9 Roosevelt, Theodore (‘Teddy’), 180 Royal Bank of Scotland (RBS), 6, 151, 156; takeover of ABN-Amro, 119–20 Rudd, Kevin, 212 Russia, financial crisis, 190 Saudi Arabia, oil prices, 98 Scandinavia, Gold Standard, 44 Scholes, Myron, 13 Schopenhauer, Arthur, 19 Schuman, Robert, 75 Schumpter, Joseph, 34 Second World War, 45, 55–6; aftermath, 87–8; effect on the US, 57–8 seeds, commodification of, 163 shares, in privatized companies, 137, 138 silver, prices, 96 simulated markets, 170 simulated prices, 170 Singapore, 91 single currencies, ICU, 60–1 slave trade, 28 SMEs (small and medium-sized enterprises), 186 social welfare, 12 solidarity (asabiyyah), 33–4 South East Asia, 91; financial crisis, 190, 191–5, 213; industrialization, 86, 87 South Korea see Korea sovereign debt crisis, 205 Soviet Union: Africa, 79; disintegration, 201; Marshall Plan, 72–3; Marxism, 181, 182; relations with the US, 71 SPV (Special Purpose Vehicle), 174 see also EFSF stagflation, 97 stagnation, 37 Stalin, Joseph, 72–3 steel production, in Germany, 70 Strauss-Kahn, Dominique, 60, 254, 255 Summers, Larry, 230 strikes, 40 sub-prime mortgages, 2, 5, 6, 130–1, 147, 149, 151, 166 success, paradox of, 33–5, 53 Suez Canal trauma, 69 Suharto, President of Indonesia, 97 Summers, Larry, 3, 132, 170, 173, 180 see also Geithner–Summers Plan supply and demand, 11 surpluses: under capitalism, 31–2; currency unions, 61; under feudalism, 30; generation in the EU, 196; manufacturing, 30; origin of, 26–7; privatization of, 29; recycling mechanisms, 64–5, 109–10 Sweden, Crash of 2008, 155 Sweezy, Paul, 73 Switzerland: Crash of 2008, 155; UBS, 148–9, 151 systemic failure, Crash of 2008, 17–19 Taiwan, 191, 192 Tea Party (US), 162, 230, 231, 281 technology, and globalization, 28 Thailand, 91 Thatcher, Margaret, 117–18, 136–7 Third World: Crash of 2008, 162; debt crisis, 108, 219; interest rate rises, 108; mineral wealth, 106; production of goods for Walmart, 125 tiger economies, 87 see also South East Asia Tillman Act (1907), 180 time, and economic models, 139–40 Time Warner, 117 tin, prices, 96 toxic theory, 13–17, 115, 133–9, 139–42 trade: balance of, 61, 62, 64–5; deficits (US), 111, 243; global, 27, 90; surpluses, 158 trades unions, 124, 137, 202 transfer unions, New Deal, 65 Treasury Bills (US), 7 Treaty of Rome, 237 Treaty of Versailles, 237 Treaty of Westphalia, 237 trickle-down, 115, 135 trickle-up, 135 Truman Doctrine, 71, 71–2, 77 Truman, Harry, 73 tsunami, effects of, 194 UBS, 148–9, 151 Ukraine, and the Crash of 2008, 156 UN Security Council, 253 unemployment: Britain, 160; Global Plan, 96–7; rate of, 14; US, 152, 158, 164 United States see US Unocal, 106 US economy, twin deficits, 22–3, 25 US government, and South East Asia, 192 US Mortgage Bankers Association, 161 US Supreme Court, 180 US Treasury, 153–4, 156, 157, 159; aftermath of the Crash of 2008, 160; Geithner–Summers Plan, 171–2, 173; bonds, 227 US Treasury Bills, 109 US (United States): aftermath of the Crash of 2008, 161–2; assets owned by foreign state institutions, 216; attitude towards oil price rises, 97–8; China, 213–14; corporate bond purchases, 228; as a creditor nation, 57; domestic policies during the Global Plan, 82–5; economy at present, 184; economy praised, 113–14; effects of the Crash of 2008, 2, 183; foreign-owned assets, 225; Greek Civil War, 71; labour costs, 105; Plaza Accord, 188; profit rates, 106; proposed invasion of Afghanistan, 106–7; role in the ECSC, 75; South East Asia, 192 value, costing, 50–1 VAT, reduced, 156 Venezuela, oil prices, 97 Vietnamese War, 86, 91–2 vital spaces, 192, 195, 196 Volcker, Paul: 2009 address to Wall Street, 122; demand for dollars, 102; and gold convertibility, 94; interest rate rises, 99; replaced by Greenspan, 10; warning of the Crash of 2008, 144–5; on the world economy, 22, 100–1, 139 Volcker Rule, 180–1 Wachowski, Larry and Andy, 50 wage share, 34–5 wages: British workers, 137; Japanese workers, 185; productivity, 104; prophecy paradox, 48; US workers, 124, 161 Wal-Mart: The High Cost of Low Price (documentary, Greenwald), 125–6 Wall Street: Anglo-Celtic model, 12; Crash of 2008, 11–12, 152; current importance, 251; Geithner–Summers Plan, 178; global profits, 23; misplaced confidence in, 41; private money, 136; profiting from sub-prime mortgages, 131; takeovers and mergers, 115–17, 115, 118–19; toxic theory, 15 Wallace, Harry, 72–3 Walmart, 115, 123–7, 126; current importance, 251 War of the Currents, 39 Washington Mutual, 153 weapons of mass destruction, 27 West Germany: labour costs, 105; Plaza Accord, 188 Westinghouse, George, 39 White, Harry Dexter, 59, 70, 109 Wikileaks, 212 wool, as a global commodity, 28 working class: in Britain, 136; development of, 28 working conditions, at Walmart, 124–5 World Bank, 253; origins, 59; recession prediction, 149; and South East Asia, 192 World Trade Organization, 78, 215 written word, 27 yen, value against dollar, 96, 188, 193–4 Yom Kippur War, 96 zombie banks, 190–1


pages: 338 words: 85,566

Restarting the Future: How to Fix the Intangible Economy by Jonathan Haskel, Stian Westlake

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, Andrei Shleifer, Big Tech, Black Lives Matter, book value, Boris Johnson, Brexit referendum, business cycle, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, Charles Lindbergh, charter city, cloud computing, cognitive bias, cognitive load, congestion charging, coronavirus, corporate governance, COVID-19, creative destruction, cryptocurrency, David Graeber, decarbonisation, Diane Coyle, Dominic Cummings, Donald Shoup, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Edward Glaeser, equity risk premium, Erik Brynjolfsson, Estimating the Reproducibility of Psychological Science, facts on the ground, financial innovation, Francis Fukuyama: the end of history, future of work, general purpose technology, gentrification, Goodhart's law, green new deal, housing crisis, income inequality, index fund, indoor plumbing, industrial cluster, inflation targeting, intangible asset, interchangeable parts, invisible hand, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Arrow, knowledge economy, knowledge worker, lockdown, low interest rates, low skilled workers, Marc Andreessen, market design, Martin Wolf, megacity, mittelstand, new economy, Occupy movement, oil shock, patent troll, Peter Thiel, Phillips curve, postindustrial economy, pre–internet, price discrimination, quantitative easing, QWERTY keyboard, remote working, rent-seeking, replication crisis, risk/return, Robert Gordon, Robert Metcalfe, Robert Shiller, Ronald Coase, Sam Peltzman, Second Machine Age, secular stagnation, shareholder value, Silicon Valley, six sigma, skeuomorphism, social distancing, superstar cities, the built environment, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, urban planning, We wanted flying cars, instead we got 140 characters, work culture , X Prize, Y2K

By supporting trade, finance, and investment, they had begun to break out of the trap of subsistence in which most of western Europe had been stuck for centuries. But even as the paint on the fresco was drying, the economic tide was beginning to turn. The institutions that had helped Siena prosper turned out to be inadequate for the new economy. Like many other northern Italian cities, Siena began to stagnate and then decline. The frescoes in the Palazzo Pubblico stand as a melancholy reminder of what had been. The Sienese experience raises an important question that we will explore in chapter 3: What institutions, norms, and strategies does the economy need as it grows and changes?

By modern standards, Siena was still desperately poor, but it was slightly less poor than it had been, and that growth was in itself remarkable by historical standards. But even as the paint on the fresco was drying, the economic tide was beginning to turn. The institutions and rules that had helped the Tuscan towns become richer were not able to cope with the demands of the emerging new economy. Investment slowed. Rich townsfolk increasingly spent their money on status and display. Unwise land development led to disastrous floods. Growing inequality led to riots and disorder. Improving Siena’s institutions to deal with these new challenges was difficult. Indeed, the fact that its rulers saw fit to commission costly frescoes about good and bad governance suggests that this issue was contested at the time.

Indeed, the fact that its rulers saw fit to commission costly frescoes about good and bad governance suggests that this issue was contested at the time. FIGURE 3.1: Ambrogio Lorenzetti, The Effects of Good Governance on Siena and Its Territory, Public Palace, Siena. The institutions that had helped Siena prosper were not adequate for the new economy that had emerged. Like many northern Italian cities, Siena began to stagnate and then to decline. The frescoes in the Palazzo Pubblico stand as a melancholy reminder of what had been. Nonetheless, the frescoes of Siena provide three lessons that are important to our argument. First, good institutions help drive economic growth and investment.


pages: 422 words: 113,830

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips

"World Economic Forum" Davos, Alan Greenspan, algorithmic trading, asset-backed security, bank run, banking crisis, Bear Stearns, Bernie Madoff, Black Swan, Bretton Woods, BRICs, British Empire, business cycle, buy and hold, collateralized debt obligation, computer age, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency peg, diversification, Doha Development Round, energy security, financial deregulation, financial engineering, financial innovation, fixed income, Francis Fukuyama: the end of history, George Gilder, Glass-Steagall Act, housing crisis, Hyman Minsky, imperial preference, income inequality, index arbitrage, index fund, interest rate derivative, interest rate swap, Joseph Schumpeter, junk bonds, Kenneth Rogoff, large denomination, Long Term Capital Management, low interest rates, market bubble, Martin Wolf, Menlo Park, Michael Milken, military-industrial complex, Minsky moment, mobile money, money market fund, Monroe Doctrine, moral hazard, mortgage debt, Myron Scholes, new economy, oil shale / tar sands, oil shock, old-boy network, peak oil, plutocrats, Ponzi scheme, profit maximization, prosperity theology / prosperity gospel / gospel of success, Renaissance Technologies, reserve currency, risk tolerance, risk/return, Robert Shiller, Ronald Reagan, Satyajit Das, Savings and loan crisis, shareholder value, short selling, sovereign wealth fund, stock buybacks, subprime mortgage crisis, The Chicago School, Thomas Malthus, too big to fail, trade route

Part of the reason for sketching some of the realignment of wealth that has flowed from the rise of the financial sector is simply to underscore how yesteryear’s support for the creative destruction of a free and fast-flowing marketplace would logically have evolved into support for an assets “Plunge Protection Team” or a federal assets-maintenance strategy instead. Keep the markets up. Please, gentlemen, especially with all of those crazy people in the Middle East and the dollar coming unglued. Meanwhile, the new economy is breeding more stratification and inheritance than mobility. Money makes money. When Barron’s published its 2007 survey of the top forty wealth-management firms in the United States—most part of banks or other large financial institutions—among them they appeared to have some seventy thousand private client managers.47 Wealth management has become a large and growing business in the United States, and wealthy Americans are no more likely to submit their swollen and cherished assets to the unfettered whims of the free market than Japanese asset owners were when Japan’s real estate and stock bubble began to deflate in 1989.

ORDINARY AMERICANS: A NEW AND GROWING RISK BURDEN The economic uncertainty and disillusionment of Middle America has become a commonplace. The five-year stagnation of median family incomes, the additional millions lacking health insurance coverage, and the increasing share of personal income required for debt service have taken the wind out of the sails of even new-economy soothsayers. If household-sector risk consciousness had a quantifier, it would be at or near a record. If risk—more specifically, its minimalization or its widest feasible dispersal—has been a major preoccupation of the financial sector, corporate America and the federal government have been moving in comparable directions, dumping this or that onetime responsibility.

As Daniel Gross hypothesized in Bull Run: Wall Street, the Democrats, and the New Politics of Personal Finance (2000), a new “democratization of money”—the convergence of pension fund power, broad public ownership of mutual funds, and supposed Clinton administration talent had turned the mass of individual investors into the new “monied interests,” displacing the New Yorker cartoon figures as the principal beneficiaries of the stock market. Thus, he argued, “the Democrats can be the party of Wall Street and Main Street, of the rich and the poor,” while the Republicans paint themselves into a southern and culturally non-cosmopolitan corner.19 Although the new-economy utopian pretenses generally disappeared after the 2000-2002 stock market crash, major legacies of this new Democratic economic contemplation remained relevant in 2008. A Washington-to-Boston geography, with a New Jersey-New York- Connecticut center of gravity, grew even more vivid. Besides the Clintons’ taking on New York coloration, Jon Corzine, the former co-chairman of Goldman Sachs, became the Democratic governor of New Jersey.


pages: 573 words: 115,489

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

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

The suggestion is still essentially an appeal to decoupling. Growth continues, while resource intensity (and hopefully throughput) declines. But here at least is something in the way of a blueprint for what such an economy might look like. It gives us more of a sense of what people are buying and what businesses are selling in this new economy. It also gives us an insight into the kinds of jobs that characterise the new service-based economy. They will differ in some precise ways from jobs in the prevailing consumer economy. And, perhaps more importantly, as we see in the next section, there are likely to be more of them. Work as participation Work matters.

Confronting instability If the economy of tomorrow is a ‘post-growth’ economy not just in concept but also in measure, then what can we say about the second horn of the dilemma of growth. Are we inevitably heading towards macroeconomic instability? Or are there ways in which the structural foundations of this new economy might mitigate instability and in doing so allow us to escape the dilemma? These are amongst the most profound and the most important questions raised by the inquiry in this book. And it’s extraordinary to find, more than 80 years after Keynes’ essay and twice that since Mill’s defence of the stationary state, that we have virtually nothing to go on to help us answer them.

What happens to employment when material consumption is no longer expanding? What happens to inequality as conventional growth rates decline? What can we say about financial stability when capital no longer accumulates? What happens to the public sector in the face of declining aggregate demand? These are the kinds of questions that we need to ask about this new economy. Conventional wisdom tends to suggest some unsavoury answers. When demand stalls, for instance, unemployment typically rises, tax revenues typically fall and debts rise. These impacts tend to create a ‘growth imperative’ which in its turn becomes the foundations for the dilemma of growth. As I indicated at the top of this chapter, a fully articulated post-growth macroeconomics lies beyond the scope of this book.


The New Class War: Saving Democracy From the Metropolitan Elite by Michael Lind

"World Economic Forum" Davos, affirmative action, anti-communist, basic income, Bernie Sanders, Boris Johnson, Bretton Woods, Brexit referendum, business cycle, Cambridge Analytica, capital controls, Cass Sunstein, central bank independence, centre right, collective bargaining, commoditize, corporate governance, cotton gin, crony capitalism, deindustrialization, disinformation, Doha Development Round, Donald Trump, Edward Snowden, export processing zone, fake news, future of work, gentrification, global supply chain, guest worker program, Haight Ashbury, illegal immigration, immigration reform, independent contractor, invisible hand, Jeremy Corbyn, knowledge economy, Les Trente Glorieuses, liberal world order, low skilled workers, low-wage service sector, manufacturing employment, Mark Zuckerberg, mass immigration, means of production, Michael Milken, moral panic, Nate Silver, new economy, offshore financial centre, oil shock, open borders, plutocrats, Ponzi scheme, purchasing power parity, Ralph Nader, regulatory arbitrage, rent-seeking, Richard Florida, Ronald Reagan, scientific management, Silicon Valley, SoftBank, The Wealth of Nations by Adam Smith, Thorstein Veblen, Timothy McVeigh, trade liberalization, union organizing, universal basic income, upwardly mobile, WikiLeaks, Wolfgang Streeck, working poor

Danish Social Democrats, for example, have reversed their political decline by adopting a more restrictive immigration policy, winning back voters motivated by that issue who had cast protest votes for populist parties.1 In other cases, ameliorative new social insurance programs might reduce some of the insecurity many workers feel in the unfriendly new economy created by neoliberalism. But the willingness of Western elites to refrain from imposing their deeply held left-libertarian values on their fellow citizens or to pay higher taxes to bribe the masses below them is undoubtedly limited. And if redistribution of income or assets were not accompanied by redistribution of power, the feelings of powerlessness that drive much working-class anger would remain

Among these non-STEM jobs, only two pay relatively well—general and operations managers ($100,410) and registered nurses ($70,000). These happen to be the only two that require college degrees, according to the BLS. None of the other jobs with the greatest absolute growth in the US pay more than the annual salary of a medical assistant ($32,480).3 If the “new economy” or “knowledge economy” primarily rewarded education, rather than ownership of assets, then we would expect the greatest increase in incomes to have occurred among the top 30 percent with at least a bachelor’s degree. Instead, the gains from growth have been concentrated among those with income from capital—investors and managers with stock options.4 In one study, in sixteen Western democracies labor productivity grew far more rapidly than average real wages and fringe benefits, but most income growth went to profits of owners and shareholders.5 Another study of thirteen advanced capitalist countries found that the growth in real wages, which had been 4 percent in the 1970s, was less than 1 percent between 1980 and 2005, while the wage share of income declined from 78 percent to 63 percent, with the rest going to income from profits, interest, dividends, and rents.6 The big money is not in “human capital” but in plain old-fashioned capital.

Instead, the gains from growth have been concentrated among those with income from capital—investors and managers with stock options.4 In one study, in sixteen Western democracies labor productivity grew far more rapidly than average real wages and fringe benefits, but most income growth went to profits of owners and shareholders.5 Another study of thirteen advanced capitalist countries found that the growth in real wages, which had been 4 percent in the 1970s, was less than 1 percent between 1980 and 2005, while the wage share of income declined from 78 percent to 63 percent, with the rest going to income from profits, interest, dividends, and rents.6 The big money is not in “human capital” but in plain old-fashioned capital. The new economy is really a new version of the old economy—the managerial capitalist economy, not some mythical, immaterial “knowledge economy.” To be sure, nations with large pools of engineers and scientists are likely to do better than those without them. Even so, there are relatively few “knowledge economy” jobs as a share of the total.


pages: 173 words: 55,328

Last Best Hope: America in Crisis and Renewal by George Packer

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, anti-bias training, anti-communist, Berlin Wall, Bernie Sanders, Big Tech, BIPOC, Black Lives Matter, blue-collar work, Branko Milanovic, British Empire, business cycle, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, coronavirus, COVID-19, crony capitalism, defund the police, deindustrialization, desegregation, disinformation, Donald Trump, failed state, fake news, Fall of the Berlin Wall, Ferguson, Missouri, fulfillment center, full employment, George Floyd, ghettoisation, gig economy, glass ceiling, informal economy, Jeff Bezos, knowledge economy, liberal capitalism, lockdown, Lyft, Mark Zuckerberg, mass immigration, meritocracy, minimum wage unemployment, new economy, Norman Mailer, obamacare, off-the-grid, postindustrial economy, prosperity theology / prosperity gospel / gospel of success, QAnon, ride hailing / ride sharing, road to serfdom, Ronald Reagan, school vouchers, self-driving car, Silicon Valley, social distancing, Social Justice Warrior, Steve Bannon, too big to fail, Triangle Shirtwaist Factory, Uber and Lyft, uber lyft, Upton Sinclair, white flight, working poor, young professional

Clinton’s speeches became euphoric—“We are fortunate to be alive at this moment in history,” he said in his final State of the Union message. The new economy had replaced “outmoded ideologies” with dazzling technologies. The business cycle had practically been abolished, along with class conflict. The answer to all problems of social class was education. Clinton’s wish list to Congress that year included more money for Internet access in schools and college-test-prep courses for poor kids. In April 2000 Clinton hosted a celebration called the White House Conference on the New Economy. Bill Gates sat on a panel with Amartya Sen, earnest purpose mingled with self-congratulation, virtue and success high-fived—the distinctive atmosphere of Smart America.

Something more than just the Democrats’ principled embrace of the Black freedom movement and other struggles for equality caused the shift. After the McGovern convention in 1972, the Democratic Party became the home of educated professionals, racial minorities, and the shrinking unionized working class. The more the party identified with the winners of the new economy, the easier it became for the Republican Party to pull away white workers by appealing to cultural values. In the 1980s Gary Hart (who had labored on the Kansas railroads as a boy) became the leader of the tech-minded “Atari Democrats.” In the early 1990s Bill Clinton (from a dirt-poor Arkansas watermelon patch called Hope) used his chairmanship of the centrist Democratic Leadership Council as a launchpad for the presidency.


Big Data and the Welfare State: How the Information Revolution Threatens Social Solidarity by Torben Iversen, Philipp Rehm

23andMe, Affordable Care Act / Obamacare, algorithmic bias, barriers to entry, Big Tech, business cycle, centre right, collective bargaining, COVID-19, crony capitalism, data science, DeepMind, deindustrialization, full employment, George Akerlof, income inequality, information asymmetry, invisible hand, knowledge economy, land reform, lockdown, loss aversion, low interest rates, low skilled workers, microbiome, moral hazard, mortgage debt, Network effects, new economy, obamacare, personalized medicine, Ponzi scheme, price discrimination, principal–agent problem, profit maximization, Robert Gordon, speech recognition, subprime mortgage crisis, tail risk, The Market for Lemons, The Rise and Fall of American Growth, union organizing, vertical integration, working-age population

Our main focus is on the contemporary period, however, where we examine how technology, insurance, and financial companies are using data to enable and https://doi.org/10.1017/9781009151405.001 Published online by Cambridge University Press Methods and Evidence 11 segment insurance and credit markets. Market-based insurers rather than MASs now dominate private insurance provision, but we will show how social networks have assumed an insurance role in the new economy that is not unlike the role played by MASs in the past, and we explain how these networks have become important when it comes to sharing information and forming policy preferences. We also conduct several case studies of change. Since the mid-1970s, for example, statewide private health insurance in the USA has been broken up into smaller pools, usually based on large companies (called “self-insurance”).

We use the Swedish case of unemployment benefit reforms to explore the consequences of a closer association between occupation and risk, which allows unions to police entry and enforce risk differentiation in UIFs. Solidaristic pooling of unemployment insurance is no longer the obvious choice for a majority of workers. Segmentation of labor markets is also colinear with more segmentation of social networks. In the new economy, the latter serve some insurance purposes themselves, but for individuals, they also function as an important source of information about their risks. We show that better information about unemployment risks leads to more polarized social policy preferences. There are thus two effects of growing socioeconomic differentiation of risk: one is a segmentation of insurance; the other is a decline in cross-class solidarity.

Moreover, access to credit has become an important determinant of individual welfare in a 1 This chapter is based on Iversen and Rehm (2022). 105 https://doi.org/10.1017/9781009151405.005 Published online by Cambridge University Press 106 Credit Markets AUS AUT BEL CAN CHE DEU DNK ESP FIN FRA GBR GRC ITA JPN NLD NOR PRT SWE USA 0 50 100 150 200 250 Total household debt (% of net disposable income) 1995 2019 figure 5.1 Household debt as a percentage of disposable income Note: Second data point refers to 2018 in JPN, NOR, and USA and 2020 in CAN. Source: OECD National Accounts Statistics: National Accounts at a Glance (https://doi.org/10.1787/f03b6469-en, last accessed June 3, 2021 [https://per ma.cc/HE5 R-NR7X]) (OECD 2018b). new economy where credit is used to smooth income across increasingly nonlinear life cycles. As owning a home has become commonplace in some countries, access to mortgage finance is also increasingly seen as a prerequisite for a middle-class life style. Therefore, both access to credit and the cost of such access are becoming important determinants of prosperity and hence also of inequality.


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Back to School: Why Everyone Deserves a Second Chance at Education by Mike Rose

blue-collar work, centre right, confounding variable, creative destruction, delayed gratification, digital divide, George Santayana, income inequality, MITM: man-in-the-middle, moral panic, new economy, Ronald Reagan, The Bell Curve by Richard Herrnstein and Charles Murray, the built environment, urban renewal, War on Poverty

These efforts are laudable; however, they reach a fairly small percentage of poor and low-income Americans and on average are targeted toward the more academically skilled among them—though many still require remedial English and mathematics. The economic rationale for increased postsecondary education rests on some widely held—and continually broadcasted— assumptions. Work in the “new economy” requires more literacy, numeracy, and computer skills as well as so-called “soft skills” like collaboration and communication. A further assumption is that there is a “skills mismatch” between many Americans and the labor market; that is, there are jobs out there that go unfilled because the local labor pool doesn’t possess the technological or behavioral skills to do the work.

number of important issues, central not only to education but also to the economy, to the meaning of work, and to democratic life: the skyrocketing cost of college and the poor record of retention and graduation in higher education, the disconnect between the current labor market and the politically popular rhetoric of “educating our way into the new economy,” and the significant commitment of financial and human resources that will be needed to make college-for-all a reality. On a broader scale the debate raises the issues of the purpose of education in a free society, the issue of the variability of human interests and talents, and the class-based bias toward entire categories of knowledge and activity—a bias institutionalized in the structure of the American high school.

But as with remedial education, this is a promising moment. All those Perkins-initiated reforms of the last few decades have yielded some terrific programs and ideas. The notion of contextualized learning is getting wide attention. And public and private resources are being directed toward workforce development for the new economy. As with attempts at reform of remediation, the big question is: What kind of education will all this yield? Let me close with several observations. When I was teaching remedial English, one of my primary goals was to change the model of writing my students carried in their heads. Over our time together, I wanted them to begin to conceive of writing as a way to think something through and give order to those thoughts.


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Riding for Deliveroo: Resistance in the New Economy by Callum Cant

Airbnb, algorithmic management, call centre, capitalist realism, collective bargaining, deskilling, Elon Musk, fixed-gear, future of work, gamification, gig economy, housing crisis, illegal immigration, independent contractor, information asymmetry, invention of the steam engine, machine readable, Mark Zuckerberg, means of production, new economy, Pearl River Delta, race to the bottom, ride hailing / ride sharing, scientific management, sharing economy, Silicon Valley, strikebreaker, tech worker, union organizing, Winter of Discontent, women in the workforce

The Question of Power Notes 8 A New Wave London, September 2018 Everywhere, October 2018 The Network Model Notes 9 Conclusion The Politics of Parties and the Conditions of Struggle Birdsong Notes Index End User License Agreement Riding for Deliveroo Resistance in the New Economy Callum Cant polity Copyright © Callum Cant 2020 The right of Callum Cant to be identified as Author of this Work has been asserted in accordance with the UK Copyright, Designs and Patents Act 1988. First published in 2020 by Polity Press Polity Press 65 Bridge Street Cambridge CB2 1UR, UK Polity Press 101 Station Landing Suite 300 Medford, MA 02155, USA All rights reserved.

Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of the publisher. ISBN-13: 978-1-5095-3552-1 A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data Names: Cant, Callum, author. Title: Riding for Deliveroo : resistance in the new economy / Callum Cant. Description: Cambridge, UK ; Medford, MA : Polity Press, 2019. | Includes bibliographical references. | Summary: “What is life like for workers in the gig economy? Is it a paradise of flexibility and freedom? Or is it a world of exploitation? Callum Cant took a job with one of the most prominent platforms, Deliveroo, to find out.

McAlevey (2016) No shortcuts: organizing for power in the new gilded age. Oxford University Press. 9 Conclusion When you understand a workplace from the workers’ point of view, all kinds of previously invisible phenomena come into view. Deliveroo – which looks on the surface like the shiny model of a new economy – is revealed to be based on a class composition that’s prone to explosions of struggle. An atomized workforce of hundreds of couriers spread across a city are revealed to be organized through a tight-knit invisible structure that allows them to take mass coordinated action. Cities across the world are revealed to be linked by a transnational strike wave which has been building and building for the last two years.


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The New Snobbery by David Skelton

assortative mating, banking crisis, Black Lives Matter, Boris Johnson, Brexit referendum, British Empire, call centre, centre right, collective bargaining, coronavirus, corporate governance, corporate social responsibility, COVID-19, critical race theory, David Brooks, defund the police, deindustrialization, Etonian, Extinction Rebellion, financial deregulation, gender pay gap, glass ceiling, housing crisis, income inequality, Jeremy Corbyn, job automation, knowledge economy, lockdown, low skilled workers, market fundamentalism, meritocracy, microaggression, new economy, Northern Rock, open borders, postindustrial economy, race to the bottom, rent-seeking, Richard Florida, Right to Buy, rising living standards, shareholder value, social distancing, Social Justice Warrior, TED Talk, TikTok, wealth creators, women in the workforce

It was accepted that the new economic order was non-negotiable and that rather than harking back to a golden age of unionised heavy industry, the UK should be focusing on its ‘comparative advantage’ in finance and in services. At the same time, a cult of competitiveness developed, with the maxim being that the UK should ignore manufacturing and ensure its people could be ‘competitive’ in the new economy. The resulting financialisation of the UK economy led to the hollowing out of much of the real economy and to the situation where, as Pope Francis suggests, ‘finance overwhelms the real economy’.26 The growth of financial services began in the 1980s, when investment in the financial sector increased by 320 per cent compared to only 12 per cent for industry, and has been maintained ever since.

Financialisation has also drained talent from the productive economy, accelerated regional inequality and, as we’ve seen, left many politicians unable to contemplate an alternative. An increased pooling of economic benefits, a stagnation of real wages and a hollowing out of working-class towns were all regarded as part of this inevitability. The new political economy did not consider how to ensure that this new economy worked in the interests of the people, nor did politicians consider how the rougher edges of the new settlement could be dulled to minimise the impact on workers. Instead, the message was that working people should suck it up; change was inevitable. The only way out was for people stuck in decaying towns to educate themselves in order to compete in the knowledge economy.

Putting Vocation and Skill at the Heart of Our Education System Our education system must be one that ensures everyone is able to make the most of their potential, whether that potential is achieved through academic or vocational means. For decades, the education system has inadvertently helped to widen the gulf between winners and losers in the new economy. Resources have been concentrated on the 50 per cent who go to university, and funding for further education has been cut by governments of all parties. It is high time that the focus shifted to the 50 per cent who don’t go to university, to help ensure that the UK does genuinely have the high-skill, high-wage economy we often talk about.


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The Internet Is Not What You Think It Is: A History, a Philosophy, a Warning by Justin E. H. Smith

3D printing, Ada Lovelace, Adrian Hon, agricultural Revolution, algorithmic management, artificial general intelligence, Big Tech, Charles Babbage, clean water, coronavirus, COVID-19, cryptocurrency, dark matter, disinformation, Donald Trump, drone strike, Elon Musk, game design, gamification, global pandemic, GPT-3, Internet of things, Isaac Newton, Jacquard loom, Jacques de Vaucanson, Jaron Lanier, jimmy wales, Joseph-Marie Jacquard, Kuiper Belt, Mark Zuckerberg, Marshall McLuhan, meme stock, new economy, Nick Bostrom, Norbert Wiener, packet switching, passive income, Potemkin village, printed gun, QAnon, Ray Kurzweil, Republic of Letters, Silicon Valley, Skype, strong AI, technological determinism, theory of mind, TikTok, Tragedy of the Commons, trolley problem, Turing machine, Turing test, you are the product

We do not usually provide our bodily fluids, and are not usually asked to do so, though sites such as Ancestry.com do ask for saliva as part of their data-collecting efforts, and health bracelets and other such devices owned by Apple and Amazon are increasingly discovering ways to monitor a number of our vital fluid levels. But even if we are not giving our fluids, we are giving something that has proven more valuable to the new economy than milk ever was in the system of industrial agriculture: information about who we are, what we do, what we think, what we fear. Some of us continue to have old-fashioned careers in the twenty-first century—we are doctors, professors, lawyers, and truck drivers. Yet the main economy is now driven not by what we do, but by the information extracted from us, not by our labor in any established sense, but by our data.

Paying Attention Bots can do many things. They can monitor, track, harrass, impress with their ability to generate natural-seeming sentences, and even make jokes. But in the end they are like the cardboard-cow cutouts of a Potemkin village, as they are not themselves capable of conjuring that precious resource the new economy is intent on extracting: to wit, attention. Attention is special among mental faculties for a number of reasons. Perhaps first among these is that it is not only a mental faculty, but also, irreducibly, a moral state. The moral aspect of attention is conveyed in familiar situations, such as the plea that one might extend to a loved one: “Pay attention to me!”

This habit of thinking extends to everything from fundamental questions about the nature of the external world, to questions about the structure of human society, from electoral politics to interpersonal relations. To “game the attention economy” is to develop a strategy for “winning” attention from others within a system of formal constraints where the “points” are measured out in clicks, likes, favorites, retweets, and so on: the quantified units of attention. But a person may be gamified by this new economy in turn, either taking their own behavior variously as a sort of well-running or glitch-laden program, or falling victim to denunciations from others for one’s own glitches. When we criticize Facebook for its manipulative ploys for user retention, we are in fact criticizing the people who designed Facebook, and the people who signed off on this design for reasons of greed.


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

activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, benefit corporation, 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, data science, deep learning, disintermediation, diversified portfolio, Dutch auction, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gamification, Garrett Hardin, gentrification, 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, Large Hadron Collider, loss aversion, low interest rates, 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, power law, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Russell Brand, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, stock buybacks, TaskRabbit, the Cathedral and the Bazaar, The Future of Employment, the long tail, trade route, Tragedy of the Commons, transportation-network company, Turing test, Uber and Lyft, Uber for X, uber lyft, unpaid internship, Vitalik Buterin, warehouse robotics, Wayback Machine, Y Combinator, young professional, zero-sum game, Zipcar

Our digital renaissance quite literally retrieves the digits—human fingers—as essential to the creation of value in a networked age. Even if renaissance is a long shot, we may have no other option: like an overdue fetus becoming toxic to its mother, a new economy must be born or our very survival will be threatened. Economically driven climate change should be a big enough cue that it’s time to go into labor; the polar shelf collapsing may as well be our water breaking. Indeed, history and humanity are both on the side of a new economy characterized less by industrial extraction than by digital distribution. And the planet appears to be demanding it, or else. But how do we push toward such a wonderful outcome?

Thanks to the students who took my Digital Economics lab at ITP, for researching and workshopping many of these ideas, as well as innovating so many of your own. Thanks especially to Venessa Miemis, Adam Quinn, and Jon Wasserman for growing from brilliant students into inspiring colleagues. Thanks to Shareable, FastCoExist, Techonomy, the P2P Foundation, and the New Economy Coalition for sharing so many ideas, and to the funders and attendees of the Contact Summit I convened in 2011 for prototyping technological development outside the venture capital bubble. Thanks to everyone at Occupy for modeling alternative approaches to activism and at Burning Man for experimenting with new approaches to value exchange.

Swaminathan Foundation, Chennai (Madras), India, April 29, 1999, available at Food and Agriculture Organization of the United Nations, FAO.org. 51. Juliet B. Schor, The Overworked American: The Unexpected Decline of Leisure (New York: Basic Books, 1992). 52. Juliet Schor and Julia Slay, “Attitudes About Work Time and the Path to a Shorter Working Week,” New Economics Institute, Strategies for a New Economy Conference, June 2012, vimeo.com/47179682. 53. Juliet B. Schor, Plenitude: The New Economics of True Wealth (New York: Penguin Press, 2010). 54. “Telecommuters with Flextime Stay Balanced up to 19 Hours Longer,” accounting.smartpros.com, July 2010; Daniel Cook, “Rules of Productivity Presentation,” lostgarden.com, September 28, 2008. 55.


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Ground Control: Fear and Happiness in the Twenty First Century City by Anna Minton

"there is no alternative" (TINA), Abraham Maslow, Albert Einstein, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Broken windows theory, call centre, crack epidemic, credit crunch, deindustrialization, East Village, energy security, Evgeny Morozov, Francis Fukuyama: the end of history, gentrification, ghettoisation, high-speed rail, hiring and firing, housing crisis, illegal immigration, invisible hand, Jane Jacobs, Jaron Lanier, Kickstarter, moral panic, new economy, New Urbanism, race to the bottom, rent control, Richard Florida, Right to Buy, Silicon Valley, Steven Pinker, the built environment, The Death and Life of Great American Cities, The Spirit Level, trickle-down economics, University of East Anglia, urban decay, urban renewal, white flight, white picket fence, World Values Survey, young professional

It followed the deregulation of the financial markets, which was the catalyst for the exponential growth of the global financial services industry in Britain. The 1980s established the physical, technological and regulatory framework for an unfettered financial services industry in the UK, to replace the failing industrial economy. This ‘new’ economy was powered by the abolition of exchange controls and the 1986 deregulation of the stock exchange, an event known as ‘Big Bang’ because of the increase in market activity. It not only changed the culture of the City of London for ever, it brought with it a boom in property development which created a new corporate architecture.

As former warehouses were turned into waterside apartments overlooking the old docks, Docklands became one of the earliest places to build large numbers of gated developments, providing homes for the high-earning professionals who worked in the neighbouring steel and glass towers. Because much of the area remained among the poorest and most deprived in Britain, the gates and high security were marketed to offer reassurance to the finance professionals who were the pioneers of the new economy, living on the frontline. For Mrs Thatcher and Michael Heseltine, who was instrumental in kick-starting Docklands as secretary of state for environment, the deprivation of the area was a central justification for what was being created. The development slotted in perfectly with one of the defining concepts of Thatcherite economics: ‘trickle-down’.

Most important of all, they promised to transform places by increasing not only their own property values but those in the surrounding area, bringing in so much wealth that it somehow flows out of the gates of the gated properties and ‘trickles down’ to the surrounding poor. This was the idea of ‘regeneration’, a word which came into use during the 1980s, and means ‘rebirth’ in Latin. Rather than the more prosaic ‘redevelopment’, it conjures up the image of the phoenix of Canary Wharf and the new economy rising from the ashes of Docklands and Britain’s industrial past.1 Yet despite the pioneering zeal of their supporters, when they were built Broadgate and Canary Wharf were controversial, perceived as high-security enclaves of wealth surrounded by some of the poorest communities in Britain. They were also exceptional places – areas where business modelled the area in its own image in what are, after all, finance districts.


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Digital Disconnect: How Capitalism Is Turning the Internet Against Democracy by Robert W. McChesney

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, access to a mobile phone, Alan Greenspan, Albert Einstein, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, AOL-Time Warner, Automated Insights, barriers to entry, Berlin Wall, Big Tech, business cycle, Cass Sunstein, citizen journalism, classic study, cloud computing, collaborative consumption, collective bargaining, company town, creative destruction, crony capitalism, David Brooks, death of newspapers, declining real wages, digital capitalism, digital divide, disinformation, Double Irish / Dutch Sandwich, Dr. Strangelove, Erik Brynjolfsson, Evgeny Morozov, failed state, fake news, Filter Bubble, fulfillment center, full employment, future of journalism, George Gilder, Gini coefficient, Google Earth, income inequality, informal economy, intangible asset, invention of agriculture, invisible hand, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Perry Barlow, Joseph Schumpeter, Julian Assange, Kickstarter, Mark Zuckerberg, Marshall McLuhan, means of production, Metcalfe’s law, military-industrial complex, mutually assured destruction, national security letter, Nelson Mandela, Network effects, new economy, New Journalism, Nicholas Carr, Occupy movement, ocean acidification, offshore financial centre, patent troll, Peter Thiel, plutocrats, post scarcity, Post-Keynesian economics, power law, price mechanism, profit maximization, profit motive, public intellectual, QWERTY keyboard, Ralph Nader, Richard Stallman, road to serfdom, Robert Metcalfe, Saturday Night Live, sentiment analysis, Silicon Valley, Silicon Valley billionaire, single-payer health, Skype, spectrum auction, Steve Jobs, Steve Wozniak, Steven Levy, Steven Pinker, Stewart Brand, technological determinism, Telecommunications Act of 1996, the long tail, the medium is the message, The Spirit Level, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, Upton Sinclair, WikiLeaks, winner-take-all economy, yellow journalism, Yochai Benkler

Now that option has been played out, and the United States, by most accounts, is looking at growth for the next decade at rates lower than any decade since the Great Depression.79 Some economists and historians argue that major new technologies like the railroad and the automobile played a crucial role in stimulating investment and propelling the economy for decades to growth rates higher than they would have been otherwise. One of the great political economic questions concerning the Internet has been whether it would do this too. This hope was the basis for the commotion over the New Economy in the 1990s. On the one hand, the commanding heights of corporate capitalism today are digital. Investment has flooded the Internet and information technology. On the other hand, the evidence that this is translating into any sort of economic growth surge to date is underwhelming. Chart 7. Real U.S.

There was a fourth factor that undermined opposition or even debate despite this blatant pandering to a handful of corporations. The Internet bubble of the late 1990s made policies promoting the commercial development of cyberspace seem not only appropriate, but brilliant. After a difficult recession in the early 1990s following a scary crash in 1987, the Internet-inspired New Economy seemed to be the solution to the growth problems of capitalism. The late 1990s were a giddy moment, and the U.S. news media could barely contain themselves with their enthusiasm for the happy couple. Capitalism and the Internet seemed a marriage made in heaven.47 The emerging CEOs were the conquering heroes of the time, visionary seers, world-historical geniuses, and men of action, fully deserving of their rewards.

Instead we need constantly to keep in mind Baran and Sweezy’s emphasis on the “widening gap between what is and what could be” and how this demonstrates that “the existing property relations and the economic, social and political institutions resting upon them have turned into an effective obstacle to the achievement of what has become possible” for society. For an increasing number of people, the logic suggests one thing: it is time to give serious consideration to the establishment of a new economy. “The capitalist system was able to thrive, on and off, during the eighteenth, nineteenth, and twentieth centuries,” Jerry Mander wrote in 2012. “But it’s now obsolete, nonmalleable, and increasingly destructive.” Capitalism “had its day. If we care about the future well-being of humans and nature, it’s time to move on.”


World Cities and Nation States by Greg Clark, Tim Moonen

active transport: walking or cycling, Asian financial crisis, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, business climate, clean tech, congestion charging, corporate governance, Crossrail, deindustrialization, Deng Xiaoping, driverless car, financial independence, financial intermediation, Francis Fukuyama: the end of history, full employment, gentrification, global supply chain, global value chain, high net worth, high-speed rail, housing crisis, immigration reform, income inequality, informal economy, Kickstarter, knowledge economy, low skilled workers, managed futures, megacity, megaproject, new economy, New Urbanism, Norman Mailer, open economy, Pearl River Delta, rent control, Richard Florida, Shenzhen special economic zone , Silicon Valley, smart cities, sovereign wealth fund, special economic zone, stem cell, supply-chain management, tacit knowledge, The Wealth of Nations by Adam Smith, trade route, transaction costs, transit-oriented development, upwardly mobile, urban planning, urban renewal, urban sprawl, War on Poverty, zero-sum game

New Study: JFK, Newark and La Guardia lose out in Federal Grant Program. Press release. Available at http://media.wix.com/ugd/f2e928_96295b6108ef 423583472f9232062aff.pdf. Accessed 2016 Feb 11. Goff, C. (2013). Q & A with Bruce Katz: Building a new economy from the bottom up. NewStart. Available at http://newstartmag.co.uk/features/q‐a‐with‐bruce‐katz‐building‐a‐new‐economy‐ from‐the‐bottom‐up/. Accessed 2016 Feb 11. Golden, A. (2014). Governance of regional transit systems: Observations on Washington, New York and Toronto. Wilson Center. Available at https://www.wilsoncenter.org/sites/default/ files/CI_140625_governance_v4_0.pdf.

BMC to miss DP 2034 deadline again. DNA India. Available at http://www. dnaindia.com/mumbai/report‐bmc‐to‐miss‐dp‐2034‐deadline‐again‐2168698. Accessed 2016 Feb 9. Dhoot, V. (2015). Modi government revives 42 stalled projects worth Rs 1.15 lakh crore. The Economic Times. Available at http://economictimes.indiatimes.com/news/economy/ infrastructure/modi‐government‐revives‐42‐stalled‐projects‐worth‐rs‐1‐15‐lakh‐crore/ articleshow/47579787.cms. Accessed 2016 Feb 9. EIU (2012). Hot Spots: Benchmarking Global City Competitiveness. London: The Economist. Available at http://www.economistinsights.com/sites/default/files/downloads/Hot%20 Spots.pdf.

Asian Education and Development Studies, 4(3): 299–311. Long, S. (2015). The Singapore exception. The Economist. Available at http://www.economist. com/news/special‐report/21657606‐continue‐flourish‐its‐second‐half‐century‐south‐east‐ asias‐miracle‐city‐state. Accessed 2016 Feb 29. Low, L. (2001). The Singapore Developmental State in the new economy and polity. The Pacific Review, 14(3): 411–441. Mahbubani, K. (2015). The City State of Singapore braces itself for challenges to come. The Financial Times. Available at http://www.ft.com/cms/s/0/a14b617a‐d148‐11e4‐86c8‐ 00144feab7de.html#axzz3xtU8Ou7y. Accessed 2016 Feb 29. Mauzy, D. and Milne, R.S. (2002).


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The People's Republic of Walmart: How the World's Biggest Corporations Are Laying the Foundation for Socialism by Leigh Phillips, Michal Rozworski

Alan Greenspan, Anthropocene, Berlin Wall, Bernie Sanders, biodiversity loss, call centre, capitalist realism, carbon footprint, carbon tax, central bank independence, Colonization of Mars, combinatorial explosion, company town, complexity theory, computer age, corporate raider, crewed spaceflight, data science, decarbonisation, digital rights, discovery of penicillin, Elon Musk, financial engineering, fulfillment center, G4S, Garrett Hardin, Georg Cantor, germ theory of disease, Gordon Gekko, Great Leap Forward, greed is good, hiring and firing, independent contractor, index fund, Intergovernmental Panel on Climate Change (IPCC), Internet of things, inventory management, invisible hand, Jeff Bezos, Jeremy Corbyn, Joseph Schumpeter, Kanban, Kiva Systems, linear programming, liquidity trap, mass immigration, Mont Pelerin Society, Neal Stephenson, new economy, Norbert Wiener, oil shock, passive investing, Paul Samuelson, post scarcity, profit maximization, profit motive, purchasing power parity, recommendation engine, Ronald Coase, Ronald Reagan, sharing economy, Silicon Valley, Skype, sovereign wealth fund, strikebreaker, supply-chain management, surveillance capitalism, technoutopianism, TED Talk, The Nature of the Firm, The Wealth of Nations by Adam Smith, theory of mind, Tragedy of the Commons, transaction costs, Turing machine, union organizing, warehouse automation, warehouse robotics, We are all Keynesians now

And remember that the market isn’t 100 percent precise either; prices are constantly in flux, and the economy is constantly adjusting. Far from the Econ 101 fantasy of economic equilibrium, the market is never anywhere close to a perfect synchronization of what we want and what is produced. Structure amid Chaos Describing Amazon as a big planning machine doesn’t quite match its image as an icon of “new economy” disruption. Even before Silicon Valley became a hub of global capitalism, planning was typically well hidden behind the facade of competition. Today, the facade has only become more ornate: all you see is a website and then a package at your doorstep. Behind the scenes, however, Amazon appears as a chaotic jumble of the most varied items zipping between warehouses, suppliers and end destinations.

The question of whether people should be passive consumers of medicine or instead its active cocreators is a common theme throughout the history of public healthcare, wherever it has emerged. Veteran British physician Julian Tudor-Hart describes the seeds of transformation later developed by the NHS: “This embryonic new economy at the heart of the NHS depends on the growth of an element it always contained, which has only recently, and slowly, been recognized: the power and necessity of patients as co-producers … Once released from deference, public expectations become an irresistible force, providing initial elements of democratic accountability can be retained and rapidly extended.”

Further down the line, health could be integrated into planning outside the healthcare system—plans for neighborhoods and workplaces—integrating formal healthcare with democratic planning surrounding the social determinants of health. Deeper, democratic planning would unite healthcare workers with patients, and entire communities, as active coproducers of health and collective owners of a healthcare service. The very idea of an NHS, even as it is being undermined and partly dismantled, represents the possibility of this new economy. A public, universal system—free at the point of service and paid out of taxes (as was Bevan’s goal), but embodying humanist, bottom-up democracy, rather than paternalistic, technocratic state charity—is also one that builds its own constituency and creates a different kind of people—more willing to cooperate and to see their own destinies cooperatively tied up with those of others.


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Big Bucks: The Explosion of the Art Market in the 21st Century by Adam, Georgina(Author)

BRICs, Frank Gehry, greed is good, high net worth, inventory management, Kickstarter, Mark Zuckerberg, new economy, offshore financial centre, plutocrats, Silicon Valley, too big to fail, upwardly mobile, vertical integration

Coupled with a downturn in his prices after his 2008 Sotheby’s sale, prices for spot paintings slumped, their average price falling from over $1 million in 2007 to under $400,000 two years later; although they perked up a little afterwards, the average price was still under $600,000 in 2012.85 Coupled with this commodification of work by some artists is a clear adaptation of themes and materials to the market. While there is nothing new in this, the arrival of buyers from new economies this century has certainly triggered, among some artists, works that seem tailored to their tastes. Damien Hirst’s 2011 sale at Sotheby’s featured his familiar themes of pickled animals, spots, spins, butterflies – often on gold grounds, some combining the elements with butterflies and artificial diamonds on a spin background.

Bastien set out management principles that include ‘making it difficult for clients to buy’ (think of the waiting list for some of the hottest artists); ‘raise your prices to increase demand – and keep raising prices’ (as we see in Chapter 8 prices in galleries never go down, to maintain confidence) and ‘keep non-enthusiasts out’ (galleries will select who to sell to).89 And the list also includes ‘cultivate closeness to the arts for initiates’, which recommends that workers in the industry should visit ‘galleries, biennales and exhibitions of modern art’. Another reason for this luxury/art link up is the arrival in the market of buyers from new economies, whose awareness of art tends 78 Artists to be motivated by brand name recognition. A typical example was when LVMH plastered its shops worldwide with garish designs by the Japanese artist Yayoi Kusama. Sales of her work took off, according to her London dealer Glen Scott Wright of Victoria Miro, as never before.

And while these economies were decelerating in 2013,164 their dramatic first phase of growth in the first decade of the twenty-first century drove up prices and brought in swathes of new money, bringing art from around the world into what was then a US-EU dominated axis, and introducing a new breed of buyer whose tastes, behaviour and motivations were often very different from those the art world had known before. These new economies have spawned growing numbers of mega-wealthy people, whose fortunes continue to increase even if their home economies are slowing – and they are among those who are driving prices for a small group of ‘international brand names’ to such high levels today. Forbes magazine started listing the world’s richest people in 1987, when there were 140 billionaires worth a total of $295 billion, with the US, Japan, West Germany, the UK and Hong Kong the main countries on the list.


pages: 199 words: 61,648

Having and Being Had by Eula Biss

Capital in the Twenty-First Century by Thomas Piketty, David Graeber, Donald Trump, Garrett Hardin, glass ceiling, Haight Ashbury, index fund, invisible hand, Jeff Bezos, Joan Didion, job satisfaction, Landlord’s Game, means of production, moral hazard, new economy, Norman Mailer, Occupy movement, precariat, Robert Shiller, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tragedy of the Commons, trickle-down economics, Upton Sinclair, wage slave, wages for housework

At these feasts, rank was established by how much a person could give away. Houses were burned at potlatches thrown by the Kwakwaka’wakw people, and sewing machines were thrown into the sea. But this was not typical of the tradition. This was the potlatch around 1900, after the Kwakwaka’wakw had been decimated by disease and were living in a new economy. Unrecognized as citizens and unable to file land claims, they had lost most of their land to commercial fisheries and canneries. But they worked for wages in the canneries and could buy machine-made blankets and store-bought goods. They had more than they’d ever had before, in one sense, and less in every other.

“Capitalism was the response of the feudal lords, the patrician merchants, the bishops and popes, to a centuries-long social conflict that, in the end, shook their power.” Capitalism, she writes, was a counterrevolution. Among the rebels who resisted that counterrevolution were the Diggers, who called themselves the True Levellers. They imagined a new economy, in which people would work with each other, rather than for each other. They were not just ahead of their time, Hill notes, they were ahead of ours. They fled to America, the radicals of that time, where their ideas have been forgotten. This country was not only colonized by slave owners, in the interests of property, it was also colonized by dissenters, whose descendants were abolitionists.

Will is a friend from work, an early modernist who reads books from the seventeenth century. And now I remember. In 1649, Gerrard Winstanley led the Diggers in an act of protest, the digging and planting of a patch of vacant land outside London. Their plan was to give the food they grew to anyone who worked with them, and to forge a new economy—not feudalism and not capitalism either. I started reading Winstanley’s The Law of Freedom, I tell Will, but then I set it aside to read Lewis Hyde’s The Gift. All that stuff about gift economies, Will says, strikes him as nostalgic. The gift exchanges Hyde writes of, the Kula of the Massim and the potlatch of the Kwakwaka’wakw, are from far away and long ago.


pages: 385 words: 128,358

Inside the House of Money: Top Hedge Fund Traders on Profiting in a Global Market by Steven Drobny

Abraham Maslow, Alan Greenspan, Albert Einstein, asset allocation, Berlin Wall, Bonfire of the Vanities, Bretton Woods, business cycle, buy and hold, buy low sell high, capital controls, central bank independence, commoditize, commodity trading advisor, corporate governance, correlation coefficient, Credit Default Swap, currency risk, diversification, diversified portfolio, family office, financial engineering, fixed income, glass ceiling, Glass-Steagall Act, global macro, Greenspan put, high batting average, implied volatility, index fund, inflation targeting, interest rate derivative, inventory management, inverted yield curve, John Meriwether, junk bonds, land bank, Long Term Capital Management, low interest rates, managed futures, margin call, market bubble, Market Wizards by Jack D. Schwager, Maui Hawaii, Mexican peso crisis / tequila crisis, moral hazard, Myron Scholes, new economy, Nick Leeson, Nixon triggered the end of the Bretton Woods system, oil shale / tar sands, oil shock, out of africa, panic early, paper trading, Paul Samuelson, Peter Thiel, price anchoring, proprietary trading, purchasing power parity, Reminiscences of a Stock Operator, reserve currency, risk free rate, risk tolerance, risk-adjusted returns, risk/return, rolodex, Sharpe ratio, short selling, Silicon Valley, tail risk, The Wisdom of Crowds, too big to fail, transaction costs, value at risk, Vision Fund, yield curve, zero-coupon bond, zero-sum game

As the gold bull market gathered strength, it pulled in everybody so that in the last year or two it tripled. Just like the NASDAQ in 1998 and 1999. Everybody was shrieking that gold always has been, always will be an inflation hedge. Just like in 1998 when people were saying “The dot-com, new-economy revolution will go on forever.” But again, just like the dot-commers, the gold bugs hadn’t read their history.We have had new economies and new eras every 30 or 40 years for the past 500 years all over the world. If anybody had gone back to look at gold, they would have seen some very long periods where it has done nothing, and long periods where it has actually gone down during inflationary periods.

Indeed, Soros Fund Management flipped its position in late 1999, going from short to long high tech stocks, and in the process converted a 19 percent loss into a 35 percent gain for the year. Julian Robertson, on the other hand, chose to maintain his core theme of long “old economy” versus short “new economy,” which led to further losses in 1999 and 2000 as old economy stocks continued to decline and growth rallied. Eventually, Robertson was forced to close Tiger 1600 5500 1500 5000 Russia/LTCM Crisis Hiccup 1400 4500 S&P 500 Index 4000 1200 3500 Greenspan’s “Irrational Exuberance” Speech 1100 3000 1000 2500 900 2000 800 S&P 500 Index NASDAQ 700 1500 Boom!

Stan’s whole thing was to never get backed into a corner, so we started liquidating our other positions.We wanted to be able to add to the trades we liked so we trimmed the ideas where we had the least conviction. Let’s talk about the technology boom/bust of 1999 to 2000. Both Soros and Julian Robertson were famous naysayers on tech shares and the “new economy” but were clearly hurting toward the end of the move. I remember reading about Druckenmiller flipping the portfolio from short to long, a reversal that saved Quantum in 1999 but then hurt it a few months later in 2000. Stan’s better at changing his mind than anybody I’ve ever seen. Maybe he stayed with it a little too long, but one of the great things about Stan is that he can and does turn on a dime.


pages: 462 words: 129,022

People, Power, and Profits: Progressive Capitalism for an Age of Discontent by Joseph E. Stiglitz

affirmative action, Affordable Care Act / Obamacare, Alan Greenspan, AlphaGo, antiwork, barriers to entry, basic income, battle of ideas, behavioural economics, Berlin Wall, Bernie Madoff, Bernie Sanders, Big Tech, business cycle, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, carried interest, central bank independence, clean water, collective bargaining, company town, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crony capitalism, DeepMind, deglobalization, deindustrialization, disinformation, disintermediation, diversified portfolio, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, fake news, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, Firefox, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, George Akerlof, gig economy, Glass-Steagall Act, global macro, global supply chain, greed is good, green new deal, income inequality, information asymmetry, invisible hand, Isaac Newton, Jean Tirole, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John von Neumann, Joseph Schumpeter, labor-force participation, late fees, low interest rates, low skilled workers, Mark Zuckerberg, market fundamentalism, mass incarceration, meta-analysis, minimum wage unemployment, moral hazard, new economy, New Urbanism, obamacare, opioid epidemic / opioid crisis, patent troll, Paul Samuelson, pension reform, Peter Thiel, postindustrial economy, price discrimination, principal–agent problem, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, Richard Thaler, Robert Bork, Robert Gordon, Robert Mercer, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, search costs, secular stagnation, self-driving car, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, South China Sea, sovereign wealth fund, speech recognition, Steve Bannon, Steve Jobs, surveillance capitalism, TED Talk, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, trickle-down economics, two-sided market, universal basic income, Unsafe at Any Speed, Upton Sinclair, uranium enrichment, War on Poverty, working-age population, Yochai Benkler

CHAPTER 2 Toward a More Dismal Economy Something began happening to America’s powerful economic engine around 1980: growth slowed and, much more importantly, the growth in incomes slowed, or often declined. It happened almost without our recognizing it. Indeed, even as the economy was failing to deliver prosperity for large parts of the population, the champions of a new era of financialization, globalization, and technological advances were bragging about the “new economy” that was destined to bring ever-greater prosperity, by which they seemed to mean simply a higher level of GDP. Some of our economic leaders—including successive heads of the Federal Reserve—bragged about the “great moderation,” how we had finally tamed the business cycle, the fluctuations in output and employment that had marked capitalism from the start.1 The financial crisis of 2008 showed that our seeming prosperity had been built on a house of cards, or more precisely, a mountain of debt.

But globalization has expanded the scale of the market so much that even though it’s hard to be, say, a competitive auto producer making fewer than several hundred thousand cars, the global market is so big that there are still many firms that can reach the requisite scale.43 Today, it’s in the “new economy” that competition is limited. In much of the new innovative economy, the basic cost is the up-front research and development. The extra cost of serving an additional customer is nil.44 Changing the rules of the game Much of the increase in market power, however, arises from changing the implicit rules of the game.

It still may not be as relatively prosperous as it was in its heyday, but it is instructive to compare Manchester with Detroit, which the United States simply let go bankrupt. Government played a central role in the transition from agriculture to a manufacturing economy; it now needs to play a similar role in the transition to the new economy of the twenty-first century.15 Social Protection One of most important detractors from individual well-being is a sense of insecurity. Insecurity can also affect growth and productivity: individuals, worrying about whether they will be thrown out of their house or lose their job and only source of income, can’t focus on the tasks at work in the way they should.


pages: 422 words: 131,666

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

Abraham Maslow, Adam Curtis, addicted to oil, affirmative action, Alan Greenspan, Amazon Mechanical Turk, An Inconvenient Truth, anti-globalists, AOL-Time Warner, banks create money, Bear Stearns, benefit corporation, big-box store, Bretton Woods, car-free, Charles Lindbergh, colonial exploitation, Community Supported Agriculture, complexity theory, computer age, congestion pricing, corporate governance, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, death of newspapers, digital divide, don't be evil, Donald Trump, double entry bookkeeping, easy for humans, difficult for computers, financial innovation, Firefox, full employment, General Motors Futurama, gentrification, Glass-Steagall Act, 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, military-industrial complex, moral hazard, multilevel marketing, mutually assured destruction, Naomi Klein, negative equity, new economy, New Urbanism, Norbert Wiener, peak oil, peer-to-peer, place-making, placebo effect, planned obsolescence, Ponzi scheme, price mechanism, price stability, principal–agent problem, private military company, profit maximization, profit motive, prosperity theology / prosperity gospel / gospel of success, public intellectual, race to the bottom, RAND corporation, rent-seeking, RFID, road to serfdom, Ronald Reagan, scientific management, 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, vertical integration, Victor Gruen, white flight, working poor, Works Progress Administration, Y2K, young professional, zero-sum game

Information Age economies will replace commercial markets with more efficient, high-trust, self-organizing social networks that immediately channel appropriate resources where they are needed. Just as factories and finance were high-leverage tools of the Industrial Age, social software and reputation currencies that fuel these new social markets are the tools of the new economy. And yes, these markets move real value. It is already happening with software (open source), accommodations (couchsurfing), knowledge (MIT open courseware), and many domains. There is a family of projects fostering these new economies and wielding currencies as something more powerful than money. They recognize currencies as formal symbol systems for shaping, enabling, and measuring currents—currents of time, attention, participation, resources, sharing, trust, giving, information, knowledge, goods, and services—as well as tools for exchanging value.

While the new bourgeoisie were becoming members of the fledgling global marketplace, the traditional aristocracy was essentially landlocked. What official authority they had left to offer their subjects was diminishing as rapidly as their wealth, influence, and numbers. The aristocracy longed for a way to participate in the new economy—a way to invest that didn’t put them or their good names at any risk. For their part, the new merchant class had certainly increased the speed and breadth of wealth creation—but this also made for a highly competitive and fluid business environment. Sudden wealth could be followed by a sudden wipeout if a single ship got lost at sea or a fire took down an entire workshop.

The massive potential of computers and networking, technologies developed in many cases by engineers hoping to decentralize the very power structures funding their projects, was quickly recontextualized as a market opportunity—the beginning of a “long boom”—and appropriated as NASDAQ’s stepchild. New rules for a new economy were invented, in which people’s ability to access interactive technology for free or to create value independent of any corporation could be understood as the power of the network to leverage what were formerly “externalities.” The dot-com boosters sought to reconcile the incompatibility of an abundant, decentralized media space with the legacy of a scarce, centralized monetary system.


pages: 495 words: 138,188

The Great Transformation: The Political and Economic Origins of Our Time by Karl Polanyi

agricultural Revolution, Berlin Wall, borderless world, business cycle, central bank independence, Corn Laws, currency manipulation / currency intervention, David Ricardo: comparative advantage, Fall of the Berlin Wall, full employment, inflation targeting, joint-stock company, Kula ring, land reform, land tenure, liberal capitalism, manufacturing employment, new economy, Panopticon Jeremy Bentham, price mechanism, profit motive, Republic of Letters, road to serfdom, Ronald Reagan, scientific management, the market place, The Wealth of Nations by Adam Smith, trade liberalization, trade route, trickle-down economics, Washington Consensus, Wolfgang Streeck, working poor, Works Progress Administration

In the first period the nascent middle classes were mainly a revolutionary force endangering peace as witnessed in the Napoleonic upheaval; it was against this new factor of national disturbance that the Holy Alliance organized its reactionary peace. In the second period the new economy was victorious. The middle classes were now themselves the bearers of a peace interest, much more powerful than that of their reactionary predecessors had been, and nurtured by the national-international character of the new economy. But in both instances the peace interest became effective only because it was able to make the balance-of-power system serve its cause by providing that system with social organs capable of dealing directly with the internal forces active in the area of peace.

Under the Concert of Europe, again, international finance had often to rely on its dynastic and aristocratic affiliations. But such facts merely tend to strengthen our argument that in every case peace was maintained not simply through the chancelleries of the Great Powers but with the help of concrete organized agencies acting in the service of general interests. In other words, only on the background of the new economy could the balance-of-power system make general conflagrations avoidable. But the achievement of the Concert of Europe was incomparably greater than that of the Holy Alliance; for the latter maintained peace in a limited region in an unchanging Continent, while the former succeeded in the same task on a world scale while social and economic progress was revolutionizing the map of the globe.

This happy outcome was the result of the almost unconscious working of economic forces which did their beneficial work in spite of the interference of impatient parties who exaggerated the unavoidable difficulties of the time. The inference was no less than a denial that danger threatened society from the new economy. Had the revised history of the Industrial Revolution been true to fact, the protectionist movement would have lacked objective justification and laissez-faire would have been vindicated. The materialistic fallacy in regard to the nature of social and cultural catastrophe thus bolstered the legend that all the ills of the time had been caused by our lapse from economic liberalism.


pages: 337 words: 89,075

Understanding Asset Allocation: An Intuitive Approach to Maximizing Your Portfolio by Victor A. Canto

accounting loophole / creative accounting, airline deregulation, Alan Greenspan, Andrei Shleifer, asset allocation, Bretton Woods, business cycle, buy and hold, buy low sell high, California energy crisis, capital asset pricing model, commodity trading advisor, corporate governance, discounted cash flows, diversification, diversified portfolio, equity risk premium, financial engineering, fixed income, frictionless, global macro, high net worth, index fund, inflation targeting, invisible hand, John Meriwether, junk bonds, law of one price, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low cost airline, low interest rates, market bubble, merger arbitrage, money market fund, new economy, passive investing, Paul Samuelson, Performance of Mutual Funds in the Period, Phillips curve, price mechanism, purchasing power parity, risk free rate, risk tolerance, risk-adjusted returns, risk/return, rolling blackouts, Ronald Reagan, Savings and loan crisis, selection bias, seminal paper, shareholder value, Sharpe ratio, short selling, statistical arbitrage, stocks for the long run, survivorship bias, systematic bias, Tax Reform Act of 1986, the market place, transaction costs, Y2K, yield curve, zero-sum game

This suggests historical relationships—such as market returns and the variance–covariance matrix—constitute the relevant data for strategic asset allocation; identifying the optimal historical mix serves the investor best over the long run. Once again, mean-reversion becomes the asset-allocation version of indexing. Meanwhile, the new-economy view argued that the shifts in relative performance during the 1995–1999 period represented permanent change that would require new long-run allocating. Proponents of mean-reversion point to the last five years as evidence in support of their view: In the most recent period, we have in fact reverted to a small-cap value environment. This shift damages the new-economy view, but it does not in any way harm the hypothesis deviations from the long-run mean are not random. More, if this is the case (as I believe it is), a third alternative emerges neither group considered: These shifts are cyclical.

As the 1995–1999 experience unfolded, there was a major debate in the investment community, with some suggesting a long-lasting shift in relative equity valuations was occurring while others pointed to a string of unexpected temporary shocks. The issue had important implications for portfolio allocation decisions. Some managers espoused a mean-reversion hypothesis while others voiced a new-economy view. The investment implications of the two are quite different. Under the mean-reversion hypothesis, the 1995–1999 years (largecap growth) were an aberration and the economy would eventually revert to historical patterns (small-cap value). An implication of this assumption was that even though temporary deviations from historical patterns can be observed, historical variances and covariances of returns would be stable over the long run.

See also strategic asset allocation (SAA) length of sample period, 285n optimal mixes, 40-43, 118, 127, 274-275 Long-Term Capital Management (LTCM) example, 228 low cost-managed index funds, 110 LTCM (Long-Term Capital Management) example, 228 M M&As (mergers and acquisitions), 77 market allocations for benchmark portfolio, 108-115, 266-269 312 market breadth, size cycles and, 168-170, 237-238 market portfolio, 3 market risk, 19 market valuation, CEM (capitalized earnings model), 90-94 modifying for earnings growth, 94-96 performance indicators and, 96-100 market-timing strategy, value-timing strategy versus, 243-250, 276-277 markets, correlation of, 186 mean return, Sharpe ratio, 2 mean-reversion hypothesis, 4, 18, 46, 59 mergers and acquisitions (M&As), 77 Meriwether, John, 228 Microsoft, 84 Milkin, Michael, 75-76 mobile factors, immobile factors versus, 187-189, 273-274 mobility, elasticity and, 208 monetary policy style cycles and, 55-56 tax rates and, 88-90 Monte Carlo simulations, 4-6 N national factor, 191 negative incentives, 81 new-economy view, mean-reversion hypothesis versus, 59 NIPA (National Income and Product Accounts), 77 Nixon, Richard, 89 nominal interest rate, 128 O-P oil prices global economy and, 219-224 location effect and, 200-201 supply shift and tax increase example, 216-219 OPEC (Organization of the Petroleum Exporting Countries), 220 P/E ratio, 79, 90-94 passive management, 164.


pages: 337 words: 101,440

Revolution Française: Emmanuel Macron and the Quest to Reinvent a Nation by Sophie Pedder

"World Economic Forum" Davos, Airbnb, Berlin Wall, Bernie Sanders, bike sharing, carbon tax, centre right, clean tech, DeepMind, disruptive innovation, Donald Trump, Downton Abbey, driverless car, Erik Brynjolfsson, eurozone crisis, failed state, fake news, Fall of the Berlin Wall, Future Shock, ghettoisation, growth hacking, haute couture, Jean Tirole, knowledge economy, liberal capitalism, mass immigration, mittelstand, new economy, post-industrial society, public intellectual, rent-seeking, ride hailing / ride sharing, Second Machine Age, sharing economy, Sheryl Sandberg, Silicon Valley, Tony Fadell, Travis Kalanick, urban planning, éminence grise

‘If Mr Valls wanted to send a message with his new government, Mr Macron is it,’ I wrote for The Economist when the announcement was made the next day. From that moment, the young man with the wide gap-toothed smile who went on to become president three years later burst into the public eye. ‘Who is Emmanuel Macron, the new economy minister?’ asked a puzzled Sud-Ouest newspaper, after his nomination to government. Nobody seemed to know. His propulsion into public life was abrupt, and his landing in the unforgiving world of politics uneven. He was, said one observer of French political life, ‘accident-prone’. The left wing of the Socialist Party found him insufferably liberal.

‘I got a call in October 2015 from Ismaël Emelien saying that Emmanuel Macron wants us to meet, but he didn’t say why,’ recalls Benjamin Griveaux, another former member of Strauss-Kahn’s campaign team who was then working for a commercial-property firm, and went on to become the En Marche spokesman and then a junior government minister.5 The discussion Griveaux attended, on a Saturday afternoon in Macron’s office overlooking the Seine, was studious. If the country continued to tinker with the model that had served it well during the trente glorieuses, but which was ill adapted to the new economy, the group concluded, France was condemned to decline. ‘Never did he say at that point “I’m going to be a candidate at the presidential election in 2017”,’ Griveaux told me. On another Saturday morning that month, a different group met over coffee in Macron’s apartment to analyse how politics had become a lifelong profession and how this undermined public trust.

It was a hard slog involving late nights, low budgets and paranoid organization, sustained by the adrenalin of taking part in a project that many judged far-fetched, or downright delusional. Macron’s gamble to go it alone was ‘either lucid or mad’, said Dargnat. All the while, the minister was at his job at the Finance Ministry, trying to get things moving again with a second loi Macron, designed to free up opportunities in the new economy, encourage start-ups and loosen the labour market. But it went nowhere. Increasingly exasperated by Macron, Manuel Valls emptied the economy minister’s draft bill of all elements relating to labour reform, and then relegated Macron in a government reshuffle. Humiliated again, Macron realized that his space in government was shrinking fast.


pages: 320 words: 96,006

The End of Men: And the Rise of Women by Hanna Rosin

affirmative action, call centre, cognitive dissonance, David Brooks, delayed gratification, edge city, facts on the ground, financial independence, hiring and firing, housing crisis, income inequality, informal economy, job satisfaction, low skilled workers, manufacturing employment, meta-analysis, new economy, New Urbanism, Norman Mailer, Northern Rock, post-work, postindustrial economy, purchasing power parity, Results Only Work Environment, Sheryl Sandberg, Silicon Valley, social intelligence, Stanford prison experiment, Steven Pinker, TED Talk, union organizing, upwardly mobile, white picket fence, women in the workforce, work culture , young professional

After that display of muteness and passivity, you can only imagine a woman—one with shiny lips—steering the beast. DAVID GODSALL describes himself as “adapting pretty well to the new world order.” The twenty-nine-year-old Vancouverite is not like one of those blue-collar guys who are just “humiliated and fucked in this new economy” because they can’t retool and go to college and find a new profession. He has a master’s degree and a job, as an editor at a Vancouver city magazine. He has an apartment he shares with his steady girlfriend, a kitchen full of nice appliances, a car in the garage, a bullmastiff. But this steady accumulation of life’s comforts has only uncovered for him how uncomfortable he actually feels.

Go to a beach in the Hamptons on any summer Friday and you will still find the surf full of moms waiting for their husbands to maybe or maybe not arrive from their jobs in the city—proof that there are still pockets up in the thinner air where men rule the public domain while women rule the snacks and the sunscreen. Anyway, these young college-educated urbanites are not like the working-class men of the South, who openly mourn the old chivalrous ways and grieve for what the new economy has robbed from them. For these guys, traditional manly ideals exist, if at all, as a fashion statement encountered in Brooklyn boutiques that stock nothing but hunting jackets and flasks and old copies of Playboy, kitsch recycled in an ironic-nostalgic mode the same way old Stalin-era buttons wash up in Moscow dance clubs.

In the last year or so manufacturing jobs around the country have bounced back and the men have been rushing to fill them. But this will only make up for a small percentage of the recently unemployed. Local community colleges have started to get very creative about how they prepare men for the new economy. In Opelika, the college is using 3-D simulation technology that feels like living inside a video game in order to keep the interest of the young men. The sign over the simulation lab does not say “use your hands” but “expand your mind.” Other colleges have begun to specialize in green technology or other fields of the future.


pages: 349 words: 98,309

Hustle and Gig: Struggling and Surviving in the Sharing Economy by Alexandrea J. Ravenelle

active transport: walking or cycling, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, Amazon Mechanical Turk, barriers to entry, basic income, Broken windows theory, call centre, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Clayton Christensen, clean water, collaborative consumption, collective bargaining, company town, creative destruction, crowdsourcing, digital divide, disruptive innovation, Downton Abbey, East Village, Erik Brynjolfsson, full employment, future of work, gentrification, gig economy, Howard Zinn, income inequality, independent contractor, informal economy, job automation, John Zimmer (Lyft cofounder), low skilled workers, Lyft, minimum wage unemployment, Mitch Kapor, Network effects, new economy, New Urbanism, obamacare, Panopticon Jeremy Bentham, passive income, peer-to-peer, peer-to-peer model, performance metric, precariat, rent control, rent stabilization, ride hailing / ride sharing, Ronald Reagan, scientific management, sharing economy, side hustle, Silicon Valley, strikebreaker, TaskRabbit, TED Talk, telemarketer, the payments system, The Theory of the Leisure Class by Thorstein Veblen, Tim Cook: Apple, transaction costs, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, ubercab, universal basic income, Upton Sinclair, urban planning, vertical integration, very high income, white flight, working poor, Zipcar

While drivers can file for a cleaning fee of up to two hundred dollars, some feel the hassle isn’t worth it—they’d rather clean the mess themselves so they can get back on the road that much faster. In addition to paying to get the car shampooed, Gerald took the rest of the evening off while the car dried: “I was so pissed, because as soon as she got out, you know, I couldn’t get nobody else in the car.” PROTECTING WORKERS IN THE NEW ECONOMY These stories suggest that working in the so-called sharing economy both increases the risk that workers will get hurt on the job and forces them to assume sole financial responsibility for dealing with any such injuries to themselves or their property. But it doesn’t have to be that way. Not all sharing economy companies embrace the independent contractor model.

Those who were familiar with the law against short-term rentals often described it as a remnant of the days of tenements and rooming houses—as opposed to originating in 2010—and hence shouldn’t apply. For example, Matthew, thirty-six, told me, “They’re still arguing about a law which was designed in maybe the 1940s to protect hotels and prevent landlords from building unlicensed hotels. And it’s accidentally now hooked in this new economy.” Joshua, thirty-two, said, “There’s all sorts of laws that we all violate, probably on a daily basis, that we don’t think twice about. The thirty-day law was created in the 1970s, and it was just a completely different world. And laws never keep up with technology.” Interestingly, the illegality aspect of Airbnb was part of its appeal for Joshua, a corporate attorney with a self-described Airbnb “syndicate” on the side.

The gig economy has also allowed workers to move into sales, as they market and sell their labor on digital platforms.40 The selling of the self is a continuation of the personal ownership message that Jacob Hacker discusses in The Great Risk Shift, where economic risk shifts from businesses and government to the average American worker. In the new economy, workers are told to improve their market value through training and networking, and to market themselves as a brand and business, “the CEO of Me Inc. . . . willing to temporarily assist other, larger businesses.”41 As a result, “a central concept in this economized, individualized view of the world is ‘responsibilization.’”42 Although citizens demonstrate some autonomy in choosing where to work and live and how to spend their time, there are “no rights without responsibilities.”43 This message of personal responsibility, part of a neoliberal ideology, gets a further boost with the entrepreneurial ethos employed by the gig economy platforms.


pages: 224 words: 64,156

You Are Not a Gadget by Jaron Lanier

1960s counterculture, Abraham Maslow, accounting loophole / creative accounting, additive manufacturing, Albert Einstein, Bear Stearns, call centre, cloud computing, commoditize, crowdsourcing, death of newspapers, different worldview, digital Maoism, Douglas Hofstadter, Extropian, follow your passion, General Magic , hive mind, Internet Archive, Jaron Lanier, jimmy wales, John Conway, John Perry Barlow, John von Neumann, Kevin Kelly, Long Term Capital Management, Neal Stephenson, Network effects, new economy, packet switching, PageRank, pattern recognition, Ponzi scheme, Project Xanadu, Ray Kurzweil, Richard Stallman, Savings and loan crisis, Silicon Valley, Silicon Valley startup, slashdot, social graph, stem cell, Steve Jobs, Stewart Brand, Stuart Kauffman, synthetic biology, technological determinism, Ted Nelson, telemarketer, telepresence, the long tail, The Wisdom of Crowds, trickle-down economics, Turing test, Vernor Vinge, Whole Earth Catalog

Initially I assumed that entrepreneurial fervor and ingenuity would find a way. As part of researching this book, I set out once again to find some cultural types who were benefiting from open culture. The Search We have a baseline in the form of the musical middle class that is being put out of business by the net. We ought to at least find support in the new economy for them. Can 26,000 musicians each find 1,000 true fans? Or can 130,000 each find between 200 and 600 true fans? Furthermore, how long would be too long to wait for this to come about? Thirty years? Three hundred years? Is there anything wrong with enduring a few lost generations of musicians while we wait for the new solution to emerge?

The usual pattern one would expect is an S curve: there would be only a small number of early adaptors, but a noticeable trend of increase in their numbers. It is common in Silicon Valley to see incredibly fast adoption of new behaviors. There were only a few pioneer bloggers for a little while—then, suddenly, there were millions of them. The same could happen for musicians making a living in the new economy. So at this point in time, a decade and a half after the start of the web, a decade after the widespread adoption of music file sharing, how many examples of musicians living by new rules should we expect to find? Just to pick a rough number out of the air, it would be nice if there were 3,000 by now.

I was a little afraid to just post about my quest openly on the net, because even though I’m a critic of the open/free orthodoxy I didn’t want to jinx it if it had a chance. Suppose I came up with a desultory result? Would that discourage people who would otherwise have made the push to make the new economy work? Kevin Kelly thought my fear was ridiculous. He’s more of a technological determinist: he thinks the technology will find a way to achieve its destiny whatever people think. So he volunteered to publicize my quest on his popular Technium blog in the expectation that exemplars of the new musical economy would come forward.


pages: 827 words: 239,762

The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, Apollo 13, barriers to entry, Bayesian statistics, Bear Stearns, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business cycle, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, compensation consultant, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, disruptive innovation, Donald Trump, eat what you kill, Fairchild Semiconductor, family office, financial engineering, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, Glass-Steagall Act, global pandemic, Gordon Gekko, hiring and firing, Ida Tarbell, impact investing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kickstarter, Kōnosuke Matsushita, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, Michael Milken, new economy, obamacare, oil shock, pattern recognition, performance metric, Pershing Square Capital Management, Peter Thiel, planned obsolescence, plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sam Altman, Sand Hill Road, Saturday Night Live, scientific management, shareholder value, Sheryl Sandberg, Silicon Valley, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Steve Jurvetson, survivorship bias, TED Talk, The Nature of the Firm, the scientific method, Thorstein Veblen, Tragedy of the Commons, union organizing, urban renewal, vertical integration, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator

The only problem was that as far as the entrepreneurial community was concerned, the jury was still out on the value of an MBA to companies like Netscape, AOL, or even Microsoft. And then, as if out of nowhere, Skilling put all those questions to rest and then some. Overnight, he and his elite corps of MBAs turned Enron into a New Economy darling without sacrificing the revenue stream of an Old Economy industrial giant in the process—the company reported $60 billion in revenues in 2000. A job at Enron promised Wall Street pay without having to take a Wall Street job, it offered New Economy mojo and Old Economy respect, and it had taken the most frequently cited criticisms of MBAs (impatience, lack of follow-through, self-interest, excessive faith in analytical ability) and practically turned them into job requirements.

Annual steel production was going through the roof, climbing from 77,000 tons in 1870 to 11.2 million at the turn of the century.7 There were 140,000 factories in the country in 1865; by 1900, there were 512,000. And this was a new kind of factory—whereas an old-school New England mill employed just a few hundred people, the Ford Motor Company’s first plant had 15,000 on the payroll. The population was also transforming to meet the needs of the new economy. Between 1870 and 1900, the U.S. population rose from 40 million to 76 million, while the population of its cities grew from 10 million to 30 million. In the second half of the nineteenth century, San Francisco doubled in size, Milwaukee tripled, and Denver grew twentyfold.8 Boston, home to Harvard and already one of America’s most important cities, saw its population surge as well, more than doubling from 250,000 in 1870 to 560,000 by 1900.

With the launch of Harvard Business School Publishing in 1993, the School served notice that it was no longer simply in the business of teaching its own students. Henceforth, it would be educating the rest of us as well. What did they teach us? In One Market Under God: Extreme Capitalism, Market Populism, and the End of Economic Democracy, Thomas Frank details just how much of the ideology of the “New Economy” was nothing more than snake oil, and the ways in which the likes of HBS helped sell it. In awe of the booming stock market, Americans swallowed the dubious notion that simply because we, too, could own stocks, then we were all in it together, even when faced with overwhelming evidence to the contrary.


pages: 398 words: 108,889

The Paypal Wars: Battles With Ebay, the Media, the Mafia, and the Rest of Planet Earth by Eric M. Jackson

bank run, business process, call centre, creative destruction, disintermediation, Elon Musk, index fund, Internet Archive, iterative process, Joseph Schumpeter, market design, Max Levchin, Menlo Park, Metcalfe’s law, money market fund, moral hazard, Multics, Neal Stephenson, Network effects, new economy, offshore financial centre, PalmPilot, Peter Thiel, Robert Metcalfe, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, telemarketer, The Chicago School, the new new thing, Turing test

My angst lasted through the evening until I finally managed to catch the CEO on his cell phone; he explained that unforeseen events had forced him to be out of the office and he assured me that everything would be in order for my first day on Friday. Despite the false start, my journey into the new economy was indeed under way. If I’d expected to see a little more structure on my first day on the job than during my introductory visit, this notion was quickly dispelled. Following Peter’s suggestion I reported for work at ten that Friday morning. This struck me as a little late to get started, but I reasoned that the extra time would allow my new colleagues to get ready for my arrival.

It’s easy to understand why the topic fascinated journalists. For one thing, dot-coms’ high-flying IPOs, irreverent advertising, and creative business plans made for good copy. In a broader sense, though, the seemingly endless supply of venture capital financing suggested that investors believed the U.S. really was on the verge of developing a new economy. For a journalist, it just didn’t make sense to risk missing the boat, especially when all of his peers were on board. How else can one explain why columnists and talking-head gurus never blinked when Accenture CEO George Shaheen—proclaimed the “digital messiah” by Forbes11—left his position with the $9 billion consultancy to become the head of home grocer Webvan?

The transaction processing expense rate dropped from -1.67% to -1.36% in Q1 as more users chose bank accounts instead of credit cards to fund their payments, and our fraud losses improved by 13 basis points to -0.48%. This dramatic about-face in our transaction margins was no puzzle to Peter Thiel. It was a few weeks into his stint as the acting-CEO when I heard him compare our new economy payments network to an abstract old economy machine. PayPal’s many policies—such as the fees charged to sellers, spending limits placed on unverified buyers, and our behind-the-scenes fraud algorithms—were like levers, dials, and pulleys. The key was to adjust each of them carefully in unison with the others until the machine hummed along at cruising speed.


pages: 378 words: 110,518

Postcapitalism: A Guide to Our Future by Paul Mason

air traffic controllers' union, Alan Greenspan, Alfred Russel Wallace, bank run, banking crisis, banks create money, Basel III, basic income, Bernie Madoff, Bill Gates: Altair 8800, bitcoin, Bletchley Park, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, business process, butterfly effect, call centre, capital controls, carbon tax, Cesare Marchetti: Marchetti’s constant, Claude Shannon: information theory, collaborative economy, collective bargaining, commons-based peer production, Corn Laws, corporate social responsibility, creative destruction, credit crunch, currency manipulation / currency intervention, currency peg, David Graeber, deglobalization, deindustrialization, deskilling, discovery of the americas, disinformation, Downton Abbey, drone strike, en.wikipedia.org, energy security, eurozone crisis, factory automation, false flag, financial engineering, financial repression, Firefox, Fractional reserve banking, Frederick Winslow Taylor, fulfillment center, full employment, future of work, game design, Glass-Steagall Act, green new deal, guns versus butter model, Herbert Marcuse, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Perry Barlow, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, low interest rates, low skilled workers, market clearing, means of production, Metcalfe's law, microservices, middle-income trap, Money creation, money: store of value / unit of account / medium of exchange, mortgage debt, Network effects, new economy, Nixon triggered the end of the Bretton Woods system, Norbert Wiener, Occupy movement, oil shale / tar sands, oil shock, Paul Samuelson, payday loans, Pearl River Delta, post-industrial society, power law, precariat, precautionary principle, price mechanism, profit motive, quantitative easing, race to the bottom, RAND corporation, rent-seeking, reserve currency, RFID, Richard Stallman, Robert Gordon, Robert Metcalfe, scientific management, secular stagnation, sharing economy, Stewart Brand, structural adjustment programs, supply-chain management, technological determinism, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, Transnistria, Twitter Arab Spring, union organizing, universal basic income, urban decay, urban planning, vertical integration, Vilfredo Pareto, wages for housework, WikiLeaks, women in the workforce, Yochai Benkler

Once the Cold War starts, about 20 per cent of the world’s GDP is being produced outside the market.31 After 1989 the sudden availability of new markets and a new labour force plays an important part in prolonging the wave; so does the West’s new freedom of action to shape markets in neutral countries that were formerly off-limits. In other words, between 1917 and 1989 capitalism’s full potential for complex adaptive behaviour was suppressed. After 1989 it experienced a sugar-rush: labour, markets, entrepreneurial freedom and new economies of scale. On this basis, 1989 must – on its own – account for some of the phase-distortion story I am about to tell. But it cannot account for all of it. The long-wave pattern has been disrupted. The fourth long cycle was prolonged, distorted and ultimately broken by factors that have not occurred before in the history of capitalism: the defeat and moral surrender of organized labour, the rise of information technology and the discovery that once an unchallenged superpower exists, it can create money out of nothing for a long time. 4 The Long, Disrupted Wave In 1948 the Marshall Plan kicked in, the Cold War began and Bell Laboratories invented the transistor.

Kelly wrote: ‘I prefer the term network economy, because information isn’t enough to explain the discontinuities we see. We have been awash in a steadily increasing tide of information for the past century … but only recently has a total reconfiguration of information itself shifted the whole economy.’22 Kelly himself was no advocate of postcapitalism. Indeed, his book New Rules for the New Economy was a breathless survival manual for old businesses as they tried to engage with the interconnected world. But his contribution was important. It was the moment we began to understand that the ‘intelligent machine’ was not the computer but the network, and that the network would speed up the rate of change and make it unpredictable.

Freeman, ‘The New Global Labor Market’, Focus, vol. 26 (1) (2008), University of Wisconsin–Madison Institute for Research on Poverty, http://www.irp.wisc.edu/publications/focus/pdfs/foc261a.pdf 47. S. Kapsos and E. Bourmpoula, ‘Employment and Economic Class in the Developing World’, ILO Research Paper 6, June 2013 PART II 1. K. Kelly, ‘New Rules for the New Economy’, Wired, 5 September 1977, http://archive.wired.com/wired/archive/5.09/newrules.html 5. THE PROPHETS OF POSTCAPITALISM 1. R. Singh, ‘Civil Aero Gas Turbines: Technology and Strategy’, Speech, Cranfield University, 24 April 2001, p. 5 2. J. Leahy, ‘Navigating the Future’, Global Market Forecast 2012–2031, Airbus, 2011 3.


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The Great Reversal: How America Gave Up on Free Markets by Thomas Philippon

airline deregulation, Amazon Mechanical Turk, Amazon Web Services, Andrei Shleifer, barriers to entry, Big Tech, bitcoin, blockchain, book value, business cycle, business process, buy and hold, Cambridge Analytica, carbon tax, Carmen Reinhart, carried interest, central bank independence, commoditize, crack epidemic, cross-subsidies, disruptive innovation, Donald Trump, driverless car, Erik Brynjolfsson, eurozone crisis, financial deregulation, financial innovation, financial intermediation, flag carrier, Ford Model T, gig economy, Glass-Steagall Act, income inequality, income per capita, index fund, intangible asset, inventory management, Jean Tirole, Jeff Bezos, Kenneth Rogoff, labor-force participation, law of one price, liquidity trap, low cost airline, manufacturing employment, Mark Zuckerberg, market bubble, minimum wage unemployment, money market fund, moral hazard, natural language processing, Network effects, new economy, offshore financial centre, opioid epidemic / opioid crisis, Pareto efficiency, patent troll, Paul Samuelson, price discrimination, profit maximization, purchasing power parity, QWERTY keyboard, rent-seeking, ride hailing / ride sharing, risk-adjusted returns, Robert Bork, Robert Gordon, robo advisor, Ronald Reagan, search costs, Second Machine Age, self-driving car, Silicon Valley, Snapchat, spinning jenny, statistical model, Steve Jobs, stock buybacks, supply-chain management, Telecommunications Act of 1996, The Chicago School, the payments system, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, Travis Kalanick, vertical integration, Vilfredo Pareto, warehouse automation, zero-sum game

It is often argued that positive synergies and network externalities are more prevalent today, in the intangible, digital economy, than before. The argument is then loosely used to justify high concentration and dominant positions. I think the argument is misleading, and the case for broad, positive synergies is weaker than most people realize. Synergies exist in the new economy, but they also exist in the old economy. Leaders of the new economy, just like leaders of the old economy before them, tend to overestimate the positive externalities from their activities. Rana Foroohar, writing in the Financial Times about the gig economy (August 2018), mentions that several years ago, Travis Kalanick, the founder and former chief executive of the ride-sharing company Uber, told a group of business executives that we were heading toward a world in which “traffic wouldn’t exist” within five years.

We find that the within contribution has collapsed while the reallocation contribution has become quite significant since the mid-1990s. Nonetheless, when we add them up, we get Figure 13.4: stars used to bring about seventy basis points of labor productivity growth each year (using the industry stars definition), but now it’s only forty basis points. Our results challenge the common wisdom about the stars of the new economy and shed light on the debate between Erik Brynjolfsson and Andrew McAfee (2014), who view digital technologies as “the most general purpose of all,” and Robert J. Gordon (2016), who is skeptical about the impact of recent innovations. Our results are perhaps less surprising for students of history.

NBER Working Paper No. 18158, National Bureau of Economic Research, Cambridge, MA, June, rev. September 2015. Combe, E. (2010). Les vertus cachées du low cost aérien. In Ouvrage Innovation Politique 2012. Fondapol-PUF. Corrado, C., D. Sichel, C. Hulten, and J. Haltiwanger, eds. (2005). Measuring Capital in the New Economy, Studies in Income and Wealth, vol. 65. Chicago: University of Chicago Press. Council of Economic Advisers (2016). Benefits of competition and indicators of market power. CEA Issue Brief, Obama White House, April. Covarrubias, M., G. Gutiérrez, and T. Philippon (2019). From good to bad concentration?


pages: 403 words: 110,492

Nomad Capitalist: How to Reclaim Your Freedom With Offshore Bank Accounts, Dual Citizenship, Foreign Companies, and Overseas Investments by Andrew Henderson

Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, Asian financial crisis, asset allocation, bank run, barriers to entry, birth tourism , bitcoin, blockchain, business process, call centre, capital controls, car-free, content marketing, cryptocurrency, currency risk, digital nomad, diversification, diversified portfolio, Donald Trump, Double Irish / Dutch Sandwich, Elon Musk, failed state, fiat currency, Fractional reserve banking, gentrification, intangible asset, land reform, low interest rates, medical malpractice, new economy, obamacare, offshore financial centre, passive income, peer-to-peer lending, Pepsi Challenge, place-making, risk tolerance, side hustle, Silicon Valley, Skype, too big to fail, white picket fence, work culture , working-age population

After years of doing this, I prefer the risks of frontier markets and all things offshore in comparison to the risk of becoming entrenched in systems that no longer work. I would rather be at the forefront of the new economy than following the herd. Just ask yourself: What else used to be considered risky? In the twentieth century, college was not only considered risky but also something few could obtain. For many, even today, starting a business is considered a risky endeavor. If you are reading this book, chances are you have already reaped many of the rewards for being one of the few to take that risk. But are you really on the edge of the new economy? Perhaps you feel you have pushed so hard and come so far that you have made your way into an entirely different world of opportunity.

Of course, they could spend ten whole dollars and take a taxi and have the freedom to stay as long as they wish and go wherever they want, but they are too busy following the herd to think about what they actually prefer. Don’t be a slave. Don’t do what everyone else does. That is what this book is about. To thrive in an ever-globalizing world, you must do what others do not do and go where others will not go. The world economy is changing and those who operate at the edges of this new economy will find the greatest success. The focus should not be on surviving, but on actually thriving; on enjoying the best of life. The week before my conference, it was announced that China would soon overtake the United States in the number of self-made billionaires. Emerging world billionaires were buying up more of the world’s assets than ever before.

Find a combination of a young and growing population, some progress towards development, and governmental understanding of economic freedom and the need to attract talented people. If you can find these fundamentals in one location, you will put yourself in a great position to take advantage of the new economy that is unfolding. Culture Matters Many people never consider one essential fundamental: culture. Culture matters. The culture in the West is simply not business friendly. Do you feel that people respect successful business people where you are from? Do you feel that they are accepted as valuable members of your community?


pages: 395 words: 103,437

Becoming Kim Jong Un: A Former CIA Officer's Insights Into North Korea's Enigmatic Young Dictator by Jung H. Pak

anti-communist, Boeing 747, clean water, cognitive dissonance, colonial rule, cryptocurrency, death from overwork, Donald Trump, Doomsday Clock, facts on the ground, Francis Fukuyama: the end of history, Great Leap Forward, Mark Zuckerberg, Nelson Mandela, new economy, risk tolerance, Rubik’s Cube, Saturday Night Live, Silicon Valley, Steve Jobs, uranium enrichment

National Geospatial-Intelligence Agency, “Developments in North Korea’s Sinuiju City under Kim Jong-un,” last updated April 21, 2018, https://pathfinder.geointservices.io/​public_page/​u-developments-in-north-koreas-sinuiju-city-under-kim-jong-un/ [inactive]. For example, John Everard: Everard, Only Beautiful, Please, 100. North Korea’s economy: Robert E. Kelly, “A New Economy for North Korea,” Centre for International Governance Innovation, August 3, 2018, https://www.cigionline.org/​articles/​new-economy-north-korea. “There are great”: Testimony of Minister Thae, Yong-ho, U.S. House Committee on Foreign Affairs, November 1, 2017, https://docs.house.gov/​meetings/​FA/​FA00/​20171101/​106577/​HHRG-115-FA00-Wstate-Yong-hoT-20171101.pdf.

Dear Leader: My Escape from North Korea. Trans. Shirley Lee. New York: Atria Books, 2014. Kang, Chol-hwan, and Pierre Rigoulot. The Aquariums of Pyongyang: Ten Years in the North Korean Gulag. New York: Basic Books, 2001. Kelly, Robert E. “A New Economy for North Korea.” Centre for International Governance Innovation, August 3, 2018. https://www.cigionline.org/​articles/​new-economy-north-korea. Kim, Hakjoon. Dynasty: The Hereditary Succession Politics of North Korea. Stanford, Calif.: Walter H. Shorenstein Asia-Pacific Research Center, 2015. Kim, Il Sung, With the Century. Pyongyang: Korea Friendship Association, 2003.


pages: 1,242 words: 317,903

The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby

airline deregulation, airport security, Alan Greenspan, Alvin Toffler, Andrei Shleifer, anti-communist, Asian financial crisis, balance sheet recession, bank run, barriers to entry, Bear Stearns, behavioural economics, Benoit Mandelbrot, Black Monday: stock market crash in 1987, bond market vigilante , book value, Bretton Woods, business cycle, central bank independence, centralized clearinghouse, classic study, collateralized debt obligation, conceptual framework, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, Dr. Strangelove, energy security, equity premium, fiat currency, financial deregulation, financial engineering, financial innovation, fixed income, Flash crash, forward guidance, full employment, Future Shock, Glass-Steagall Act, Greenspan put, Hyman Minsky, inflation targeting, information asymmetry, interest rate swap, inventory management, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, Kenneth Rogoff, Kickstarter, Kitchen Debate, laissez-faire capitalism, Lewis Mumford, Long Term Capital Management, low interest rates, low skilled workers, market bubble, market clearing, Martin Wolf, Money creation, money market fund, moral hazard, mortgage debt, Myron Scholes, Neil Armstrong, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Northern Rock, paper trading, paradox of thrift, Paul Samuelson, Phillips curve, plutocrats, popular capitalism, price stability, RAND corporation, Reminiscences of a Stock Operator, rent-seeking, Robert Shiller, Robert Solow, rolodex, Ronald Reagan, Saturday Night Live, Savings and loan crisis, savings glut, secular stagnation, short selling, stock buybacks, subprime mortgage crisis, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Tipper Gore, too big to fail, trade liberalization, unorthodox policies, upwardly mobile, We are all Keynesians now, WikiLeaks, women in the workforce, Y2K, yield curve, zero-sum game

It had misread the economy in 1993, wrongly attributing declining long-term interest rates to falling inflation expectations.37 And yet regardless of the Fed’s errors, deeper forces were conspiring to bring down inflation: global competition, advancing technology, declining labor-union membership. In this unfamiliar new economy, periods of monetary looseness were more likely to result in bubbles than in consumer price spikes. But nobody bothered with such obscure quibbles. Greenspan was presiding over low inflation and strong growth. His reputation prospered marvelously. The other doubt about the maestro’s emergence was more immediate.

And the keys to American ascendancy lay precisely in those forces with which Greenspan was identified: in the new computing and communications wizardry, whose impact on productivity the Fed chairman had been early to divine; in the superiority of the market-based system that he had championed since his youth; in the quantitative and pragmatic approach to the world, which he exemplified so perfectly. Two decades earlier, Henry Kissinger had become the improbable celebrity of an era shaped by geopolitical forces, from the Soviet challenge to Vietnam. Now America’s fate hinged on economic and technological currents that Greenspan interpreted—and embodied. • • • Of course, this brave new economy was not without its worries. As well as crises in East Asia and the perplexing emergence of the megabanks, the nation was facing a bewildering proliferation of derivatives. In the three and a half years since the shocking losses at Orange County, Procter & Gamble, and Gibson Greeting Cards, swaps of all varieties had roughly tripled in volume: if they had proved their potential to cause trouble back in 1994, they were now even scarier.7 At his breakfasts with his friends at Treasury, Greenspan would occasionally ponder this problem, siding with Lawrence Summers and against Bob Rubin.

But Greenspan’s cult status had come to depend on continual growth, exuberant finance, and miraculously low unemployment.20 His identity had fused with the national expectation of prosperity without limit. He was imprisoned by his reputation. On September 4, 1998, the maestro appeared on a stage at Berkeley’s business school to deliver a long-planned speech on technology and the new economy. Given America’s extraordinary performance, he might have stuck to his script. The markets were jittery, with the S&P 500 index down by around a tenth since Russia’s default; but this did not amount to a crisis—during the Asian crisis the previous autumn, Greenspan had welcomed the sharp sell-off on Wall Street as a salutary correction.


pages: 409 words: 145,128

Fighting Traffic: The Dawn of the Motor Age in the American City by Peter D. Norton

clean water, Frederick Winslow Taylor, garden city movement, Garrett Hardin, General Motors Futurama, invisible hand, jitney, new economy, New Urbanism, public intellectual, Ralph Nader, scientific management, Silicon Valley, smart transportation, Thorstein Veblen, Tragedy of the Commons, Unsafe at Any Speed, urban planning, urban renewal

Chandler, especially in The Visible Hand: The Managerial Revolution in American Business (Belknap, 1977), has shown the importance of firms which have unusually high economies of scale to the rise of a new economy with new degrees of organization and centralization. Chandler calls such enterprises “center firms,” and though none qualify as natural monopolies, their substantial economies of scale gave them monopolistic tendencies, and they ultimately prompted regula- 314 Notes to Chapter 4 tion much like the natural monopolies did. McCraw has related Chandler’s findings to the rise of state and federal regulation, both negative and positive; see Prophets of Regulation, esp. chapters 1–4. See also Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900–1933 (Harvard University Press, 1990). 84.

Cooke, “The Influence of Scientific Management upon Government— Federal, State and Municipal” (paper presented to the Taylor Society, Jan. 26, 1924), Bulletin of the Taylor Society 9 (Feb. 1924), 31–38 (33); Cooke echoes the earlier assertion by corporation lawyer William C. Redfield that “the modern spirit in America . . . has set its face to the task of correcting the things that here and now are wrong” by abandoning the “Days of the Rule of Thumb”; Redfield, The New Industrial Day (New York, 1912), 16–17; quoted in Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900–1933 (Harvard University Press, 1990), 9; see also Taylor, The Principles of Scientific Management (New York, 1911; reprint, W. W. Norton, 1967), 16: “The inefficient rule-of-thumb methods . . . are still almost universal in all trades. . . .” 308 Notes to Chapter 4 35.

In part this is due to McCraw’s interest in federal and state-level regulation, in which lawyers were indeed prevalent. Since its founding in 1887, three quarters of the members of the Interstate Commerce Commission have been lawyers (McCraw, 136); a 1929 study found that half of state public utility regulators were lawyers, and only one in six were engineers. (See Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900–1933, Harvard University Press, 1990, 61.) McCraw’s findings are also for government regulators of all kinds, not just public utilities regulators, among whom the engineers were concentrated. McCraw’s own evidence shows that as late as 1974, on the state of New York’s Public Service Commission, engineers were second only to “inspectors and investigators” in number, with lawyers well behind.


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The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State by James Dale Davidson, William Rees-Mogg

affirmative action, agricultural Revolution, Alan Greenspan, Alvin Toffler, bank run, barriers to entry, Berlin Wall, borderless world, British Empire, California gold rush, classic study, clean water, colonial rule, Columbine, compound rate of return, creative destruction, Danny Hillis, debt deflation, ending welfare as we know it, epigenetics, Fall of the Berlin Wall, falling living standards, feminist movement, financial independence, Francis Fukuyama: the end of history, full employment, George Gilder, Hernando de Soto, illegal immigration, income inequality, independent contractor, informal economy, information retrieval, Isaac Newton, John Perry Barlow, Kevin Kelly, market clearing, Martin Wolf, Menlo Park, money: store of value / unit of account / medium of exchange, new economy, New Urbanism, Norman Macrae, offshore financial centre, Parkinson's law, pattern recognition, phenotype, price mechanism, profit maximization, rent-seeking, reserve currency, road to serfdom, Ronald Coase, Sam Peltzman, school vouchers, seigniorage, Silicon Valley, spice trade, statistical model, telepresence, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade route, transaction costs, Turing machine, union organizing, very high income, Vilfredo Pareto

As Mancur Olson argued in The Rise and Decline of Nations, long-lived industries tend to develop more effective "distributional coalitions" to lobby and struggle over political booty. 7 This problem is magnified immeasurably when it comes to the economy of the Information Age. The more creative participants in the new economy are geographically distributed. Therefore, they are unlikely to form a sufficient concentration to gain the attention of legislators, the way that salmon fishers in Scotland or wheat farmers in Saskatchewan do. Indeed, many of the dynamic personalities of the new economy are unlikely to be citizens of even the most encompassing jurisdiction. Thus they will have little ''voice in the legislative deliberations of representative democracies.

Growth rates cited by the Economist suggest that economic liberty is strongly correlated with economic growth, with the most rapid rates of growth in the freest countries. The cybereconomy of the Information Age will be more free than any other commercial realm in history. It is therefore reasonable to expect that the cybereconomy will rapidly become the most important new economy of the new millennium. Its success will attract new participants from everywhere on the globe, in the same way that the wide use of fax machines made telecopying increasingly attractive for nonusers. But even more important, freedom from predatory violence will allow the cybereconomy to grow at far higher compound rates of growth than conventional economies dominated by nationstates.

More than any other country, the United States reaches to the corners of the earth to extract income from its nationals. If a 747 jetliner filled with one investor from each jurisdiction on earth touched down in a newly independent country, and each investor risked $1,000 in a start-up 235 venture in the new economy, the American would face a far higher tax than anyone else on any gains. Special, penal taxation of foreign investment, exemplified by the so-called PFIC taxation, plus the U.S. nationality tax, can result in tax liabilities of 200 percent or more on long-term assets held outside the United States.


Investment: A History by Norton Reamer, Jesse Downing

activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, algorithmic trading, asset allocation, backtesting, banking crisis, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, book value, break the buck, Brownian motion, business cycle, buttonwood tree, buy and hold, California gold rush, capital asset pricing model, Carmen Reinhart, carried interest, colonial rule, Cornelius Vanderbilt, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, debt deflation, discounted cash flows, diversified portfolio, dogs of the Dow, equity premium, estate planning, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, family office, Fellow of the Royal Society, financial innovation, fixed income, flying shuttle, Glass-Steagall Act, Gordon Gekko, Henri Poincaré, Henry Singleton, high net worth, impact investing, index fund, information asymmetry, interest rate swap, invention of the telegraph, James Hargreaves, James Watt: steam engine, John Bogle, joint-stock company, Kenneth Rogoff, labor-force participation, land tenure, London Interbank Offered Rate, Long Term Capital Management, loss aversion, Louis Bachelier, low interest rates, managed futures, margin call, means of production, Menlo Park, merger arbitrage, Michael Milken, money market fund, moral hazard, mortgage debt, Myron Scholes, negative equity, Network effects, new economy, Nick Leeson, Own Your Own Home, Paul Samuelson, pension reform, Performance of Mutual Funds in the Period, Ponzi scheme, Post-Keynesian economics, price mechanism, principal–agent problem, profit maximization, proprietary trading, quantitative easing, RAND corporation, random walk, Renaissance Technologies, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Sand Hill Road, Savings and loan crisis, seminal paper, Sharpe ratio, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, spinning jenny, statistical arbitrage, survivorship bias, tail risk, technology bubble, Teledyne, The Wealth of Nations by Adam Smith, time value of money, tontine, too big to fail, transaction costs, two and twenty, underbanked, Vanguard fund, working poor, yield curve

Investment Company Institute, “Recent Mutual Fund Trends,” in 2014 Investment Company Fact Book, accessed 2014, http://www.icifactbook. org/fb_ch2.html. 5. FRAUD, MARKET MANIPULATION, AND INSIDER TRADING 1. Steve Fishman, “The Monster Mensch,” New York, February 22, 2009, http://nymag.com/news/businessfinance/54703; Aaron Smith, “Madoff Arrives at N.C. Prison,” CNN Money, July 14, 2009, http:// money.cnn.com/2009/07/14/news/economy/madof f_prison _transfer; Patricia Hurtado, “Andrew, Ruth Madoff Say Were Unaware of $65 Billion Fraud Until Confession,” Bloomberg Businessweek, November 8, 2011, http://www.businessweek.com/news/2011-11-08 /andrew-ruth-madoff-say-they-were-unaware-of-65-billion-fraud.html. 2. Hurtado, “Andrew, Ruth Madoff Say Were Unaware.” 358 5.

Baird Webel, “Troubled Asset Relief Program (TARP): Implementation and Status,” Congressional Research Service, Library of Congress, Washington, DC, June 27, 2013, https://www.fas.org/sgp/crs/misc /R41427.pdf, 1; “Treasury’s Bailout Proposal,” CNN Money, September 20, 2008, http://money.cnn.com/2008/09/20/news/economy /treasury_proposal; US Department of the Treasury, “TARP Programs,” accessed January 2015, http://www.treasury.gov/initiatives/financial -stability/TARP-Programs/Pages/default.aspx; Congressional Budget Office, “Report on the Troubled Asset Relief Program—October 2012,” October 11, 2012, http://www.cbo.gov/sites/default/files/TARP10 -2012_0.pdf, 1. 41.

——. “Founding and Early Years.” Accessed 2014. http://carnegie.org /about-us/foundation-history/founding-and-early-years. ——. “Programs.” Accessed 2014. http://carnegie.org/programs. Censky, Annalyn. “Federal Reserve Launches QE3.” CNN Money, September 13, 2012. http://money.cnn.com/2012/09/13/news/economy /federal-reserve-qe3. “A Century of Ponzi Schemes.” DealBook (blog), New York Times, December 15, 2008. http://dealbook.nytimes.com/2008/12/15/a-century-of-ponzi -schemes. Chandrasekhar, C. P. “Private Equity: A New Role for Finance?” International Development Economics Associates. Last modified May 22, 2007. http:// www.networkideas.org/featart/may2007/Private_Equity.pdf.


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Capitalism in America: A History by Adrian Wooldridge, Alan Greenspan

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, agricultural Revolution, air freight, Airbnb, airline deregulation, Alan Greenspan, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, barriers to entry, Bear Stearns, Berlin Wall, Blitzscaling, Bonfire of the Vanities, book value, Bretton Woods, British Empire, business climate, business cycle, business process, California gold rush, Charles Lindbergh, cloud computing, collateralized debt obligation, collective bargaining, Corn Laws, Cornelius Vanderbilt, corporate governance, corporate raider, cotton gin, creative destruction, credit crunch, debt deflation, Deng Xiaoping, disruptive innovation, Donald Trump, driverless car, edge city, Elon Musk, equal pay for equal work, Everybody Ought to Be Rich, Fairchild Semiconductor, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, fixed income, Ford Model T, full employment, general purpose technology, George Gilder, germ theory of disease, Glass-Steagall Act, global supply chain, Great Leap Forward, guns versus butter model, hiring and firing, Ida Tarbell, income per capita, indoor plumbing, informal economy, interchangeable parts, invention of the telegraph, invention of the telephone, Isaac Newton, Jeff Bezos, jimmy wales, John Maynard Keynes: technological unemployment, Joseph Schumpeter, junk bonds, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, labor-force participation, land bank, Lewis Mumford, Louis Pasteur, low interest rates, low skilled workers, manufacturing employment, market bubble, Mason jar, mass immigration, McDonald's hot coffee lawsuit, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Michael Milken, military-industrial complex, minimum wage unemployment, mortgage debt, Myron Scholes, Network effects, new economy, New Urbanism, Northern Rock, oil rush, oil shale / tar sands, oil shock, Peter Thiel, Phillips curve, plutocrats, pneumatic tube, popular capitalism, post-industrial society, postindustrial economy, price stability, Productivity paradox, public intellectual, purchasing power parity, Ralph Nader, Ralph Waldo Emerson, RAND corporation, refrigerator car, reserve currency, rising living standards, road to serfdom, Robert Gordon, Robert Solow, Ronald Reagan, Sand Hill Road, savings glut, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, supply-chain management, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, total factor productivity, trade route, transcontinental railway, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, union organizing, Unsafe at Any Speed, Upton Sinclair, urban sprawl, Vannevar Bush, vertical integration, War on Poverty, washing machines reduced drudgery, Washington Consensus, white flight, wikimedia commons, William Shockley: the traitorous eight, women in the workforce, Works Progress Administration, Yom Kippur War, young professional

Steel bridges spanned rivers and steel frames supported skyscrapers. Steel put cheap tools in everybody’s hands and cheap utensils on everybody’s tables. This is why steel gave America its richest man, in the shape of Andrew Carnegie, and its biggest company, in the form of U.S. Steel. If America’s new economy was built out of steel, it was lubricated by oil. In 1855, Benjamin Silliman, a chemist at Yale University, published his “Report on the Rock Oil, or Petroleum from Venango Co., Pennsylvania, with special reference to Its Use for Illumination and Other Purposes.” Three years later Edwin Drake began drilling for oil at Titusville, Pennsylvania, applying techniques used in salt wells.

Textile companies, particularly in the Carolinas, began to process cotton in the South rather than sending it north. Eventually a huge swath of northern companies, plagued by powerful trade unions, relocated production to the Sun Belt, turning a region that had once been deemed too hot for modern industry into the heart of the new economy. The Great Migration of blacks from the South to northern industrial cities (notably New York and Chicago) also lessened the region’s isolation. Hitherto the North and the South had been almost two separate countries when it came to their labor markets. Even after the abolition of slavery, most blacks moved only within the South, and then not very far.

A year after the crash, many Americans thought that they were in the midst of a usual, if painful, downturn—not as bad, surely, as the sudden contraction of 1920. There was plenty of good news to weigh against the bad: the 1929 unemployment rate had been 2.9 percent, one of the lowest ever; the new economy of radio, movies, and airplanes was booming; corporate profits were strong. When it became clear that America was heading into an unprecedented storm, they didn’t have a clear understanding of how the various segments of the economy interacted. To be sure, Wesley Clair Mitchell had spelled out how business cycles functioned in 1913.


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Profiting Without Producing: How Finance Exploits Us All by Costas Lapavitsas

Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, borderless world, Branko Milanovic, Bretton Woods, business cycle, capital controls, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, computer age, conceptual framework, corporate governance, credit crunch, Credit Default Swap, David Graeber, David Ricardo: comparative advantage, disintermediation, diversified portfolio, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, false flag, financial deregulation, financial independence, financial innovation, financial intermediation, financial repression, Flash crash, full employment, general purpose technology, Glass-Steagall Act, global value chain, global village, High speed trading, Hyman Minsky, income inequality, inflation targeting, informal economy, information asymmetry, intangible asset, job satisfaction, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, liberal capitalism, London Interbank Offered Rate, low interest rates, low skilled workers, M-Pesa, market bubble, means of production, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, Network effects, new economy, oil shock, open economy, pensions crisis, post-Fordism, Post-Keynesian economics, price stability, Productivity paradox, profit maximization, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, race to the bottom, regulatory arbitrage, reserve currency, Robert Shiller, Robert Solow, savings glut, Scramble for Africa, secular stagnation, shareholder value, Simon Kuznets, special drawing rights, Thales of Miletus, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Tobin tax, too big to fail, total factor productivity, trade liberalization, transaction costs, union organizing, value at risk, Washington Consensus, zero-sum game

Gordon, Robert J., ‘Does the “New Economy” Measure up to the Great Inventions of the Past?’, The Journal of Economic Perspectives 14:4, 2000, pp. 49–74. Gordon, Robert J., ‘The Evolution of Okun’s Law and of Cyclical Productivity Fluctuations in the United States and in the EU-15’, presentation at the EES/IAB workshop, ‘Labor, Market Institutions and the Macroeconomy’, Nuremberg, 17–18 June 2011. Gordon, Robert J., ‘Exploding Productivity Growth: Context, Causes and Implications’, Brookings Papers on Economic Activity 2, 2003, pp. 207–79. Gordon, Robert J., ‘Has the “New Economy” Rendered the Productivity Slow-Down Obsolete?’

Gordon, ‘Where Did the Productivity Growth Go? Inflation Dynamics and the Distribution of Income’, NBER Working Paper No. 11842, 2005. 17 Jack Triplett and Barry Bosworth, ‘Productivity in the Services Sector’, Brookings Economics Papers, January 2000; Jack Triplett and Barry Bosworth, ‘What’s New About the New Economy? IT, Economic Growth and Productivity’, International Productivity Monitor, vol. 2, 2001, pp. 19–30. 18 See, for instance, John Fernhald and Shanthi Ramnath, ‘The Acceleration in US Total Factor Productivity After 1995: The Role of Information Technology’, Economic Perspectives 28:1, First Quarter 2004, pp. 52–67; or Peter B.

., and Jürgen von Hagen, ‘Does Inflation Targeting Matter?’, Federal Reserve Bank of St. Louis Review 84:4, July/August 2002, pp. 127–48. Nissanke, Machiko, and Erenest Aryeetey, Financial Integration and Development: Liberalization and Reform in Sub-Saharan Africa, London: Routledge, 1998. Nordhaus, William D., ‘Productivity Growth and the New Economy’, NBER Working Paper No. 8096, National Bureau of Economic Research, January 2001. North, Peter, Alternative Currencies as a Challenge to Globalisation? A Case Study of Manchester’s Local Currency Networks, London: Ashgate, 2006. North, Peter, Money and Liberation: The Micropolitics of Alternative Currency Movements, Minneapolis: University of Minnesota Press, 2007.


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Multitude: War and Democracy in the Age of Empire by Michael Hardt, Antonio Negri

"World Economic Forum" Davos, affirmative action, air traffic controllers' union, Berlin Wall, Bretton Woods, British Empire, business cycle, classic study, conceptual framework, continuation of politics by other means, David Graeber, Defenestration of Prague, deskilling, disinformation, emotional labour, Fall of the Berlin Wall, feminist movement, Francis Fukuyama: the end of history, friendly fire, global village, Great Leap Forward, Howard Rheingold, Howard Zinn, illegal immigration, Joseph Schumpeter, land reform, land tenure, late capitalism, liberation theology, means of production, military-industrial complex, Naomi Klein, new economy, Paul Samuelson, Pier Paolo Pasolini, post-Fordism, post-work, private military company, race to the bottom, RAND corporation, reserve currency, Richard Stallman, Slavoj Žižek, the Cathedral and the Bazaar, The Chicago School, The Structural Transformation of the Public Sphere, Thomas Malthus, Thorstein Veblen, Tobin tax, transaction costs, union organizing, War on Poverty, Washington Consensus

(The strikes and demonstrations of nurses in France in the early 1990s illustrated well the gender basis of the exploitation of affective and material labor.13) Furthermore, when affective production becomes part of waged labor it can be experienced as extremely alienating: I am selling my ability to make human relationships, something extremely intimate, at the command of the client and the boss.14 Alienation was always a poor concept for understanding the exploitation of factory workers, but here in a realm that many still do not want to consider labor—affective labor, as well as knowledge production and symbolic production—alienation does provide a useful conceptual key for understanding exploitation. The hegemony of immaterial labor, then, does not make all work pleasant or rewarding, nor does it lessen the hierarchy and command in the workplace or the polarization of the labor market. Our notion of immaterial labor should not be confused with the utopian dreams in the 1990s of a “new economy” that, largely through technological innovations, globalization, and rising stock markets, was thought by some to have made all work interesting and satisfying, democratized wealth, and banished recessions to the past.15 The hegemony of immaterial labor does, though, tend to change the conditions of work.

Bush, “The National Security Strategy of the United States of America,” September 2002. 47 It should not be surprising, then, if we see in the future a coalescence under the name of security of a war against abstract enemies together with a violent campaign against the power and cooperation of the new forms of labor. See Christian Marazzi, Capitale e linguaggio: Dalla New Economy all’economia di guerra (Rome: Derive/Approdi, 2002). 48 See Mahmood Mamdani, When Victims Become Killers: Colonialism, Nativism, and the Genocide in Rwanda (Princeton, NJ: Princeton University Press, 2001). 49 Michel Crozier, Samuel Huntington, and Joji Watanuki, The Crisis of Democracy (New York: New York University Press, 1975). 50 See Samuel Huntington, “The Clash of Civilizations?”

See Saskia Sassen, “The State and Globalization” in Rodney Hall and Thomas Biersteker, eds., The Emergence of Private Authority in Global Governance (Cambridge: Cambridge University Press, 2002), 91-112. 79 On the economic costs of the global wars, see Christian Marazzi, Capitale e linguaggio: Dalla New Economy all’economia di guerra. For an analysis of the extreme difficulties facing the U.S. project of unilatateralist global control, see Emanuel Todd, Après l’Empire (Paris: Gallimard, 2002). Todd’s argument is overly polemical and exagerated in several regards (claiming, for example, that U.S. power has already steeply declined just as Soviet power did before it), but he does give a clear view of the obstacles preventing U.S. unilateralism. 80 See, for example, Boris Porchnev, Les soulèvements populaires en France de 1623 à 1648 (Paris: S.E.V.P.E.N., 1963); and Ranajit Guha, Elementary Aspects of Peasant Insurgency in Colonial India (Delhi: Oxford University Press, 1983). 81 See Friedrich Engels, Engels as Military Critic (Manchester: Manchester University Press, 1959).


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The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future by Andrew Yang

3D printing, Airbnb, assortative mating, augmented reality, autonomous vehicles, basic income, Bear Stearns, behavioural economics, Ben Horowitz, Bernie Sanders, call centre, corporate governance, cryptocurrency, data science, David Brooks, DeepMind, Donald Trump, Elon Musk, falling living standards, financial deregulation, financial engineering, full employment, future of work, global reserve currency, income inequality, Internet of things, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, Khan Academy, labor-force participation, longitudinal study, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, megacity, meritocracy, Narrative Science, new economy, passive income, performance metric, post-work, quantitative easing, reserve currency, Richard Florida, ride hailing / ride sharing, risk tolerance, robo advisor, Ronald Reagan, Rutger Bregman, Sam Altman, San Francisco homelessness, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, single-payer health, Stephen Hawking, Steve Ballmer, supercomputer in your pocket, tech worker, technoutopianism, telemarketer, The future is already here, The Wealth of Nations by Adam Smith, traumatic brain injury, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, unemployed young men, universal basic income, urban renewal, warehouse robotics, white flight, winner-take-all economy, Y Combinator

We will read articles with concern about the future and think about how to redirect our children to more fertile professions and livelihoods. We will retweet something and contribute here and there. We will occasionally reflect on the fates of others and shake our heads, determined to be among the winners in whatever the new economy brings. The logic of the meritocracy is leading us to ruin, because we are collectively primed to ignore the voices of the millions getting pushed into economic distress by the grinding wheels of automation and innovation. We figure they’re complaining or suffering because they’re losers. We need to break free of this logic of the marketplace before it’s too late.

Yuval Harari in Homo Deus makes the point that our cab driver can look into the sky, contemplate the meaning of life, tear up at the sounds of an opera, and generally do a million things that a robot driver cannot. But most of those things don’t matter to us when we get into the back of the cab. Oftentimes, we’d prefer to be left alone rather than make conversation. I know I’m occasionally guilty of this. One of the common themes of the new economy is that women are better equipped to excel in the growth areas and opportunities in a service economy, including nurturing and teaching other people, which are among the toughest activities to automate. Conventionally male-dominated jobs like manufacturing, warehouse shelving, and truck driving are among the easiest.

When a few hundred workers get replaced or a plant closes, the people around them notice and the community suffers. But to the rest of us, each closing is seen as part of economic progress. The challenges are magnified because American society is not in great shape right now. There are a number of trends that are going to make managing the transition to a new economy all the more difficult: • We are getting older. • We don’t have adequate retirement savings. • We are financially insecure. • We use a lot of drugs. • We are not starting new businesses. • We’re depressed. • We owe a lot of money, public and private. • Our education system underperforms


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The Age of the Infovore: Succeeding in the Information Economy by Tyler Cowen

Albert Einstein, Asperger Syndrome, autism spectrum disorder, behavioural economics, business cycle, Cass Sunstein, cognitive bias, David Brooks, en.wikipedia.org, endowment effect, Flynn Effect, folksonomy, framing effect, Google Earth, Gregor Mendel, impulse control, informal economy, Isaac Newton, loss aversion, Marshall McLuhan, Naomi Klein, neurotypical, new economy, Nicholas Carr, pattern recognition, phenotype, placebo effect, Richard Thaler, selection bias, Silicon Valley, social intelligence, the medium is the message, The Wealth of Nations by Adam Smith, theory of mind, Tyler Cowen

FOR INFORMATION PLEASE WRITE TO PREMIUM MARKETING DIVISION, PENGUIN GROUP (USA) INC., 375 HUDSON STREET, NEW YORK, NEW YORK 10014. CONTENTS PREFACE 1. THE FUTURE OF THINKING DIFFERENTLY 2. HIDDEN CREATIVITY 3. WHY MODERN CULTURE IS LIKE MARRIAGE, IN ALL ITS GLORY 4. IM, CELL PHONES, AND FACEBOOK 5. THE BUDDHA AS SAVIOR AND THE PROFESSOR AS SHAMAN 6. THE NEW ECONOMY OF STORIES 7. HEROES 8. BEAUTY ISN’T WHAT YOU THINK IT IS 9. AUTISTIC POLITICS 10. THE FUTURE OF THE UNIVERSE FURTHER READING AND REFERENCES ACKNOWLEDGMENTS INDEX PREFACE When the economy is doing poorly, people “cocoon” and turn to less expensive pleasures. During the Great Depression of the 1930s, people cut back on the expensive evening out and looked to board games, radio, and family entertainment at home.

Of course non-autistics experience so much educational failure, in part, because many people can increase their focus only so much. That’s yet another bias and it is a bias that so many of us suffer under. The lesson is this: No matter what your neurology, be careful whom you criticize. It may just be someone you should be trying to emulate. 6 THE NEW ECONOMY OF STORIES There has been a fundamental shift in the balance of power between consumers and salesmen over the last generation and it points in the direction of consumers. The quantity and quality of “interior” pleasures is higher than ever before, so many people shift more toward these very cheap entertainments.

For a discussion of this issue, see Dermot Bowler, Autism Spectrum Disorders: Psychological Theory and Research (cited above), 115–17. In any case, one can think of neurotypicals as trying, through education, to attain the non-distracted maximum focus found in many autistics. For the Department of Education figure, see www.ed.gov/about/overview/budget/budget03/summary/app1/edlite-index.html. CHAPTER 6: THE NEW ECONOMY OF STORIES You’ll find Schelling’s essay in his Choice and Consequence: Perspectives of an Errant Economist (Cambridge, MA: Harvard University Press, 1984). On stories I am also much influenced by Pascal Boyer’s Religion Explained (New York: Basic Books, 2002) and William Flesch’s Comeuppance: Costly Signaling, Altruistic Punishment, and Other Biological Components of Fiction (Cambridge, MA: Harvard University Press, 2008).


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The Economic Singularity: Artificial Intelligence and the Death of Capitalism by Calum Chace

"World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, AlphaGo, Alvin Toffler, Amazon Robotics, Andy Rubin, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Boston Dynamics, bread and circuses, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, deep learning, DeepMind, Demis Hassabis, digital divide, Douglas Engelbart, Dr. Strangelove, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Fairchild Semiconductor, Flynn Effect, full employment, future of work, Future Shock, gender pay gap, Geoffrey Hinton, gig economy, Google Glasses, Google X / Alphabet X, Hans Moravec, Herman Kahn, hype cycle, ImageNet competition, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, Kiva Systems, knowledge worker, lifelogging, lump of labour, Lyft, machine translation, Marc Andreessen, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, Neil Armstrong, new economy, Nick Bostrom, Occupy movement, Oculus Rift, OpenAI, PageRank, pattern recognition, post scarcity, post-industrial society, post-work, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Sam Altman, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, SoftBank, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, TED Talk, The future is already here, The Future of Employment, Thomas Malthus, transaction costs, Two Sigma, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber for X, uber lyft, universal basic income, Vernor Vinge, warehouse automation, warehouse robotics, working-age population, Y Combinator, young professional

Furthermore, if the richest billionaires gave their wealth to the poorest half of the world, it would amount to a one-off payment of few hundred dollars each.[cccxxiv] Nevertheless, if you are one of the lucky minority with substantial net assets, you might be wondering how you will be affected if and when technological unemployment takes hold. Will your house be worth more or less in the new economy? How about your vintage Aston Martin, or your collection of fine wines? Until and unless we move to a completely different kind of economy, it is likely that some of the wealthy people – especially those who control the artificial intelligence which creates most of the added value – will remain wealthy, and perhaps become even more wealthy.

Unfortunately, every time I try to envisage this world, the picture degrades into a variation on the theme of “Brave New World” – or worse. Perhaps this is simply a failure of my imagination. I hope so. If it is true that we need to move away from capitalism, we have two major jobs on our hands. First, we need to determine what that new economy should look like. Second, we need to work out how to transition from the economy we have to the economy we need. This will not be easy. Humans dislike change, and as always, there will be winners and losers. The losers may not take their losses calmly. The scenario of the gods and the useless is not the only possible outcome of technological unemployment.

Chapter 6.2 rehearsed the hope that we can race with the machines by becoming centaurs and enjoying the icebergs of new work. Chapter 6.3 offered the idea that unemployment will grow, but can be accommodated by UBI. Chapter 6.4 reprised the scenario of the gods and the useless, and chapter 6.5 reminded us that civilisation is fragile, and that a poorly-planned transition towards a new economy could be hazardous. Chapter 6.6 adopted Kevin Kelly’s term Protopia for a successful transition, and suggested that the blockchain might turn out to be the mechanism to administer society’s collectively owned assets, notably its artificial intelligence. 7.2 – The two singularities In my previous book, “Surviving AI”, I wrote at length about the challenge and the opportunity presented by the technological singularity, the moment when (and if) we create an artificial general intelligence which continues to improve its cognitive performance and becomes a superintelligence.


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Are You Smart Enough to Work at Google?: Trick Questions, Zen-Like Riddles, Insanely Difficult Puzzles, and Other Devious Interviewing Techniques You ... Know to Get a Job Anywhere in the New Economy by William Poundstone

affirmative action, Albert Einstein, big-box store, Buckminster Fuller, car-free, cloud computing, creative destruction, digital rights, en.wikipedia.org, full text search, hiring and firing, How many piano tuners are there in Chicago?, index card, Isaac Newton, Johannes Kepler, John von Neumann, lateral thinking, loss aversion, mental accounting, Monty Hall problem, new economy, off-the-grid, Paul Erdős, RAND corporation, random walk, Richard Feynman, rolodex, Rubik’s Cube, Silicon Valley, Silicon Valley startup, sorting algorithm, Steve Ballmer, Steve Jobs, The Spirit Level, Tony Hsieh, why are manhole covers round?, William Shockley: the traitorous eight

“So what do you do next?” “I shoot him?” “No, what do you do?” Silence. “You waste him! You WASTE the Prince of Darkness!” By this point, the applicant had a question of his own: “Holy crap, what have I gotten myself into?” He had gotten himself into a not entirely atypical interview in the new economy. In many industries, offbeat interview questions are a badge of coolness. They show how “creative” the workforce is. These questions are a feature of companies where non-HR employees do the interviewing. In highly specialized and creative fields particularly, it’s thought that employees better know what questions to ask than human resources people do.

Bass wrote, The personnel interview continues to be the most widely used method for selecting employees, despite the fact that it is a costly, inefficient, and usually invalid procedure. A dozen years later, the recruiter Robert Martin said, Most of the corporate recruiters with whom I’ve had contact are decent, well-intentioned people. But I’ve yet to meet anyone, including myself, who knows what he (or she) is doing. The new economy has taken notice. “In an interview you can tell if a person is a pleasant conversationalist, and you can give some technical questions to rule out the truly inept, but beyond that you might as well be rolling dice,” wrote the founder of BitTorrent, Bram Cohen. Google’s human resources head, Laszlo Bock, said it even more succinctly: “Interviews are a terrible predictor of performance.”

“You’re supposed to ask open-ended questions that test problem solving and general knowledge, then get into specifics,” explained one former Google interviewer. Google’s most characteristic, and most emulated, interview questions are short questions that spark conversations. On January 26, 2008, senator and presidential hopeful Barack Obama attempted to establish his new-economy credentials. He visited the Googleplex for a public chat with Eric Schmidt. Schmidt commented that it was hard to get a job as president—and hard to get a job at Google. In order to test Obama’s qualifications, Schmidt asked him, “What’s the most efficient way to sort a million 32-bit integers?”


pages: 309 words: 78,361

Plenitude: The New Economics of True Wealth by Juliet B. Schor

Asian financial crisis, behavioural economics, big-box store, business climate, business cycle, carbon footprint, carbon tax, clean tech, Community Supported Agriculture, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, decarbonisation, degrowth, dematerialisation, demographic transition, deskilling, Edward Glaeser, en.wikipedia.org, Gini coefficient, global village, Herman Kahn, IKEA effect, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Jevons paradox, Joseph Schumpeter, Kenneth Arrow, knowledge economy, life extension, McMansion, new economy, ocean acidification, off-the-grid, peak oil, pink-collar, post-industrial society, prediction markets, purchasing power parity, radical decentralization, ride hailing / ride sharing, Robert Shiller, sharing economy, Simon Kuznets, single-payer health, smart grid, systematic bias, systems thinking, The Chicago School, Thomas L Friedman, Thomas Malthus, too big to fail, transaction costs, Yochai Benkler, Zipcar

There’s no question it’s the direction we must go. It will provide real, not fictitious, opportunity. We’ll be designing a whole new way to produce and consume based on ingenuity rather than on using up materials. In large part, plenitude is a way to allow individuals to participate in building this new economy. But we’re in the early stages of the transition. The experience so far is that companies have been surprisingly slow to embrace sustainable production methods. And no single sector can compensate for the much larger trends from the whole economy. Green businesses will provide only a limited number of jobs, especially right now.

Jobs and incomes will be less available, and the usual way out—a debt-financed consumer boom—is unaffordable for households and the planet. With familiar opportunities deteriorating, we’ll be ham-strung if we limit ourselves to past practice. It’s time to leapfrog over the unpalatable trade-offs currently on offer and embrace a new economy. Diversifying out of the BAU market makes it possible to tap into neglected assets. True wealth can be attained by mobilizing and transforming the economies of time, creativity, community, and consumption. A Caveat: One Life Living One innovative effort within the sustainability movement is called one planet living.

Burgoon, Brian, and Phineas Baxandall. 2004. Three worlds of working time: Policy and politics in work-time patterns of industrialized countries. Politics and Society 32 (December): 439-73. Business Alliance for Local Living Economies (BALLE). The Business Alliance for Local Living Economies: 20,000 entrepreneurs building the new economy. Available from http://www.livingeconomies.org (accessed September 7, 2009). Caballero, Ricardo J., and Adam B. Jaffe. 1993. How high are the giants’ shoulders: An empirical assessment of knowledge spillovers and creative destruction in a model of economic growth. NBER Macroeconomics Annual 8: 15-74.


pages: 124 words: 39,011

Beyond Outrage: Expanded Edition: What Has Gone Wrong With Our Economy and Our Democracy, and How to Fix It by Robert B. Reich

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Alan Greenspan, banking crisis, benefit corporation, business cycle, carried interest, collateralized debt obligation, collective bargaining, Cornelius Vanderbilt, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, electricity market, Ford Model T, full employment, Glass-Steagall Act, Home mortgage interest deduction, job automation, low interest rates, Mahatma Gandhi, minimum wage unemployment, money market fund, Nelson Mandela, new economy, Occupy movement, offshore financial centre, plutocrats, Ponzi scheme, race to the bottom, Ronald Reagan, Savings and loan crisis, single-payer health, special drawing rights, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, women in the workforce, working poor, zero-sum game

He’s absolutely right, and it’s the first time he or any other president clearly stated the long-term structural problem that’s been widening the gap between the very top and everyone else for thirty years—the breaking of the basic bargain linking pay to productivity gains. For many years, credit cards and home equity loans papered over the harsh realities of this new economy. But in 2008, the house of cards collapsed. Exactly. But the first papering over was when large numbers of women went into paid work, starting in the late 1970s and the 1980s, in order to prop up family incomes that were stagnating or dropping because male wages were under siege—from globalization, technological change, and the decline of unions.

Our real problem, he argues, lies in the increasing concentration of wealth in the hands of the richest Americans, while stagnant wages and rising costs have forced the middle class to go deep into debt. Reich’s thoughtful and detailed account of the American economy—and how we can fix it—is a practical, humane, and much-needed blueprint for rebuilding our society. Economy THE FUTURE OF SUCCESS Working and Living in the New Economy Americans may be earning more than ever before, but they’re paying a steep price: they’re working longer and seeing their families less, and their communities are fragmenting. With clarity and insight, Robert B. Reich delineates what success has come to mean in modern times. Although people have more choices as consumers and investors, these choices are undermining the rest of their lives.


pages: 523 words: 111,615

The Economics of Enough: How to Run the Economy as if the Future Matters by Diane Coyle

accounting loophole / creative accounting, affirmative action, Alan Greenspan, An Inconvenient Truth, bank run, banking crisis, behavioural economics, Berlin Wall, bonus culture, Branko Milanovic, BRICs, business cycle, call centre, carbon tax, Cass Sunstein, central bank independence, classic study, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation does not imply causation, Credit Default Swap, deindustrialization, demographic transition, Diane Coyle, different worldview, disintermediation, Edward Glaeser, endogenous growth, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, Financial Instability Hypothesis, Francis Fukuyama: the end of history, general purpose technology, George Akerlof, Gini coefficient, global supply chain, Gordon Gekko, greed is good, happiness index / gross national happiness, hedonic treadmill, Hyman Minsky, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, income inequality, income per capita, industrial cluster, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jane Jacobs, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, knowledge economy, light touch regulation, low skilled workers, market bubble, market design, market fundamentalism, megacity, Network effects, new economy, night-watchman state, Northern Rock, oil shock, Paradox of Choice, Pareto efficiency, principal–agent problem, profit motive, purchasing power parity, railway mania, rising living standards, Robert Solow, Ronald Reagan, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, social contagion, South Sea Bubble, Steven Pinker, tacit knowledge, The Design of Experiments, The Fortune at the Bottom of the Pyramid, The Market for Lemons, The Myth of the Rational Market, The Spirit Level, the strength of weak ties, Tragedy of the Commons, transaction costs, transfer pricing, tulip mania, ultimatum game, University of East Anglia, vertical integration, web application, web of trust, winner-take-all economy, World Values Survey, zero-sum game

Already, unmistakable and disquieting signs are available for all to see.12 He is right. The political rows about school or police budgets, about low pay in the caring services, about fair access to the best possible health care, are ubiquitous and intense. How should these services be valued and priced, and how paid for? And are there any clues in the way we think about “new economy” sectors that are starting to experience the same effects? THE ECONOMICS OF MUSIC As Baumol pointed out, the same pattern applies to many services—his other example was the performing arts. Take a string quartet. They will sell some recordings but a high proportion of their income is likely to come from live performances.

There has been a vigorous debate about the challenge the presumption of “free” content poses to businesses in music, movies, and publishing. Less attention has been paid to the implications for measuring the economy, and yet conventional statistics do not capture at all well the shape or growth of the new economy taking shape. There has been real progress in improving economic statistics: in the development of dashboards to supplement GDP; in the measurement of intangible value; and in looking at time use as an indicator of what people value. In each of these avenues, more progress is needed. GDP needs to be joined by a measure of comprehensive wealth; the role of intangibles needs to be better conceptualized in order to collect statistics; and time use surveys based on diaries are neither detailed nor frequent enough to give rich insights into what people do.

“International Evidence on the Social Context of Well-being.” In International Differences in Well-being, ed. Ed Diener, J. F. Helliwell, and D. Kahneman. New York: Oxford University Press. Helpman, Elhanan. 2004. The Mystery of Economic Growth. Cambridge, MA: Harvard University Press. Henwood, Doug. 2003. After the New Economy. New York: New Press. Hepburn, Cameron, and Paul Klemperer. 2006. “Discounting Climate Change Damages: Working Note for the Stern Review.” London, UK. Heshmati, Almas. 2006. “The World Distribution of Income and Income Inequality: A Review of the Economics Literature.” Journal of World-Systems Research 12:1, pp. 60–107.


pages: 381 words: 112,674

eBoys by Randall E. Stross

Apollo 11, barriers to entry, Benchmark Capital, business cycle, call centre, carried interest, cognitive dissonance, deal flow, digital rights, disintermediation, drop ship, edge city, Fairchild Semiconductor, General Magic , high net worth, hiring and firing, Jeff Bezos, Jeff Hawkins, job-hopping, knowledge worker, late capitalism, market bubble, Mary Meeker, megaproject, Menlo Park, new economy, old-boy network, PalmPilot, passive investing, performance metric, pez dispenser, railway mania, rolodex, Salesforce, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, SoftBank, Steve Ballmer, Steve Jobs, Steve Jurvetson, vertical integration, warehouse automation, Y2K

As for the venture capitalists, they received a significant cut—at least 20 percent—of any resulting gains in the portfolio’s investments, so in flush times their personal wealth, on paper at least, grew as fast as the valuations of the new companies they funded. Anyone who had followed the rise of Netscape, Amazon, and Yahoo—all were venture-backed—had already figured out that the venture guys were seated at the center of the New Economy. Endowment-fund managers who had not previously developed connections to the top venture capital firms pounded their fists on closed doors, begging for entry, but even with recent increases in size, the funds were already oversubscribed. Business-school graduates headed to Silicon Valley in numbers never seen before, spurning six-figure salaries with management consulting firms to seek their fortunes with venture-backed start-ups.

Standing in the doorway on his way out, Greenberg told a couple of the Benchmark partners the plans for the next round of financing. Scient’s valuation in the December seed round had been $6 million; now it was March and Scient was looking for investors at a current valuation, in the new math of the New Economy, of $180 million, which, it turned out, it had no difficulty finding. Greenberg exulted, “I think we’re the greatest play in the Valley right now. It came farther than I thought it was going to go in three months, let me tell you. I’m glad you guys didn’t fund Digital Talent.” They laughed together.

Get into e-commerce consulting, Harvey advised. There’s a problem with that suggestion, Shaw told him: I have no clients down here who are asking for that kind of help. Silicon Valley was not just ahead of Houston; it was too far ahead for Harvey’s insights to be of help to Shaw’s business. Until Houston joined the New Economy, Shaw had time to dabble and learn something about e-commerce for future consulting gigs. For a proof-of-concept site that could be shown to prospective clients, he thought to himself, why not try selling watches on the Web? He had recently discovered that no store in Houston offered a discount on a Cartier he had wanted to buy his wife, yet it was possible to get a discount by other means.


Hacking Capitalism by Söderberg, Johan; Söderberg, Johan;

Abraham Maslow, air gap, Alvin Toffler, AOL-Time Warner, barriers to entry, Charles Babbage, collective bargaining, commoditize, computer age, corporate governance, creative destruction, Debian, deindustrialization, delayed gratification, Dennis Ritchie, deskilling, digital capitalism, digital divide, Donald Davies, Eben Moglen, Erik Brynjolfsson, Firefox, Free Software Foundation, frictionless, full employment, Garrett Hardin, Hacker Conference 1984, Hacker Ethic, Herbert Marcuse, Howard Rheingold, IBM and the Holocaust, informal economy, interchangeable parts, invention of radio, invention of the telephone, Jacquard loom, James Watt: steam engine, jimmy wales, John Markoff, John von Neumann, Joseph Schumpeter, Joseph-Marie Jacquard, Ken Thompson, knowledge economy, knowledge worker, labour market flexibility, late capitalism, Lewis Mumford, liberal capitalism, Marshall McLuhan, means of production, Mitch Kapor, mutually assured destruction, new economy, Norbert Wiener, On the Economy of Machinery and Manufactures, packet switching, patent troll, peer-to-peer, peer-to-peer model, planned obsolescence, post scarcity, post-Fordism, post-industrial society, price mechanism, Productivity paradox, profit motive, RFID, Richard Florida, Richard Stallman, Ronald Coase, safety bicycle, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, Slavoj Žižek, software patent, Steven Levy, Stewart Brand, subscription business, tech worker, technological determinism, technoutopianism, the Cathedral and the Bazaar, The Nature of the Firm, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, Thomas Davenport, Thorstein Veblen, tragedy of the anticommons, Tragedy of the Commons, transaction costs, Whole Earth Catalog, Yochai Benkler

The central index on available music files permitted Shawn Fanning to start a business venture around the service, and, on the downside, for the Record Industry Association of Americas (RIAA) to sue him. From the outset, Shawn Fanning and his associates aimed at drawing the greatest possible number of users into the Napster system. The audience would be their bargain chip when negotiating the price for the service with RIAA at a later stage. In the heydays of the New Economy, this was a good enough business proposal to attract venture capital. Even one of the media giants and a prominent member of the RIAA, the German company Bertelsmann, invested in Napster. And the audience size was impressive. At its peak Napster had more than 70 million registered users. Almost every single one of them swapped copyrighted files in violation of the law.

A case often referred to in labour theory is the union struggle in the printing industry during the mid twentieth century. Typographers had traditionally had a strong position based on their knowledge monopoly over the trade. Computerisation of the labour process was decisive for breaking their strength.29 No doubt, the importance of software algorithms in the so-called new economy owes to its expediency in this regard. Programmable automation, i.e. computers, has accelerated the logic of automation to a breaking point, both in its despotism and in its emancipatory potential. Previously, human knowledge was objectified in cogs and wheels, now it is objectified in binaries.

The cost for marketing is instead covered by raising the price of the advertised product. As is the case with advertising, individual customers will pay for networked services/products through higher prices on non-networked products. This solution cannot last in the long run if we are to believe the advocates of the New Economy. The network firm is hailed as the ‘sun-rise industry’ of the future, or, borrowing a phrase from Karl Marx, it will be the general illumination that bathes all the other sectors of the economy in its light and particularities. In plain language, all products will be networked products, which begs the question: Where can rent then be taken from?


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

"hyperreality Baudrillard"~20 OR "Baudrillard hyperreality", accounting loophole / creative accounting, bank run, banking crisis, banks create money, behavioural economics, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, borderless world, Bretton Woods, BRICs, business cycle, capital controls, capitalist realism, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computer age, conceptual framework, credit crunch, cross-subsidies, currency risk, David Graeber, debt deflation, dematerialisation, disintermediation, Dogecoin, emotional labour, eurozone crisis, fiat currency, financial engineering, financial exclusion, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, gentrification, German hyperinflation, Goldman Sachs: Vampire Squid, Herbert Marcuse, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kickstarter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liberal capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, Minsky moment, mobile money, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, National Debt Clock, Neal Stephenson, negative equity, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer, peer-to-peer lending, Ponzi scheme, post scarcity, post-Fordism, Post-Keynesian economics, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, risk free rate, Robert Shiller, Satoshi Nakamoto, scientific management, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Veblen good, Wave and Pay, Westphalian system, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

Germane to this view, the mimetic character of financial panics is indicative of the uneasy alliance of individualism and collectivism that financial capitalism demands: “everyone returns to his own property and, simultaneously, he finds himself closer to the others because of effects of mimesis, because of the contagion and the reactions it provokes” (Marazzi 2008: 129).36 In place of a rational subject, Marazzi substitutes Spinoza’s idea of the multitude as the collective nonsubject that resides in the new economy. The multitude is an effigy of money, the very form of its sovereignty: “After having killed the god Pan, the multitude has to learn to protect itself from those momentary gods who, like little gremlins, haunt accidental events” (Marazzi 2008: 135). Like the new economy itself, the post-Fordist panic is characterized not by atomism and alienation but by its opposite, what Paolo Virno called “the magnetic adherence of the individual to the general intellect” (Marazzi 2008: 130).

In his recent analyses of post-Fordism and cognitive capitalism, Marazzi has subsequently reconfigured Marx’s distinction between the real economy (where material and immaterial goods are produced and sold) and the monetary–financial economy (where investment and speculation take place). Cognitive capitalism (or the cognitive–cultural economy) refers to the New Economy: high-technology industry, business and financial services, personal services, the media, and e-cultural industries. Digital technologies have a key role to play, and as a result, cognitive (or cultural) labor is in high demand. In essence, this fact means that work increasingly consists of the exercise of linguistic, interpersonal emotional and intellectual skills, using “raw materials” that are by their nature intangible and difficult to quantify.

Whereas the monetary and financial problems that shaped the immediate post-Bretton Woods era were based on the contradictory relationship between the real and financial economies, i.e., the ability of money to recuperate itself as capital, financialization has spread across the entire business cycle (Marazzi 2010: 27–29, 49). The new economy is driven by excessive levels of financial activity (lending and speculation), with no brake or threshold within the real economy to slow things down. This situation is financial saturation. Moreover, whereas Harvey continues to see the state as key to reestablishing money’s underlying value in the aftermath of credit crisis, Marazzi brings the argument he began with Bretton Woods to its logical conclusion: this is a post-Keynesian system in which the old internal and external solutions for restoring capital’s value—effective demand management and colonialism, respectively—have been exhausted.


pages: 348 words: 83,490

More Than You Know: Finding Financial Wisdom in Unconventional Places (Updated and Expanded) by Michael J. Mauboussin

Alan Greenspan, Albert Einstein, Andrei Shleifer, Atul Gawande, availability heuristic, beat the dealer, behavioural economics, Benoit Mandelbrot, Black Swan, Brownian motion, butter production in bangladesh, buy and hold, capital asset pricing model, Clayton Christensen, clockwork universe, complexity theory, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, deliberate practice, demographic transition, discounted cash flows, disruptive innovation, diversification, diversified portfolio, dogs of the Dow, Drosophila, Edward Thorp, en.wikipedia.org, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, fixed income, framing effect, functional fixedness, hindsight bias, hiring and firing, Howard Rheingold, index fund, information asymmetry, intangible asset, invisible hand, Isaac Newton, Jeff Bezos, John Bogle, Kenneth Arrow, Laplace demon, Long Term Capital Management, loss aversion, mandelbrot fractal, margin call, market bubble, Menlo Park, mental accounting, Milgram experiment, Murray Gell-Mann, Nash equilibrium, new economy, Paul Samuelson, Performance of Mutual Funds in the Period, Pierre-Simon Laplace, power law, quantitative trading / quantitative finance, random walk, Reminiscences of a Stock Operator, Richard Florida, Richard Thaler, Robert Shiller, shareholder value, statistical model, Steven Pinker, stocks for the long run, Stuart Kauffman, survivorship bias, systems thinking, The Wisdom of Crowds, transaction costs, traveling salesman, value at risk, wealth creators, women in the workforce, zero-sum game

The main reason is that the later years of the study included historically high levels of write-offs and restructuring charges that likely distorted the accounting data. 8 Richard Foster and Sarah Kaplan, Creative Destruction: Why Companies that are Built to Last Underperform the Market—and How to Successfully Transform Them (New York: Doubleday, 2001); and John Y. Campbell, Martin Lettau, Burton G. Malkiel, and Yexiao Xu, “Have Individual Stocks Become More Volatile?” Journal of Finance 54 (February 2001): 1-43. 9 J. Bradford DeLong and Lawrence H. Summers, “The ‘New Economy’: Background, Historical Perspective, Questions, and Speculations”, Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter 2001. See http://www.kc.frb.org/PUBLICAT/ECONREV/Pdf/4q01delo.pdf. 10 Alfred Rappaport and Michael J. Mauboussin, Expectations Investing: Reading Stock Prices for Better Returns (Boston: Harvard Business School Press, 2001), 26-27, 36-38. 22.

Working Paper, November 23, 2003. http://fisher.osu.edu/fin/dice/seminars/pollet.pdf. DeLong, J. Bradford, Andrei Shleifer, Lawrence H. Summers, and Robert J. Waldmann. “Positive Feedback Investment Strategies and Destabilizing Rational Speculation.” Journal of Finance 45, no. 2 (June 1990): 379-95. DeLong, J. Bradford, and Lawrence H. Summers. “The ‘New Economy’: Background, Historical Perspective, Questions, and Speculations.” Federal Reserve Bank of Kansas City Economic Review (Fourth Quarter 2001). Dembo, Ron S., and Andrew Freeman. Seeing Tomorrow: Rewriting the Rules of Risk. New York: Wiley, 1998. Dickinson, Rod. “The Milgram Reenactment.” http://www.milgramreenactment.org/pages/section.xml?

Godin. “How Females Choose Their Mates.” Scientific American (April 1998): 56-61. Durand, David. “Growth Stocks and the Petersburg Paradox.” Journal of Finance 12 (September 1957): 348-63. The Economist. “Other People’s Money: A Survey of Asset Management.” July 5, 2003. ——. “Survey of the ‘New Economy.’” September 21, 2000. Eguiluz, Victor M., and Martin G. Zimmerman. “Transmission of Information and Herd Behavior: An Application to Financial Markets.” Physical Review Letters 85, no. 26 (December 2000): 5659-62. Ehrlich, Paul R. Human Natures: Genes, Cultures, and the Human Prospect. Washington, D.C.: Island Press, 2000.


pages: 285 words: 81,743

Start-Up Nation: The Story of Israel's Economic Miracle by Dan Senor, Saul Singer

"World Economic Forum" Davos, agricultural Revolution, Albert Einstein, Apollo 11, Apollo 13, back-to-the-land, banking crisis, Benchmark Capital, Boycotts of Israel, call centre, Celtic Tiger, clean tech, Dissolution of the Soviet Union, Fairchild Semiconductor, friendly fire, Gene Kranz, immigration reform, labor-force participation, mass immigration, military-industrial complex, Neil Armstrong, new economy, pez dispenser, post scarcity, profit motive, Robert Solow, Silicon Valley, smart grid, social graph, sovereign wealth fund, Steve Ballmer, Suez crisis 1956, unit 8200, web application, women in the workforce, Yom Kippur War

By the time they are out of their twenties, not only are most Israelis tested in discovering exotic opportunities abroad, but they aren’t afraid to enter unfamiliar environments and engage with cultures very different from their own. Indeed, military historian Edward Luttwak estimates that many postarmy Israelis have visited over a dozen countries by age thirty-five.8 Israelis thrive in new economies and uncharted territory in part because they have been out in the world, often in pursuit of the Book. One example of this avid internationalism is Netafim, an Israeli company that has become the largest provider of drip irrigation systems in the world. Founded in 1965, Netafim is a rare example of a company that bridges Israel’s low-tech, agricultural past to the current boom in cleantech.

We asked Haug why there were not more start-ups in Korea, despite the great affinity Koreans have for technology. “The fear of losing face, and the bursting of the Internet bubble in 2000,” he told us. “In Korea, one should not be exposed while failing. Yet in early 2000, many entrepreneurs jumped on the bandwagon of the new economy. When the bubble burst, their public failure left a scar on entrepreneurship.” Haug was surprised to hear from the director of a technology incubator in Korea that a call for projects received only fifty submissions, “a low figure when you know how innovative and forward-thinking Korea really is.”

The dawn of Israel’s tech boom coincided not only with a global surge in information technology but with the American tech-stock bubble, the jump-starting of Israel’s venture capital industry through the Yozma program, the massive wave of immigration from the former Soviet Union, and the 1993 Oslo peace accords, bringing what seemed to be the prospect of peace and stability. What if Israel’s economic miracle were simply built on a rare confluence of events and would disappear under less favorable circumstances? Even if Israel’s new economy is not just the product of happenstance, what are the real threats to Israel’s long-term economic success? One need not speculate about what would happen if the positive factors that launched Israel’s tech boom in the late 1990s were to disappear. Most of them have. In 2000, the tech-stock bubble burst.


pages: 290 words: 83,248

The Greed Merchants: How the Investment Banks Exploited the System by Philip Augar

Alan Greenspan, Andy Kessler, AOL-Time Warner, barriers to entry, Bear Stearns, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, business cycle, buttonwood tree, buy and hold, capital asset pricing model, Carl Icahn, commoditize, corporate governance, corporate raider, crony capitalism, cross-subsidies, deal flow, equity risk premium, financial deregulation, financial engineering, financial innovation, fixed income, Glass-Steagall Act, Gordon Gekko, high net worth, information retrieval, interest rate derivative, invisible hand, John Meriwether, junk bonds, Long Term Capital Management, low interest rates, Martin Wolf, Michael Milken, new economy, Nick Leeson, offshore financial centre, pensions crisis, proprietary trading, regulatory arbitrage, risk free rate, Sand Hill Road, shareholder value, short selling, Silicon Valley, South Sea Bubble, statistical model, systematic bias, Telecommunications Act of 1996, The Chicago School, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, tulip mania, value at risk, yield curve

In 1999 the average Initial Public Offering (IPO) in America opened at a 72 per cent premium to the issue price and the hottest stocks immediately soared to double, treble or even more than what investors had paid for them. Investment banking profits surged on the back of this IPO explosion and the managers and shareholders of Wall Street’s top firms could congratulate themselves on successfully riding the new economy wave. Over the previous two decades there had been a subtle change in the status of investment banking. As leader of the free market economy charge of the 1980s and 1990s, it appeared to have joined the great professions. Markets were in the ascendant and share ownership became a popular passion.

Share prices, which had been rising steadily since 1982, endured the 1990–1 recession and the setback of an unexpected rise in US interest rates in 1994, but there was no stopping the bull. Between the end of 1994 and Millennium Eve, the Dow Jones Industrial Average and the S&P 500 – both broad indices of traditional ‘old economy’ American business – trebled and the NASDAQ index – dominated by ‘new economy’ Technology, Media and Telecommunications companies – quintupled. Investing, particularly in equities, became a national obsession in the 1990s. The number of American households owning shares rose from under 40 per cent to nearly 50 per cent and equities rose from being a third of household liquid assets to a half.29 In the second half of the decade new issues – shares in companies coming to the stock market for the first time – got hotter and hotter year by year.

What yesterday had seemed like an exhilarating investment in a bright new future seemed today like a reckless gamble. By the end of the year, the NASDAQ was down to 2,470, bellwether internet stocks like Yahoo virtually halved in a month and a host of once hot new issues dropped 90 per cent in price. Companies of all kinds, not just those with new economy connections, were left with holes in their finances. Consumer confidence crashed and before you could blink America was officially declared to be in recession in March 2001.33 Desperately, the Federal Reserve tried to stimulate markets with a string of interest rate cuts, but valuations were too high, too many companies had no earnings and, after 11 September that year, global terrorism added a dreadful new uncertainty.


pages: 292 words: 85,151

Exponential Organizations: Why New Organizations Are Ten Times Better, Faster, and Cheaper Than Yours (And What to Do About It) by Salim Ismail, Yuri van Geest

23andMe, 3D printing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, anti-fragile, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, behavioural economics, Ben Horowitz, bike sharing, bioinformatics, bitcoin, Black Swan, blockchain, Blue Ocean Strategy, book value, Burning Man, business intelligence, business process, call centre, chief data officer, Chris Wanstrath, circular economy, Clayton Christensen, clean water, cloud computing, cognitive bias, collaborative consumption, collaborative economy, commoditize, corporate social responsibility, cross-subsidies, crowdsourcing, cryptocurrency, dark matter, data science, Dean Kamen, deep learning, DeepMind, dematerialisation, discounted cash flows, disruptive innovation, distributed ledger, driverless car, Edward Snowden, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, fail fast, game design, gamification, Google Glasses, Google Hangouts, Google X / Alphabet X, gravity well, hiring and firing, holacracy, Hyperloop, industrial robot, Innovator's Dilemma, intangible asset, Internet of things, Iridium satellite, Isaac Newton, Jeff Bezos, Joi Ito, Kevin Kelly, Kickstarter, knowledge worker, Kodak vs Instagram, Law of Accelerating Returns, Lean Startup, life extension, lifelogging, loose coupling, loss aversion, low earth orbit, Lyft, Marc Andreessen, Mark Zuckerberg, market design, Max Levchin, means of production, Michael Milken, minimum viable product, natural language processing, Netflix Prize, NetJets, Network effects, new economy, Oculus Rift, offshore financial centre, PageRank, pattern recognition, Paul Graham, paypal mafia, peer-to-peer, peer-to-peer model, Peter H. Diamandis: Planetary Resources, Peter Thiel, Planet Labs, prediction markets, profit motive, publish or perish, radical decentralization, Ray Kurzweil, recommendation engine, RFID, ride hailing / ride sharing, risk tolerance, Ronald Coase, Rutger Bregman, Salesforce, Second Machine Age, self-driving car, sharing economy, Silicon Valley, skunkworks, Skype, smart contracts, Snapchat, social software, software is eating the world, SpaceShipOne, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Jurvetson, subscription business, supply-chain management, synthetic biology, TaskRabbit, TED Talk, telepresence, telepresence robot, the long tail, Tony Hsieh, transaction costs, Travis Kalanick, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, urban planning, Virgin Galactic, WikiLeaks, winner-take-all economy, X Prize, Y Combinator, zero-sum game

The book pushes the sharing philosophy forward by establishing information-enabled assets of all kinds, from textbooks to gardening tools to housing—assets and resources that are abundant and widely available. Research conducted by Crowd Companies in April 2014 highlights the industries in which seventy-seven of the largest organizations in this new economy operate. As shown in the chart below, retail, transportation and technology are currently the biggest industries. Non-ownership, then, is the key to owning the future—except, of course, when it comes to scarce resources and assets. As noted above, Tesla owns its own factories and Amazon its own warehouses.

Everis, a multinational consulting firm based in Madrid, has partnered with two Spanish entrepreneurs, Luis Gonzalez-Blanch and Pablo De Manuel Triantafilo, to create mentoring software that matches executives in big companies with startups in their internal incubators. Everis, which intends to offer the service to hundreds of clients across Spain, is looking to push consulting into the new economy of open-talent, accelerating innovation, connected knowledge, Big Data, intelligent currency and pervasive entrepreneurship. In each field, a likely roadmap and database have already been created. In entrepreneurship, for example, the company has created the biggest B2B ICT startup database in the world.

Dashboards Extending the notion that decision-making in companies should be driven by data rather than by intuition, Dashboards offer an intuitive way to present complex information in a simple and cogent way. John Seely Brown and John Hagel have observed that although all of our large organizations are set up to scale efficiencies, in this new economy what we actually need to scale is learning. And while some very good business intelligence (BI) systems exist out there, they are set up largely to measure scaling of efficiency. What is needed now are new dashboards that measure the learning capability of organizations. And if those learning dashboards don’t emerge soon, big companies should consider requiring that their newly minted chief data officers (the hottest new C-Level position) build them.


pages: 223 words: 10,010

The Cost of Inequality: Why Economic Equality Is Essential for Recovery by Stewart Lansley

"World Economic Forum" Davos, Adam Curtis, air traffic controllers' union, Alan Greenspan, AOL-Time Warner, banking crisis, Basel III, Big bang: deregulation of the City of London, Bonfire of the Vanities, borderless world, Branko Milanovic, Bretton Woods, British Empire, business cycle, business process, call centre, capital controls, collective bargaining, corporate governance, corporate raider, correlation does not imply causation, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, Goldman Sachs: Vampire Squid, high net worth, hiring and firing, Hyman Minsky, income inequality, James Dyson, Jeff Bezos, job automation, job polarisation, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, laissez-faire capitalism, Larry Ellison, light touch regulation, Londongrad, Long Term Capital Management, low interest rates, low skilled workers, manufacturing employment, market bubble, Martin Wolf, Mary Meeker, mittelstand, mobile money, Mont Pelerin Society, Myron Scholes, new economy, Nick Leeson, North Sea oil, Northern Rock, offshore financial centre, oil shock, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, proprietary trading, Right to Buy, rising living standards, Robert Shiller, Robert Solow, Ronald Reagan, savings glut, shareholder value, The Great Moderation, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, Tyler Cowen, Tyler Cowen: Great Stagnation, Washington Consensus, Winter of Discontent, working-age population

L Kenworthy, Middle America’s Standard of Living, Spring 2010 and FS Levy and P Temin, ‘Inequality and Institutions in Twentieth Century America’, MIT Working Paper, 07-17, 2007. 80 Economic Policy Institute, ‘Productivity and Median and Average Compensation’, 1973 to 2007, State of Working America, 2010. 81 See, for example, ‘Interview with Dr Ravi Batra’, Truthout, 16 March, 2009; R Batra, The Great Depression of 1990, Dell Publishing, 1988. 82 Juan Somavia, The Challenge of Growth, Employment and Social Cohesion, ILO, October 2010. 83 See eg ‘The Globalisation of Labour’, World Economic Report, IMF, 2007. 84 See, for example, S Machin, ‘The changing Nature of Labour Demand in the New Economy and Skill-Based Technological Change’, Oxford Bulletin of Economics and Statistics, 2001, issue 63, pp 753-76; J. Hills, Inequality and the State, OUP, 2004, p 79-83. 85 See, for example, W Hutton, Them and Us, Little Brown, 2010. 3 THE VANISHING MIDDLE In his first speech after defeating his better-known brother to become Labour’s new leader, Ed Miliband made a pitch for the votes of what he called the ‘squeezed middle’.

Notes 171 P Beresford and WD Rubinstein, The Richest of the Rich, Harriman House, 2007. 172 Paul Krugman, New York Times, 20 October, 2002; a similar emphasis on changing social norms to explain the rising income share of the top has been made by Thomas Piketty and Emmanuel Saez, Income inequality in the Unites States, 1913-1998, NBER, Working Paper 8467, September 2001. 173 Krugman, op. cit. 174 Roberts & Kynaston, op. cit. p 142. 175 Ibid. p 153. 176 J. Cassidy, ‘The Greed Cycle’, New Yorker, 23 September 2002. 177 D. Henwood, ‘A New Economy’, speech to the Friday Forum, University YMCA, University of Illinois at Urbana-Champaign, October 1999. 178 The Guardian, 1 September, 2010. 179 H. Williams, ‘How the City of London came to power’, Financial Times, 21 March 2006. 180 Mervyn King, From Bagehot to Basel and Back Again, Bank of England, 25 October, 2010. 181 See eg J Froud, S Johal, A Leaver and K Williams, Financialisation and Strategy, Routledge, 2006; T Golding, The City, Prentice Hall, 2001. 182 Froud, op. cit. 183 The Independent, 31 March, 2000. 184 D French, Branch Network Reduction Report, Campaign for Community Banking, 2009. 185 J Coney J, ‘Fury over Britain’s vanishing banks’, Money Mail, 3 February 2010; see http://www.thisismoney.co.uk/savings-and-banking/article.html?

After serious birth pangs in the 1980s and early 1990s—when restrictive macroeconomic policies blunted growth rates—the more open and globalised world economy entered a period of sustained growth. Although this upward path faltered slightly in 2000 and 2001 with the collapse of stock markets following the bursting of the new economy bubble, average growth rates across the world and the richer nations were higher in the period 1997-2007 than they had been in the earlier period 19811996.207 Growth in both the UK and the US—an annual average of 3.0 and 3.3 per cent respectively in the decade to 2007—outstripped that of the other G7 nations less wedded to markets (Japan, Germany, France, Italy and Canada) which averaged between them only 2.4 per cent.208 These figures lent some support to the market school.


pages: 247 words: 81,135

The Great Fragmentation: And Why the Future of All Business Is Small by Steve Sammartino

3D printing, additive manufacturing, Airbnb, augmented reality, barriers to entry, behavioural economics, Bill Gates: Altair 8800, bitcoin, BRICs, Buckminster Fuller, citizen journalism, collaborative consumption, cryptocurrency, data science, David Heinemeier Hansson, deep learning, disruptive innovation, driverless car, Dunbar number, Elon Musk, fiat currency, Frederick Winslow Taylor, game design, gamification, Google X / Alphabet X, haute couture, helicopter parent, hype cycle, illegal immigration, index fund, Jeff Bezos, jimmy wales, Kickstarter, knowledge economy, Law of Accelerating Returns, lifelogging, market design, Mary Meeker, Metcalfe's law, Minecraft, minimum viable product, Network effects, new economy, peer-to-peer, planned obsolescence, post scarcity, prediction markets, pre–internet, profit motive, race to the bottom, random walk, Ray Kurzweil, recommendation engine, remote working, RFID, Rubik’s Cube, scientific management, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, skunkworks, Skype, social graph, social web, software is eating the world, Steve Jobs, subscription business, survivorship bias, The Home Computer Revolution, the long tail, too big to fail, US Airways Flight 1549, vertical integration, web application, zero-sum game

The efficiencies these corporations generated have made high-end technology disposable, or at the very least, low cost. It’s difficult to make a profit when products have to improve each year and cost less than they did last year. This means that in the new economy we’re all required to do some unlearning to stay profitable and relevant. It means the only way of achieving revenue upside is to sell more units, but there are only so many mobile phones and televisions a person can own. This means that in the new economy we’re all required to do some unlearning to stay profitable and relevant. A new business infrastructure The entire economic, political and social infrastructure is going through a 200-year shift from the industrial era to the technology era.

As I write this, successful companies are still littered with digital XYZs: digital marketing managers, digital strategists, digital sales managers … the list is endless. Just go into any job-posting site and type in the word ‘digital’. Everyone in business is in ‘digital’. If we want to participate in the new economy, we have to be in ‘digital’, just as we have to be able to read and write. The days of digital strategy are over. The days of digital anything in a job title are over as well. They should never have existed in the first place. Anyone who doesn’t get digital, doesn’t get strategy. Any person or organisation that has not invested the time to understand and embrace the changes is saying, ‘We’re not serious about surviving the present-day upheaval’.


pages: 308 words: 85,880

How to Fix the Future: Staying Human in the Digital Age by Andrew Keen

"World Economic Forum" Davos, 23andMe, Ada Lovelace, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, AlphaGo, Andrew Keen, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, Brewster Kahle, British Empire, carbon tax, Charles Babbage, computer age, Cornelius Vanderbilt, creative destruction, crowdsourcing, data is the new oil, death from overwork, DeepMind, Demis Hassabis, Didi Chuxing, digital capitalism, digital map, digital rights, disinformation, don't be evil, Donald Trump, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, European colonialism, fake news, Filter Bubble, Firefox, fulfillment center, full employment, future of work, gig economy, global village, income inequality, independent contractor, informal economy, Internet Archive, Internet of things, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joi Ito, Kevin Kelly, knowledge economy, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, move fast and break things, Network effects, new economy, Nicholas Carr, Norbert Wiener, OpenAI, Parag Khanna, peer-to-peer, Peter Thiel, plutocrats, post-truth, postindustrial economy, precariat, Ralph Nader, Ray Kurzweil, Recombinant DNA, rent-seeking, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Sand Hill Road, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, Skype, smart cities, Snapchat, social graph, software is eating the world, Stephen Hawking, Steve Jobs, Steve Wozniak, subscription business, surveillance capitalism, Susan Wojcicki, tech baron, tech billionaire, tech worker, technological determinism, technoutopianism, The Future of Employment, the High Line, the new new thing, Thomas L Friedman, Tim Cook: Apple, Travis Kalanick, Triangle Shirtwaist Factory, Uber and Lyft, Uber for X, uber lyft, universal basic income, Unsafe at Any Speed, Upton Sinclair, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Yogi Berra, Zipcar

This digital spin on a utopian market economy is creating a “winner-take-all network,”16 I argued, and we, the people, we are all the losers in it. Take, for example, the impact of the digital revolution on the mapmaking industry. The goal of this book, you’ll remember, is to create a map of the future that places humans at its center. But the winner-take-all nature of the new economy has put money, rather than people, at the heart of today’s mapmaking industry. “We are on the brink of a new geography,” explains Jerry Brotton, the Professor of Renaissance Studies at the University of London and an acclaimed historian of maps. The new digital mapmaking industry, Brotton warns, “risks being driven as never before by a single imperative: the accumulation of financial profit through the monopolization of quantifiable information.”17 And the single company driving this imperative is Google which, in May 2016, announced plans to add location-based advertising to its mobile map products, thereby making the tracking of our location data ever more valuable.18 This is particularly troubling, Brotton argues, because the Silicon Valley big data company—which owns Android, the mobile operating platform currently used by over 86 percent of all smartphone owners in the world19—does not “disclose the specific details of its code.”

His 2017 book, Move Fast and Break Things, borrows its title from Facebook founder Mark Zuckerberg’s notorious mantra to disrupt as much as possible without taking responsibility for any of the resulting damage. Taplin reserves his sharpest critique for Silicon Valley’s libertarian ideology, with its fetishization of free market forces, which has enabled this new economy to so radically disrupt old business models and economic practices. And he has become a kind of informal labor organizer, encouraging the resistance of musicians and filmmakers to these controversial new models and practices. “It’s an artists’ strike,” Taplin continues, lowering his voice conspiratorially.

And what, exactly, should we be teaching kids in order to prepare them for a life in which they might either be permanently unemployed—and relying on their monthly universal basic income stipend—or multitasking six jobs simultaneously? What Are Humans Good For? And so, finally, we’ve arrived at the question of education. Education, we are told, particularly by those who don’t teach or work in schools, is the answer. Education is how people are supposed to be retrained to work in the new economy. Education is where kids develop Albert Wenger’s “psychological freedom” in order to break their online addictions. Education, to borrow some of Daniel Straub’s language, is where we learn to be human. And though none of this is exactly wrong, the problem is that education has become the default solution to everything.


The Future of Technology by Tom Standage

air freight, Alan Greenspan, barriers to entry, business process, business process outsourcing, call centre, Clayton Christensen, computer vision, connected car, corporate governance, creative destruction, disintermediation, disruptive innovation, distributed generation, double helix, experimental economics, financial engineering, Ford Model T, full employment, hydrogen economy, hype cycle, industrial robot, informal economy, information asymmetry, information security, interchangeable parts, job satisfaction, labour market flexibility, Larry Ellison, Marc Andreessen, Marc Benioff, market design, Menlo Park, millennium bug, moral hazard, natural language processing, Network effects, new economy, Nicholas Carr, optical character recognition, PalmPilot, railway mania, rent-seeking, RFID, Salesforce, seminal paper, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, six sigma, Skype, smart grid, software as a service, spectrum auction, speech recognition, stem cell, Steve Ballmer, Steve Jurvetson, technological determinism, technology bubble, telemarketer, transcontinental railway, vertical integration, Y2K

This is the “gilded age” of any given technology, “a great surge of development”, as Ms Perez calls technological revolutions. 5 THE FUTURE OF TECHNOLOGY 1.2 2.1 The life and times of a technology Recurring phases of each great surge INSTALLATION PERIOD Turning point DEPLOYMENT PERIOD Degree of diffusion of the technological revolution Previous great surge MATURITY SYNERGY (Golden age) FRENZY (gilded age) Next great surge IRRUPTION Big bang Crash Institutional adjustment Next big bang Time Source: Carlota Perez The second, or “deployment”, period is a much more boring affair. All the quick bucks have been made, so investors prefer to put their money into the real economy. The leading firms of the new economy become bigger and slower. The emphasis is no longer on raw technology, but on how to make it easy to use, reliable and secure. Yet this period is also the “golden age” of a technology, which now penetrates all parts of society. These two periods of a technological revolution are separated by what Ms Perez calls a “turning point” – a crucial time for making the choices that determine whether a technological revolution will deliver on its promises.

After-sales service might be provided by a polite young Indian call-centre agent, trained in stress management and taught how to aspirate her Ps the American way. A few years ago, the combination of technology and management know-how that makes this global network of relationships possible would have been celebrated as a wonder of the new economy. Today, the reaction tends to be less exuberant. The same forces of globalisation that pushed Flextronics into China and its share price into the stratosphere in the 1990s are now blamed for the relentless export of manufacturing jobs from rich to poorer countries. Brillian’s use of Indian engineers is no longer seen as a sign of the admirable flexibility of a fastgrowing tech firm, but as a depressing commentary on the West’s declining competitiveness in engineering skills.

These anxieties have crystallised into a perceived threat called “outsourcing”, a shorthand for the process by which good jobs in America, Britain or Germany become much lower-paying jobs in India, China or O 112 A WORLD OF WORK Mexico. Politicians decry outsourcing and the bosses they blame for perpetrating it. The same media that greeted the rise of the new economy in the 1990s now mourn the jobs that supposedly migrate from rich countries to less developed ones. Forrester, an American research firm, has estimated these future casualties down to the last poor soul. By 2015, America is expected to have lost 74,642 legal jobs to poorer countries, and Europe will have 118,712 fewer computer professionals.


pages: 454 words: 122,612

In-N-Out Burger by Stacy Perman

Alan Greenspan, anti-communist, British Empire, commoditize, company town, corporate raider, El Camino Real, estate planning, Ford Model T, forensic accounting, Golden arches theory, Haight Ashbury, Maui Hawaii, McJob, McMansion, Neil Armstrong, new economy, Ronald Reagan, Silicon Valley, Upton Sinclair

The new owners hoped to expand the chain further and build smaller, cheaper Johnny Rockets in places like airport terminals. Sell-offs and franchising had been central elements of the fast-food game since the 1950s. More than forty years later, a new twist emerged, and all of the standard norms of business were being broken. The week that Guy Snyder died, the Los Angeles Times was dominated by news of the “new economy” propelled by technology. The newspaper proclaimed that the Internet was a “gold mine,” and headlines trumpeted “Rally Heard Round the World, Dow Jones Industrial Average Skyrockets as Bull Market Continues,” and “Strong Job, Pay Figures Fuel Stock Market Rise.” The game had changed. Up in Silicon Valley, a five-and-a-half-hour drive north of Baldwin Park, new paper millionaires were being minted by the busload.

“Twelve years later Red Zone Capital Fund II”: David Cho, “Snyder Buys Johnny Rockets Diner Chain,” Washington Post, February 10, 2007. “By then there were 213 stores across the United States”: “Johnny Rockets Names Lee Sanders New President and CEO,” Johnny Rockets press release, May 24, 2007, http://www.johnnyrockets.com/aboutus/press.php?id=160. “news of the ‘new economy’ propelled by technology.”: The newspaper proclaimed that the Internet was a “gold mine,” and headlines trumpeted “Rally Heard Round the World, Dow Jones Industrial Average Skyrockets as Bull Market Continues,” and “Strong Job, Pay Figures Fuel Stock Market Rise.” All headlines from the Los Angeles Times, week of December 4, 1999.

McJobs, 140 cost-effectiveness and high volume, 47 as cultural institution, 13–14 fortieth anniversary, 165, 166 mystique of, 92, 146–48, 168–69, 287 In-N-Out Burger Foundation, 205 In-N-Out Burger logo, 2, 13, 121, 288 as advertising, 149 on store in Westwood, 224–25 In-N-Out Burger University, 133–36, 172 In-N-Out Urge, 150 innovation, 40–42 double drive-through, 62–63 open kitchen, 45 Insta-Burger-King. See Burger King instant iced tea, 86 Internet, new economy and, 84, 232 Interstate Highway Act of 1956, 61–62 Intruder in the Dust, 61 IPO. See Initial Public Offering (IPO) Iriart, Ken, 131, 143 Irish potato famine, 22 Irvine, California, new headquarters, 184, 185 Irwindale, 78 Irwindale Raceway, 76, 80–82 closing of, 83 In-N-Out snack stands at, 78–79 Jack in the Box, 41, 91, 99, 102 Jackson, Reuben W., 39 “Jesus Freaks,” 155 “Jesus Movement,” 155 jewel of Downey, 50–51 Johnie’s Broiler.


pages: 482 words: 122,497

The Wrecking Crew: How Conservatives Rule by Thomas Frank

"Hurricane Katrina" Superdome, affirmative action, Alan Greenspan, anti-communist, barriers to entry, Berlin Wall, Bernie Madoff, British Empire, business cycle, classic study, collective bargaining, corporate governance, Credit Default Swap, David Brooks, disinformation, edge city, financial deregulation, full employment, George Gilder, guest worker program, Ida Tarbell, income inequality, invisible hand, job satisfaction, Michael Milken, Mikhail Gorbachev, Mont Pelerin Society, mortgage debt, Naomi Klein, Nelson Mandela, new economy, P = NP, plutocrats, Ponzi scheme, Ralph Nader, rent control, Richard Florida, road to serfdom, rolodex, Ronald Reagan, school vouchers, shareholder value, Silicon Valley, stem cell, stock buybacks, Strategic Defense Initiative, Telecommunications Act of 1996, the scientific method, too big to fail, Triangle Shirtwaist Factory, union organizing, War on Poverty

The crew-cut factory owner in Akron was joined in his denunciations of big government by the hipsters at Wired—and, mirabile dictu, by a Democratic president. All across the land wingers changed their plumage. Onetime red-baiter Dinesh D’Souza became an authority on Silicon Valley, the site of the deregulated New Economy’s greatest achievements. Jack Wheeler, erstwhile leader of the cult of the freedom fighter, discovered that the Internet was the weapon that would destroy the liberal state here at home.1 Leadership of the conservative movement passed from Pat Buchanan, warning darkly about the coming “New World Order,” to Newt Gingrich, extolling the coming Information Age and referring reporters to the glorious free-market future as revealed in The Third Wave.

This was the place where first world met third, the Afrikaners used to say; the land where a civilization of Mercedes-driving suburbanites came face-to-face with people who lived in huts made of sticks and plastic bags.56 Today, this idea of “first world meets third” is no longer such an exotic concept. In some ways that’s us. That’s Europe, too. That’s Ireland and France and Brazil and India and Malaysia and Mexico. It is now such a common feature of the “New Economy” that business gurus frankly insist on this mix: you can’t have a properly profitable system unless you have plenty of surplus third worlders around to work their magic—that is, to work for pennies. Apartheid was a costly and murderous way of managing this situation. But South Africa pioneered other models as well, half-remembered schemes in which low-tax zones and union-free labor forces were delivered and disciplined not by brutal white cops but by indigenous leaders bubbling over with ethnic pride.

What the superlobbyist seems to have understood was that any consideration of labor abuses in Saipan could be stopped cold by a fusillade of righteous ethnic authenticity. Abramoff was not the first to figure this out, of course. Applying the “racist” label to critics of outsourcing, offshoring, and even business generally is a familiar reflex of the “New Economy” mind. Surely you know the litany by now: the new, exuberant capitalism is leveling the barriers between peoples, flattening the world, and bringing us all closer together; to resist or even to criticize this new capitalism is to align yourself somehow with the forces of racist “protectionism.” Entire books have been written to push this rattlebrained notion.


pages: 320 words: 87,853

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

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

Profiling may begin with the original collectors of the information, but it can be elaborated by numerous data brokers, including credit bureaus, analytics firms, catalog co-ops, direct marketers, list brokers, affiliates, and others.78 Brokers combine, swap, and recombine the data they acquire into new profiles, which they can then sell back to the original collectors or to other firms. It’s a complicated picture, and even experts have a tough time keeping on top of exactly how data flows in the new economy. A Thousand Eyes. Most of us have enough trouble keeping tabs on our credit history at the three major credit bureaus. But the Internet has supercharged the world of data exchange and profi ling, and Experian, TransUnion, and Equifax are no longer the sole, or even the main, keepers of our online reputations.

As they dole out opportunities for “prime” and “subprime” credit, automated systems may be silently resegregating racial groups in ways that would be clearly illegal if pursued consciously by an individual.123 “Data-driven” lending practices have hit minority communities hard. One attorney at the Neighborhood Economic Development Advocacy Project (now the New Economy Project) called subprime lending a systematic “equity stripping” targeted at minorities— even if they were longtime homeowners.124 Subtle but persistent racism, arising out of implicit bias or other factors, may have influenced past terms of credit, and it’s much harder to keep up on a loan at 15 percent interest than one at 5 percent.125 Late payments will be more likely, and then will be fed into present credit scoring models as neutral, objective, nonracial indicia of reliability and creditworthiness.126 Far from liberating individuals to be judged on their character rather than their color, credit scores in scenarios like these launder past practices of discrimination into a black-boxed score, immune from scrutiny.127 Continuing unease about black box scoring reflects long-standing anxiety about misapplications of natural science methods to the social realm.128 A civil engineer might use data from a thousand bridges to estimate which one might next collapse; now fi nancial engineers scrutinize millions of transactions to predict consumer defaults.

But it is false if it suggests that da Vinci wasn’t responsible for the great value the Mona Lisa is.”160 This is a provocative but very puzzling metaphor. Is Lessig really implying that Google’s organization of the web by query does for it what da Vinci did for some pots of paint? That it is not the content, but the index, that gives the web meaning? After all, the new economy preaches that “information” is just another commodity. From Google’s perspective, content, data, and information are basically 1’s and 0’s and the ad payouts they generate. But to most of us, the value of a website lies in its meaning, not its salience. And real careers, real incomes, and real achievements are won and lost in the struggle for salience that platforms host daily.


pages: 626 words: 167,836

The Technology Trap: Capital, Labor, and Power in the Age of Automation by Carl Benedikt Frey

3D printing, AlphaGo, Alvin Toffler, autonomous vehicles, basic income, Bernie Sanders, Branko Milanovic, British Empire, business cycle, business process, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, Clayton Christensen, collective bargaining, computer age, computer vision, Corn Laws, Cornelius Vanderbilt, creative destruction, data science, David Graeber, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, demographic transition, desegregation, deskilling, Donald Trump, driverless car, easy for humans, difficult for computers, Edward Glaeser, Elon Musk, Erik Brynjolfsson, everywhere but in the productivity statistics, factory automation, Fairchild Semiconductor, falling living standards, first square of the chessboard / second half of the chessboard, Ford Model T, Ford paid five dollars a day, Frank Levy and Richard Murnane: The New Division of Labor, full employment, future of work, game design, general purpose technology, Gini coefficient, Great Leap Forward, Hans Moravec, high-speed rail, Hyperloop, income inequality, income per capita, independent contractor, industrial cluster, industrial robot, intangible asset, interchangeable parts, Internet of things, invention of agriculture, invention of movable type, invention of the steam engine, invention of the wheel, Isaac Newton, James Hargreaves, James Watt: steam engine, Jeremy Corbyn, job automation, job satisfaction, job-hopping, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kickstarter, Kiva Systems, knowledge economy, knowledge worker, labor-force participation, labour mobility, Lewis Mumford, Loebner Prize, low skilled workers, machine translation, Malcom McLean invented shipping containers, manufacturing employment, mass immigration, means of production, Menlo Park, minimum wage unemployment, natural language processing, new economy, New Urbanism, Nick Bostrom, Norbert Wiener, nowcasting, oil shock, On the Economy of Machinery and Manufactures, OpenAI, opioid epidemic / opioid crisis, Pareto efficiency, pattern recognition, pink-collar, Productivity paradox, profit maximization, Renaissance Technologies, rent-seeking, rising living standards, Robert Gordon, Robert Solow, robot derives from the Czech word robota Czech, meaning slave, safety bicycle, Second Machine Age, secular stagnation, self-driving car, seminal paper, Silicon Valley, Simon Kuznets, social intelligence, sparse data, speech recognition, spinning jenny, Stephen Hawking, tacit knowledge, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, trade route, Triangle Shirtwaist Factory, Turing test, union organizing, universal basic income, warehouse automation, washing machines reduced drudgery, wealth creators, women in the workforce, working poor, zero-sum game

The computerized imaging had made Saltz a better diagnostician.20 As engineers have expanded what computers can do, technological progress has continuously moved in the direction of favoring skills that require higher education, such as complex problem solving and creative thinking, because computers have taken over the more mundane tasks. When Robert Reich surveyed the transformation of the labor market in his classic 1991 book, The Work of Nations, he found that work could be divided into three broad categories. A new class of what he called “symbolic analysts” had emerged, who were reaping the benefits of the new economy.21 Among these analysts, we find managers, engineers, attorneys, scientists, journalists, consultants, and other knowledge workers. In the age of computers, they had all become more productive analysts. Besides symbol-analytic services, Reich reckoned, there are also routine jobs and in-person services.

As clerical and blue-collar jobs have disappeared from the lower and middle parts of the income distribution, the employment prospects for young people with no more than a high school education have become more similar to those of high school dropouts than to people with a college education. Thus, sociologists mostly use college education, rather than occupation, as an indicator of a citizen’s class in the post-1980 period.28 As has been widely documented, education has reinforced the divide between those who thrive in the new economy and their less-educated peers. This pattern becomes all the more evident when we look at how workers have adjusted to automation. Those with analytical skills have moved up into the expanding sets of high-wage jobs, while people who lack valuable skills have dropped down and are competing for unskilled service jobs at declining wages.

Those assigned to Fishtown are all white citizens who did not go to college. If they have a job, they work in blue-collar occupations, provide in-person services, or are employed in low-income clerical jobs. What these people have in common is that their skills are insufficient for them to compete successfully in the new economy. As Murray rightly points out, “The higher-tech the economy, the more it relies on people who can improve and exploit the technology, which creates many openings for people whose main asset is their exceptional cognitive ability.”7 Thus, to paint the growing divide between the fortunes of America’s cognitive elite and the misfortunes of the white working class, he creates another statistical construct that he calls Belmont, after the upper-middle-class suburb near Boston, Massachusetts.


pages: 385 words: 48,143

The Monk and the Riddle: The Education of a Silicon Valley Entrepreneur by Randy Komisar

Apple's 1984 Super Bowl advert, barriers to entry, belly landing, discounted cash flows, estate planning, Jeff Bezos, Network effects, new economy, Pepto Bismol, Sand Hill Road, Silicon Valley, Silicon Valley startup, Steve Jobs

A few of the venture capital firms are beginning to recognize the limitations of the current "stretched thin" situation, and there are, of course, some notable exceptions to the present trend. Regardless of the amount of attention they can spend on any single company, they are still some of the heroes of the new economy. Page 40 Nevertheless, for the past few years there has been no shortage of capital and new ideas in the Valley. Management talent has been the limiting factor. Startups require an odd mix of skills and personalities. Many top tier VCs use their credibility to attract big-name talent from corporate America, with the promise of huge payoffs in the Valley.

We were reminded, as was common practice with IPOs, that the company's employees and investors would be "locked up," or forbidden from trading in TiVo stock, for 180 days, thus ensuring a more manageable stock price in the six months following the offering. Finally, the SEC wanted clarification about my title, "Virtual CEO,'' and asked that it be changed to avoid misleading the market. Old dogs don't take well to new tricks, and it was once again obvious why the new economy germinated in the Valley. The board cautioned the management team to avoid becoming too distracted or euphoric about the IPO. Not even founders and management committed for the long haul can avoid some preoccupation with the IPO's life-changing Page 104 potential. The first day of trading can be mesmerizing for those who have worked tirelessly to build the company.


pages: 147 words: 45,890

Aftershock: The Next Economy and America's Future by Robert B. Reich

Abraham Maslow, Alan Greenspan, Berlin Wall, business cycle, carbon tax, declining real wages, delayed gratification, Doha Development Round, endowment effect, Ford Model T, full employment, George Akerlof, high-speed rail, Home mortgage interest deduction, Hyman Minsky, illegal immigration, income inequality, invisible hand, job automation, junk bonds, labor-force participation, Long Term Capital Management, loss aversion, low interest rates, Michael Milken, military-industrial complex, mortgage debt, new economy, offshore financial centre, Ralph Nader, Ronald Reagan, school vouchers, sovereign wealth fund, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, too big to fail, We are all Keynesians now, World Values Survey

The middle class, already burdened by high unemployment and flat or dropping wages, fights ever more furiously against any additional burdens, such as tax increases to support public schools or price increases resulting from regulations limiting carbon emissions. It’s a vicious cycle. The question, then, is how to move from a vicious cycle to a virtuous one—how to restore the widespread prosperity needed for growth, and how to get the growth necessary for widespread prosperity. The challenge is both economic and political. A fundamentally new economy is required—the next stage of capitalism. But how will we get there? And what will it look like when we do? There are essentially two paths from here. Only one will get us to where we want to be. PART II Backlash 1 The 2020 Election November 3, 2020. The newly formed Independence Party pulls enough votes away from both the Republican and Democratic candidates to give its own candidate, Margaret Jones, a plurality of votes, an electoral college victory, and the presidency.

If job seekers choose to enroll in programs that prepare them for fields in which labor is likely to be in short supply, such as nursing or teaching, they would receive income support for an additional year of training and education. As participants acquire the kinds of skills that are rewarded in the new economy and fill positions for which there are labor shortages, we could all expect to reap the benefits of this program in the longer term through stronger economic growth, higher tax revenues, and less dependence on social safety nets. I estimate the total new costs of a reemployment system to be $3 billion a year over and above the $2.35 billion that the federal government now spends on unemployment insurance in an average year.


pages: 403 words: 132,736

In Spite of the Gods: The Rise of Modern India by Edward Luce

affirmative action, Albert Einstein, Alvin Toffler, Bretton Woods, call centre, centre right, clean water, colonial rule, company town, crony capitalism, cuban missile crisis, demographic dividend, digital divide, dual-use technology, energy security, financial independence, friendly fire, Future Shock, Gini coefficient, Great Leap Forward, Haight Ashbury, informal economy, job-hopping, Kickstarter, land reform, Mahatma Gandhi, Martin Wolf, megacity, new economy, plutocrats, profit motive, purchasing power parity, Silicon Valley, trade liberalization, upwardly mobile, uranium enrichment, urban planning, women in the workforce, working-age population, Y2K

For others, they represent a brash intrusion on the more lackadaisical world they cut through. To me, the new expressways provide an intriguing juxtaposition of India’s multispeed economics. Curiosity—and an instinct of self-preservation—means I occasionally move into the slow lane. One of the best ways of observing India’s galloping new economy is to count the number of car brands that whir past you in the fast lane. You tend to lose count at thirty or forty. In the early 1990s, as India was starting to relax import and investment restrictions on foreign manufacturers, you would at best have counted six or seven makes of car. More than 90 percent of them would have been Ambassadors, the stately but desperately uncomfortable colonial-era vehicles that are still used by VIPs, and Marutis, the cramped family passenger car, still manufactured under a joint venture between Suzuki of Japan and the Indian government.

But Alok found sock making and dealing with unionized shop-floor workers too predictable. So, to the horror and deep skepticism of his father, he struck out alone. Bathed in primary colors and adorned by retro-posters of early Bollywood films, the cheerful walls of Alok’s company offices radiate the signature décor of India’s new economy. Situated in midtown Mumbai in a district that was formerly dominated by textile mills, most of which went bankrupt in the 1980s, Alok’s surroundings reminded me of Clerkenwell in London, or Haight-Ashbury in San Francisco. The décor is what some people call postmodern. I spent a lot of time talking to Alok and some of his sixty employees at C2W.com—contest-to-win.com—an outfit that markets brands through the Internet, mobile phones, interactive TV shows, and other new technology.

If a Martian had dropped in on India’s top companies in the early 1990s and done a quick census of their white-collar management, it would have found people of male urban upper-caste background and few others. The Martian would get a more variegated picture today (upper castes are still preponderant in IT and other new economy businesses, but much less so than in the more established industries). In its strange way, India is coming to terms with modernity. The practice of meritocracy is not yet entrenched. But it is now at least getting generous lip service. In much of the business world, there are genuine changes taking place.


pages: 474 words: 130,575

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

23andMe, activist fund / activist shareholder / activist investor, Adam Curtis, Airbnb, AltaVista, Amazon Web Services, Anne Wojcicki, anti-communist, AOL-Time Warner, Apple's 1984 Super Bowl advert, bitcoin, Black Lives Matter, borderless world, Boston Dynamics, British Empire, Californian Ideology, call centre, Charles Babbage, Chelsea Manning, cloud computing, collaborative editing, colonial rule, company town, computer age, computerized markets, corporate governance, crowdsourcing, cryptocurrency, data science, digital map, disinformation, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dr. Strangelove, drone strike, dual-use technology, Edward Snowden, El Camino Real, Electric Kool-Aid Acid Test, Elon Musk, end-to-end encryption, fake news, fault tolerance, gentrification, George Gilder, ghettoisation, global village, Google Chrome, Google Earth, Google Hangouts, Greyball, Hacker Conference 1984, Howard Zinn, hypertext link, IBM and the Holocaust, index card, Jacob Appelbaum, Jeff Bezos, jimmy wales, John Gilmore, John Markoff, John Perry Barlow, John von Neumann, Julian Assange, Kevin Kelly, Kickstarter, Laura Poitras, life extension, Lyft, machine readable, Mark Zuckerberg, market bubble, Menlo Park, military-industrial complex, Mitch Kapor, natural language processing, Neal Stephenson, Network effects, new economy, Norbert Wiener, off-the-grid, One Laptop per Child (OLPC), packet switching, PageRank, Paul Buchheit, peer-to-peer, Peter Thiel, Philip Mirowski, plutocrats, private military company, RAND corporation, Ronald Reagan, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley startup, Skype, slashdot, Snapchat, Snow Crash, SoftBank, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Susan Wojcicki, Telecommunications Act of 1996, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Hackers Conference, Tony Fadell, uber lyft, vertical integration, Whole Earth Catalog, Whole Earth Review, WikiLeaks

It launched a television subsidiary and a search engine called HotBot. By 1996, Louis Rossetto was ready to cash in on the boom and take the company public. He recruited Goldman Sachs to make it happen, which gave Wired an estimated value of $450 million. The magazine was the face of the dot-com boom and an evangelist for the New Economy, a revolutionary moment in history in which technological progress was supposed to rewrite all the rules and make everything that had come before irrelevant and outdated. America’s computer industry press dated to the 1960s. It wasn’t flashy or hip, but it covered the emerging computer and networking business very well—it did not shy away from critical reporting.

Even as it expanded into a transnational multi-billion-dollar corporation, Google managed to retain its geekily innocent “Don’t Be Evil” image. It convinced its users that everything it did was driven by a desire to help humanity. That’s the story you’ll find in just about every popular book on Google: a gee-whiz tale about two brilliant nerds from Stanford who turned a college project into an epoch-defining New Economy dynamo, a company that embodied every utopian promise of the networked society: empowerment, knowledge, democracy. For a while, it felt true. Maybe this really was the beginning of a new, highly networked world order, where the old structures—militaries, corporations, governments—were helpless before the leveling power of the Internet.

Rossetto expanded this quote into a full-blown manifesto in Wired’s UK edition: “The most fascinating and powerful people today are not politicians or priests, or generals or pundits, but the vanguard who are integrating digital technologies into their business and personal lives, and causing social changes so profound that their only parallel is probably the discovery of fire.” 2. Kevin Kelly, New Rules for the New Economy: 10 Radical Strategies for a Connected World (New York: Viking Adult, 1998). 3. Rich Karlgaard and Michael Malone, “City vs. Country: Tom Peters & George Gilder Debate the Impact of Technology on Location,” Forbes ASAP, February 27, 1995. 4. “Task Force to Focus on Information Revolution,” Deseret (UT) News, September 15, 1993, http://www.deseretnews.com/article/309821/TASK-FORCE-TO-FOCUS-ON-INFORMATION-REVOLUTION.html. 5.


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Rise of the Machines: A Cybernetic History by Thomas Rid

1960s counterculture, A Declaration of the Independence of Cyberspace, agricultural Revolution, Albert Einstein, Alistair Cooke, Alvin Toffler, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, Berlin Wall, Bletchley Park, British Empire, Brownian motion, Buckminster Fuller, business intelligence, Charles Babbage, Charles Lindbergh, Claude Shannon: information theory, conceptual framework, connected car, domain-specific language, Douglas Engelbart, Douglas Engelbart, Dr. Strangelove, dumpster diving, Extropian, full employment, game design, global village, Hacker News, Haight Ashbury, Herman Kahn, Howard Rheingold, Ivan Sutherland, Jaron Lanier, job automation, John Gilmore, John Markoff, John Perry Barlow, John von Neumann, Kevin Kelly, Kubernetes, Marshall McLuhan, Menlo Park, military-industrial complex, Mitch Kapor, Mondo 2000, Morris worm, Mother of all demos, Neal Stephenson, new economy, New Journalism, Norbert Wiener, offshore financial centre, oil shale / tar sands, Oklahoma City bombing, operational security, pattern recognition, public intellectual, RAND corporation, Silicon Valley, Simon Singh, Snow Crash, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, systems thinking, technoutopianism, Telecommunications Act of 1996, telepresence, The Hackers Conference, Timothy McVeigh, Vernor Vinge, We are as Gods, Whole Earth Catalog, Whole Earth Review, Y2K, Yom Kippur War, Zimmermann PGP

In the Persian Gulf War of 1991, perhaps America’s shortest and most successful ground war operation to date, the Pentagon overcame the mighty Iraqi army—and with it the lingering Vietnam hangover. Silicon Valley and America’s technology start-up scene, still bathing in the crisp utopian afterglow of the 1980s, watched the rise of the New Economy, with vertigo-inducing growth rates. Entrepreneurs rubbed their hands in anticipation. Intellectuals were inebriated by the simultaneous emergence of two revolutionary forces: personal computers and the internet. More and more PC owners connected their machines to the fast-growing global computer network, first with clunky, screeching modems, then with faster and faster broadband connections.

And although the two authors never referred to crypto anarchy or the c-punks, the publication gave wider currency to an emerging political philosophy. But the book’s success was short-lived—sharing this fate with the utopian ideology from which it sprang. Inspired by Vinge’s story and the cypherpunk list, a few entrepreneurs took the idea of the sovereign individual rather literally in those enthusiastic years before the crash of the New Economy. One of them was Ryan Lackey. Digital cash had fascinated Lackey since he was fifteen years old. He had already started an e-money start-up on Anguilla, a loosely regulated island, but he had run into trouble with the ruling family. An avid c-punk, he had hosted the list archives on an MIT server when he was a student in Boston.

He was living in the Other Plane.95 The rough life reflected HavenCo’s business situation. The company had five sturdy gray relay racks with blue plugs at the top, with space for forty-five servers. But it managed to put in and rent out only a dozen machines. The company never successfully raised sufficient seed money, not even in the bullish market of the New Economy before the crash. And the budget quickly ran thin. One of HavenCo’s main investors, Avi Friedman, was worried about the Y2K problem, so he withdrew about $2 million in cash, in $100 bills, and kept the cash at home. He doled out $1,500 at a time, to make minimum payments. Lackey started using his own credit cards, spending ever more money that he didn’t have.


pages: 349 words: 134,041

Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives by Satyajit Das

accounting loophole / creative accounting, Alan Greenspan, Albert Einstein, Asian financial crisis, asset-backed security, Bear Stearns, beat the dealer, Black Swan, Black-Scholes formula, Bretton Woods, BRICs, Brownian motion, business logic, business process, buy and hold, buy low sell high, call centre, capital asset pricing model, collateralized debt obligation, commoditize, complexity theory, computerized trading, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, currency peg, currency risk, disinformation, disintermediation, diversification, diversified portfolio, Edward Thorp, Eugene Fama: efficient market hypothesis, Everything should be made as simple as possible, financial engineering, financial innovation, fixed income, Glass-Steagall Act, Haight Ashbury, high net worth, implied volatility, index arbitrage, index card, index fund, interest rate derivative, interest rate swap, Isaac Newton, job satisfaction, John Bogle, John Meriwether, junk bonds, locking in a profit, Long Term Capital Management, low interest rates, mandelbrot fractal, margin call, market bubble, Marshall McLuhan, mass affluent, mega-rich, merger arbitrage, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mutually assured destruction, Myron Scholes, new economy, New Journalism, Nick Leeson, Nixon triggered the end of the Bretton Woods system, offshore financial centre, oil shock, Parkinson's law, placebo effect, Ponzi scheme, proprietary trading, purchasing power parity, quantitative trading / quantitative finance, random walk, regulatory arbitrage, Right to Buy, risk free rate, risk-adjusted returns, risk/return, Salesforce, Satyajit Das, shareholder value, short selling, short squeeze, South Sea Bubble, statistical model, technology bubble, the medium is the message, the new new thing, time value of money, too big to fail, transaction costs, value at risk, Vanguard fund, volatility smile, yield curve, Yogi Berra, zero-coupon bond

Trend chasers, ‘mo’ (momentum) buyers, kept buying because they kept making money; nobody could explain the overvaluation; the doomsayer’s position became untenable and, puzzled by the duration of overvaluation, even intelligent and honest analysts eventually succumbed, evolving complex theories of why it was different this time. The overvaluation was sustainable after all. Theories of the ‘new economy’ and the good returns allowed suspension of reality for a little longer but eventually, the Ponzi scheme collapsed.3 Every rising market is driven by a new paradigm, every crash is the same as the last crash. In 2001, the Internet bubble burst. The NASDAQ index fell 80%. Eliot Spitzer and the SEC (Securities and Exchange Commission) belatedly took up the issue of the analysts and some were banned from the securities industry.

Interest rates were 0%, the share market was down over 80 % from its dizzying heights, property prices had collapsed. Even the cost of golf club memberships, the real barometer of Japanese economic health, was plunging. There was no way that investment returns were near the required 3–4%. Tony Blair held forth about ‘Cool Britannia’; Clinton and Greenspan jammed on sax and talked up the New Economy; Japan was mired in endless gloom. A succession of leaders with contrasting hair styles tried unsuccessfully to revive the economy. For the investors, the only option was structured products like reverse dual currency bonds. There was the risk, but the insurance companies were trapped between a rock (do nothing and die) and a hard place (do something and probably die but with a small chance of survival).

The growth was good for Japan but a disaster for the PRDC business. Japanese interest rates went up quickly: ten year rates climbed from a microscopic 0.45% to a staggering 1.7% (a fourfold interest), 30 year rates doubled from 1.1% to 2.2%. The yen appreciated strongly against the dollar. The US dollar was plunging as the New Economy fell to earth with a thud as old gravity got hold of it. PRDC bonds were not called: the promised one or two year trade rapidly became a 30-year trade. The stronger yen meant that the high interest rates fell to 0%. The deals were deep under water. Under their antiquated accounting investors in Japan did not have to recognize the unrealized losses.


pages: 444 words: 127,259

Super Pumped: The Battle for Uber by Mike Isaac

"Susan Fowler" uber, "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Airbnb, Albert Einstein, always be closing, Amazon Web Services, Andy Kessler, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Bay Area Rapid Transit, Benchmark Capital, Big Tech, Burning Man, call centre, Cambridge Analytica, Chris Urmson, Chuck Templeton: OpenTable:, citizen journalism, Clayton Christensen, cloud computing, corporate governance, creative destruction, data science, Didi Chuxing, don't be evil, Donald Trump, driverless car, Elon Musk, end-to-end encryption, fake news, family office, gig economy, Google Glasses, Google X / Alphabet X, Greyball, Hacker News, high net worth, hockey-stick growth, hustle culture, impact investing, information security, Jeff Bezos, John Markoff, John Zimmer (Lyft cofounder), Kevin Roose, Kickstarter, Larry Ellison, lolcat, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Masayoshi Son, mass immigration, Menlo Park, Mitch Kapor, money market fund, moral hazard, move fast and break things, Network effects, new economy, off grid, peer-to-peer, pets.com, Richard Florida, ride hailing / ride sharing, Salesforce, Sand Hill Road, self-driving car, selling pickaxes during a gold rush, shareholder value, Shenzhen special economic zone , Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley startup, skunkworks, Snapchat, SoftBank, software as a service, software is eating the world, South China Sea, South of Market, San Francisco, sovereign wealth fund, special economic zone, Steve Bannon, Steve Jobs, stock buybacks, super pumped, TaskRabbit, tech bro, tech worker, the payments system, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, ubercab, union organizing, upwardly mobile, Vision Fund, WeWork, Y Combinator

—NICCOLÒ MACHIAVELLI, 1513 Being super pumped gives us super powers, turning the hardest problems into amazing opportunities to do something great. —TRAVIS KALANICK, 2015 CONTENTS Prologue PART Ⅰ Chapter 1: X TO THE X Chapter 2: THE MAKING OF A FOUNDER Chapter 3: POST-POP DEPRESSION Chapter 4: A NEW ECONOMY Chapter 5: UPWARDLY IMMOBILE PART Ⅱ Chapter 6: "LET BUILDERS BUILD" Chapter 7: THE TALLEST MAN IN VENTURE CAPITAL Chapter 8: PAS DE DEUX Chapter 9: CHAMPION'S MINDSET Chapter 10: THE HOMESHOW PART Ⅲ Chapter 11: BIG BROTHER AND LITTLE BROTHER Chapter 12: GROWTH Chapter 13: THE CHARM OFFENSIVE Chapter 14: CULTURE WARS Chapter 15: EMPIRE BUILDING Chapter 16: THE APPLE PROBLEM Chapter 17: "THE BEST DEFENSE..."

They exalt founders, put them on pedestals and say ‘we’re just the measly VCs!’ ” Kalanick later said to a group of entrepreneurs of his early startup experiences. “It is in the VC’s nature to kill a founding CEO. It just is.” Chapter 3 notes § Kalanick saw to it that the tax withholdings eventually made their way to the IRS. Chapter 4 A NEW ECONOMY Travis Kalanick sold Red Swoosh just as a national crisis was beginning to unfold. It was April 2007. For years, American banks had been doling out loans to first-time, “subprime” home buyers, whose financial histories had historically made it impossible for them to secure home loans. But changes in national fiscal policy in the late 1990s led banks to welcome subprime buyers in record high numbers, signing them to seemingly affordable adjustable-rate mortgages, and then packaging these mortgages into derivative products and selling them to other investors.

: BAMM.TV, “FailCon 2011.” 30 “VC’s ain’t shit but hos and tricks”: BAMM.TV, “FailCon 2011.” 31 he sold Red Swoosh: Liz Gannes, “Uber CEO Travis Kalanick on How He Failed and Lived to Tell the Tale,” D: All Things Digital, November 8, 2011, http://allthingsd.com/20111108/uber-ceo-travis-kalanick-on-how-he-failed-and-lived-to-tell-the-tale/. 32 “It is in the VC’s nature”: TechCo Media, “Travis Kalanick, Founder & CEO of Uber—Tech Cocktail Startup Mixology,” YouTube video, 34:35, June 14, 2012, https://www.youtube.com/watch?v=Lrp0me9iJ_U. Chapter 4: A NEW ECONOMY 33 seized control of Fannie Mae: Stephen Labaton and Edmund L. Andrews, “In Rescue to Stabilize Lending, U.S. Takes Over Mortgage Finance Titans,” New York Times, September 7, 2008, https://www.nytimes.com/2008/09/08/business/08fannie.html. 34 75 percent of American households: U.S. Bureau of Labor Statistics, “More than 75 Percent of American Households Own Computers,” Beyond the Numbers 1, no 4 (2010), https://www.bls.gov/opub/btn/archive/more-than-75-percent-of-american-households-own-computers.pdf. 34 more than half of American adults: John B.


Super Continent: The Logic of Eurasian Integration by Kent E. Calder

"World Economic Forum" Davos, 3D printing, air freight, Asian financial crisis, Bear Stearns, Berlin Wall, blockchain, Bretton Woods, business intelligence, capital controls, Capital in the Twenty-First Century by Thomas Piketty, classic study, cloud computing, colonial rule, Credit Default Swap, cuban missile crisis, deindustrialization, demographic transition, Deng Xiaoping, disruptive innovation, Doha Development Round, Donald Trump, energy transition, European colonialism, export processing zone, failed state, Fall of the Berlin Wall, foreign exchange controls, geopolitical risk, Gini coefficient, high-speed rail, housing crisis, income inequality, industrial cluster, industrial robot, interest rate swap, intermodal, Internet of things, invention of movable type, inventory management, John Markoff, liberal world order, Malacca Straits, Mikhail Gorbachev, mittelstand, money market fund, moral hazard, new economy, oil shale / tar sands, oil shock, purchasing power parity, quantitative easing, reserve currency, Ronald Reagan, seigniorage, Shenzhen special economic zone , smart cities, smart grid, SoftBank, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, Suez canal 1869, Suez crisis 1956, supply-chain management, Thomas L Friedman, trade liberalization, trade route, transcontinental railway, UNCLOS, UNCLOS, union organizing, Washington Consensus, working-age population, zero-sum game

This plan focused on the development of ten industries, including next-generation information technology, robotics, and automobiles powered by alternate energy.7 The program, recently deemphasized formally in the face of foreign criticism, is supported by subsidies from government-run investment funds.8 It is in many ways synergistic with the ambitious connectivity programs embodied in the BRI, especially in the transportation and telecommunications areas.9 Another key element of recent Chinese industrial policy has been providing a favorable environment for “new economy” enterprises in e-commerce.10 Quiet Revolution in China 105 Finance: Enhanced Fire Power for Connectivity However desirable Eurasian connectivity might be for China from a longterm geostrategic or geo-economic standpoint, market mechanisms do not naturally generate such an outcome. Government financial support, in concert with industrial policy, has played a central role in generating that ­connectivity.

They operate in complementary ways and subscribe to different strategic goals, yet all support the Chinese government in promoting the reconnection of Eurasia. The Chinese government employs a variety of specific tactics to encourage cooperation by these individual firms. One approach, especially important for “new economy” firms, is protection against foreign competition. A second is subsidies in targeted areas, such as batteries, electric vehicles, and telecommunications. A third tool is manipulation of corporate vulnerabilities. Alibaba, for example, is listed on the New York Stock Exchange through a complex shareholding structure of questionable legality.33 Were it to run afoul of the Chinese state, the company would be highly vulnerable.

US Department of Labor, Bureau of Labor Statistics, “Union Members Summary,” Economic News Release, January 19, 2018, https://​www​.bls​.gov/​news​.release/​union2​.nr0​.htm. Notes to Chapters 9 and 10 299 78. Heather Long, “U.S. Inequality Keeps Getting Uglier,” CNN Money, December 22, 2016, http://​money​.cnn​.com/​2016/​12/​22/​news/​economy/​us​-inequality​-worse/. 79. Zakaria, “Populism on the March.” 80. Author’s calculation based on World Bank, “GDP, PPP (Constant 2011 International $),” World Development Indicators, 2015, https://​data​.worldbank​.org/​products/​wdi. 81. Congressional Budget Office, “Historical Budget Data,” April 2018, https://​www​ .cbo​.gov/​about/​products/​budget​-economic​-data​#2. 82.


pages: 491 words: 131,769

Crisis Economics: A Crash Course in the Future of Finance by Nouriel Roubini, Stephen Mihm

Alan Greenspan, Asian financial crisis, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Swan, bond market vigilante , bonus culture, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Carmen Reinhart, central bank independence, centralized clearinghouse, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, dark matter, David Ricardo: comparative advantage, debt deflation, Eugene Fama: efficient market hypothesis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, financial intermediation, full employment, George Akerlof, Glass-Steagall Act, global pandemic, global reserve currency, Gordon Gekko, Greenspan put, Growth in a Time of Debt, housing crisis, Hyman Minsky, information asymmetry, interest rate swap, invisible hand, Joseph Schumpeter, junk bonds, Kenneth Rogoff, laissez-faire capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, market fundamentalism, Martin Wolf, means of production, Minsky moment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, Northern Rock, offshore financial centre, oil shock, Paradox of Choice, paradox of thrift, Paul Samuelson, Ponzi scheme, price stability, principal–agent problem, private sector deleveraging, proprietary trading, pushing on a string, quantitative easing, quantitative trading / quantitative finance, race to the bottom, random walk, regulatory arbitrage, reserve currency, risk tolerance, Robert Shiller, Satyajit Das, Savings and loan crisis, savings glut, short selling, South Sea Bubble, sovereign wealth fund, special drawing rights, subprime mortgage crisis, Suez crisis 1956, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, too big to fail, tulip mania, Tyler Cowen, unorthodox policies, value at risk, We are all Keynesians now, Works Progress Administration, yield curve, Yom Kippur War

Chapter 1 The White Swan When did the boom begin? Perhaps it began with the sudden mania for flipping real estate, when first-time speculators bought and sold subdivision lots like shares of stock, doubling and tripling their profits in weeks if not days. Or possibly things got out of balance when the allure of a new economy founded on new technology and new industries drew ordinary people to wager their life savings on Wall Street. Politicians and policy makers, far from standing in the way of these get-rich-quick schemes, encouraged them. No less an authority than the president of the United States proclaimed that government should not bother business, while the Federal Reserve did little to stem the speculative tide.

The collapse revealed a frightening if familiar truth: the homes of subprime borrowers were not the only structures standing on the proverbial fault line; countless towers of leverage and debt had been built there too. Financial Innovation Many bubbles begin when a burst of innovation or technological progress heralds the dawn of a new economy. In the 1840s Great Britain endured a mania driven by a new technology: the railroad. In 1830 the first commercially successful railroad began carrying passengers between Manchester and Liverpool; thereafter investors bought shares in companies that would build even more profitable lines. During the height of the boom in 1845-46, share prices of railroad stocks soared, and corporations built thousands of miles of track, much of it redundant and unnecessary.

For starters, it generates moral hazard on a grand scale. Watching the Fed over the past two-plus decades, investors now have every reason to conclude that central banks will do nothing to stop a speculative bubble from forming and growing—and in fact may even encourage it, becoming cheerleaders for the “new economy” or the virtues of home ownership—but will do everything in their power to limit the damage. This is extraordinarily problematic. If investors believe the Fed will save them, they’ll take even more risks the next time around. Likewise, they’ll know that when the other shoe finally drops, the Fed will slash interest rates to rock-bottom levels, creating opportunities to speculate in some even bigger bubble.


pages: 304 words: 91,566

Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption by Ben Mezrich

airport security, Albert Einstein, bank run, Ben Horowitz, Big Tech, bitcoin, Bitcoin Ponzi scheme, blockchain, Burning Man, buttonwood tree, cryptocurrency, East Village, El Camino Real, Elon Musk, fake news, family office, fault tolerance, fiat currency, financial engineering, financial innovation, game design, information security, Isaac Newton, junk bonds, Marc Andreessen, Mark Zuckerberg, Max Levchin, Menlo Park, Metcalfe’s law, Michael Milken, new economy, offshore financial centre, paypal mafia, peer-to-peer, Peter Thiel, Ponzi scheme, proprietary trading, QR code, Ronald Reagan, Ross Ulbricht, Sand Hill Road, Satoshi Nakamoto, Savings and loan crisis, Schrödinger's Cat, self-driving car, Sheryl Sandberg, side hustle, side project, Silicon Valley, Skype, smart contracts, South of Market, San Francisco, Steve Jobs, Susan Wojcicki, transaction costs, Virgin Galactic, zero-sum game

But Tyler knew that the sit-down with Mellon was different from many of the meetings that had come before. Mellon was not there to learn; he was there to confirm. His excitement and conviction reminded Tyler of how he and his brother had felt in the days leading up to their own headfirst plunge into the new economy. “Here’s the deal,” Mellon said, once they’d exchanged pleasantries and a few stories about people they knew in common. “I’ve done a lot of reading since we connected over email, and I’m more than intrigued. I think you boys are onto something. I think you’ve found a rocket ship.” He paused. “My problem is, I don’t know how to get on.”

Almost as soon as the room came to order, muffling the clatter of keyboards, scraping chair legs, and running audio equipment, Lawsky introduced the session, made short work of the swearing in, and then dove into the matter at hand. Lawsky quickly turned to the reason he had gathered the brightest stars in the new economy to his boardroom: “The goal is to put forward a proposed regulatory framework for virtual currency firms operating in the state of New York. We’d be the first state in the nation. And clearly when it comes to virtual currencies, let’s admit it, regulators are in new and somewhat uncharted waters.”

In the last year and a half a set of people were attracted to two other aspects—first, it’s freeish, dramatically reducing transaction costs. And it’s programmable. This changed the nature of the Bitcoin population.” And, Liew added, this was a very good thing for those, like him, who wanted to invest in the new economy. “The market of radical libertarians is not very big. The market of criminals is not very big. But offering free transaction costs—you have a market of everyone in the world.” It was a VC’s answer to the question. The big money wasn’t interested in backing something dirty or illegal—not for moral reasons, but because those things weren’t good for business.


pages: 584 words: 187,436

More Money Than God: Hedge Funds and the Making of a New Elite by Sebastian Mallaby

Alan Greenspan, Andrei Shleifer, Asian financial crisis, asset-backed security, automated trading system, bank run, barriers to entry, Bear Stearns, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, book value, Bretton Woods, business cycle, buy and hold, capital controls, Carmen Reinhart, collapse of Lehman Brothers, collateralized debt obligation, computerized trading, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, currency peg, deal flow, do well by doing good, Elliott wave, Eugene Fama: efficient market hypothesis, failed state, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, financial intermediation, fixed income, full employment, German hyperinflation, High speed trading, index fund, Jim Simons, John Bogle, John Meriwether, junk bonds, Kenneth Rogoff, Kickstarter, Long Term Capital Management, low interest rates, machine translation, margin call, market bubble, market clearing, market fundamentalism, Market Wizards by Jack D. Schwager, Mary Meeker, merger arbitrage, Michael Milken, money market fund, moral hazard, Myron Scholes, natural language processing, Network effects, new economy, Nikolai Kondratiev, operational security, pattern recognition, Paul Samuelson, pre–internet, proprietary trading, public intellectual, quantitative hedge fund, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, risk-adjusted returns, risk/return, Robert Mercer, rolodex, Savings and loan crisis, Sharpe ratio, short selling, short squeeze, Silicon Valley, South Sea Bubble, sovereign wealth fund, statistical arbitrage, statistical model, survivorship bias, tail risk, technology bubble, The Great Moderation, The Myth of the Rational Market, the new new thing, too big to fail, transaction costs, two and twenty, uptick rule

First, Druckenmiller got stuck on the wrong side of Europe’s fledgling currency, the euro. Next, the NASDAQ stocks that he had sold continued to rush upward. Carson Levit and Diane Hakala, Quantum’s in-house new-economy enthusiasts, were still running technology subportfolios, surfing the bubble, and all of a sudden the big man’s anxieties shifted. Having earlier worried that the bubble might blow up in his face, he now worried about losing face: He had doubted the new economy and misjudged the euro, and now these kids and their radioactive stocks were making a fool of him. Not for the first time, Druckenmiller turned on a dime. He bought all his tech stocks back and gave Levit and Hakala room to run.

In May 1999 Druckenmiller allocated some of Quantum’s capital to a new hire named Carson Levit, who loaded up on dot-com stocks. The skeptic who had shorted the bubble now climbed aboard the bandwagon. Two months later, Druckenmiller attended the annual technology and media conference in Sun Valley, Idaho. It was a festival of new-economy bullishness and buzz: Everyone from Hollywood moguls to presidential contenders to Silicon Valley whiz kids got together in the shadow of breathtaking mountains; and even Warren Buffett, whose value-investing style had been hammered by the bubble, could be seen pottering about in a polo shirt and baseball cap, chatting with Bill Gates and Michael Bloomberg.20 When Druckenmiller returned from Sun Valley that summer, he had the zeal of the convert.21 He allocated more of Quantum’s capital to Carson Levit and hired a second technology enthusiast named Diane Hakala, whose hobby was to perform dizzying spins as an aerobatic pilot.

Mary Meeker, the Morgan Stanley analyst who had been dubbed the “Queen of the Net” by Barron’s, conceded that old-school value investors, brought up on the classic teachings of Ben Graham and David Dodd, might have trouble seeing the value in a company that would report losses if it respected the accounting rules.25 But that was the old timers’ problem. At one new-economy gathering, a banker was overheard saying, “No traditional Graham and Dodd investor invested in AOL. They shorted it. And got fucked. They’re learning the new model.”26 A few months later, a hedge fund called Greenlight Capital took another shot at a puffed-up Internet outfit. Its target was Chemdex, a business-to-business network for companies to sell chemicals to one another.


pages: 603 words: 182,781

Aerotropolis by John D. Kasarda, Greg Lindsay

3D printing, air freight, airline deregulation, airport security, Akira Okazaki, Alvin Toffler, An Inconvenient Truth, Asian financial crisis, back-to-the-land, barriers to entry, Bear Stearns, Berlin Wall, big-box store, blood diamond, Boeing 747, book value, borderless world, Boris Johnson, British Empire, business cycle, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, Charles Lindbergh, Clayton Christensen, clean tech, cognitive dissonance, commoditize, company town, conceptual framework, credit crunch, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, deskilling, digital map, disruptive innovation, Dr. Strangelove, Dutch auction, Easter island, edge city, Edward Glaeser, Eyjafjallajökull, failed state, financial engineering, flag carrier, flying shuttle, food miles, Ford Model T, Ford paid five dollars a day, Frank Gehry, fudge factor, fulfillment center, full employment, future of work, Future Shock, General Motors Futurama, gentleman farmer, gentrification, Geoffrey West, Santa Fe Institute, George Gilder, global supply chain, global village, gravity well, Great Leap Forward, Haber-Bosch Process, Hernando de Soto, high-speed rail, hive mind, if you build it, they will come, illegal immigration, inflight wifi, intangible asset, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), intermodal, invention of the telephone, inventory management, invisible hand, Jane Jacobs, Jeff Bezos, Jevons paradox, Joan Didion, Kangaroo Route, Kickstarter, Kiva Systems, knowledge worker, kremlinology, land bank, Lewis Mumford, low cost airline, Marchetti’s constant, Marshall McLuhan, Masdar, mass immigration, McMansion, megacity, megaproject, Menlo Park, microcredit, military-industrial complex, Network effects, New Economic Geography, new economy, New Urbanism, oil shale / tar sands, oil shock, One Laptop per Child (OLPC), peak oil, Pearl River Delta, Peter Calthorpe, Peter Thiel, pets.com, pink-collar, planned obsolescence, pre–internet, RFID, Richard Florida, Ronald Coase, Ronald Reagan, Rubik’s Cube, savings glut, Seaside, Florida, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, SimCity, Skype, smart cities, smart grid, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, spinning jenny, starchitect, stem cell, Steve Jobs, Suez canal 1869, sunk-cost fallacy, supply-chain management, sustainable-tourism, tech worker, telepresence, the built environment, The Chicago School, The Death and Life of Great American Cities, the long tail, The Nature of the Firm, thinkpad, Thomas L Friedman, Thomas Malthus, Tony Hsieh, trade route, transcontinental railway, transit-oriented development, traveling salesman, trickle-down economics, upwardly mobile, urban planning, urban renewal, urban sprawl, vertical integration, Virgin Galactic, walkable city, warehouse robotics, white flight, white picket fence, Yogi Berra, zero-sum game

Memphis and Louisville stand the Korean model on its head, consolidating goods in blimp hangars instead of customers in sixty-story apartment blocks. The management guru Peter Drucker surveyed the dot-com landscape around the time Hsieh experienced his epiphany. Drucker was unimpressed by the New Economy’s supposed revolutions, save one. “E-commerce is to the Information Revolution what the railroad was to the Industrial Revolution—a totally new, totally unprecedented, totally unexpected development,” he wrote in The Atlantic. In the new mental geography created by the railroad, humanity mastered distance.

Transportation analyst Kenneth Button confirmed as much in another study published during the dot-com bubble. Analyzing the catalytic effects of European flights from forty-one American cities, he discovered that simply increasing the number of flights to the Continent from three to four daily would create almost three thousand “new economy” jobs. (Picture the khaki-clad visionaries behind Pets.com.) Overall, he calculated that every thousand passengers crossing the Atlantic created somewhere between forty-four and seventy-three new jobs around the hubs. A similar formula applies to all air traffic. When the economist Jan Brueckner ran the numbers for ninety-one airports from Albuquerque to Wichita, he found that a 10 percent increase in passengers led to a 1 percent bump in employment.

Kasarda prefers categorical examples to precise ones, befitting a man trained to take a tectonic view of the world. In his words, “All kinds of activities are served by and enhanced by the airport. Whether it’s supply chains, whether it’s enterprise networks, whether it’s biosciences and pharmaceuticals and time-sensitive organic materials, the airport itself is really the nucleus of a range of ‘New Economy’ functions,” with the ultimate aim of bolstering the city’s “competitiveness, job creation, and quality of life.” His idiom is a mash-up of consultant-speak and academic jargon, each one wielded to differing but complementary effect. He hammers home his collection of catchphrases like a good thought-leader should.


pages: 613 words: 181,605

Circle of Greed: The Spectacular Rise and Fall of the Lawyer Who Brought Corporate America to Its Knees by Patrick Dillon, Carl M. Cannon

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", accounting loophole / creative accounting, affirmative action, Alan Greenspan, AOL-Time Warner, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, buy and hold, Carl Icahn, collective bargaining, Columbine, company town, computer age, corporate governance, corporate raider, desegregation, energy security, estate planning, Exxon Valdez, fear of failure, fixed income, Gordon Gekko, greed is good, illegal immigration, index fund, John Markoff, junk bonds, mandatory minimum, margin call, Maui Hawaii, McDonald's hot coffee lawsuit, Michael Milken, money market fund, new economy, oil shale / tar sands, Ponzi scheme, power law, Ralph Nader, rolodex, Ronald Reagan, Sand Hill Road, Savings and loan crisis, Silicon Valley, Silicon Valley startup, Steve Jobs, the High Line, the market place, white picket fence, Works Progress Administration, zero-sum game

Cannon kept track of Lerach’s legal activities over the years, weighing in occasionally with an article about Lerach’s effect on the nation’s legal, business, and political landscape. Meanwhile, as an editor and columnist, Pat found himself writing and commissioning articles about the long shadow Lerach cast over Silicon Valley and the high-rolling founders of the New Economy. At one point, Pat and Bill intended to write a book together entitled “Plundering America,” about Lerach’s war of attrition against corporate fraud in America. Those plans were put on hold for reasons now revealed in our book, produced a decade after “Plundering America” was scratched. After it became apparent that the Justice Department was in the process of terminating Lerach’s legal career, Dillon called Lerach to inform him that there was still a book to be done, but it would be about Lerach, not coauthored by him.

He sued accountant firms such as Touche Ross and Arthur Andersen; he sued financial institutions Citibank, Merrill Lynch, and Drexel Burnham; he sued telecommunications companies as well as multi-complex behemoths such as Enron and Halliburton. And he relished the animosity he engendered doing it. Lerach also evolved into a prominent Democratic Party donor. In time the (mostly) liberal practitioners of the New Economy, both in and out of Silicon Valley, would express surprise that Lerach didn’t cut them any slack for their politics, their record of job creation, or the innovations they produced that made life better for so many Americans. This was a misreading of Lerach’s worldview, even though he expressed admiration for capitalism, just not unbridled capitalism.

He’d gone from being a Goldwater Republican to a Great Society Democrat, and he saw his role as being supplemental to government—not at odds with it—precisely because business executives were forever figuring out ways to circumvent regulators and manipulate the market to their own benefit. For Lerach, it wasn’t really about national politics, at least not when he started out: in his first big case with political overtones, four of the so-called Keating Five were Democratic senators. Bill Lerach didn’t care about the next so-called “killer app” in Silicon Valley, or that the New Economy’s proprietors were creating jobs and increasing human productivity and connectivity in this place the romantics once called the Valley of the Heart’s Delight due to its abundance of fruit orchards. Milberg Weiss had taken him on as partner, allowing him to reside in San Diego if he could drum up cases.


pages: 172 words: 48,747

The View From Flyover Country: Dispatches From the Forgotten America by Sarah Kendzior

Aaron Swartz, Affordable Care Act / Obamacare, Alan Greenspan, American ideology, barriers to entry, clean water, corporate personhood, crowdsourcing, David Brooks, David Graeber, disinformation, Donald Trump, Edward Snowden, gentrification, George Santayana, glass ceiling, income inequality, independent contractor, low skilled workers, Lyft, Marshall McLuhan, Mohammed Bouazizi, new economy, obamacare, Occupy movement, Oklahoma City bombing, payday loans, pink-collar, post-work, public intellectual, publish or perish, Richard Florida, ride hailing / ride sharing, Sheryl Sandberg, side hustle, Silicon Valley, the medium is the message, trickle-down economics, Uber and Lyft, uber lyft, unpaid internship, Upton Sinclair, urban decay, War on Poverty, WikiLeaks, women in the workforce

It is another to raise a child knowing that no matter how hard they work, how talented they are, how big they dream, they will not have opportunities—because in the new economy, opportunities are bought, not earned. You know this, but you cannot tell this to a child. The millennial parent is always Santa, always a little bit of a liar. “Class Privilege” Some may argue that the children of millennials do not have it so bad. Even if their parents cannot save enough to pay for college, surely they can apply for scholarships. But in the new economy, scholarships are increasingly reserved for the rich. According to a report from the New America Foundation, colleges give “merit aid” to wealthy students who can afford to pay nearly full tuition at the expense of aid to low-income students.


pages: 197 words: 49,296

The Future We Choose: Surviving the Climate Crisis by Christiana Figueres, Tom Rivett-Carnac

3D printing, Airbnb, AlphaGo, Anthropocene, autonomous vehicles, Berlin Wall, biodiversity loss, carbon footprint, circular economy, clean water, David Attenborough, decarbonisation, DeepMind, dematerialisation, Demis Hassabis, disinformation, Donald Trump, driverless car, en.wikipedia.org, Extinction Rebellion, F. W. de Klerk, Fall of the Berlin Wall, Gail Bradbrook, General Motors Futurama, green new deal, Greta Thunberg, high-speed rail, income inequality, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jeff Bezos, job automation, Lyft, Mahatma Gandhi, Marc Benioff, Martin Wolf, mass immigration, Mustafa Suleyman, Nelson Mandela, new economy, ocean acidification, plant based meat, post-truth, rewilding, ride hailing / ride sharing, self-driving car, smart grid, sovereign wealth fund, the scientific method, trade route, uber lyft, urban planning, urban sprawl, Yogi Berra

Without denying the bad news, you must make a point of focusing on all the good news regarding climate change, such as the constantly dropping prices of renewables, an increasing number of countries taking on net-zero-emissions targets by 2050 or before, the multiple cities banning internal combustion vehicles, and the rising levels of capital shifting from the old to the new economy. None of this is happening yet at the necessary scale, but it is happening. Optimism is about being able to intentionally identify and prescribe the desired future so as to actively pull it closer. It is always easier to cling to certainty than it is to work for something because it is right and good, regardless of whether it currently stands a decent chance of success.

Abby Norman, “Aliens, Autonomous Cars, and AI: This Is the World of 2118,” Futurism.com, January 11, 2018, https://futurism.com/​2118-century-predictions; Matthew Claudel and Carlo Ratti, “Full Speed Ahead: How the Driverless Car Could Transform Cities,” McKinsey & Company, August 2015, https://www.mckinsey.com/​business-functions/​sustainability/​our-insights/​full-speed-ahead-how-the-driverless-car-could-transform-cities. 18. Brad Plumer, “Cars Take Up Way Too Much Space in Cities. New Technology Could Change That,” Vox, 2016, https://www.vox.com/​a/new-economy-future/​cars-cities-technologies; Vanessa Bates Ramirez, “The Future of Cars Is Electric, Autonomous, and Shared—Here’s How We’ll Get There,” Singularity Hub, August 23, 2018, https://singularityhub.com/​2018/​08/​23/​the-future-of-cars-is-electric-autonomous-and-shared-heres-how-well-get-there/. 19.


Rogue States by Noam Chomsky

"there is no alternative" (TINA), Alan Greenspan, anti-communist, Asian financial crisis, Berlin Wall, Branko Milanovic, Bretton Woods, business cycle, capital controls, classic study, collective bargaining, colonial rule, creative destruction, cuban missile crisis, declining real wages, deskilling, digital capitalism, Edward Snowden, experimental subject, Fall of the Berlin Wall, floating exchange rates, land reform, liberation theology, Mahbub ul Haq, Mikhail Gorbachev, Monroe Doctrine, new economy, Nixon triggered the end of the Bretton Woods system, no-fly zone, oil shock, precautionary principle, public intellectual, RAND corporation, Silicon Valley, strikebreaker, structural adjustment programs, Tobin tax, union organizing, Washington Consensus

Here is a front-page story in the New York Times on “an economic miracle in the United States.” They describe “the prosperous new economy” in “the nation’s most Republican state,” with its “deep-seated distrust of the Federal Government” and its “tradition of self-reliance,”—it happens to be Idaho.17 They point out, as is conventional, that there is downside to the economic miracle: Idaho also breaks national records in child abuse and imprisonment, the unions have been wiped out, reading scores are going down, and so on. But it’s a prosperous new economy, and the most Republican state, and so on. From the article we don’t learn anything about the economic miracle, so you look elsewhere.

The same DOE publication goes on to say that one of the purposes of the National Lab is to “assist start-up companies in attracting and securing state and federal grants and lines of credit”—that’s what is known as entrepreneurial initiative and rugged individualism. In brief, the public invests massively, for 50 years, hands the gifts over to private power and profit, and we now admire this prosperous new economy, in the nation’s most Republican state, with its deep-seated distrust of the federal government and its tradition of self-reliance. Again, it takes a good education to handle all of this, but that is the way the real economy works, in accordance with really existing market theory. And of course it’s not just the US; these are elementary facts about economic history since the 18th century, when England pioneered the way.


pages: 350 words: 103,988

Reinventing the Bazaar: A Natural History of Markets by John McMillan

accounting loophole / creative accounting, Albert Einstein, Alvin Roth, Andrei Shleifer, Anton Chekhov, Asian financial crisis, classic study, congestion charging, corporate governance, corporate raider, crony capitalism, Dava Sobel, decentralized internet, Deng Xiaoping, Dutch auction, electricity market, experimental economics, experimental subject, fear of failure, first-price auction, frictionless, frictionless market, George Akerlof, George Gilder, global village, Great Leap Forward, Hacker News, Hernando de Soto, I think there is a world market for maybe five computers, income inequality, income per capita, independent contractor, informal economy, information asymmetry, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John Perry Barlow, John von Neumann, Kenneth Arrow, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, ought to be enough for anybody, pez dispenser, pre–internet, price mechanism, profit maximization, profit motive, proxy bid, purchasing power parity, Robert Solow, Ronald Coase, Ronald Reagan, sealed-bid auction, search costs, second-price auction, Silicon Valley, spectrum auction, Stewart Brand, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, War on Poverty, world market for maybe five computers, Xiaogang Anhui farmers, yield management

Its main role was to repeal prohibitions: it removed the ban on farmers working individual plots, the ban on entrepreneurs forming new firms, and the ban on state firms trading on markets. It left in place the existing mechanisms by which the economy was running, and let people build the new economy around the old. Bottom-up changes drove China’s reforms. The new economy arose more from the initiatives of the Chinese people, who built new firms and created new ways of doing business, than from changes imposed by the government. Some top-down changes were needed also; in fact more than what occurred. The government was unduly laggard in acting to correct China’s hopelessly inadequate financial and legal systems; undoubtedly some of the growth was based on misallocated investment.

In each of these respects the China of 1986 was ahead of the Russia of 2000. The fastest route from a planned economy to functioning markets, it turns out, was not frenetically tearing down the old institutions, starting with a clean slate, and enacting top-down reforms. It entailed letting the new economy grow up around the old one, maintaining some stability to let people create new ways of doing business. In different circumstances, however, shock therapy could be warranted. In a country like New Zealand where market-supporting institutions already exist—secure property rights, well-defined laws of contract, and active financial markets—the main case against shock therapy loses its force.


pages: 391 words: 97,018

Better, Stronger, Faster: The Myth of American Decline . . . And the Rise of a New Economy by Daniel Gross

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, American Society of Civil Engineers: Report Card, asset-backed security, Bakken shale, banking crisis, Bear Stearns, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, carbon tax, Carmen Reinhart, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, congestion pricing, creative destruction, credit crunch, currency manipulation / currency intervention, demand response, Donald Trump, financial engineering, Frederick Winslow Taylor, high net worth, high-speed rail, housing crisis, hydraulic fracturing, If something cannot go on forever, it will stop - Herbert Stein's Law, illegal immigration, index fund, intangible asset, intermodal, inventory management, Kenneth Rogoff, labor-force participation, LNG terminal, low interest rates, low skilled workers, man camp, Mark Zuckerberg, Martin Wolf, Mary Meeker, Maui Hawaii, McMansion, money market fund, mortgage debt, Network effects, new economy, obamacare, oil shale / tar sands, oil shock, peak oil, plutocrats, price stability, quantitative easing, race to the bottom, reserve currency, reshoring, Richard Florida, rising living standards, risk tolerance, risk/return, scientific management, Silicon Valley, Silicon Valley startup, six sigma, Skype, sovereign wealth fund, Steve Jobs, superstar cities, the High Line, transit-oriented development, Wall-E, Yogi Berra, zero-sum game, Zipcar

For more information or to book an event contact the Simon & Schuster Speakers Bureau at 1-866-248-3049 or visit our website at www.simonspeakers.com. Library of Congress Cataloging-in-Publication Data Gross, Daniel, 1967- Better, stronger, faster : the myth of American decline … and the rise of a new economy / Daniel Gross. p. cm. Includes bibliographical references and index. 1. United States—Economic policy—2009- 2. United States—Foreign economic relations. 3. United States—Commerce. 4. Industrial policy—United States. 5. Economic stabilization—United States. I. Title. HC106.84.G76 2012 330.973—dc23 2012004764 ISBN 978-1-4516-2128-0 ISBN 978-1-4516-2136-5 (ebook) For Candi—again Contents Chapter 1.

The ways the U.S. economy has become more engaged with the world since the Great Recession should give hope to those concerned about decline. For many industries, the answer to difficult, persistent problems came from abroad: attract new capital through foreign direct investment and find new customers through exports and inports. This model for thriving in the new economy certainly imposes new burdens and obligations on companies, businesspeople, and workers: they have to travel more, reach out, and be willing to spend more time away from home. However, the example of one state that reversed decline shows that tapping into these forces can encourage people who have left to come back home.

It has to improve the systems and infrastructure that exist and make the existing systems more efficient and effective. The investment is necessary because some bridges and roads are falling apart and because we need to make up for past neglect. But we need the investment more for the future. The new economy of online retailing and e-commerce, rising exports, and more tourism, goods, services, and people whizzing around the world, which has already done so much to spur growth, demands better infrastructure of all types. The Panama Canal is undergoing a $5.25 billion widening and expansion program that will allow for the passage of larger ships.


Free Money for All: A Basic Income Guarantee Solution for the Twenty-First Century by Mark Walker

3D printing, 8-hour work day, additive manufacturing, Affordable Care Act / Obamacare, basic income, Baxter: Rethink Robotics, behavioural economics, Capital in the Twenty-First Century by Thomas Piketty, commoditize, confounding variable, driverless car, financial independence, full employment, guns versus butter model, happiness index / gross national happiness, industrial robot, intangible asset, invisible hand, Jeff Bezos, job automation, job satisfaction, John Markoff, Kevin Kelly, laissez-faire capitalism, late capitalism, longitudinal study, market clearing, means of production, military-industrial complex, new economy, obamacare, off grid, off-the-grid, plutocrats, precariat, printed gun, profit motive, Ray Kurzweil, rent control, RFID, Rodney Brooks, Rosa Parks, science of happiness, Silicon Valley, surplus humans, The Future of Employment, the market place, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, universal basic income, warehouse robotics, working poor

Suppose, for example, there is a net change such that 15 to 50 percent of the workers are made redundant by advances in computers and robotics in the next 25 years. How do you think people will react? Are they going to sit idly? With gaunt smiles from starvation, will they simply congratulate others on their ability to compete in the new economy? As the economy shifts dramatically, we have good reason to fear that the ensuing protests will not be as small or as civilized as the Occupy Wall Street protest if nothing is done. The remedy is BIG: BIG will help ease us peacefully into the new economic reality. In other words, the argument is that BIG is an effective means to thwart the threat to peace precipitated by the robotic revolution.

These artisans had much to fear. It is true that the economy as a whole benefited from the reduction of the price of textiles, but most of these workers did not reap a commensurate reward. Their jobs were permanently lost to automation and their particular skill set did not position them well to compete in a new economy. Imagine their plight when the workers, who put in the requisite years to learn their craft, found that their skill was no longer needed and that they would have no way to look after their families. At the micro level of the individual worker, this is very sad. At the macro level, however, we can see the benefit to the entire economy.

In closing this chapter, it is worth repeating two points made earlier: BIG is proposed as a floor-level proposal rather than a ceiling-level one. As noted, it may be that we must cut the workweek in addition to BIG. It may also be necessary to offer citizens additional education and training in order to live in the new economy. So, to say that BIG is not enough is not a criticism of the present proposal. It should also be noted that it is not sufficient to merely say that BIG may have some bad consequences. Every public policy has negative consequences of some sort. The question for consequentialists, however, is whether there is a better overall net balance of good versus bad consequences for any given policy recommendation.


Forward: Notes on the Future of Our Democracy by Andrew Yang

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Amazon Web Services, American Society of Civil Engineers: Report Card, basic income, benefit corporation, Bernie Sanders, blockchain, blue-collar work, call centre, centre right, clean water, contact tracing, coronavirus, correlation does not imply causation, COVID-19, data is the new oil, data science, deepfake, disinformation, Donald Trump, facts on the ground, fake news, forensic accounting, future of work, George Floyd, gig economy, global pandemic, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, job automation, Kevin Roose, labor-force participation, Marc Benioff, Mark Zuckerberg, medical bankruptcy, new economy, obamacare, opioid epidemic / opioid crisis, pez dispenser, QAnon, recommendation engine, risk tolerance, rolodex, Ronald Reagan, Rutger Bregman, Sam Altman, Saturday Night Live, shareholder value, Shoshana Zuboff, Silicon Valley, Simon Kuznets, single-payer health, Snapchat, social distancing, SoftBank, surveillance capitalism, systematic bias, tech billionaire, TED Talk, The Day the Music Died, the long tail, TikTok, universal basic income, winner-take-all economy, working poor

The simple truth is that our technology is advancing faster than our labor market can adapt. The most immediate and vital step is to implement a Universal Basic Income (“the Freedom Dividend”) of $12k/year for all adults. This will serve as an economic and social support for the transition and preserve our consumer market while we shift to a new economy. It will be paid for largely by a new VAT at half the European level. Over time a VAT will be crucial to capture some of the gains of automation which typically accrue to sophisticated private firms. My platform revolves around 3 key proposals: Universal Basic Income (“the Freedom Dividend”) Evolution to the next stage of capitalism, “Human Capitalism,” geared toward optimizing around human well-being in addition to GDP Single-payer health care—necessary in the aftermath of job reduction You may not agree with me on every front.

Meanwhile, people are routinely dying because of a system that doesn’t prioritize their health or well-being so much as whether there is money to be made from their care. In the United States, GDP has exceeded $22 trillion even as income inequality has reached unprecedented levels. Meanwhile, life expectancy and mental health are declining, and stress levels are through the roof. NEW MEASURES FOR A NEW ECONOMY We rely upon the market to tell us how much things are worth. But the market misses the mark all of the time. For the past several years, my wife, Evelyn, has been at home with our two boys, one of whom is autistic. We say that she is the CEO of his care. The market values her work, and that of millions of stay-at-home parents, at zero.

While the pandemic is an outlier event, it highlights that there are outlier events that could use an easily mobilized workforce. Whether it’s working through our national lands to prevent forest fires, helping with cleanup after a natural disaster, contact tracing during a pandemic, or helping develop the next generation, we will always have more work to be done. New measures for a new economy. Universal basic income. Health care for all. Taxing AI and the robots. Rebuilding our infrastructure. Many of these measures are quite popular but would obviously require a functional Congress willing to enact bold solutions to the problems that we see around us. As we’ve noted, that’s going to be a challenge in our current system.


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The Driver in the Driverless Car: How Our Technology Choices Will Create the Future by Vivek Wadhwa, Alex Salkever

23andMe, 3D printing, Airbnb, AlphaGo, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, benefit corporation, Bernie Sanders, bitcoin, blockchain, clean water, correlation does not imply causation, CRISPR, deep learning, DeepMind, distributed ledger, Donald Trump, double helix, driverless car, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, gigafactory, Google bus, Hyperloop, income inequality, information security, Internet of things, job automation, Kevin Kelly, Khan Academy, Kickstarter, Law of Accelerating Returns, license plate recognition, life extension, longitudinal study, Lyft, M-Pesa, Mary Meeker, Menlo Park, microbiome, military-industrial complex, mobile money, new economy, off-the-grid, One Laptop per Child (OLPC), personalized medicine, phenotype, precision agriculture, radical life extension, RAND corporation, Ray Kurzweil, recommendation engine, Ronald Reagan, Second Machine Age, self-driving car, seminal paper, Silicon Valley, Skype, smart grid, stem cell, Stephen Hawking, Steve Wozniak, Stuxnet, supercomputer in your pocket, synthetic biology, Tesla Model S, The future is already here, The Future of Employment, Thomas Davenport, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, uranium enrichment, Watson beat the top human players on Jeopardy!, zero day

The same goes for the home PC. But the Internet has accelerated adoption. Consider YouTube, which created a paradigm shift as significant as the VHS recorder and radio; and video search, which shifted the focus from text and static graphics to videos and more-dynamic content. These spawned an entire new economy catering to video on the Web—from content-delivery networks to advertising networks to a new production-studio system catering to YouTube production. They also created a new profession: YouTube stars, some of whom make millions a year and go on tour. Founded in 2005, YouTube gained mass adoption in eighteen months.

Johana Bhuiyan, “Why Uber has to be first to market with self-driving cars,” Recode 29 September 2016, http://www.recode.net/2016/9/29/12946994/why-uber-has-to-be-first-to-market-with-self-driving-cars (accessed 21 October 2016). 4. Alison Griswold, “Uber wants to replace its drivers with robots. So much for that ‘new economy’ it was building,” Slate 2 February 2015, http://www.slate.com/blogs/moneybox/2015/02/02/uber_self_driving_cars_autonomous_taxis_aren_t_so_good_for_contractors_in.html (accessed 21 October 2016). 5. Ray Kurzweil, How to Create a Mind: The Secret of Human Thought Revealed, New York: Viking, 2012. 6.


Britannia Unchained: Global Lessons for Growth and Prosperity by Kwasi Kwarteng, Priti Patel, Dominic Raab, Chris Skidmore, Elizabeth Truss

Airbnb, banking crisis, Carmen Reinhart, central bank independence, clockwatching, creative destruction, Credit Default Swap, demographic dividend, Edward Glaeser, eurozone crisis, fail fast, fear of failure, financial engineering, glass ceiling, informal economy, James Dyson, Kenneth Rogoff, knowledge economy, long peace, margin call, Mark Zuckerberg, Martin Wolf, megacity, Mexican peso crisis / tequila crisis, Neil Kinnock, new economy, North Sea oil, oil shock, open economy, paypal mafia, pension reform, price stability, profit motive, Ronald Reagan, Sand Hill Road, Silicon Valley, Stanford marshmallow experiment, Steve Jobs, Suez crisis 1956, tech worker, Walter Mischel, wealth creators, Winter of Discontent, working-age population, Yom Kippur War

After a decade of reckless spending Canada successfully managed to cut its spending and start upon the way to growth and more sustainable development. Chapter 3 is about educational aspiration in Britain. This chapter, entitled ‘Revenge of the Geeks’, shows how education is viewed in India and other thriving new economies and contrasts these with Britain, where the ideals of celebrity culture and instant fame are prevalent. In many opinion surveys conducted in Britain it has been found that young people aspire to be fashion models or professional footballers ahead of becoming lawyers, doctors or even scientists.

Agonised navel-gazing is now the fashion, debating the distribution of growth, rather than how to grow the economy as a whole. Hundreds camped in the ‘Occupy London’ protests outside St Paul’s Cathedral in the autumn of 2011. The West as a whole looks set to drastically shrink in influence compared to China and the other new economies. Once again, the idea that growth is unsustainable is popular. ‘Every society clings to a myth by which it lives’, argues Tim Jackson of the Sustainable Development Commission. ‘Questioning growth is deemed to be the act of lunatics, idealists and revolutionaries. But question it we must. The myth of growth has failed us.’


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Slack: Getting Past Burnout, Busywork, and the Myth of Total Efficiency by Tom Demarco

Brownian motion, delayed gratification, Frederick Winslow Taylor, interchangeable parts, knowledge worker, new economy, risk tolerance, scientific management, Silicon Valley, Silicon Valley startup, Steve Jobs, The Soul of a New Machine, Yogi Berra

Without a year or two of experience with current approaches, management has no way to scale the objectives. There is nothing to base a target on. Formulating the “simple arithmetic combination of lower-level objectives” is just too difficult without being able to use a stable model for guidance. But stasis plus just a bit of tinkering with the particulars is hardly a recipe for success in the new economy. Companies that are succeeding today have very little stasis. For example, the entire concept of “production” is going away. Production implies a steady state. In its place we find a state of almost constant flux. The new central organizing principal is the project. A company in this kind of flux can be viewed as a portfolio of projects.

The difference between the early nineties and today is the difference between Lenin’s concept of revolution (destroy the old state and replace it with a new and better one) and Trotsky’s concept of continuing revolution (destroy the old state and also destroy each successive state that replaces it). In our new economy, stasis is nothing more than an object of nostalgia. We might look back at it fondly, as we look back at the pre-nuclear age, but we can never go there again. In times of stasis, risk is an unwelcome visitor. But today risk is a constant. Nobody is ever going to succeed again without constantly taking on risks.


pages: 182 words: 55,234

Rendezvous With Oblivion: Reports From a Sinking Society by Thomas Frank

Affordable Care Act / Obamacare, Alan Greenspan, behavioural economics, Bernie Sanders, big-box store, business climate, business cycle, call centre, crowdsourcing, David Brooks, deindustrialization, deskilling, Donald Trump, edge city, fake news, Frank Gehry, high net worth, income inequality, Jane Jacobs, Jeff Bezos, McMansion, military-industrial complex, new economy, New Urbanism, obamacare, offshore financial centre, plutocrats, Ponzi scheme, profit maximization, prosperity theology / prosperity gospel / gospel of success, Ralph Nader, Richard Florida, Ronald Reagan, Silicon Valley, single-payer health, Steve Bannon, The Death and Life of Great American Cities, too big to fail, urban planning, Washington Consensus, Works Progress Administration

Meanwhile, Charles Krauthammer grew so despondent over the meager 2016 options that he actually pined for the lost days of the Bill Clinton presidency, when America was tough on crime, when welfare was being reformed, and when free trade was accorded its proper respect. Ah, but none of this was to imply that Bernie Sanders, flouter of economic consensus, was a friend to the working class. Here, too, he was written off as a failure. Instead of encouraging the lowly to work hard and get “prepared for the new economy,” moaned the Post columnist Michael Gerson, the senator was merely offering them goodies—free health care and college—in the manner of outmoded “20th century liberalism.” Others took offense at Sanders’s health care plan because it envisioned something beyond Obamacare, which had been won at such great cost.

The Dow Jones Industrial Average, which had been a little north of 3,200 when Clinton took office, passed 10,000 in March 1999. The Nasdaq—the miracle index of the decade—ascended even more dizzyingly. Declining to mess with a good thing, the Federal Reserve kept interest rates relatively low, simultaneously stoking the euphoric culture of the New Economy. Thanks to a brand-new thing called the Internet, it was said, humankind had entered an entirely new era. Information was now perfect, the business cycle was suspended, the boom would go on forever, and the world’s weak and marginalized would embrace free trade and be lifted up by the loving kindness of markets.


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The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel

airport security, Amazon Web Services, Bernie Madoff, book value, business cycle, computer age, Cornelius Vanderbilt, coronavirus, discounted cash flows, diversification, diversified portfolio, do what you love, Donald Trump, financial engineering, financial independence, Hans Rosling, Hyman Minsky, income inequality, index fund, invisible hand, Isaac Newton, It's morning again in America, Jeff Bezos, Jim Simons, John Bogle, Joseph Schumpeter, knowledge worker, labor-force participation, Long Term Capital Management, low interest rates, margin call, Mark Zuckerberg, new economy, Paul Graham, payday loans, Ponzi scheme, quantitative easing, Renaissance Technologies, Richard Feynman, risk tolerance, risk-adjusted returns, Robert Gordon, Robert Shiller, Ronald Reagan, side hustle, Stephen Hawking, Steven Levy, stocks for the long run, tech worker, the scientific method, traffic fines, Vanguard fund, WeWork, working-age population

President Clinton boasted in his 2000 State of the Union speech: We begin the new century with over 20 million new jobs; the fastest economic growth in more than 30 years; the lowest unemployment rates in 30 years; the lowest poverty rates in 20 years; the lowest African-American and Hispanic unemployment rates on record; the first back-to-back surpluses in 42 years; and next month, America will achieve the longest period of economic growth in our entire history. We have built a new economy. His last sentence was important. It was a new economy. The biggest difference between the economy of the 1945–1973 period and that of the 1982–2000 period was that the same amount of growth found its way into totally different pockets. You’ve probably heard these numbers but they’re worth rehashing. The Atlantic writes: Between 1993 and 2012, the top 1 percent saw their incomes grow 86.1 percent, while the bottom 99 percent saw just 6.6 percent growth.


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Behemoth: A History of the Factory and the Making of the Modern World by Joshua B. Freeman

anti-communist, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, classic study, clean water, collective bargaining, company town, Corn Laws, corporate raider, cotton gin, deindustrialization, Deng Xiaoping, disruptive innovation, driverless car, en.wikipedia.org, factory automation, flying shuttle, Ford Model T, Ford paid five dollars a day, Frederick Winslow Taylor, global supply chain, Great Leap Forward, Herbert Marcuse, high-speed rail, household responsibility system, indoor plumbing, interchangeable parts, invisible hand, James Hargreaves, joint-stock company, knowledge worker, mass immigration, means of production, mittelstand, Naomi Klein, new economy, On the Economy of Machinery and Manufactures, Panopticon Jeremy Bentham, Pearl River Delta, post-industrial society, Ralph Waldo Emerson, rising living standards, Ronald Reagan, scientific management, Shenzhen special economic zone , Silicon Valley, special economic zone, spinning jenny, Steve Jobs, strikebreaker, techno-determinism, technoutopianism, the built environment, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tim Cook: Apple, transaction costs, union organizing, Upton Sinclair, urban planning, Vanguard fund, vertical integration, women in the workforce, working poor, Works Progress Administration, zero-sum game

Giantism contributed to the massive social mobilization required for the industrialization drive, which became the moral equivalent of revolution and civil war. The world-historic scale of Soviet factories and infrastructure contributed to a cultural revolution in which modernity and progress were linked to Soviet power and mechanization. And it worked, as millions of Soviet citizens made heroic efforts to construct new facilities, a new economy, a new society. At a price. The industrialization drive was linked, by design, to squeezing as much as possible out of the peasantry, even to the point, at times, of famine. The brutal collectivization of agriculture pushed millions of peasants away from their homes to industrial employment. Conditions during the First Five-Year Plan were worst in the countryside, but real wages and living standards for workers fell, too.

Bureau of Labor Statistics, “Employment, Hours and Earnings from the Current Employment Statistics survey (National),” http://data.bls.gov/pdq/SurveyOutputServlet (accessed Sept. 24, 2016). 2.Heather Long, “U.S. Has Lost 5 Million Manufacturing Jobs Since 2000,” CNN Money, Mar. 29, 2016, http://money.cnn.com/2016/03/29/news/economy/us-manufacturing-jobs/; The World Bank, World Data Bank, “Employment in Industry and World Development Indicators” (based on International Labour Organization data), http://data.worldbank.org/indicator/SL.IND.EMPL.ZS, and http://databank.worldbank.org/data/reports.aspx?source=2&series=SL.IND.EMPL.ZS&country= (accessed Sept. 24, 2016); Central Intelligence Agency, The World Factbook, 2017 (New York: Skyhorse Publishing, 2016), 179. 3.For life on the eve of the Industrial Revolution, see Fernand Braudel, The Structures of Everyday Life: Civilization and Capitalism, 15th–18th Century, vol. 1 (New York: Harper and Row, 1981) (French life expectancy, 90), and E.

Kasson, Civilizing the Machine: Technology and Republican Values in America, 1776–1900 (New York: Penguin, 1977), 81; Zonderman, Aspirations and Anxieties, 208. 54.For extended discussions of this evolution, see Leo Marx, The Machine in the Garden: Technology and the Pastoral Ideal in America (New York: Oxford University Press, 1964), and Kasson, Civilizing the Machine, esp. chap. 1 and 2. See also, Lawrence A. Peskin, “How the Republicans Learned to Love Manufacturing: The First Parties and the ‘New Economy,’” Journal of the Early Republic 22 (2) (Summer, 2002), 235–62, and Jonathan A. Glickstein, Concepts of Free Labor in Antebellum America (New Haven, CT: Yale University Press, 1991), esp. 233–35. 55.John G. Whittier, “The Factory Girls of Lowell,” in Voices of the True-Hearted (Philadelphia: J.


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If Mayors Ruled the World: Dysfunctional Nations, Rising Cities by Benjamin R. Barber

"World Economic Forum" Davos, Aaron Swartz, Affordable Care Act / Obamacare, American Legislative Exchange Council, Berlin Wall, bike sharing, borderless world, Boris Johnson, Bretton Woods, British Empire, car-free, carbon footprint, Cass Sunstein, Celebration, Florida, classic study, clean water, congestion pricing, corporate governance, Crossrail, crowdsourcing, David Brooks, desegregation, Detroit bankruptcy, digital divide, digital Maoism, digital rights, disinformation, disintermediation, edge city, Edward Glaeser, Edward Snowden, Etonian, Evgeny Morozov, failed state, Fall of the Berlin Wall, feminist movement, Filter Bubble, gentrification, George Gilder, ghettoisation, global pandemic, global village, Hernando de Soto, Howard Zinn, illegal immigration, In Cold Blood by Truman Capote, income inequality, informal economy, information retrieval, Jane Jacobs, Jaron Lanier, Jeff Bezos, Lewis Mumford, London Interbank Offered Rate, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, megacity, microcredit, Mikhail Gorbachev, mortgage debt, mutually assured destruction, new economy, New Urbanism, Nicholas Carr, Norman Mailer, nuclear winter, obamacare, Occupy movement, off-the-grid, Panopticon Jeremy Bentham, Peace of Westphalia, Pearl River Delta, peer-to-peer, planetary scale, plutocrats, Prenzlauer Berg, profit motive, Ralph Waldo Emerson, RFID, Richard Florida, Ronald Reagan, self-driving car, Silicon Valley, SimCity, Skype, smart cities, smart meter, Steve Jobs, Stewart Brand, technological determinism, technological solutionism, TED Talk, Telecommunications Act of 1996, The Death and Life of Great American Cities, The Fortune at the Bottom of the Pyramid, The future is already here, The Wealth of Nations by Adam Smith, Tobin tax, Tony Hsieh, trade route, UNCLOS, UNCLOS, unpaid internship, urban sprawl, Virgin Galactic, War on Poverty, zero-sum game

There they can have an impact augmented by their collateral urban virtues. In other words, cities make economic sense and can be reformed through economic policy, but in no small part because they make civic, social, cultural and political sense. Cities create jobs, but jobholders like cities. The poor need new economy jobs (and training for them), but cities (Detroit, for example) are where new economy jobs are being created. Not everyone gets it: in New York, the financial industry has once again begun to flirt with decentralizing its workers to promote economic efficiency; but financial workers are once again defecting from their employers’ plans, refusing to go along with the diktat of efficiency.

Subways (undergrounds or metros) can be routed (and often have been) to leave ghettos or suburban slums underserved—in order to prevent undergrounds from becoming (in the eyes of the wealthy) feared conduits for criminals or instruments of opportunistic integration. Or they may offer access to and movement around the inner city but prevent residents there from reaching wealthier districts, middle-class malls, or upscale working neighborhoods (big banks, corporate service companies such as law firms and accountants, Saskia Sassen’s new economy). Try finding a bus service that runs from an inner-city ghetto to an upscale suburban mall. Where public transportation is planned to serve poorer neighborhoods, it may eliminate express stops in rich neighborhoods, further “protecting” wealthier residents from “invasion” by the “wrong” persons.

Today even the prideful suburban denizens of Silicon Valley are looking to relocate to New York and San Francisco for reasons that—though of great significance to the economy—are driven less by economic than civic and social logic. William Julius Wilson and his colleagues have made a powerful argument, suggesting that until African-American and Latino minorities are educated for and find jobs in the new economy, they will continue to be the first victims of the old economy. Their best hope lies in joint training programs that firms like IBM and Caterpillar Inc. are “partnering with area community colleges, vocational schools and the Department of Labor.”15 Such programs are ideally instruments of a national economic policy to combat inequality, but they are also available to cities.


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Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It by Steven Brill

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, airport security, American Society of Civil Engineers: Report Card, asset allocation, behavioural economics, Bernie Madoff, Bernie Sanders, Blythe Masters, Bretton Woods, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carl Icahn, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, Credit Default Swap, currency manipulation / currency intervention, deal flow, Donald Trump, electricity market, ending welfare as we know it, failed state, fake news, financial deregulation, financial engineering, financial innovation, future of work, ghettoisation, Glass-Steagall Act, Gordon Gekko, hiring and firing, Home mortgage interest deduction, immigration reform, income inequality, invention of radio, job automation, junk bonds, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, low interest rates, Mahatma Gandhi, Mark Zuckerberg, Michael Milken, military-industrial complex, mortgage tax deduction, Neil Armstrong, new economy, Nixon triggered the end of the Bretton Woods system, obamacare, old-boy network, opioid epidemic / opioid crisis, paper trading, Paris climate accords, performance metric, post-work, Potemkin village, Powell Memorandum, proprietary trading, quantitative hedge fund, Ralph Nader, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Rutger Bregman, Salesforce, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stock buybacks, Tax Reform Act of 1986, tech worker, telemarketer, too big to fail, trade liberalization, union organizing, Unsafe at Any Speed, War on Poverty, women in the workforce, working poor

CHAPTER 4 The Greening of the First Amendment While Paul Polman and other business leaders faced down short-termism, and while the rest of the country suffered the damage that the legal and financial engineering associated with it had done to an economy and a social fabric that depends on a thriving, hopeful middle class, the political sphere saw a parallel upheaval that would intensify the inequality being produced by the new economy. Like athletes supplied a wonder steroid, it would allow the winners to use political muscle of a kind never seen in Washington or in the country’s state capitals to enhance their winnings and disable government in a way that would protect what they had won, even what they had won by abusing or breaking the rules.

The trend was clear to anyone looking at the data showing this steady, relentless shift in workforce demand. The people in charge in America’s boardrooms, however, were only looking at the bottom line—and they and their lobbyists were able to fend off efforts by anyone in Washington to protect workers or fund effective programs to retrain them to thrive in the new economy. Overall, the United States lost seven million of its 19.2 million manufacturing jobs from 1980 to 2015. Trade has undeniably been an important cause of worker displacement, which should have been easy to anticipate. As Nobel laureate economist Joseph Stiglitz put it, “Add a few billion people into the market willing to work for much less than American workers will and what do you think will happen?”

Because the Coalition for Queens was increasingly able to boast so many success stories, it received approximately $4 million in funding in 2017 from a glittering array of New York charities, including the Robin Hood Foundation, the New York Community Trust, the Rockefeller Foundation, and the charity arms of Google, Blackstone, and the Hearst Corporation. In 2017, Hsu, having realized that his success in training unskilled workers to participate in the new economy could have broad ramifications, began making plans to change the organization’s name, probably to Tech Equality. At the same time, he created an ingenious business model that made expanding the program more realistic, while also making it more than another hot charity. Beginning with members of the class graduating that June, those who were placed in jobs paying more than $50,000—which was most of them—had to agree to pay the organization 12 percent of their earnings for the following two years.


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All the Money in the World by Peter W. Bernstein

Albert Einstein, anti-communist, AOL-Time Warner, Bear Stearns, Berlin Wall, Bill Gates: Altair 8800, book value, call centre, Carl Icahn, Charles Lindbergh, clean tech, Cornelius Vanderbilt, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, Fairchild Semiconductor, family office, financial engineering, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, junk bonds, Larry Ellison, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Michael Milken, Mikhail Gorbachev, new economy, Norman Mailer, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Quicken Loans, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, short squeeze, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, SoftBank, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, tech baron, tech billionaire, Teledyne, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, William Shockley: the traitorous eight, women in the workforce

Many of the companies are based in anonymous office parks, where the low-rise buildings have oversize picture windows to take in the dramatic vistas. Instead of paying their dues with years of hard labor at established companies, many members of the West Coast Forbes 400 fraternity were the original pioneers in key New Economy industries and financial services in the Valley, such as high-tech, biotech, discount brokerage, and venture capital. New Economy billionaires often make their fortunes very quickly and at a relatively young age. One of the youngest people16 ever to make the list was Steve Jobs (number 49 on the 2006 Forbes 400 list), who at age twenty-seven boasted a $100 million fortune, thanks to his success with Apple Computer.

Venture capitalist John Doerr (2006 net worth: $1 billion) describes the Valley as the site responsible for the “greatest legal accumulation of wealth in the history of the planet.” Aside from its stunning scenery, the Valley does not advertise its riches. With the country’s top venture-capital firms and its thriving high-tech companies, Sand Hill Road, the Valley’s main strip, is a sort of New Economy version of Wall Street. The four-lane highway runs through a hilly landscape from the town of Menlo Park past the mission-style buildings of Stanford University’s campus to the edge of Palo Alto. There are no iconic financial towers dominating the surrounding landscape; nor are there legions of briefcase-toting workers rushing by.

The trader returned convinced the shortage was real, and Robertson’s fund maintained its position through several years of losses. “He had a high tolerance70 for pain,” a former trader remembers. When palladium soared from $180 to $800 an ounce between January 1995 and April 2000, Tiger reaped a windfall. But after a twenty-year magic-carpet ride, Robertson, like Soros, crashed in the 2000 tech carnage. Shorting the new economy during the Internet boom was a “recipe for bankruptcy, because the worst stocks were rising,” he has said ruefully. “I should have stopped earlier.” He started closing his funds in 2000. “Some investors probably got71 1,000 to 1. Others got a loss,” he says. Even so, he ended up with plenty in his own bank account.


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Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, airline deregulation, airport security, Alan Greenspan, always be closing, American ideology, American Legislative Exchange Council, An Inconvenient Truth, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bear Stearns, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Cass Sunstein, centre right, computer age, contact tracing, coronavirus, corporate governance, corporate raider, cotton gin, COVID-19, creative destruction, Credit Default Swap, cryptocurrency, deep learning, DeepMind, deindustrialization, Donald Trump, Dr. Strangelove, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, Future Shock, game design, General Motors Futurama, George Floyd, George Gilder, Gordon Gekko, greed is good, Herbert Marcuse, Herman Kahn, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, It's morning again in America, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, junk bonds, Kevin Roose, knowledge worker, lockdown, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Overton Window, Peter Thiel, Picturephone, plutocrats, post-industrial society, Powell Memorandum, pre–internet, public intellectual, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, stock buybacks, strikebreaker, tech billionaire, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, We are all Keynesians now, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

” * * * — A decade or so later people had just begun referring excitedly to digital businesses collectively as the New Economy, although there was no Google or Facebook yet. The New Economy was new. In early 1998 I wrote a somewhat skeptical essay in The New Yorker called “The Digital Bubble.” Among my arguments was that because PCs and the Internet were already essential tools in journalism and finance, early-adopting journalists and finance people might have gotten overexcited about their potential. In 1999, however, I found myself eager to dive into this New Economy myself, to help make something cool and have fun before it was too late.

A major inherent advantage that business has over other players in the economic game is its centralized, undemocratic nature: no matter how sprawling companies and financial institutions may be, they have headquarters, strategies, and bosses who give orders that are obeyed—whereas individual workers and customers and small businesses and citizens in this vast country are…individuals, spread out, disparate, disorganized, relatively powerless. So individual Americans got together and organized new checks and balances in the new economy. Workers formed unions. “The operation of countervailing power is to be seen with the greatest clarity in the labor market where it is also most fully developed,” Galbraith wrote in American Capitalism. Just thirty years earlier, in the 1920s, “the steel industry worked a twelve-hour day and seventy-two-hour week with an incredible twenty-four-hour stint every fortnight when the shift changed.


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Your Computer Is on Fire by Thomas S. Mullaney, Benjamin Peters, Mar Hicks, Kavita Philip

"Susan Fowler" uber, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, A Declaration of the Independence of Cyberspace, affirmative action, Airbnb, algorithmic bias, AlphaGo, AltaVista, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, An Inconvenient Truth, Asilomar, autonomous vehicles, Big Tech, bitcoin, Bletchley Park, blockchain, Boeing 737 MAX, book value, British Empire, business cycle, business process, Californian Ideology, call centre, Cambridge Analytica, carbon footprint, Charles Babbage, cloud computing, collective bargaining, computer age, computer vision, connected car, corporate governance, corporate social responsibility, COVID-19, creative destruction, cryptocurrency, dark matter, data science, Dennis Ritchie, deskilling, digital divide, digital map, don't be evil, Donald Davies, Donald Trump, Edward Snowden, en.wikipedia.org, European colonialism, fake news, financial innovation, Ford Model T, fulfillment center, game design, gentrification, George Floyd, glass ceiling, global pandemic, global supply chain, Grace Hopper, hiring and firing, IBM and the Holocaust, industrial robot, informal economy, Internet Archive, Internet of things, Jeff Bezos, job automation, John Perry Barlow, Julian Assange, Ken Thompson, Kevin Kelly, Kickstarter, knowledge economy, Landlord’s Game, Lewis Mumford, low-wage service sector, M-Pesa, Mark Zuckerberg, mass incarceration, Menlo Park, meta-analysis, mobile money, moral panic, move fast and break things, Multics, mutually assured destruction, natural language processing, Neal Stephenson, new economy, Norbert Wiener, off-the-grid, old-boy network, On the Economy of Machinery and Manufactures, One Laptop per Child (OLPC), packet switching, pattern recognition, Paul Graham, pink-collar, pneumatic tube, postindustrial economy, profit motive, public intellectual, QWERTY keyboard, Ray Kurzweil, Reflections on Trusting Trust, Report Card for America’s Infrastructure, Salesforce, sentiment analysis, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, smart cities, Snapchat, speech recognition, SQL injection, statistical model, Steve Jobs, Stewart Brand, tacit knowledge, tech worker, techlash, technoutopianism, telepresence, the built environment, the map is not the territory, Thomas L Friedman, TikTok, Triangle Shirtwaist Factory, undersea cable, union organizing, vertical integration, warehouse robotics, WikiLeaks, wikimedia commons, women in the workforce, Y2K

Does this make Sears an early predecessor of the information economy or Amazon a lingering relic of the industrial era, with its focus on the movement of materials and the construction and maintenance of physical capital? Is this even a useful question to ask, or is it an artifact of the artificial distinctions that are often drawn between the old and new economy? My argument has been that by focusing on the similarity between the two firms, and the continuity across different economic epochs, we can ask new and provocative questions about the history of modern computing, including questions of political economy, labor history, and the history of capitalism.

Timothy Wu, The Curse of Bigness: Antitrust in the New Gilded Age (New York: Columbia Global Reports, 2018); Susan Crawford, Captive Audience: The Telecom Industry and Monopoly Power in the New Gilded Age (New Haven: Yale University Press, 2013). 12. Nicholas Negroponte, Being Digital (New York: Knopf Doubleday, 1996); Kevin Kelly, New Rules for the New Economy: 10 Radical Strategies for a Connected World (New York: Penguin Books, 1999). 13. Joshua Ganz, “Inside the Black Box: A Look at the Container,” Prometheus 13, no. 2 (1995), 169–183; Alexander Klose, The Container Principle: How a Box Changes the Way We Think (Cambridge, MA: MIT Press, 2015). 14.

The Skill India initiative, introduced by the Hindu Nationalist Prime Minister Narendra Modi in 2015, aims to extend and introduce ICT-led skills training programs for India’s youth. The promise of these programs is that they will flatten economic and social barriers for low-income youth, who will be able to reap the benefits of the new economy. Seelampur is diverse but is primarily inhabited by Muslims, who are the largest minority in India. The average income in Seelampur for a family of four to six members is only $100–$150 a month. Muslim women in India are considered disadvantaged because of religious conservatism but actually face the tripartite struggle of being a minority, of being poor, and of being women.2 The ICT center was housed in the Gender Resource Center (GRC) building as a public–private partnership (PPP) initiative between the Delhi government and the civil society organization G-Tech Foundation.


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The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era by Gary Gerstle

2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, anti-communist, AOL-Time Warner, Bear Stearns, behavioural economics, Bernie Sanders, Big Tech, Black Lives Matter, blue-collar work, borderless world, Boris Johnson, Brexit referendum, British Empire, Broken windows theory, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, collective bargaining, Cornelius Vanderbilt, coronavirus, COVID-19, creative destruction, crony capitalism, cuban missile crisis, David Brooks, David Graeber, death from overwork, defund the police, deindustrialization, democratizing finance, Deng Xiaoping, desegregation, Dissolution of the Soviet Union, Donald Trump, Electric Kool-Aid Acid Test, European colonialism, Ferguson, Missouri, financial deregulation, financial engineering, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, future of work, Future Shock, George Floyd, George Gilder, gig economy, Glass-Steagall Act, global supply chain, green new deal, Greenspan put, guns versus butter model, Haight Ashbury, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Ida Tarbell, immigration reform, informal economy, invention of the printing press, invisible hand, It's morning again in America, Jeff Bezos, John Perry Barlow, Kevin Kelly, Kitchen Debate, low interest rates, Lyft, manufacturing employment, market fundamentalism, Martin Wolf, mass incarceration, Menlo Park, microaggression, Mikhail Gorbachev, military-industrial complex, millennium bug, Modern Monetary Theory, money market fund, Mont Pelerin Society, mortgage debt, mutually assured destruction, Naomi Klein, neoliberal agenda, new economy, New Journalism, Northern Rock, obamacare, Occupy movement, oil shock, open borders, Peter Thiel, Philip Mirowski, Powell Memorandum, precariat, price stability, public intellectual, Ralph Nader, Robert Bork, Ronald Reagan, scientific management, Seymour Hersh, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, Steve Bannon, Steve Jobs, Stewart Brand, Strategic Defense Initiative, super pumped, technoutopianism, Telecommunications Act of 1996, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Uber and Lyft, uber lyft, union organizing, urban decay, urban renewal, War on Poverty, Washington Consensus, We are all Keynesians now, We are the 99%, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, Works Progress Administration, Y2K, Yom Kippur War

In 1996, Clinton, working with Congress, deregulated the exploding telecommunication industry, now including not just phones and television but the cable and satellite sub-industries so important to the new information economy. Soon after, he did the same with the electrical generation industry that sustained (literally) the new economy. And then, in 1999, he supported Congress’s repeal of the Glass-Steagall Act, the New Deal law that had done more than any other to end speculation, corruption, and the boom-bust cycle in America’s financial sector.35 Clinton had come to regard markets as something akin to natural law. Upon signing NAFTA in December 1993, he remarked that the United States really had no choice in the matter.

This emphasis on personal freedom overlapped with Clinton’s “live-and-let-live” attitude and made the Democratic Party a more congenial cultural home than the GOP for the West Coast high-tech vanguard.56 But would the Democrats, still generally perceived as the party of government regulation, deliver on the economic front? Would they keep their hands off the entrepreneurs, innovators, and corporations seeking to invent the new economy? From 1994–1995 onward, under Clinton’s stewardship, the Democrats’ answer was a resounding yes. First, Clinton and his administration implemented a regime of fiscal discipline that pleased Wall Street, which was already far along in underwriting the high-tech boom. Second, they committed themselves, under Gore’s leadership, to a multi-year campaign to reinvent government, making it smaller, less intrusive, and more flexible—more suitable, in other words, for a third-wave economy.57 And finally, and most important, they gave their assent to the Telecommunications Act of 1996, reform legislation that would make it possible for Silicon Valley to capitalize fully on its technical innovations.

The telecom bill often receives less attention than other Clinton initiatives, such as welfare reform. But it needs to be rescued from this neglect, for it did more than any other piece of legislation in the 1990s to free the most dynamic sector of the economy from regulation and dramatically accelerate the building of a new economy based on neoliberal principles. Telecom Reform The Communications Act of 1934 had long ago established a framework for regulating mass media in the United States. Though criticized by some at the time for handing over too much control of the airwaves to private, commercial broadcasters, the legislation actually put telephony and the airwaves under serious public control.


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The Mesh: Why the Future of Business Is Sharing by Lisa Gansky

"World Economic Forum" Davos, Airbnb, Amazon Mechanical Turk, Amazon Web Services, banking crisis, barriers to entry, Bear Stearns, bike sharing, business logic, carbon footprint, carbon tax, Chuck Templeton: OpenTable:, clean tech, cloud computing, credit crunch, crowdsourcing, diversification, Firefox, fixed income, Google Earth, impact investing, industrial cluster, Internet of things, Joi Ito, Kickstarter, late fees, Network effects, new economy, peer-to-peer lending, planned obsolescence, recommendation engine, RFID, Richard Florida, Richard Thaler, ride hailing / ride sharing, sharing economy, Silicon Valley, smart grid, social web, software as a service, TaskRabbit, the built environment, the long tail, vertical integration, walkable city, yield management, young professional, Zipcar

Table of Contents Title Page Copyright Page Dedication Introduction Chapter 1 - Getting to Know the Mesh Chapter 2 - The Mesh Advantage Chapter 3 - Mesh Design Chapter 4 - In with the Mesh Chapter 5 - In Mesh We Trust Chapter 6 - The Mesh as Ecosystem Chapter 7 - Open to the Mesh Chapter 8 - Mesh Inc. Chapter 9 - Seed Your Own Mesh Creative Commons License The Mesh Directory Acknowledgements The Mesh References Index “The Mesh is the future of business—and Lisa Gansky describes it brilliantly! Read this book to find out what you need to do to be part of the new economy of the Mesh!” —ALAN M. WEBBER, co-founding editor, Fast Company, and author of Rules of Thumb “Networks exist only because of what you put into them, not what you take out. Lisa Gansky in The Mesh shows us why generosity is replacing greed as the central value of the emerging network economy.”

Both factors will drive up a Mesh or partial-Mesh company’s earnings per share. grab your partner. Of course, the service model works best in a Mesh-style ecosystem, where information and resources are shared among partners. Mesh leaders, innovators, and provocateurs like Patagonia that share information with ecosystem partners will lead the path to the new economy and stimulate a “Mesh-ripe” culture. Since older businesses tend to feel they “own” their customers, and don’t want to share data, they will find it increasingly difficult to compete with new Mesh businesses that have less resistance to sharing information. Although they may have less data to share in the beginning, Mesh businesses use that data to create more customized offers.


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Capitalism 3.0: A Guide to Reclaiming the Commons by Peter Barnes

Albert Einstein, car-free, carbon tax, clean water, collective bargaining, corporate governance, corporate personhood, corporate raider, corporate social responsibility, cotton gin, dark matter, digital divide, diversified portfolio, do well by doing good, Easter island, en.wikipedia.org, Garrett Hardin, gentrification, hypertext link, Isaac Newton, James Watt: steam engine, jitney, junk bonds, Michael Milken, military-industrial complex, money market fund, new economy, patent troll, precautionary principle, profit maximization, Ronald Coase, telemarketer, The Wealth of Nations by Adam Smith, Tragedy of the Commons, transaction costs, War on Poverty, Yogi Berra

Finally, tell your donors not to worry. You’re a low-tax, smallgovernment, pay-as-we-go kind of person. You think the environment should be protected through market mechanisms. You favor an ownership society in which every American has a tax-deferred savings account and no child is left behind. A New Economy for a New Era The twenty-first century can’t be a continuation of the twentieth. We’re too close to too many tipping points for that. What You Can Do | 163 But if it’s not a continuation, what then? Then, it seems to me, we’ll need a new economic operating system, because if we stick with the current one, huge bills will come due, tipping points will flip, and with some likelihood, things will spiral out of control.

Collins, Chuck, and Felice Yeskel. Economic Apartheid in America: A Primer on Economic Inequality and Security. New York: New Press, 2000. Daily, Gretchen (ed.). Nature’s Services: Societal Dependence on Natural Ecosystems. Washington, D.C.: Island Press, 1997. Daily, Gretchen, and Katherine Ellison. The New Economy of Nature: The Quest to Make Conservation Profitable. Washington, D.C.: Island Press, 2002. Dales, J. H. Pollution, Property and Prices. Toronto: University of Toronto Press, 1968. Daly, Herman (ed.). Economics, Ecology, Ethics: Essays Toward a Steady-State Economy. San Francisco: Freeman, 1980.


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The Gig Economy: A Critical Introduction by Jamie Woodcock, Mark Graham

Airbnb, algorithmic management, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, British Empire, business process, business process outsourcing, Californian Ideology, call centre, collective bargaining, commoditize, corporate social responsibility, crowdsourcing, data science, David Graeber, deindustrialization, Didi Chuxing, digital divide, disintermediation, emotional labour, en.wikipedia.org, full employment, future of work, gamification, gender pay gap, gig economy, global value chain, Greyball, independent contractor, informal economy, information asymmetry, inventory management, Jaron Lanier, Jeff Bezos, job automation, knowledge economy, low interest rates, Lyft, mass immigration, means of production, Network effects, new economy, Panopticon Jeremy Bentham, planetary scale, precariat, rent-seeking, RFID, ride hailing / ride sharing, Ronald Reagan, scientific management, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, TaskRabbit, The Future of Employment, transaction costs, Travis Kalanick, two-sided market, Uber and Lyft, Uber for X, uber lyft, union organizing, women in the workforce, working poor, young professional

Workers have the freedom to choose when they would like to work, but the other side of that bargain means that precarity exists at a much finer scale than ever before (down to the minute), and competition is expanded to a scale never before seen. This involves the expansion of the spatial scales of competition and the contraction of the temporal scales of the responsibility of the firm for its workers. This is outsourcing reconfigured for the new economy. We should note that it is notoriously difficult to measure the size of the gig economy. There are two issues at play here: the data that are available, and how you define the gig economy in the first place. There have been claims that, in the US, contingent work and independent contracting is actually less common today than it was in the early 2000s.7 Those claims have then been used to extrapolate that the gig economy is a shrinking phenomenon.

Bruns, A. (2008) Blogs, Wikipedia, Second Life, and Beyond: From Production to Produsage. New York: Peter Lang. Cant, C. (2018) The wave of worker resistance in European food platforms 2016–17. Notes from Below, 1. Available at: https://notesfrombelow.org/article/european-food-platform-strike-wave Cant, C. (2019) Riding for Deliveroo: Resistance in the New Economy. Cambridge: Polity. Care.com (2018) Company overview. Available at: https://www.care.com/company-overview China Labour Bulletin (2018a) Labour relations in China: Some frequently asked questions. China Labour Bulletin. Available at: https://www.clb.org.hk/content/labour-relations-china-some-frequently-asked-questions China Labour Bulletin (2018b) ‘@chinalabour’, Twitter, 5 June.


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The Industries of the Future by Alec Ross

"World Economic Forum" Davos, 23andMe, 3D printing, Airbnb, Alan Greenspan, algorithmic bias, algorithmic trading, AltaVista, Anne Wojcicki, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, bioinformatics, bitcoin, Black Lives Matter, blockchain, Boston Dynamics, Brian Krebs, British Empire, business intelligence, call centre, carbon footprint, clean tech, cloud computing, collaborative consumption, connected car, corporate governance, Credit Default Swap, cryptocurrency, data science, David Brooks, DeepMind, Demis Hassabis, disintermediation, Dissolution of the Soviet Union, distributed ledger, driverless car, Edward Glaeser, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fiat currency, future of work, General Motors Futurama, global supply chain, Google X / Alphabet X, Gregor Mendel, industrial robot, information security, Internet of things, invention of the printing press, Jaron Lanier, Jeff Bezos, job automation, John Markoff, Joi Ito, Kevin Roose, Kickstarter, knowledge economy, knowledge worker, lifelogging, litecoin, low interest rates, M-Pesa, machine translation, Marc Andreessen, Mark Zuckerberg, Max Levchin, Mikhail Gorbachev, military-industrial complex, mobile money, money: store of value / unit of account / medium of exchange, Nelson Mandela, new economy, off-the-grid, offshore financial centre, open economy, Parag Khanna, paypal mafia, peer-to-peer, peer-to-peer lending, personalized medicine, Peter Thiel, precision agriculture, pre–internet, RAND corporation, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Rubik’s Cube, Satoshi Nakamoto, selective serotonin reuptake inhibitor (SSRI), self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, social graph, software as a service, special economic zone, supply-chain management, supply-chain management software, technoutopianism, TED Talk, The Future of Employment, Travis Kalanick, underbanked, unit 8200, Vernor Vinge, Watson beat the top human players on Jeopardy!, women in the workforce, work culture , Y Combinator, young professional

A third of the population is illiterate, and the average life expectancy is just 46 years. Some of the worst of the suffering in the Congo has occurred in Goma, a city along the country’s eastern border with Rwanda. Constant fighting has devastated the region and displaced more than two million people. Yet it is here that some of the most promising signs of an emerging new economy are visible, as well as signs of the remarkable potential of code-ified markets. Here, the advent of mobile payments has allowed the mobile phone to become a payment system that provides vast new opportunities for the “little guy.” In August 2009, I visited the Mugunga refugee camp located north of Goma.

The changes in China: “Country Partnership Strategy for the People’s Republic of China for the Period FY2013-FY2016,” World Bank, International Bank for Reconstruction and Development, International Finance Corporation, and Multilateral Investment Guarantee Agency, Report 67566-CN, October 11, 2012, http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/11/12/000350881_20121112091335/Rendered/PDF/NonAsciiFileName0.pdf. With an economy 25 times larger: “World’s Largest Economies,” CNN Money, http://money.cnn.com/news/economy/world_economies_gdp/. CHAPTER 1: HERE COME THE ROBOTS Japan’s current life expectancy: “Population Projections for Japan (January 2012): 2011 to 2060,” National Institute of Population and Social Security Research, January 2012, http://www.ipss.go.jp/site-ad/index_english/esuikei/ppfj2012.pdf.

Farming is so difficult in India: P. Sainath, “Have India’s Farm Suicides Really Declined?” BBC News, July 14, 2014, http://www.bbc.com/news/world-asia-india-28205741. What’s more, 25 percent of the: “Number of Hungry People in India Falling: UN Report,” Zee News, September 18, 2014, http://zeenews.india.com/business/news/economy/number-of-hungry-people-in-india-falling-un-report_108529.html. Nitrogen from fertilizer creates: Tom Laskawy, “New Science Reveals Agriculture’s True Climate Impact,” Grist, April 10, 2012, http://grist.org/climate-change/new-science-reveals-agricultures-true-climate-impact/. Fertilizer produces nitrous oxide: S.


The Managed Heart: Commercialization of Human Feeling by Arlie Russell Hochschild

affirmative action, airline deregulation, Boeing 747, call centre, cognitive dissonance, deskilling, emotional labour, Frederick Winslow Taylor, job satisfaction, late capitalism, longitudinal study, new economy, planned obsolescence, post-industrial society, profit motive, randomized controlled trial, telemarketer

The Managed Heart Commercialization of Human Feeling Updated with a New Preface ARLIE RUSSELL HOCHSCHILD Q3 UNIVERSITY OF CALIFORNIA PRESS Berkeley Los Angeles London The Managed Heart Other books by Arlie Russell Hochschild: The Second Shift: Working Couples and the Revolution at Home The Time Bind: When Work Becomes Home and Home Becomes Work Global Woman: Nannies, Maids and Sex Workers in the New Economy The Commercialization of Intimate Life: Notes from Home and Work (UC Press) The Outsourced Self: Intimate Life in Market Times The Managed Heart Commercialization of Human Feeling Updated with a New Preface ARLIE RUSSELL HOCHSCHILD Q3 UNIVERSITY OF CALIFORNIA PRESS Berkeley Los Angeles London University of California Press, one of the most distinguished university presses in the United States, enriches lives around the world by advancing scholarship in the humanities, social sciences, and natural sciences.

“Can Emotional Labor Be Fun?” Work, Organization and Emotion 3 (2). 11. Sherman, Rachel. 2007. Class Acts: Service and Inequality in Luxury Hotels. Berkeley: University of California Press. 12. Ehrenreich, Barbara, and Arlie Russell Hochschild, eds. Global Women: Nannies, Maids, and Sex Workers in the New Economy. New York: Metropolitan/Owl Books, 2012. xvi Preface to the 2012 Edition 13. The sperm and egg of the American genetic parents were germinated in a petri dish in the Akanksha clinic, and planted in the uterus of the surrogate who then carried the baby to term. My description of this is found in “Childbirth at the Global Crossroads,” American Prospect (October 2009): 25–28.

"Emotion Management in an Age of Global Terrorism," Soundings, Issue 20, Summer 2002, pp.1l7-126. Bibliography to the Twentieth Anniversary Edition 2003 281 The Commercial Spirit of Intimate Life and Other Essays. Berkeley: University of California Press. Hochschild, Arlie Russell and Barbara Ehrenreich (eds.) 2003 Global Woman: Nannies, Maids and Sex Workers in the New Economy. New York: Metropolitan Books. Holm, K.E., RJ. Werner-Wilson, A.S. Cook, and P.S. Berger 2001 "The Association Between Emotion Work, Balance and Relationship Satisfaction of Couples Seeking Therapy," American Journal of Family Therapy V29 (N3):193-205. Holman, D., C. Chissick, and P. Totterdell 2002 "The Effects of Performance Monitoring on Emotional Labor and Well-Being in Call Centers," Motivation and Emotion V26(N1):57-8l.


pages: 339 words: 105,938

The Skeptical Economist: Revealing the Ethics Inside Economics by Jonathan Aldred

airport security, behavioural economics, Berlin Wall, carbon credits, carbon footprint, citizen journalism, clean water, cognitive dissonance, congestion charging, correlation does not imply causation, Diane Coyle, endogenous growth, experimental subject, Fall of the Berlin Wall, first-past-the-post, framing effect, Goodhart's law, GPS: selective availability, greed is good, happiness index / gross national happiness, hedonic treadmill, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, labour market flexibility, laissez-faire capitalism, libertarian paternalism, longitudinal study, new economy, Paradox of Choice, Pareto efficiency, pension reform, positional goods, precautionary principle, price elasticity of demand, Ralph Waldo Emerson, RAND corporation, risk tolerance, school choice, social discount rate, spectrum auction, Thomas Bayes, trade liberalization, ultimatum game, When a measure becomes a target

And as a last resort there is always the plain but vacuous condemnation ‘uneconomic’. Veto economics serves to protect the economic orthodoxy. In some ways the orthodoxy has served us, in rich economies, quite well. For a brief period after the fall of the Berlin Wall, some even talked of ‘The End of History’. Our economic problems were solved, and something called ‘The New Economy’ had arrived, promising endless prosperity - or at least an endlessly rising stock market. Although these fantasies are now largely forgotten, a more humble but still confidently optimistic orthodoxy prevails. The orthodoxy says that the role of governments is to maximize economic growth by providing a stable economic environment of low inflation and generally moderate levels of unemployment.

Another objection to the cost disease argument is that it ignores recent productivity gains in the personal service sector. Influential recent research — subtitled ‘Baumol’s Disease has been cured’ — has suggested that service sector productivity in the US has accelerated over recent years.44 This fits conveniently with the fashionable ‘New Economy’ paradigm: that information technology has brought about a fundamental and permanent increase in productivity throughout advanced economies, and particularly in the US. However, this research does not demonstrate a cure for the cost disease, for several reasons. First, it still appears that the personal service sector is suffering from low productivity, even if productivity in other types of service has improved.

London, Allen and Unwin Torgler, B. (2007) Tax Compliance and Tax Morale. Cheltenham, Edward Elgar Triplett, J. and B. Bosworth (2003) ‘Productivity measurement issues in services industries.’ Federal Reserve Bank of New York, Economic Policy Review Triplett, J. and B. Bosworth (2005) ‘Baumol’s disease has been cured’ in The New Economy. D. Jansen (ed) Chicago, University of Chicago Press Tullock, G. (1976) The Vote Motive. London, Institute for Economic Affairs Tversky, A. and E. Shafir (1992) ‘Choice under conflict.’ Psychological Science 3: 358-361 Upton, W. (1973) ‘Altruism, attribution and intrinsic motivation in the recruitment of blood donors.’


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The Reckoning: Financial Accountability and the Rise and Fall of Nations by Jacob Soll

accounting loophole / creative accounting, bank run, Bear Stearns, Bonfire of the Vanities, British Empire, collapse of Lehman Brothers, computer age, corporate governance, creative destruction, Credit Default Swap, delayed gratification, demand response, discounted cash flows, double entry bookkeeping, financial independence, Frederick Winslow Taylor, Glass-Steagall Act, God and Mammon, High speed trading, Honoré de Balzac, inventory management, invisible hand, Isaac Newton, James Watt: steam engine, joint-stock company, Joseph Schumpeter, new economy, New Urbanism, Nick Leeson, Plato's cave, Ponzi scheme, Ralph Waldo Emerson, scientific management, Scientific racism, South Sea Bubble, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route

Although other auditing companies also made huge fees in consulting, Andersen let the consulting tail wag the whole company. Doing so made sense purely as a matter of profits. Between 1992 and 2001, profits—70 percent of which were from consulting—more than tripled. Andersen would consult for high-profile “new economy” firms like Waste Management, WorldCom, and, most notoriously, the Texas energy firm Enron, while also acting as their auditor. All of these companies inflated their stock value by using false accounting statements. Eventually, all, even the once-venerable Andersen, went bankrupt. Andersen & Co. was indicted in Texas in 2002 for producing false financial statements for Enron, and the SEC found fraudulent Andersen audits for companies such as Waste Management and WorldCom.25 Andersen was sunk by the sheer massiveness of the Enron fraud along with its clear complicity in inflating the company’s stock price—when it fell, shareholders lost $11 billion.

Washington with the United States, Commencing June 1775, and Ending June 1783, Comprehending a Space of 8 Years (Washington, DC: Treasury Department, 1833), 65–66. 22. Ibid., 5–6; Kitman, George Washington’s Expense Account, 127–129, 276. 23. Thomas K. McCraw, The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy (Cambridge, MA: Harvard University Press, 2012), 65–66. 24. Michael P. Schoderbek, “Robert Morris and Reporting for the Treasury Under the U.S. Continental Congress,” Accounting Historians Journal 26, no. 2 (1999): 5–7. 25. Ibid., 7–8; Charles Rappleye, Robert Morris: Financier of the American Revolution (New York: Simon and Schuster, 2010), 231. 26.

Collection de Compte-Rendu, pièces authentiques, états et tableaux, concernant les finances de France depuis 1758 jusqu’en 1787. Paris: Chez Cuchet, Chez Gatteu, 1788. Maynwaring, Arthur. A Letter to a Friend Concerning the Publick Debts, particularly that of the Navy. London, 1711. McCraw, Thomas K. The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy. Cambridge, MA: Harvard University Press, 2012. McKendrick, Neil. “Josiah Wedgwood and Cost Accounting in the Industrial Revolution.” Economic History Review 23, no. 1 (1970): 45–67. Melcher, Richard. “Where Are the Accountants?” BusinessWeek, October 5, 1998. Melis, Federigo. Documenti per la storia economica dei secoli XIII–XVI.


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Don't Be Evil: How Big Tech Betrayed Its Founding Principles--And All of US by Rana Foroohar

"Susan Fowler" uber, "World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Alan Greenspan, algorithmic bias, algorithmic management, AltaVista, Andy Rubin, autonomous vehicles, banking crisis, barriers to entry, behavioural economics, Bernie Madoff, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, book scanning, Brewster Kahle, Burning Man, call centre, Cambridge Analytica, cashless society, clean tech, cloud computing, cognitive dissonance, Colonization of Mars, computer age, corporate governance, creative destruction, Credit Default Swap, cryptocurrency, data is the new oil, data science, deal flow, death of newspapers, decentralized internet, Deng Xiaoping, digital divide, digital rights, disinformation, disintermediation, don't be evil, Donald Trump, drone strike, Edward Snowden, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Etonian, Evgeny Morozov, fake news, Filter Bubble, financial engineering, future of work, Future Shock, game design, gig economy, global supply chain, Gordon Gekko, Great Leap Forward, greed is good, income inequality, independent contractor, informal economy, information asymmetry, intangible asset, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, junk bonds, Kenneth Rogoff, life extension, light touch regulation, low interest rates, Lyft, Mark Zuckerberg, Marshall McLuhan, Martin Wolf, Menlo Park, military-industrial complex, move fast and break things, Network effects, new economy, offshore financial centre, PageRank, patent troll, Paul Volcker talking about ATMs, paypal mafia, Peter Thiel, pets.com, price discrimination, profit maximization, race to the bottom, recommendation engine, ride hailing / ride sharing, Robert Bork, Sand Hill Road, search engine result page, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Shoshana Zuboff, side hustle, Sidewalk Labs, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, SoftBank, South China Sea, sovereign wealth fund, Steve Bannon, Steve Jobs, Steven Levy, stock buybacks, subscription business, supply-chain management, surveillance capitalism, TaskRabbit, tech billionaire, tech worker, TED Talk, Telecommunications Act of 1996, The Chicago School, the long tail, the new new thing, Tim Cook: Apple, too big to fail, Travis Kalanick, trickle-down economics, Uber and Lyft, Uber for X, uber lyft, Upton Sinclair, warehouse robotics, WeWork, WikiLeaks, zero-sum game

The problem is that creators of the future often feel they have little to learn from the past. As lauded venture capitalist Bill Janeway once put it to me, “Zuck and many of the rest [of the tech titans] have an amazing naïveté about context. They really believe that because they are inventing the new economy, they can’t really learn anything from the old one. The result is that you get these cultural and political frictions that are offsetting many of the benefits of the technology itself.” Frank Pasquale, a University of Maryland law professor and noted Big Tech critic whose book The Black Box Society is a must-read for those who want to understand the effects of technology on politics and the economy, provided a telling example of this attitude.

They didn’t need words—optimism was the common language. This was the moment when Europe would finally and truly come together in an economic and political union that was to be the greatest-ever experiment in benign globalization. And Antfactory, Rob explained, would be right in the center of it, leveraging all these wonderful new economies of scale. It would find the best European dot-coms—in travel, in music, in finance, in health—and mash them together, boosting their global presence and stock valuations accordingly. Exchanges from London to Frankfurt to Paris would compete to take these new companies public. Riches would be had by all.

More specifically, it was a debate that would center around the contentious issue of stock buybacks (when corporations bid up the price of their own shares by buying them back on the open market), which had been considered illegal market manipulation until the Reagan administration legalized it in 1982. But the practice didn’t really become a key part of a dysfunctional system of skyrocketing corporate pay and bad corporate decision making until the 1990s, when “new economy” tech firms began successfully lobbying the Clinton administration against efforts to introduce new accounting standards that would have forced them to mark down the value of stock options on their books. In other words, firms wanted C-suite executives to be able “to buy company stock at below-market prices—and then pretend that nothing of value had changed hands,” as Stiglitz once pointed out.


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The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Alan Greenspan, American Society of Civil Engineers: Report Card, Apollo 11, Asian financial crisis, bank run, Bernie Madoff, Bernie Sanders, blockchain, bond market vigilante , book value, Bretton Woods, business cycle, capital controls, carbon tax, central bank independence, collective bargaining, COVID-19, currency manipulation / currency intervention, currency peg, David Graeber, David Ricardo: comparative advantage, decarbonisation, deindustrialization, discrete time, Donald Trump, eurozone crisis, fiat currency, floating exchange rates, Food sovereignty, full employment, gentrification, Gini coefficient, global reserve currency, global supply chain, green new deal, high-speed rail, Hyman Minsky, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, Jeff Bezos, liquidity trap, low interest rates, Mahatma Gandhi, manufacturing employment, market bubble, Mason jar, Modern Monetary Theory, mortgage debt, Naomi Klein, National Debt Clock, new economy, New Urbanism, Nixon shock, Nixon triggered the end of the Bretton Woods system, obamacare, open economy, Paul Samuelson, Phillips curve, Ponzi scheme, Post-Keynesian economics, price anchoring, price stability, pushing on a string, quantitative easing, race to the bottom, reserve currency, Richard Florida, Ronald Reagan, San Francisco homelessness, shareholder value, Silicon Valley, Tax Reform Act of 1986, trade liberalization, urban planning, working-age population, Works Progress Administration, yield curve, zero-sum game

The economic framework that I’m advocating for is asking for more fiscal responsibility from the federal government, not less. We just need to redefine what it means to budget our resources responsibly. Our misconceptions about the deficit leave us with so much waste and untapped potential within our current economy. MMT gives us the power to imagine a new politics and a new economy. It challenges the status quo across the political spectrum with sound economics, and that is why it is generating so much interest around the world from policy makers, academics, central bankers, finance ministers, activists, and ordinary people. MMT’s lens enables us to see that another kind of society is possible, one in which we can afford to invest in health care, education, and resilient infrastructure.

But in practice, the fiscal deficit myth has prevented Congress from using that power to fix the real deficits hobbling our economy. By shifting the discussion of budgeting from its focus on debt and deficits to one that focuses on the deficits that matter, MMT gives us the power to imagine a new politics and a new economy, moving us from a narrative of scarcity to one of opportunity. 8 Building an Economy for the People It was summer 2010 when Warren Mosler (whom we first met in Chapter 1) traveled to Kansas City, Missouri, to join me for a meeting with Congressman Emanuel Cleaver. Cleaver was a United Methodist pastor and the first African American mayor of Kansas City.

Gaby Galvin, “87M Adults Were Uninsured or Underinsured in 2018, Survey Says,” U.S. News & World Report, February 7, 2019, www.usnews.com/news/healthiest-communities/articles/2019-02-07/lack-of-health-insurance-coverage-leads-people-to-avoid-seeking-care. 22. Tami Luhby, “Is Obamacare Really Affordable? Not for the Middle Class,” CNN, November 2016, money.cnn.com/2016/11/04/news/economy/obamacare-affordable/index.html. 23. Boesler, “Almost 40% of Americans Would Struggle to Cover a $400 Emergency.” 24. Bob Herman, “Medical Costs Are Driving Millions of People into Poverty,” Axios, September 2019, www.axios.com/medical-expenses-poverty-deductibles-540e2c09-417a-4936-97aa-c241fd5396d2.html. 25.


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

"there is no alternative" (TINA), activist fund / activist shareholder / activist investor, affirmative action, Alan Greenspan, anti-communist, Asian financial crisis, bank run, Berlin Wall, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, business cycle, capital controls, carbon tax, centre right, Chelsea Manning, collective bargaining, Columbine, Corn Laws, corporate governance, corporate social responsibility, creative destruction, credit crunch, David Ricardo: comparative advantage, debt deflation, desegregation, disinformation, disruptive innovation, do well by doing good, Donald Trump, driverless car, Edward Snowden, failed state, Fall of the Berlin Wall, financial deregulation, financial innovation, Francis Fukuyama: the end of history, full employment, Gini coefficient, Glass-Steagall Act, global supply chain, guns versus butter model, hiring and firing, imperial preference, income inequality, interest rate derivative, invisible hand, It's morning again in America, Jeremy Corbyn, John von Neumann, Joseph Schumpeter, Julian Assange, junk bonds, Khartoum Gordon, land reform, liberal capitalism, liberal world order, light touch regulation, Long Term Capital Management, low interest rates, market bubble, Martin Wolf, means of production, Michael Milken, Mikhail Gorbachev, Monroe Doctrine, Mont Pelerin Society, moral hazard, Naomi Klein, new economy, New Journalism, Nixon triggered the end of the Bretton Woods system, no-fly zone, Norman Macrae, Northern Rock, Occupy movement, Philip Mirowski, plutocrats, post-war consensus, price stability, quantitative easing, race to the bottom, railway mania, rent control, rent-seeking, road to serfdom, Ronald Reagan, Rosa Parks, Seymour Hersh, Snapchat, Socratic dialogue, Steve Bannon, subprime mortgage crisis, Suez canal 1869, Suez crisis 1956, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade liberalization, trade route, unbanked and underbanked, underbanked, unorthodox policies, upwardly mobile, War on Poverty, WikiLeaks, Winter of Discontent, Yom Kippur War, young professional

The money pouring into finance seemed to vindicate its stance on Big Bang at home, while the fall of communism did the same for its long slog on behalf of Western liberalism abroad. At the same time, it rapidly gained readers and influence in the US, which became its home away from home. Pennant-Rea stepped down in 1993 just as the ‘new economy’ of the Clinton years got underway – to its boosters a break from all precedent, as information technology unleashed investment and growth alongside low inflation, low unemployment and near-constant productivity gains, which were bound to attenuate or even eliminate the business cycle itself.1 Since then, three points have connected the constellation of liberal ideas at the Economist: the planetary primacy of finance, vast enough to be shared out between Wall Street and the City of London; the American Empire, as both policeman and journalistic training ground; and globalization, its precondition the prior two, as cornucopia for former colonies and satellites.

The very harshness of the medicine Thatcher had meted out – double-digit interest rates, sweeping privatizations of the telecom, gas, airline and other state-owned industries, slashing of top income tax rates in half, undoing of labour regulations, enforcement of pit and plant closures amidst high levels of unemployment – now allowed the Economist to position itself at the cutting edge of change. By the time the New Economy boom arrived, the country appeared to have turned a corner; at home and abroad, the paper was once again in the enviable position of giving lessons, not taking them. Full of confidence, Emmott and his deputies took one contrarian stance after another – eager to restore the Economist’s reputation for radicalism.

Much of Emmott’s career since 2006 has nevertheless been devoted to sparring with Berlusconi, as well as browbeating the country into market reforms: a 2012 documentary, Girlfriend in a Coma, shows Emmott doing his best Michael Moore, accosting Berlusconi in a crowded salon of ‘elites’.43 Finance and Globalization The Economist did not ignore the financial bubbles that punctuated the New Economy years – in sovereign debt, dotcom stocks and housing – up to 2008, but it minimized them as relatively small bumps on the road to globalized capitalism. Mexico, East Asia and Russia were among the hardest hit by interlinked currency and debt crises. When Moscow defaulted in 1998, triggering the collapse of Long Term Capital Management – the heavily exposed hedge fund that lost $4.6 billion in four months – the paper defended the computer wizards whose models had failed to foresee this: ‘it is pleasant to mock the Nobel Laureates who helped found LTCM, but much of this mockery clouds the truth’, for ‘the question arises whether recent events are ever likely to be repeated.’44 But it also went on the attack against any who used such examples of ‘market failure’ to criticize, question or hold up globalization, with deputy editor Clive Crook leading the charge.45 Crook was thirty-eight in 1993, but looked ‘more like a teenager in the grey flannel slacks, white oxford-cloth shirt, and blue pullover sweater that are his only known costume’.46 ‘Fearsomely brilliant’, ‘arguing for Free Trade in this gruff Lancashire accent’, he was ‘the Manchester School come to life’; others called him the ‘intellectual Godfather’, with Emmott by turns ‘enthralled’ and ‘intimidated’, as editors asked (on points of doctrine), ‘Is Clive ok with this?’


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The Thank You Economy by Gary Vaynerchuk

Apple's 1984 Super Bowl advert, augmented reality, business process, call centre, Chuck Templeton: OpenTable:, Cornelius Vanderbilt, crowdsourcing, en.wikipedia.org, Golden age of television, hiring and firing, intangible asset, Jeff Bezos, new economy, pre–internet, Skype, social software, Tony Hsieh

, I talked a lot about my belief that embracing your DNA, zeroing in on your passion, and living that passion day in and day out were the keys to creating a fulfilling, happy personal and professional life. Since then, I’ve realized that there’s something else that counts. In fact, it may be the single biggest differentiator in this new economy: good intent. I strongly believe that if your intentions are good, it shows, and it draws people to you. Good intentions create a pull. Now, you can probably think of many examples of individuals who were able to fake good intentions to get what they wanted. But I think that the Thank You Economy, which has brought us platforms like Facebook and Twitter that emphasize transparency and immediacy, has given consumers better tools to spot and expose a company’s or brand’s hidden agendas and bad intentions, as well as tools to recognize, and reward, good ones.

They’d never heard of work-life balance, and they knew better than to expect instant gratification. We crave both, but I think these will be luxuries in the Thank You Economy. The stars in this business era will be those who are consumed with their work (and happy about it) and have the patience to pursue one small victory at a time. This new economy offers tremendous opportunities to develop huge markets, strengthen brands, or build lasting businesses, provided you work for them with the intensity of Rocky Balboa training for his Cold War showdown in the snow-covered Soviet countryside. You’re in trouble only if you find that pill too hard to swallow.


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50 Future Ideas You Really Need to Know by Richard Watson

23andMe, 3D printing, access to a mobile phone, Albert Einstein, Alvin Toffler, artificial general intelligence, augmented reality, autonomous vehicles, BRICs, Buckminster Fuller, call centre, carbon credits, Charles Babbage, clean water, cloud computing, collaborative consumption, computer age, computer vision, crowdsourcing, dark matter, dematerialisation, Dennis Tito, digital Maoism, digital map, digital nomad, driverless car, Elon Musk, energy security, Eyjafjallajökull, failed state, Ford Model T, future of work, Future Shock, gamification, Geoffrey West, Santa Fe Institute, germ theory of disease, global pandemic, happiness index / gross national happiness, Higgs boson, high-speed rail, hive mind, hydrogen economy, Internet of things, Jaron Lanier, life extension, Mark Shuttleworth, Marshall McLuhan, megacity, natural language processing, Neil Armstrong, Network effects, new economy, ocean acidification, oil shale / tar sands, pattern recognition, peak oil, personalized medicine, phenotype, precision agriculture, private spaceflight, profit maximization, RAND corporation, Ray Kurzweil, RFID, Richard Florida, Search for Extraterrestrial Intelligence, self-driving car, semantic web, Skype, smart cities, smart meter, smart transportation, space junk, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, Stewart Brand, strong AI, Stuxnet, supervolcano, synthetic biology, tech billionaire, telepresence, The Wisdom of Crowds, Thomas Malthus, Turing test, urban decay, Vernor Vinge, Virgin Galactic, Watson beat the top human players on Jeopardy!, web application, women in the workforce, working-age population, young professional

the condensed idea More people living alone timeline 2014 40 percent of British adults live alone 2015 Tax benefits for grandparents living with grandchildren 2016 Walmart discontinues “family packs” in USA 2017 Banks offer 100-year cross-generational mortgages 2018 60 percent of 30-year-olds still living at home 2019 Social networks start to establish physical communities 2024 Social robots in 30 percent of single-person households 2026 People living alone own 90 percent of all pets in China 27 Dematerialization The global economy is becoming dematerialized. What this means is that many things that have, or create, value no longer exist in a physical domain. The currency of this new economy is still money, but it’s digital money generated by ideas and information. Furthermore, this shift from physical manufacturing to digital services and virtual experiences has barely begun. Digitalization represents a significant shift in terms of how things are made, and it’s changing how, where and what people consume.

Nevertheless, with digital products and services, the inputs tend to be smaller and less expensive than with conventional manufacturing and distribution processes. This, in large part, explains the significant difference in financial valuations between old-school industries such as car manufacturing or airlines and new economy industries, for example, social media that are focused on digital ownership and exchange. Farmville, for instance, an application used on Facebook (i.e. a company with no tangible products), has had a valuation of around $5 billion. “The change from atoms to bits is irrevocable and unstoppable.


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Sabotage: The Financial System's Nasty Business by Anastasia Nesvetailova, Ronen Palan

Alan Greenspan, algorithmic trading, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Bernie Sanders, big-box store, bitcoin, Black-Scholes formula, blockchain, Blythe Masters, bonus culture, Bretton Woods, business process, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, critique of consumerism, cryptocurrency, currency risk, democratizing finance, digital capitalism, distributed ledger, diversification, Double Irish / Dutch Sandwich, en.wikipedia.org, Eugene Fama: efficient market hypothesis, financial engineering, financial innovation, financial intermediation, financial repression, fixed income, gig economy, Glass-Steagall Act, global macro, Gordon Gekko, high net worth, Hyman Minsky, independent contractor, information asymmetry, initial coin offering, interest rate derivative, interest rate swap, Joseph Schumpeter, junk bonds, Kenneth Arrow, litecoin, London Interbank Offered Rate, London Whale, Long Term Capital Management, margin call, market fundamentalism, Michael Milken, mortgage debt, new economy, Northern Rock, offshore financial centre, Paul Samuelson, peer-to-peer lending, plutocrats, Ponzi scheme, Post-Keynesian economics, price mechanism, regulatory arbitrage, rent-seeking, reserve currency, Ross Ulbricht, shareholder value, short selling, smart contracts, sovereign wealth fund, Thorstein Veblen, too big to fail

., ‘15 biggest crowdfunding scams and failures of all time’, Go Banking Rates, 14 March 2018, www.gobankingrates.com/making-money/business/biggest-crowdfunding-scams-failures. Kottasowa, I., ‘9 trillion and counting: how central banks are still flooding the world with money’, CNN Business, 9 September 2016, https://money.cnn.com/2016/09/08/news/economy/central-banks-printed-nine-trillion/index.html. Kummer, S. and C. Pauletto, ‘The History of Derivatives: A Few Milestones’, EFTA Seminar on Regulation of Derivatives Markets, Zurich, 3 May 2012, SECO and Federal Department of Economic Affairs FDEA, www.seco.admin.ch/…/History_of_Derivatives…/10%20The%20History%20of… Larsen, P., ‘Lever again’, Reuters, 27 December 2017, www.breakingviews.com/features/regulators-will-drive-next-wave-of-eu-bank-mergers.

Jenkins, ‘JPMorgan: defying attempts to end “too big to fail”’, Financial Times, 12 September 2018, www.ft.com/content/0eebc7de-b4de-11e8-b3ef-799c8613f4a1. 24. A. Cuomo, ‘No Rhyme or Reason: The Heads I Win, Tails You Lose Bank Bonus Culture’, 2009, p. 2. 25. Ibid., p. 5. 26. I. Kottasowa, ‘9 trillion and counting: how central banks are still flooding the world with money’, CNN Business, 9 September 2016, https://money.cnn.com/2016/09/08/news/economy/central-banks-printed-nine-trillion/index.html. 27. K. Darrah, ‘The QE reversal’, World Finance, 26 April 2018, www.worldfinance.com/banking/the-qe-reversal. 28. P. Donohoe, ‘How often is the “Single Malt” tax loophole used? The government is finding out’, The Journal, 15 November 2017, www.thejournal.ie/single-malt-tax-evasion-3698512-Nov2017. 29.


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

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

See Janet Novack, “Fix and Tell,” Forbes, May 4, 1998. 79. “Our economy is more competitive today than it has been in a long, long time,” Joel Klein, the head of the Justice Department’s antitrust division, said in a January 29, 1998, speech in New York entitled “The Importance of Antitrust Enforcement in the New Economy”; see justice.gov/atr/speech/importance-antitrust-enforcement-new-economy. 80. Richard A. Posner, Antitrust Law, 2nd ed. (Chicago: University of Chicago Press, 2001), vii. 81. Linda Greenhouse, “Cigarette Antitrust Suit Is Rejected,” New York Times, June 22, 1993. 82. Brooke Group Ltd. v. Brown & Williamson Tobacco Corp., 509 U.S. 209 (1993). 83.

As Volcker drove interest rates into the sky, banks that had been delighted with 4 percent profit margins found themselves earning as much as 9 percent. The banking industry’s profits rose by one quarter during the recession years, while other corporations saw profitability decline by one third.80 That golden moment did not last but, in the era of low inflation, lenders continued to prosper — and the financial industry became the engine of a new economy. Volcker began to ease his campaign against inflation in the summer of 1982, telling a Senate committee, “The evidence now seems to me strong that the inflationary tide has turned in a fundamental way.”81 As the Fed lowered interest rates, the economy rebounded, and Reagan began to celebrate. “The long nightmare of runaway inflation is now behind us,” the President said in January 1983.

As the Treasury Department wrote in a 1984 report, “Any deviation from this principle represents implicit endorsement of government intervention in the economy — an insidious form of industrial policy based on the belief that those responsible for tax policy can judge better than the marketplace what consumers want, how goods and services should be produced, and how business should be organized and financed.” But the ensuing celebrations overstated the purity of the new tax code. One effect of the bill was to shift tax preferences from the old economy of manufacturing to the new economy of technology and services. The effective tax rate on machinery, for example, bounced back up to 39 percent. And lots of less justifiable loopholes also survived. Special interests were learning to speak the language of economics. One economist, asked for his views by a client, responded that he had not been paid.


Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition by Kindleberger, Charles P., Robert Z., Aliber

active measures, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, Bonfire of the Vanities, break the buck, Bretton Woods, British Empire, business cycle, buy and hold, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, Corn Laws, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cross-border payments, currency peg, currency risk, death of newspapers, debt deflation, Deng Xiaoping, disintermediation, diversification, diversified portfolio, edge city, financial deregulation, financial innovation, Financial Instability Hypothesis, financial repression, fixed income, floating exchange rates, George Akerlof, German hyperinflation, Glass-Steagall Act, Herman Kahn, Honoré de Balzac, Hyman Minsky, index fund, inflation targeting, information asymmetry, invisible hand, Isaac Newton, Japanese asset price bubble, joint-stock company, junk bonds, large denomination, law of one price, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, margin call, market bubble, Mary Meeker, Michael Milken, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nick Leeson, Northern Rock, offshore financial centre, Ponzi scheme, price stability, railway mania, Richard Thaler, riskless arbitrage, Robert Shiller, short selling, Silicon Valley, South Sea Bubble, special drawing rights, Suez canal 1869, telemarketer, The Chicago School, the market place, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, very high income, Washington Consensus, Y2K, Yogi Berra, Yom Kippur War

At the end of December 1999 the Dow Jones was at 11700 and the NASDAQ was at 5400, and the market value of NASDAQ stocks was 80 percent of the market value of stocks traded on the New York Stock Exchange. In the late 1990s the prices of stocks representing the new economy – the dot.coms, e-commerce, fiber optics, servers, chips, software, IT, telecoms – which were traded on the NASDAQ had increased much more rapidly than the prices of old-economy stocks, those of firms such as GE and GM, AT&T and Time-Life, that were traded on the New York Stock Exchange. But there was more than a spillover effect, for the enthusiasm about the future that was characterizing the new economy stocks was infectious and also led to increases in the prices of the old-economy stocks. It seemed as though developments in information technology were driving finance.

The US Treasury’s annual fiscal balance changed by more than 5 percent – from a deficit of nearly $300 billion at the beginning of the 1990s to a surplus of nearly $200 billion at the end of the decade. One of the ‘negatives’ in terms of US economic performance was that the annual US trade deficit surged to $500 billion. Another was that the household saving rate declined to a new low. The remarkable aspect of the boom was the focus on the ‘new economy’ and especially the role of information technology, the computer, dot.coms, and the firms that provided both the hardware and the software or exploited these developments to serve traditional needs. These technological developments led to sharp declines in the cost of sending and storing information.

Morgan/JPMorganChase 24, 86, 130, 200, 204, 222, 224, 241, 252, 263, 266–7, 270 Morgan Stanley 56, 137, 139, 270 Morgenstern, Oskar 60, 155, 166, 240 mortgage-backed securities (MBSs) 74, 86, 149, 259, 262 MSNBC television 147 mutual funds 20, 23, 104, 128, 136–7, 151, 175, 177, 286 Mutualité Industrielle (Belgium) 89 Napoleon III 89 NASDAQ stocks, 1990s bubble in 6–7, 15, 17, 32, 183, 184 National Association of Security Dealers (NASD) 139 National Australia Bank, Sydney 124 National Bank of Austria-Hungary 82 National City Bank 148 National Trust Company of New York 197 Navigation Acts (GB) 164 negative carry concept 36 neo-Austrian School 81 Netherlands see Holland new economy 181, 182 New York City 221, 222 New York Clearing House 221 New York Stock Exchange 6–7, 23, 32, 77, 104, 135, 183, 184, 201–2, 204 New York Warehouse and Security Company 50 New Zealand 157 Newton, Sir Isaac 47 Nikkei stock market index 24, 113, 123–4 Nordic countries, asset price bubble, 1985–89 1, 5 Nordwolle (Norddeutsche-Wolkämmerei) 244 Norman, G.W. 91 Norman, Montagu 77, 91, 245 North American Free Trade Agreement (NAFTA) 5, 24, 178, 189, 253 Northern Pacific railroad 44, 50, 166 Northern Rock 4, 86, 192, 263, 264 Norway 1, 4, 5, 157, 278 NOW accounts 69 Nurkse, Ragnar 41 Ohio Life Insurance and Trust Company 142, 164, 203 oil prices 2, 4, 13, 14, 278 Open Market Investment Committee, Federal Reserve Bank 227 Organization of Petroleum Exporting Countries (OPEC) 51 d’Ormesson, Wladimir 89 outsiders/insiders 23, 46–8 Overend, Gurney & Co. 41, 97, 141, 165 overshooting/undershooting concept 3, 35, 230, 231, 232, 279 Overstone, Lord (Samuel Jones-Loyd) 84, 91, 102, 194–5, 215 overtrading concept 30, 33, 35, 57, 84, 160, 161, 167, 226 Panama Canal bonds 219 panics 1906–7 21, 82–3, 97, 167–8, 222, 238–9 causes of 25, 33, 104–5 definition 103 interest rates and 50, 54–5, 82, 106, 168 swindles perpetrated during 23–4 see also bubbles; crises Paris, as financial center 239–40 see also France Parmalat 138 Pedersen, Jørgen 242 Peel, Sir Robert 222–3 Pereire brothers 218 Plaza Agreement, 1985 256 Poland 51–2 Ponzi, Charles 29, 51, 52, 117, 118, 141 Ponzi finance 14–15, 20, 29–30, 52, 70, 71, 109, 117, 118, 125, 137, 140, 143, 148, 288 Popper, Karl 40 Portugal 287 pound sterling 16, 54, 63, 73, 77–8, 93–4, 159, 168, 226, 241–2, 245–6, 248–9, 275 Powell, Ellis T. 207 price volatility 1, 30–1 prices see asset prices; commodity prices; market prices privatization 28, 52, 98, 157, 177, 189, 290 Prussia 54, 55, 165 Franco-Prussian indemnity 54, 165–6 lender of last resort in 218 see also Germany Prussian Bank 164, 165, 218 Prussian Seehandlung 164, 218 psychology of contagion 156–7 Maginot line effect 51 of the mob 43–5 of rationality 43–5 of swindlers 140, 151 pyramid schemes 14–15 quality of debt 69–71 Quantum Fund (George Soros) 303n8 Quattrone, Frank 152 Radcliffe Commission (GB) 67 railroads 96, 97, 101, 162, 164, 166, 147 1830/1840s booms in 45, 92, 162, 225 ratio of debt 73–4 rational expectations theory 39–40, 84–5 rationality of individuals 39–40, 42–53, 84–5, 304n22; irrationality 48–50, 54 of markets 33–6; irrationality 42–53 psychology of 42–3 real bills doctrine 67 real estate stock markets and 1, 12, 30, 32, 59, 64, 111–15, 173–4 speculation in 44–5, 55–6, 57, 64, 188–9 Real Estate Investment Trusts (REITs) 55–6, 113, 202 real estate prices 31, 90, 176, 185–6 economic booms and 5, 108, 111–15 in Japan see Japan in US 180–1 recessions see crises recoinage 54 regulation see bank regulation/supervision; deregulation Reichsbank (Germany) 91, 93, 224, 238, 244 Reinhart, Carmen 81 reportage system 63 reports see call money repression, financial 51 Resolution Trust Corporation (RTC) (US) 94, 210 revulsion concept 18, 33, 34, 91, 154 Ricardo, David 214–15 Richardson, William A. 219 Rigas family 134–5, 152 Riksbank (Sweden) 66 Rite-Aid 152 rogue traders see swindles/fraud Rohatyn, Felix 71 Rosenberg, Hans 55, 145, 164 Rothbard, Murray 196, 214 Rothschild family 51, 55, 77, 195, 207, 218, 235, 236, 237, 241 Royal African Company 161–2, 168 Royal Bank of Scotland 4, 120, 192 Rusnak, John 124 Russia 1772 crisis 235 1998 ruble crisis 6, 95, 234, 280 Baring crisis, 1890 and 206–7 IMF and 234 see also Soviet Union (former) Sadleir, John 151 Salomon Smith Barney 22, 130, 138 Savary, Charles 146, 152 savings, flow of 185, 285 Sayers, Richard S. 238 Scandinavia see Denmark; Norway; Sweden Schaaffhausen, Abraham 163–4 Schäffle, Albert E.F. 73 Schama, Simon 110 Schiff, Jacob H. 203–4, 221 Schuyler, Robert 147–8 Schwab, Charles 181 Schwartz, Anna 78–9, 154, 155, 215, 227 on Great Depression 78–9, 154, 155 Scrushy, Richard 135 Second Bank of the United States 91, 160–1, 219 Second World War see World War II Securities and Exchange Commission 46, 77, 120, 131, 136–7, 140, 147, 149, 194, 266 securitization 149, 258–60 Selgin, George 81 Sepoy Mutiny, 1857 (India) 54 Shell Oil 136 Sherman Silver Act 1890 (US) 54 shutdown, of stock markets 201–2 Silberzug loan, 1857 106, 206, 237 silver 19, 54, 62–3, 64, 94, 104, 105, 160, 161, 164, 200, 205, 206, 235–6, 237 Simons, Henry 80 Sinclair, Sir John 211 Sindona, Michele 44 Singapore 16, 123, 124, 178, 180 Skilling, Jeffrey 132 Smart, William 160, 212 Smith, Adam 18, 30, 73 on South Sea Bubble 41–2 Smithsonian Agreement, 1972 2, 250 Snyder, Harold Russell 148 Società Bancaria Italiana 21, 167, 222 Soros, George 254 South Africa 8, 21, 37, 51, 164 South Korea 1, 6, 24, 31, 85, 178, 179, 253, 255 South Sea Bubble, 1720 17, 41–2, 43, 47, 53, 57–8, 62, 88, 96, 100, 140, 142, 143, 144, 145, 152, 153, 158–9, 200, 273 Adam Smith on 41–2 Bank of England and 104, 200 Bubble Act 1720 53, 57, 88 international contagion of 158–9 as a swindle 142, 143 South Sea Company 47, 53, 57, 62, 88, 93, 104, 140, 142, 143, 144, 151, 152, 153, 200, 305n33 Soviet Union (former) 51 see also Russia Spain 120, 170, 186, 260 Holland and 110, 163 special financing facilities/vehicles (SFVs) 131 speculation 12–15, 30, 32, 35, 44–5, 57–9, 74–7 as destabilizing 41, 46–53, 57–9 national differences in 59–60 overtrading 14, 25–8, 51 in real estate 49–50, 176–77 in technology stocks 6–7, 12, 28, 181, 182, 281 see also euphoria; manias speculative finance 29, 69–70 Spencer, Herbert 214 spinning, of share allocations 183 Sprague, O.M.W. 97, 105, 144, 203, 219–20 Standard and Poor’s 500 futures 77 Standard Oil Company 97 State Bank of Russia 207 Stead, Christina 46, 153, 314n36 Stewart, Martha 23, 135, 152 stocks see bonds Stringher, Bonaldo 167, 222 Strong, Benjamin 99, 223 Strong Funds 137 Strousberg, Bethel Henry 144, 145 subprime mortgages 25, 93, 261 Suez Canal 75, 166 Sullivan, Scott 133 Sumitomo Corp.


pages: 404 words: 118,759

The Bohemians: Mark Twain and the San Francisco Writers Who Reinvented American Literature by Ben Tarnoff

California gold rush, interchangeable parts, Kickstarter, mass immigration, Maui Hawaii, new economy, New Journalism, plutocrats, Ralph Waldo Emerson, Ronald Reagan, South of Market, San Francisco, South Sea Bubble, Suez canal 1869, transcontinental railway, traveling salesman

Broadway on a Rainy Day by Edward & Henry T. Anthony, c. 1865. FIVE It had been thirteen years since Mark Twain last saw New York. When he stepped off the pier onto the city’s icy, congested streets on January 12, 1867, he hardly recognized the place. Here was the nerve center of the new economy, full of buyers and sellers, plutocrats and paupers. The Civil War had unleashed Northern industry. Manufacturers who got rich making Union munitions now made consumer goods, and shipped them by rail to ever-expanding urban markets. In Manhattan, Twain detected a new tempo to everyday life. People didn’t have time to be friendly: they were always in a rush.

“Lincoln of our literature”: William Dean Howells, My Mark Twain, p. 84. CHAPTER FIVE It had been Date of Twain’s arrival in NY: MTAL, p. 174. For his impressions of the city, see his letters in Alta California, March 28, 1867; July 7, 1867; July 21, 1867; and August 11, 1867. NY as nerve center of new economy: Sven Beckert, The Monied Metropolis: New York City and the Consolidation of the American Bourgeoisie, 1850–1896 (Cambridge: Cambridge University Press, 2003 [2001]), pp. 145–195. “no man dreamt . . .” and “original barbarism”: Mark Twain, “The Sex in New York,” Alta California, July 21, 1867. Twain had a talent “fidgety, feverish restlessness”: Mark Twain, “New York,” Alta California, August 11, 1867.

Ever since moving Twain’s view of postwar America: MCMT, pp. 154–170; Mark Twain, “Open Letter to Commodore Vanderbilt,” Packard’s Monthly (March 1869), pp. 89–91, and Mark Twain, “The Revised Catechism,” New York Tribune September 27, 1871. “an era of incredible rottenness”: SLC to Orion Clemens, March 27, 1875, in MTL, vol. 6, p. 427. Twain’s relationship to this Twain and the new economy: MCMT, pp. 95–96, 158–159. The Gilded Age as first novel sold by subscription: MTL, vol. 5, p. 362. Twain’s marketing efforts: SLC to Elisha Bliss Jr., November 5, 1873, ibid., pp. 461–470. This was why Twain arranged for The Gilded Age’s publication in England by Routledge & Sons, and copyrighted the edition to protect his interests.


pages: 409 words: 118,448

An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy by Marc Levinson

affirmative action, airline deregulation, Alan Greenspan, banking crisis, Big bang: deregulation of the City of London, Boycotts of Israel, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, car-free, Carmen Reinhart, central bank independence, centre right, clean water, deindustrialization, endogenous growth, falling living standards, financial deregulation, flag carrier, floating exchange rates, full employment, George Gilder, Gini coefficient, global supply chain, Great Leap Forward, guns versus butter model, high-speed rail, income inequality, income per capita, indoor plumbing, informal economy, intermodal, inverted yield curve, invisible hand, It's morning again in America, Kenneth Rogoff, knowledge economy, late capitalism, Les Trente Glorieuses, linear programming, low interest rates, manufacturing employment, Multi Fibre Arrangement, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, North Sea oil, oil shock, Paul Samuelson, pension reform, Phillips curve, price stability, purchasing power parity, refrigerator car, Right to Buy, rising living standards, Robert Gordon, rolodex, Ronald Coase, Ronald Reagan, Simon Kuznets, statistical model, strikebreaker, structural adjustment programs, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, unorthodox policies, upwardly mobile, War on Poverty, Washington Consensus, Winter of Discontent, Wolfgang Streeck, women in the workforce, working-age population, yield curve, Yom Kippur War, zero-sum game

The hard-fought 1972 agreement under which Japan was to limit exports of synthetic fibers to the United States turned out to be irrelevant: exports never reached the permitted level, and many of the plants that once produced them were shuttered for good.14 The old economy gave way to a new one, in which engineering and design mattered more than cheap energy and cheap labor. Japan would grow wealthy making cars, advanced electronics, and precision machinery, not commodity products sold by the ton. It was in the automotive industry that the new economy was most visible. The postwar growth of Japan’s carmakers is the stuff of legend. Toyota, which had gotten its start manufacturing looms and sewing machines, was debating whether to fold its tiny automaking arm in 1950 when war broke out in Korea and orders for military trucks saved the day. Honda, which started out making motorized bicycles, produced its first passenger car in only 1963.

Although it went unrecognized at the time, the end of the Golden Age was the beginning of a sweeping economic transition, in which the massive industrial complexes in vogue since the turn of the twentieth century would cease to be the drivers of economic growth. In their place, manufacturers would organize dispersed networks of much smaller factories, linked by international supply chains and employing ever smaller numbers of workers. The era of well-paid factory jobs for all was over; in the new economy, value would come from innovation, design, and marketing, not from the physical process of turning raw materials into finished goods. Japan and South Korea, the rising industrial powers, were the outliers in the late 1970s, but within a few years their manufacturing sectors, too, would begin to shed workers.

., 82 Jamaica, 244 Japan, 63, 66–67, 81, 115–129, 163, 164, 233; administrative management in, 178; anti-inflation campaign in, 118–119; automobile industry in, 122–123; bank loans to Third World and, 241, 242; banks/banking system in, 94 (see also Bank of Japan; banks/banking systems); budget deficits in, 150; debt crisis in, 247, 251; decline of old economy of cheap labor and energy in, 118, 121–122; deregulation in, 113; economic crisis of 1990s in, 270; economic growth in, contributors to, 116–117; economic inefficiency in, 117; economic planning in, 25, 117, 123; economic slowdown in, 3–4; economic stagnation in, 261; economy at close of World War II in, 17, 18, 19; education in, 145; environmentalism in, 62; income distribution in, 140; income per person in, 6, 116; income tax in, 147, 149, 164; inflation and buying power in, 56; inflation in, 164; knowledge economy in, 123; labor productivity in, 257; labor share in, 141–142; manufacturing and trade in, 11, 116, 118, 119, 123, 124–129, 131, 137, 261; Ministry of International Trade and Industry, 25, 116, 117, 118, 120, 121, 123, 125, 129; modernization in, 117; new economy of engineering and design in, 122; oil crisis of 1973 in, 2–3, 72, 74, 77–78, 115–119, 122–124, 240; oil crisis of 1970s in, 177–178; operation scale-down in, 118; political parties in, 178; postwar economic boom in, 20; postwar productivity in, 23, 24; privatization in, 215–216; productivity bust in, 259, 268; productivity growth in, 263; productivity slowdown in, 265; service sector in, 117, 123–124; textile/apparel sector in, 119–120; trade with United States and, 119–120; unemployment scheme in, 121; ungovernability in, 156–160; US trade sanctions against, 128–129; wage, training, and job seeking subsidies in, 121; welfare state in, 18, 145 jawboning, 76–77 Jenkins, Peter, 150, 169 John Paul II, 219 Johnson, Lyndon, 145, 162; “guns and butter” model and, 48–49 Johnson administration, 222 Jones, Jack, 169 Jordan, 69 Joseph, Sir Keith, 176; free-market economics and, 172, 260 Kahn, Alfred, 112 Kaufman, Henry, 66, 232 Kennedy, Edward, 112 Kennedy, John F., 26, 144–145; inflation and, 261; unemployment and, 261 Kennedy administration, 222 Kenya, 44 Keynes, John Maynard, 31 Kiesinger, Kurt Georg, 33 Kissinger, Henry, 70 Klasen, Karl, 55 Kleinwort Benson, 84 knowledge economy, 123 Kohl, Helmut, 10, 177, 213 Korea, 242, 265 Korean Peninsula, 44 Korean War, 4, 20, 122 Krauss, Ellis, 177 Krippner, Greta, 236 Kuczynski, Pedro Pablo, 255 Kuwait, 70 Kuznets, Simon, 133–136; gross national product and, 134; stages of economic growth and, 134–135 Kuznets curve, 134–135 labor productivity, 257–258.


pages: 289 words: 113,211

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation by Richard Bookstaber

affirmative action, Albert Einstein, asset allocation, backtesting, beat the dealer, behavioural economics, Black Swan, Black-Scholes formula, Bonfire of the Vanities, book value, butterfly effect, commoditize, commodity trading advisor, computer age, computerized trading, disintermediation, diversification, double entry bookkeeping, Edward Lorenz: Chaos theory, Edward Thorp, family office, financial engineering, financial innovation, fixed income, frictionless, frictionless market, Future Shock, George Akerlof, global macro, implied volatility, index arbitrage, intangible asset, Jeff Bezos, Jim Simons, John Meriwether, junk bonds, London Interbank Offered Rate, Long Term Capital Management, loose coupling, managed futures, margin call, market bubble, market design, Mary Meeker, merger arbitrage, Mexican peso crisis / tequila crisis, moral hazard, Myron Scholes, new economy, Nick Leeson, oil shock, Paul Samuelson, Pierre-Simon Laplace, proprietary trading, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk tolerance, risk/return, Robert Shiller, Robert Solow, rolodex, Saturday Night Live, selection bias, shareholder value, short selling, Silicon Valley, statistical arbitrage, tail risk, The Market for Lemons, time value of money, too big to fail, transaction costs, tulip mania, uranium enrichment, UUNET, William Langewiesche, yield curve, zero-coupon bond, zero-sum game

His status as a business star had been cataloged in a book, The King of Capital: Sandy Weill and the Making of Citigroup (John Wiley & Sons, 2002), stacked in every bookstore’s windows within throwing distance of Citigroup’s Park Avenue headquarters. And he had maintained his perennial position in the society pages of the New York Times. Yet he seemed to get a leg tangled in every scandalous vine that surfaced in that tumultuous year: For Ken Lay, Jeff Skilling, and Enron Corporation, the faux new economy model, Citigroup was a leader in providing the off–balance sheet structures that were passed off as debt. For WorldCom, 127 ccc_demon_125-142_ch07.qxd 2/13/07 A DEMON 1:46 PM OF Page 128 OUR OWN DESIGN Bernie Ebbers’ house of cards built on scores of mergers, Citigroup’s investment banking arm, Salomon Smith Barney, was the engineer.

It’s hard to attract much difference of opinion about the mundane old-economy 171 ccc_demon_165-206_ch09.qxd 7/13/07 2:44 PM Page 172 A DEMON OF OUR OWN DESIGN industries that just pump out products with known costs and uses. The views of the most optimistic investors may differ in only the second decimal place from those of the average or pessimistic investors. But the firms that are on the precipice of the digital, virtual new economy or that are opening the door to the information-centric new era—though devoid of visible means of support—leave the most optimistic investors free to imagine prospects that are orders of magnitude beyond those of the average investors who remain stuck in the linear-thinking mode of revenues and earnings.

“Well,” he said, “that’s what makes me a trader and you a risk manager.” 181 ccc_demon_165-206_ch09.qxd 7/13/07 2:44 PM Page 182 A DEMON OF OUR OWN DESIGN While Buffett kept away from a market he could not understand, Robertson traded the value stocks against it and Soros realized after the fact that “we went into the new economy but we overstayed our welcome.” In the midst of the bubble, one manager who had watched his investments in Internet IPOs grow twenty-fold, ballooning to upwards of $500 million, asked me how he could escape with his profits. He was restricted and could not sell. He knew a day of reckoning would come, and that “in a year or less this crap is going to be worth zero.”


pages: 464 words: 116,945

Seventeen Contradictions and the End of Capitalism by David Harvey

accounting loophole / creative accounting, Alvin Toffler, bitcoin, Branko Milanovic, Bretton Woods, BRICs, British Empire, business climate, California gold rush, call centre, central bank independence, Charles Babbage, classic study, clean water, cloud computing, collapse of Lehman Brothers, colonial rule, company town, cotton gin, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, death from overwork, deindustrialization, demographic dividend, Deng Xiaoping, deskilling, drone strike, end world poverty, falling living standards, fiat currency, first square of the chessboard, first square of the chessboard / second half of the chessboard, Food sovereignty, Frank Gehry, future of work, gentrification, global reserve currency, Great Leap Forward, Guggenheim Bilbao, Gunnar Myrdal, Herbert Marcuse, income inequality, informal economy, invention of the steam engine, invisible hand, Isaac Newton, Jane Jacobs, Jarndyce and Jarndyce, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Just-in-time delivery, knowledge worker, low skilled workers, Mahatma Gandhi, market clearing, Martin Wolf, means of production, microcredit, military-industrial complex, Money creation, Murray Bookchin, new economy, New Urbanism, Occupy movement, peak oil, phenotype, planned obsolescence, plutocrats, Ponzi scheme, quantitative easing, rent-seeking, reserve currency, road to serfdom, Robert Gordon, Ronald Reagan, Savings and loan crisis, scientific management, short selling, Silicon Valley, special economic zone, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, wages for housework, Wall-E, women in the workforce, working poor, working-age population

As they sense and react to their environment, as they become self-assembling, self-configuring, self-healing, and “cognitive,” they more and more resemble living organisms. The more sophisticated and “high-tech” technologies become, the more they become biological. We are beginning to appreciate that technology is as much metabolism as mechanism.’ This shift from a mechanical to an organic (or chemical) metaphor is significant. The ‘new economy’ that Arthur sees appears more natural than the mechanical rationality superimposed on the world from the Enlightenment onwards. This is nothing short of a reversion to (perhaps ‘recuperation of’ would be a better phrasing) more ancient ways of understanding the relation between technology and nature.

This is what the central state’s creation of ‘special economic zones’ in China and India is supposed to be about. Elsewhere, development is left to local initiatives on the part of increasingly entrepreneurial local state or regional metropolitan apparatuses. The hope is to replicate the conditions that sparked the innovations behind the digital revolution and the rise of the so-called ‘new economy’ of the 1990s, which, in spite of the way it crashed and burned at the close of the century, left in its wake a radical reordering of capitalist technologies. This is what the geographical concentration of venture capital in regions such as Silicon Valley is supposed to accomplish. While the chequered success of such policies should give us pause, this is, nevertheless, a fine illustration of how capital seizes upon certain contradictions, like that between centralisation and decentralisation or between monopoly and competition, and turns them to its own advantage.

283 Maddison, Angus 227 Maghreb 174 Malcolm X 291 Maldives 260 Malthus, Thomas 229–30, 232–3, 244, 246, 251 Manchester 149, 159 Manhattan Institute 143 Mansion House, London 201 manufacturing 104, 239 Mao Zedong 291 maquilas 129, 174 Marcuse, Herbert 204, 289 market cornering 53 market economy 198, 205, 276 marketisation 243 Marshall Plan 153 Martin, Randy 194 Marx, Karl 106, 118, 122, 142, 207, 211 and alienation 125, 126, 213 in the British Museum library 4 on capital 220 conception of wealth 214 on the credit system 239 and deskilling 119 on equal rights 64 and falling profits 107 and fetishism 4 on freedom 207, 208, 213 and greed 33 ‘industrial reserve army’ 79–80 and isolation of workers 125 labour theory of value 109 and monetary system reforms 36 monopoly power and competition 135 reality and appearance 4, 5 as a revolutionary humanist 221 and social reproduction 182 and socialist utopian literature 184 and technological innovation 103 and theorists of the political left 54 and the ‘totally developed individual’ 126–7 and world crises xiii; Capital 57, 79–80, 81, 82, 119, 129, 132, 269, 286, 291–2 The Economic and Philosophic Manuscripts of 1844 269, 286 Grundrisse 97, 212–13 Theories of Surplus Value 1 Marxism contradiction between productive forces and social relations 269 ‘death of Marxism’ xii; ecologically sensitive 263 and humanism 284, 286, 287 ‘profit squeeze’ theory of crisis formation 65 traditional Marxist conception of socialism/ communism 91 Marxists 65, 109 MasterCard Priceless 275 Mau Mau movement 291 Melbourne 141 merchants 67 and industrial capital 179 price-gouging customers 54 and producers 74–5 Mercosur 159 Mexican migrants 115, 175, 195–6 Mexico 123, 129, 174 Mexico City riots (1968) x microcredit 194, 198 microfinance 186, 194, 198, 211 Microsoft 131 Middle East 124, 230 Milanovic, Branko 170 military, the capacities and powers 4 dominance 110 and technology 93, 95 ‘military-industrial complex’ 157 mind-brain duality 70 mining 94, 113, 123, 148, 239, 257 MIT (Massachusetts Institute of Technology) 292 Mitchell, David: Cloud Atlas 264 Mitchell, Timothy 122 Modern Times (film) 103 Mondragon 180 monetarism xi monetary wealth and incomes, inequalities in (1920s) x 1071 monetisation 44, 55, 60, 61, 62, 115, 192–3, 198, 235, 243, 250, 253, 261, 262 money abandonment of metallic basis of global moneys 30, 37, 109 circulation of 15, 25, 30–31, 35 coinage 15, 27, 29, 30 commodification of 57 commodity moneys 27–31 creation of 30, 51, 173, 233, 238–9, 240 credit moneys 28, 30, 31, 152 cyber moneys 36, 109–10 electronic moneys 27, 29, 35, 36, 100 and exchange value 28, 35, 38 fiat 8, 27, 30, 40, 109, 233 gap between money and the value it represents 27 global monetary system 46–7 love of money as a possession 34 measures value 25, 28 a moneyless economy 36 oxidisation of 35 paper 15, 27, 29, 30, 31, 37, 40, 45 power of 25, 36, 59, 60, 62, 65–66, 131–6, 245, 266 quasi-money 35 relation between money and value 27, 35 represented as numbers 29–30 and social labour 25, 27, 31, 42, 55, 88, 243 and the state 45–6, 51, 173 storage of value 25, 26, 35 the US dollar 46–7 use value 28 money capital 28, 32, 59, 74, 142, 147, 158, 177, 178 money laundering 54, 109 ‘money of account’ 27–8, 30 monopolisation 53, 145 monopoly, monopolies 77 and competition 131–45, 218, 295 corporate 123 monetary system 45, 46, 48, 51 monopoly power 45, 46, 51, 93, 117, 120, 132, 133–4, 136, 137, 139, 141, 142–3 monopoly pricing 72, 132 natural 118, 132 of state over legitimate use of force and violence 42, 44, 45, 51, 88, 155, 173 see also prices, monopoly monopsony 131 Monsanto 123 Montreal Protocol 254, 259 ‘moral restraints’ 229, 233 mortgages 19, 21, 28, 32, 54, 67, 82, 239 multiculturalism 166 Mumbai 155, 159 Murdoch, Rupert xi Myrdal, Gunnar 150 N NAFTA 159 name branding 31, 139 nano-trading 243 Nation of Islam 291 national debt 45, 226, 227 National Health Service 115 National Labor Relations Board 120 National Security Administration 136 nationalisation 50 nationalism 7, 8, 44, 289 natural resources 58, 59, 123, 240, 241, 244, 246, 251 nature 56 alienation from 263 capital’s conception of 252 capital’s relation to 246–63 commodification of 59 domination of 247, 272 Heidegger on 59, 250 Polanyi on 58 power over 198 process-thing duality 73 and technology 92, 97, 99, 102 Nazis 151 neoclassical economists 109 neocolonialism 143, 201 neoliberal era 128 neoliberal ethic 277 neoliberalisation x, 48 neoliberalism xiii, 68, 72, 128, 134, 136, 176, 191, 234, 281 capitalism 266 consensus 23 counter-revolution 82, 129, 159, 165 political programme 199 politics 57 privatisation 235 remedies xi Nevada, housing in 77 ‘new economy’ (1990s) 144 New York City 141, 150 creativity 245 domestic labour in 196 income inequality 164 rental markets 22 social reproduction 195 Newton, Isaac 70 NGOs (non-governmental organisations) 189, 210, 284, 286, 287 Nike 31 Nkrumah, Kwame 291 ‘non-coincidence of interests’ 25 Nordic countries 165 North America deindustrialisation in 234 food grain exports 148 indigenous population and property rights 39 women in labour force 230 ‘not in my back yard’ politics 20 nuclear weapons 101 Nyere, Julius 291 O Obama, Barack 167 occupational safety and health 72 Occupy movement 280, 292 Ohlin Foundation 143 oil cartel 252 companies 77, 131 ‘Seven Sisters’ 131 embargo (1973) 124 ‘peak oil’ 251–2, 260 resources 123, 240, 257 oligarchy, oligarchs 34, 143, 165, 221, 223, 242, 245, 264, 286, 292 oligopoly 131, 136, 138 Olympic Games 237–8 oppositional movements 14, 162, 266–7 oppression 193, 266, 288, 297 Orwell, George 213 Nineteen Eighty-Four 202 overaccumulation 154 overheating 228 Owen, Robert 18, 184 Oxfam xi, 169–70 P Paine, Tom: Rights of Man 285 Paris 160 riots (1968) x patents 139, 245, 251 paternalism 165, 209 patriarchy 7 Paulson, Hank 47 pauperisation 104 Peabody, George 18 peasantry ix, 7, 107, 117, 174, 190, 193 revolts 202 pensions 134, 165, 230 rights 58, 67–8, 84, 134 people of colour: disposable populations 111 Pereire, Emile 239 pesticides 255, 258 pharmaceuticals 95, 121, 123, 136, 139 Philanthropic Colonialism 211 philanthropy 18, 128, 189, 190, 210–11, 245, 285 Philippines 115, 196 Picasso, Pablo 140–41, 187, 240 Pinochet, Augusto x Pittsburgh 150, 159, 258 planned obsolescence 74 plutocracy xi, xii, 91, 170, 173, 177, 180 Poland 152 Polanyi, Karl 56, 58, 60, 205–7, 210, 261 The Great Transformation 56–7 police 134 brutality 266 capacities and powers 43 powers xiii, 43, 52 repression 264, 280 surveillance and violence 264 violence 266, 280 police-state 203, 220 political economy xiv, 54, 58, 89, 97, 179–80, 182, 201, 206–9 liberal 204, 206, 209 political parties, incapable of mounting opposition to the power of capital xii political representation 183 pollutants 8, 246, 255 pollution 43, 57, 59, 60, 150, 250, 254, 255, 258 Pontecorvo, Gillo 288 Ponzi schemes 21, 53, 54, 243 population ageing 223, 230 disposable 108, 111, 231, 264 growth 107–8, 229, 230–31, 242, 246 Malthus’s principle 229–30 Portugal 161 post-structuralism xiii potlatch system 33 pounds sterling 46 poverty 229 anti-poverty organisations 286–7 and bourgeois reformism 167 and capital 176 chronic 286 eradication of 211 escape from 170 feminisation of 114 grants 107 and industrialisation 123 and population expansion 229 and unemployment 170, 176 US political movement denies assistance to the poor 292–3 and wealth 146, 168, 177, 218, 219, 243 world xi, 170 power accumulation of 33, 35 of capital xii, 36 class 55, 61, 88, 89, 97, 99, 110, 134, 135, 221, 279 computer 105 and currencies 46 economic 142, 143, 144 global 34, 170 the house as a sign of 15–16 of labour see under labour; of merchants 75 military 143 and money 25, 33, 36, 49, 59, 60, 62, 63, 65–6, 245, 266 monopoly see monopoly power; oligarchic 292 political 62, 143, 144, 162, 171, 219, 292 purchasing 105, 107 social 33, 35, 55, 62, 64, 294 state 42–5, 47–52, 72, 142, 155–9, 164, 209, 295 predation, predators 53, 54, 61, 67, 77, 84, 101, 109, 111, 133, 162, 198, 212, 254–5 price fixing 53, 118, 132 price gouging 132 Price, Richard 226, 227, 229 prices discount 133 equilibrium in 118 extortionate 84 food 244, 251 housing 21, 32, 77 land 77, 78, 150 low 132 market 31, 32 and marketplace anarchy 118 monopoly 31, 72, 139, 141 oil 251, 252 property 77, 78, 141, 150 supermarket 6 and value 31, 55–6 private equity firms 101, 162 private equity funds 22, 162 private property and the commons 41, 50, 57 and eradication of usufructuary rights 41 and individual appropriation 38 and monopoly power 134–5, 137 social bond between human rights and private property 39–40 and the state 47, 50, 58, 59, 146, 210 private property rights 38–42, 44, 58, 204, 252 and collective management 50 conferring the right to trade away that which is owned 39 decentralised 44 exclusionary permanent ownership rights 39 and externality effects 44 held in perpetuity 40 intellectual property rights 41 microenterprises endowed with 211 modification or abolition of the regime 14 and nature 250 over commodities and money 38 and state power 40–41, 42–3 underpinning home ownership 49 usufructuary rights 39 privatisation 23, 24, 48, 59, 60, 61, 84, 185, 235, 250, 253, 261, 262, 266 product lines 92, 107, 219, 236 production bourgeois 1 falling value of 107 immaterial 242 increase in volume and variety of 121 organised 2 and realisation 67, 79–85, 106, 107, 108, 173, 177, 179, 180, 221, 243 regional crises 151 workers’ dispossession of own means of 172 productivity 71, 91, 92, 93, 117, 118, 121, 125, 126, 132, 172, 173, 184, 185, 188, 220, 239 products, compared with commodities 25–6 profitability 92, 94, 98, 102, 103, 104, 106, 112, 116, 118, 125, 147, 184, 191–2, 240, 252, 253, 256, 257 profit(s) banking 54 as capital’s aim 92, 96, 232 and capital’s struggle against labour 64, 65 and competition 93 entrepreneurs 24, 104 falling 81, 107, 244 from commodity sales 71 and money capital 28 monopoly 93 rate of 79, 92 reinvestment in expansion 72 root of 63 spending of 15 and wage rates 172 proletarianisation 191 partial 175, 190, 191 ‘property bubble’ 21 property market boom (1920s) 239 growth of 50 property market crashes 1928 x, 21 1973 21 2008 21–2, 54, 241 property rights 39, 41, 93, 135 see also intellectual property rights; private property property values 78, 85, 234 ‘prosumers’ 237 Proudhon, Pierre-Joseph 183 Prozac 248 public goods 38 public utilities 23, 60, 118, 132 Q quantitative easing 30, 233 R R&D ix race 68, 116, 165, 166, 291 racial minorities 168 racialisation 7, 8, 62, 68 racism 8 Rand, Ayn 200 raw materials 16, 17, 148, 149, 154 Reagan, Ronald x, 72 Speech at Westminster 201 Reagan revolution 165–166 realisation, and production 67, 79–85, 106, 107, 108, 173, 177, 179, 180, 221, 243 reality contradiction between reality and appearance 4–6 social 27 Reclus, Elisée 140 regional development 151 regional volatility 154 Reich, Robert 123, 188 religion 7 religious affiliation 68 religious hatreds and discriminations 8 religious minorities 168 remittances 175 rent seeking 132–3, 142 rentiers 76, 77, 78, 89, 150, 179, 180, 241, 244, 251, 260, 261, 276 rents xii, 16–19, 22, 32, 54, 67, 77, 78, 84, 123, 179, 241 monopoly 93, 135, 141, 187, 251 repression 271, 280 autocratic 130 militarised 264 police-state 203 violent 269, 280, 297 wage 158, 274 Republican Party (US) 145, 280 Republicans (US) 167, 206 res nullius doctrine 40 research and development 94, 96, 187 ‘resource curse’ 123 resource scarcity 77 revolution, Fanon’s view of 288 revolutionary movements 202, 276 Ricardo, David 122, 244, 251 right, the ideological and political assault on the left xii; response to universal alienation 281 ‘rights of man’ 40, 59, 213 Rio de Janeiro 84 risk 17, 141, 162, 219, 240 robbery 53, 57, 60, 63, 72 robotisation 103, 119, 188, 295 Rodney, Walter 291 romantic movement 261 Roosevelt, Theodore 131, 135 Four Freedoms 201 Rousseau, Jean-Jacques 213, 214 Ruhr, Germany 150 rural landscapes 160–61 Russia 154 a BRIC country 170, 228 collapse of (1989) 165 financial crisis (1998) 154, 232 indebtedness 152 local famine 124 oligarchs take natural resource wealth 165 S ‘S’ curve 225, 230–31 Saint-Simon, Claude de Rouvroy, comte de 183 sales 28, 31, 187, 236 San Francisco 150 Santiago, Chile: street battles (2006–) 185 Sao Paulo, Brazil 129, 195 savings the house as a form of saving 19, 22, 58 loss of 20, 58 private 36 protecting the value of 20 Savings and Loan Crisis (USA from 1986) 18 savings accounts 5, 6 Scandinavia 18, 85, 165 scarcity 37, 77, 200, 208, 240, 246, 260, 273 Schumpeter, Joseph 98, 276 science, and technology 95 Seattle 196 Second Empire Paris 197 Second World War x, 161, 234 Securities and Exchange Commission 120, 195 security xiii, 16, 121, 122, 165, 205, 206 economic 36, 153 food 253, 294, 296 job 273 national 157 Sen, Amartya 208–11, 281 Development as Freedom 208–9 senior citizens 168 Seoul 84 serfdom 62, 209 sexual hatreds and discriminations 8 Shanghai 153, 160 share-cropping 62 Sheffield 148, 149, 159, 258 Shenzhen, China 77 Silicon Valley 16, 143, 144, 150 silver 27–31, 33, 37, 57, 233, 238 Simon, Julian 246 Singapore 48, 123, 150, 184, 187, 203 slavery 62, 202, 206, 209, 213, 268 slums ix, 16, 175 Smith, Adam 98, 125–6, 157, 185, 201, 204 ‘invisible hand’ 141–2 The Wealth of Nations 118, 132 Smith, Neil 248 social distinction 68, 166 social inequality 34, 110, 111, 130, 171, 177, 180, 220, 223, 266 social justice 200, 266, 268, 276 social labour 53, 73, 295 alienated 64, 66, 88 and common wealth 53 creation of use values through 36 expansion of total output 232 household and communal work 296 immateriality of 37, 233 and money 25, 27, 31, 42, 55, 88, 243 productivity 239 and profit 104 and value 26, 27, 29, 104, 106, 107, 109 weakening regulatory role of 109, 110 social media 99, 136, 236–7, 278–9 social movements 162–3 social reproduction 80, 127, 182–98, 218, 219, 220, 276 social security 36, 165 social services 68 social struggles 156, 159, 165, 168 social value 26, 27, 32, 33, 55, 172, 179, 241, 244, 268, 270 socialism 215 democratic xii; ‘gas and water’ 183 socialism/communism 91, 269 socialist revolution 67 socialist totalitarianism 205 society capitalist 15, 34, 81, 243, 259 civil 92, 122, 156, 185, 189, 252 civilised 161, 167 complex 26 demolition of 56 and freedom 205–6, 210, 212 hope for a better society 218 industrial 205 information 238 market 204 post-colonial 203 pre-capitalist 55 primitive 57 radical transformation of 290 status position in 186 theocratic 62 women in 113 work-based 273 world 204 soil erosion 257 South Africa 84–5, 152, 169 apartheid 169, 202, 203 South Asia labour 108 population growth 230 software programmers and developers 115, 116 South Korea 123, 148, 150, 153 South-East Asia 107–8 crisis (1997–8) 154, 232, 241 sovereign debt crises 37 Soviet Bloc, ex-, labour in 107 Soviet Union 196, 202 see also Russia Spain xi, 51, 161 housing market crash (2007–9) 82–3 spatio-temporal fixes 151–2, 153, 154, 162 spectacle 237–8, 242, 278 speculative bubbles and busts 178 stagnation xii, 136, 161–2, 169 Stalin, Joseph 70 standard of life 23, 175 starvation 56, 124, 246, 249, 260, 265 state, the aim of 156–7 brutality 266, 280 and capital accumulation 48 and civil society 156 curbing the powers of capital as private property 47 evolution of the capitalist state 42 and externality effects 44 guardian of private property and of individual rights 42 and home ownership 49–50 interstate system 156, 157 interventionism 193, 205 legitimate use of violence 42, 44, 45, 51, 88, 155, 173 loss of state sovereignty xii; and money 1, 45–6, 51, 173 ‘nightwatchman’ role 42, 50 powers of 42–5, 47–52, 57–8, 65, 72, 142, 155–9, 209, 295 and private property 47, 50, 58, 59, 146, 210 provision of collective and public goods 42–3 a security and surveillance state xiii; social democratic states 85 war aims 44 state benefits 165 state regulatory agencies 101 state-finance nexus 44–5, 46–7, 142–3, 156, 233 state-private property nexus 88–9 steam engine, invention of the 3 steel industry 120, 121, 148, 188 steel production 73–4 Stiglitz, Joseph 132–4 stock market crash (1929) x Stockholm, protests in (2013) 171, 243 strikes 65, 103, 124 sub-prime mortgage crisis 50 suburbanisation 253 supply and demand 31, 33, 56, 106 supply chain 124 supply-side remedies xi supply-side theories 82, 176 surplus value 28, 40, 63, 73, 79–83, 172, 239 surveillance xiii, 94, 121, 122, 201, 220, 264, 280, 292 Sweden 166, 167 protests in (2013) 129, 293 Sweezy, Paul 136 swindlers, swindling 45, 53, 57, 239 ‘symbolic analysts’ 188 Syntagma Square, Athens 266, 280 T Tahrir Square, Cairo 266 Taipei, Taiwan 153 Taiwan 123, 150, 153 Taksim Square, Istanbul 266, 280 Tanzania 291 tariffs 137 taxation 40, 43, 47, 67, 84, 93–4, 106, 133, 150, 155, 157, 167, 168, 172, 190 Taylor, Frederick 119, 126 Taylorism 103 Tea Party faction 205, 280, 281, 292 technological evolution 95–6, 97, 101–2, 109 technological imperatives 98–101 technological innovation 94–5 technology changes involving different branches of state apparatus 93–4 communicative technologies 278–9 and competition 92–3 constraints inhibiting deployment 101 culture of 227, 271 definition 92, 248 and devaluation of commodities 234 environmental 248 generic technologies 94 hardware 92, 101 humanising 271 information 100, 147, 158, 177 military 93, 95 monetary 109 and nature 92, 97, 99, 102 organisational forms 92, 99, 101 and productivity 71 relation to nature 92 research and development 94 and science 95 software 92, 99, 101 a specialist field of business 94 and unemployment 80, 103 work and labour control 102–11 telephone companies 54, 67, 84, 278 Tennessee 148 Teresa, Mother 284 Thatcher, Margaret (later Baroness) x, 72, 214, 259 Thatcherism 165 theft 53, 60, 61, 63 Thelluson, Peter 226, 227 think tanks 143 ‘Third Italy’ 143 Third World debt crisis 240 Toffler, Alvin 237 tolls 137 Tönnies, Ferdinand 122, 125 tourism ix, 16, 140, 141, 187, 236 medical 139 toxic waste disposal 249–50, 257 trade networks 24 trade unions xii, 116, 148, 168, 176, 184, 274, 280 trade wars 154 transportation 23, 99, 132, 147–8, 150, 296 Treasury Departments 46, 156 TRIPS agreement 242 tropical rainforest 253 ‘trust-busting’ 131 trusts 135 Turin, Italy 150 Turkey 107, 123, 174, 232, 280, 293 Tuscany, Italy 150 Tutu, Archbishop Desmond 284 Twitter 236 U unemployment 37, 104, 258, 273 benefits 176 deliberately created 65, 174 high xii, 10, 176 insurance 175 and labour reserves 175, 231 and labour-saving technologies 173 long-term 108, 129 permanent 111 echnologically induced 80, 103, 173, 274 uneven geographical developments 178, 296 advanced and underserved regional economies 149–50 and anti-capitalist movements 162 asset bubbles 243 and capital’s reinvention of itself 147, 161 macroeconomic processes of 159 masking the true nature of capital 159–60 and technological forms 219 volatility in 244 United Fruit 136 United Kingdom income inequality in 169; see also Britain United Nations (UN) 285 United States aim of Tea Party faction 280 banking 158 Bill of Rights 284 Britain lends to (nineteenth century) 153 capital in (1990s) 154 Constitution 284 consumption level 194 global reserve currency 45–6 growth 232 hostility towards state interventions 167 House of Representatives 206 human rights abuses 202 imperial power 46 indebtedness of students in 194 Indian reservations 249 interstate highway system 239 jobless recoveries after recession 172–3 liberty and freedom rhetoric 200–201, 202 Midwest ‘rust belt’ 151 military expenditures 46 property market crashes x, 21–2, 50, 54, 58, 82–3 racial issues 166 Savings and Loan Crisis (from 1986) 18 social mobility 196 social reproduction 196–7 solidly capitalist 166 steel industry 120 ‘symbolic analysts’ 188 ‘trust-busting’ 131 unemployment 108 wealth distribution 167 welfare system 176 universal suffrage 183 urbanisation 151, 189, 228, 232, 239, 247, 254, 255, 261 Ure, Andrew 119 US Congress 47 US dollar 15, 30, 45–6 US Executive Branch 47 US Federal Reserve xi, 6, 30, 37, 46, 47, 49, 132, 143, 233 monetary policy 170–71 US Housing Act (1949) 18 US Treasury 47, 142, 240 use values collectively managed pool of 36 commodification of 243 commodities 15, 26, 35 common wealth 53 creation through social labour 36 and entrepreneurs 23–4 and exchange values 15, 35, 42, 44, 50, 60, 65, 88 and housing 14–19, 21–2, 23, 67 and human labour 26 infinitely varied 15 of infrastructural provision 78 loss of 58 marketisation of 243 monetisation of 243 of money 28 privatised and commodified 23 provision of 111 and revolt of the mass of the people 60 social demand for 81 usufructuary rights 39, 41, 59 usury 49, 53, 186, 194 utopianism 18, 35, 42, 51, 66, 119, 132, 183, 184, 204, 206–10, 269, 281, 282 V value(s) commodity 24, 25 failure to produce 40 housing 19, 20, 22 net 19 production and realisation of 82 production of 239 property 21 relation between money and value 27, 35 savings 20 storing 25, 26, 35 see also asset values; exchange values; social value; use values value added 79, 83 Veblen, Thorstein: Theory of the Leisure Class 274 Venezuela 123, 201 Vietnam, labour in 108 Vietnam War 290 violence 53, 57, 72, 204–5, 286 against children 193 against social movements 266 against women 193 colonial 289–90, 291 and contemporary capitalism 8 culture of 271 of dispossession 58, 59 in a dystopian world 264 and humanism 286, 289, 291 of the liberation struggle 290 militarised 292 as the only option 290–91 political 280 in pursuit of liberty and freedom 201 racialised 291 state’s legitimate use of 42, 44, 45, 51, 88, 155, 173 of technology 271 and wage labour 207 virtual ecological transfer 256 Volcker, Paul 37 W wages 103 basic social wage 103 falling 80, 82 for housework 115, 192–3 low xii, 114, 116, 186, 188 lower bound to wage levels 175 non-payment of 72 and profits 172 reduction in 81, 103, 104, 135, 168, 172, 176, 178 rising 178 and unskilled labour 114 wage demands 150, 274 wage levels pushed up by labour 65 wage rates 103, 116, 172, 173 wage repression 158–9 weekly 71 see also income Wall Street criticised by a congressional committee 239–40 illegalities practised by 72, 77 and Lebed 195 new information-processing technologies 100 Wall Street Crash (1929) x, 47 Wall-E (film) 271 Walmart xii, 75, 84, 103, 131 war on terror 280 wars 8, 60, 229 currency 154 defined 44 monetisation of state war-making activities 44–5 privatisation of war making 235 resource 154, 260 and state aims 44 state financing of 32, 44, 48 and technology 93 trade 154 world 154 water privatisation 235 wave theory 70 wave-particle duality 70 wealth accumulation of 33, 34, 35, 157, 205 creation of 132–3, 142, 214 disparities of 164–81 distribution of 34, 167 extraction from non-productive activities 32 global 34 the house as a sign of 15–16 levelling up of per capita wealth 171 and poverty 146, 168, 177, 218, 219, 243 redistribution of 9, 234, 235 social 35, 53, 66, 157, 164, 210, 251, 265, 266, 268 taking it from others 132–3 see also common wealth weather futures 60 Weber, Max 122, 125 Weimar Republic 30 welfare state 165, 190, 191, 208 Wells Fargo 61 West Germany 153, 154, 161 Whitehead, Alfred North 97 Wilson, Woodrow 201 Wolf, Martin 304n2 Wollstonecraft, Mary: A Vindication of the Rights of Woman 285 women career versus family obligations 1–2 disposable populations 111 exploitation of 193 housework versus wage labour 114–15 oppression against 193 social struggle 168 trading of 62 violence against 193 in the workforce 108, 114, 115, 127, 174, 230 women’s rights 202, 218 workers’ rights 202 working classes and capital 80 consumer power 81 crushing organisation 81 education 183, 184 gentrified working-class neighbourhoods ix; housing 160 living conditions 292 wage repression and consumption 158–9 working hours 72, 104–5, 182, 272–5, 279 World Bank 16, 24, 100, 186, 245 World Trade Organization 138, 242 WPA programmes (1930s) 151 Wright, Frank Lloyd: Falling Water 16 Wriston, Walter 240 Y YouTube 236 Yugoslavia, former 174 Z Zola, Émile 7


pages: 243 words: 68,818

Once Upon a Time in Russia: The Rise of the Oligarchs―A True Story of Ambition, Wealth, Betrayal, and Murder by Ben Mezrich

"World Economic Forum" Davos, new economy, vertical integration

Certainly, if his dwindling paycheck was any indication, the “revival of the economy” was going a lot better for the “civilized businessmen” blowing each other up in Mercedes limousines than for the men charged with keeping tabs on the mayhem. Litvinenko knew that many of his colleagues had been taking things into their own hands—moonlighting for companies and wealthy businessmen, heading up security organizations, using their specific skills to take part in the new economy. Technically, it was illegal, and an agent could get fired—or even arrested—for taking part in after-hours corporate work. But usually, the higher-ups looked the other way. For the most part, turning a blind eye to indiscretions had become a way of life for the bureaucrats who were, themselves, trying to navigate through a world that now seemed constantly in flux.

But the voucher program had failed almost immediately, a victim of the massive inflation that had helped make Berezovsky so wealthy. This had led to a shift, from a voucher program aimed at the common man to options sold to the only people who had enough money left to purchase them—the small group of businessmen who had taken an early advantage in the new economy. The more desperate the government became to fund itself through Chubais’s program, the more leverage the Oligarchs attained. When one of the largest oil companies in the nation went into a privatization auction, a company valued at many billions of dollars ended up selling for close to two hundred fifty million.


pages: 245 words: 64,288

Robots Will Steal Your Job, But That's OK: How to Survive the Economic Collapse and Be Happy by Pistono, Federico

3D printing, Albert Einstein, autonomous vehicles, bioinformatics, Buckminster Fuller, cloud computing, computer vision, correlation does not imply causation, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Firefox, future of work, gamification, George Santayana, global village, Google Chrome, happiness index / gross national happiness, hedonic treadmill, illegal immigration, income inequality, information retrieval, Internet of things, invention of the printing press, Jeff Hawkins, jimmy wales, job automation, John Markoff, Kevin Kelly, Khan Academy, Kickstarter, Kiva Systems, knowledge worker, labor-force participation, Lao Tzu, Law of Accelerating Returns, life extension, Loebner Prize, longitudinal study, means of production, Narrative Science, natural language processing, new economy, Occupy movement, patent troll, pattern recognition, peak oil, post scarcity, QR code, quantum entanglement, race to the bottom, Ray Kurzweil, recommendation engine, RFID, Rodney Brooks, selection bias, self-driving car, seminal paper, slashdot, smart cities, software as a service, software is eating the world, speech recognition, Steven Pinker, strong AI, synthetic biology, technological singularity, TED Talk, Turing test, Vernor Vinge, warehouse automation, warehouse robotics, women in the workforce

http://raceagainstthemachine.com 8 The End of Work Website, Jeremy Rifkin. http://www.foet.org/books/end-work.html 9 The End of Work, Wikipedia. http://en.wikipedia.org/wiki/The_End_of_Work 10 A rough 10 years for the middle class, Annalyn Censky, 2011. CNNMoney. http://money.cnn.com/2011/09/21/news/economy/middle_class_income/index.htm. 11 22 Statistics That Prove That The Middle Class Is Being Systematically Wiped Out Of Existence In America, Michael Snyder, 2010. Business Insider. http://www.businessinsider.com/22-statistics-that-prove-the-middle-class-is-being-systematically-wiped-out-of-existence-in-america-2010-7 12 US Congressional Budget Office, 2011.

ftp://ftp.bls.gov/pub/special.requests/lf/aat1.txt 111 Eurozone Unemployment Hits 10.9%, A Record High, 2012. Huffington post. http://www.huffingtonpost.com/2012/05/02/eurozone-unemployment-hits-record-high_n_1470237.html 112 The 86 million invisible unemployed, Annalyn Censky, 2012. CNNMoney. http://money.cnn.com/2012/05/03/news/economy/unemployment-rate/index.htm 113 Ken Robinson says schools kill creativity. Ken Robinson, 2006. TED Global. http://www.ted.com/talks/ken_robinson_says_schools_kill_creativity.html 114 Sir Ken Robinson: Bring on the learning revolution!, Ken Robinson, 2010. TED Global. http://www.ted.com/talks/sir_ken_robinson_bring_on_the_revolution.html 115 I obviously do not think people are “excess baggage”, quite the opposite.


pages: 265 words: 70,788

The Wide Lens: What Successful Innovators See That Others Miss by Ron Adner

ASML, barriers to entry, Bear Stearns, Blue Ocean Strategy, book value, call centre, Clayton Christensen, Ford Model T, inventory management, iterative process, Jeff Bezos, Lean Startup, M-Pesa, minimum viable product, mobile money, new economy, RAND corporation, RFID, smart grid, smart meter, SoftBank, spectrum auction, Steve Ballmer, Steve Jobs, Steven Levy, supply-chain management, Tim Cook: Apple, transaction costs, vertical integration

With approximately 1 billion vehicles already on the world’s roads churning out emissions, and rapid growth forecast for new economies, there is a pressing need for an alternative to gasoline. Beyond environmental cost, is the economic cost. The United States, for example, imported 61 percent of its oil in 2010, over 4 billion barrels. At the prevailing price of the time—$76 per barrel—this amounted to a transfer of $325 billion to foreign governments, or $619,225 per minute. With demand for oil increasing with the rise of new economies, and questions about the availability of future reserves, there is a general consensus that future oil prices are likely to be higher, and substantially so.


pages: 261 words: 70,584

Retirementology: Rethinking the American Dream in a New Economy by Gregory Brandon Salsbury

Alan Greenspan, Albert Einstein, asset allocation, Bear Stearns, behavioural economics, buy and hold, carried interest, Cass Sunstein, credit crunch, Daniel Kahneman / Amos Tversky, diversification, estate planning, financial independence, fixed income, full employment, hindsight bias, housing crisis, loss aversion, market bubble, market clearing, mass affluent, Maui Hawaii, mental accounting, mortgage debt, mortgage tax deduction, National Debt Clock, negative equity, new economy, RFID, Richard Thaler, risk tolerance, Robert Shiller, side project, Silicon Valley, Steve Jobs, the rule of 72, Yogi Berra

RetirementologySM Rethinking the American Dream in a New Economy Gregory Salsbury, Ph.D. Vice President, Publisher: Tim Moore Associate Publisher and Director of Marketing: Amy Neidlinger Executive Editor: Jim Boyd Editorial Assistant: Pamela Boland Development Editor: Russ Hall Operations Manager: Gina Kanouse Senior Marketing Manager: Julie Phifer Publicity Manager: Laura Czaja Assistant Marketing Manager: Megan Colvin Cover Designer: Anne Jones Managing Editor: Kristy Hart Senior Project Editor: Lori Lyons Copy Editor: Apostrophe Editing Services Proofreader: Kay Hoskin Indexer: Erika Millen Compositor: Nonie Ratcliff Manufacturing Buyer: Dan Uhrig © 2010 by Pearson Education, Inc.

Pearson Education North Asia, Ltd. Pearson Education Canada, Ltd. Pearson Educatión de Mexico, S.A. de C.V. Pearson Education—Japan Pearson Education Malaysia, Pte. Ltd. Library of Congress Cataloging-in-Publication Data Salsbury, Gregory B. (Gregory Brandon) Retirementology : rethinking the American dream in a new economy / Gregory Salsbury. p. cm. Includes bibliographical references and index. ISBN-13: 978-0-13-705653-8 (pbk. : alk. paper) ISBN-10: 0-13-705653-2 (pbk. : alk. paper) 1. Retirement—United States—Planning. 2. Retirement—Economic aspects—United States. 3. Baby boom generation— United States. I.


pages: 222 words: 68,089

Once Upon a Time in Russia: The Rise of the Oligarchs and the Greatest Wealth in History by Ben Mezrich

"World Economic Forum" Davos, new economy, vertical integration

Certainly, if his dwindling paycheck was any indication, the “revival of the economy” was going a lot better for the “civilized businessmen” blowing each other up in Mercedes limousines than for the men charged with keeping tabs on the mayhem. Litvinenko knew that many of his colleagues had been taking things into their own hands—moonlighting for companies and wealthy businessmen, heading up security organizations, using their specific skills to take part in the new economy. Technically, it was illegal, and an agent could get fired—or even arrested—for taking part in after-hours corporate work. But usually, the higher-ups looked the other way. For the most part, turning a blind eye to indiscretions had become a way of life for the bureaucrats who were, themselves, trying to navigate through a world that now seemed constantly in flux.

But the voucher program had failed almost immediately, a victim of the massive inflation that had helped make Berezovsky so wealthy. This had led to a shift, from a voucher program aimed at the common man to options sold to the only people who had enough money left to purchase them—the small group of businessmen who had taken an early advantage in the new economy. The more desperate the government became to fund itself through Chubais’s program, the more leverage the Oligarchs attained. When one of the largest oil companies in the nation went into a privatization auction, a company valued at many billions of dollars ended up selling for close to two hundred fifty million.


pages: 281 words: 71,242

World Without Mind: The Existential Threat of Big Tech by Franklin Foer

artificial general intelligence, back-to-the-land, Berlin Wall, big data - Walmart - Pop Tarts, Big Tech, big-box store, Buckminster Fuller, citizen journalism, Colonization of Mars, computer age, creative destruction, crowdsourcing, data is the new oil, data science, deep learning, DeepMind, don't be evil, Donald Trump, Double Irish / Dutch Sandwich, Douglas Engelbart, driverless car, Edward Snowden, Electric Kool-Aid Acid Test, Elon Musk, Evgeny Morozov, Fall of the Berlin Wall, Filter Bubble, Geoffrey Hinton, global village, Google Glasses, Haight Ashbury, hive mind, income inequality, intangible asset, Jeff Bezos, job automation, John Markoff, Kevin Kelly, knowledge economy, Law of Accelerating Returns, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, move fast and break things, new economy, New Journalism, Norbert Wiener, off-the-grid, offshore financial centre, PageRank, Peace of Westphalia, Peter Thiel, planetary scale, Ray Kurzweil, scientific management, self-driving car, Silicon Valley, Singularitarianism, software is eating the world, Steve Jobs, Steven Levy, Stewart Brand, strong AI, supply-chain management, TED Talk, the medium is the message, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas L Friedman, Thorstein Veblen, Upton Sinclair, Vernor Vinge, vertical integration, We are as Gods, Whole Earth Catalog, yellow journalism

These conditions gave rise to a glorious festival of creative destruction. New companies rose and then fell, innovation exploded in all directions, inaccessible troves of knowledge were instantly available, a consumer’s Arcadia emerged. It was widely assumed that the history of business settled into a new pattern, what boosters called the New Economy. Firms would never achieve long-lasting dominance in the era of the Internet. Indeed, six years after the last phase of privatization, an astonishing percentage of the highly valued firms spiraled to their doom, in the inglorious dot-com crash. It didn’t matter whether these companies affixed their names to sports stadiums or whether they had just begun to revolutionize commerce.

“We can’t stop copying on the Internet, because the Internet is a copying machine”: Cory Doctorow, Information Doesn’t Want to Be Free (McSweeney’s, 2014), 41. “The defining feature of the Internet is that it leaves resources free”: Lawrence Lessig, The Future of Ideas (Random House, 2001), 14. “Value is derived from plentitude”: Kevin Kelly, New Rules for the New Economy (Viking Penguin, 1998), 40. “atomic unit of consumption for news”: Astra Taylor, The People’s Platform (Metropolitan Books, 2014), 204. Between 2006 and 2012, the world’s information output grew tenfold: Paul Mason, Postcapitalism (Farrar, Straus and Giroux, 2015), 125. “What information consumes is rather obvious”: Herbert A.


pages: 260 words: 67,823

Always Day One: How the Tech Titans Plan to Stay on Top Forever by Alex Kantrowitz

accounting loophole / creative accounting, Albert Einstein, AltaVista, Amazon Robotics, Amazon Web Services, Andy Rubin, anti-bias training, augmented reality, Automated Insights, autonomous vehicles, Bernie Sanders, Big Tech, Cambridge Analytica, Clayton Christensen, cloud computing, collective bargaining, computer vision, Donald Trump, drone strike, Elon Musk, fake news, Firefox, fulfillment center, gigafactory, Google Chrome, growth hacking, hive mind, income inequality, Infrastructure as a Service, inventory management, iterative process, Jeff Bezos, job automation, Jony Ive, Kiva Systems, knowledge economy, Lyft, Mark Zuckerberg, Menlo Park, new economy, Nick Bostrom, off-the-grid, Peter Thiel, QR code, ride hailing / ride sharing, robotic process automation, Salesforce, self-driving car, Sheryl Sandberg, Silicon Valley, Skype, Snapchat, SoftBank, Steve Ballmer, Steve Jobs, Steve Wozniak, super pumped, tech worker, Tim Cook: Apple, uber lyft, warehouse robotics, wealth creators, work culture , zero-sum game

“So maybe it’s time to apply your grit to a new goal—getting at least one B before you graduate.” Teaching conformity may indeed be a bigger risk than automation itself. In a conversation about the impact of new workplace technology, Saadia Zahidi, the head of the World Economic Forum’s Centre for the New Economy and Society, told me that “people are expecting a net gain in jobs.” But within four years, she said, the core skills you need in any job will be 42 percent different from the skills you have today, per her 2018 research. The skills more important than ever? Creativity, originality, and initiative.

This moment requires sweeping changes. And though it could use input from the tech world, it’s the public sector, which is funded by taxes, that is in the best position to make these changes. “We’re at a real crossroads, in terms of leadership, to thinking about how do we move people along into this new economy,” Hyman said. “It’s not a technological choice; it’s a political choice.” Caring Another political choice came into focus as I met with Adam Seth Litwin, an ILR associate professor who spoke with me about the people that technological change leaves behind, and how we should care for them.


pages: 409 words: 125,611

The Great Divide: Unequal Societies and What We Can Do About Them by Joseph E. Stiglitz

"World Economic Forum" Davos, accelerated depreciation, accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Alan Greenspan, Asian financial crisis, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, Branko Milanovic, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, carried interest, classic study, clean water, collapse of Lehman Brothers, collective bargaining, company town, computer age, corporate governance, credit crunch, Credit Default Swap, deindustrialization, Detroit bankruptcy, discovery of DNA, Doha Development Round, everywhere but in the productivity statistics, Fall of the Berlin Wall, financial deregulation, financial innovation, full employment, gentrification, George Akerlof, ghettoisation, Gini coefficient, glass ceiling, Glass-Steagall Act, global macro, global supply chain, Home mortgage interest deduction, housing crisis, income inequality, income per capita, information asymmetry, job automation, Kenneth Rogoff, Kickstarter, labor-force participation, light touch regulation, Long Term Capital Management, low interest rates, manufacturing employment, market fundamentalism, mass incarceration, moral hazard, mortgage debt, mortgage tax deduction, new economy, obamacare, offshore financial centre, oil shale / tar sands, Paul Samuelson, plutocrats, purchasing power parity, quantitative easing, race to the bottom, rent-seeking, rising living standards, Robert Solow, Ronald Reagan, Savings and loan crisis, school vouchers, secular stagnation, Silicon Valley, Simon Kuznets, subprime mortgage crisis, The Chicago School, the payments system, Tim Cook: Apple, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Turing machine, unpaid internship, upwardly mobile, urban renewal, urban sprawl, very high income, War on Poverty, Washington Consensus, We are the 99%, white flight, winner-take-all economy, working poor, working-age population

. _________ THE ESSAYS IN this book are grouped into eight parts, each preceded by a short introductory essay, which attempts to explain the context in which the articles were written or touch upon a few of the topics that I was unable to address in the short confines of the articles reprinted here. I begin with “Prelude: Showing Cracks.” In the years before the crisis our economic leaders, including the Federal Reserve chairman Alan Greenspan, could boast of a new economy in which economic fluctuations that had been the scourge of the past would be put behind us; the so-called great moderation was bringing a new era of low inflation and seemingly high growth. But those who looked even a little bit more closely saw all of this as merely a thin veneer, masking economic mismanagement and political corruption on a massive scale (some of which had come to light in the Enron scandal); even worse, the growth that was occurring was not being shared by most Americans.

Productivity gains, which had averaged about 1.5 percent a year from the early 1970s through the early 90s, now approached 3 percent. During Bill Clinton’s second term, gains in manufacturing productivity sometimes even surpassed 6 percent. The Federal Reserve chairman, Alan Greenspan, spoke of a New Economy marked by continued productivity gains as the Internet buried the old ways of doing business. Others went so far as to predict an end to the business cycle. Greenspan worried aloud about how he’d ever be able to manage monetary policy once the nation’s debt was fully paid off. This tremendous confidence took the Dow Jones index higher and higher.

Government assistance was required—and it finally came, with World War II: we needed to move people to the cities to make the armaments and other things necessary to win the war. And then after the war, we provided everyone who had fought in the war—which was essentially every young man—a free college education, equipping him for the “new economy” that was then emerging. The article argues that underlying the economy’s malaise today are similar events: a growth of productivity in manufacturing that has outpaced growth in demand, so that global employment in manufacturing is declining; changes in comparative advantage and globalization—which we pushed—which imply that the United States will have a smaller share of this declining employment.


pages: 602 words: 120,848

Winner-Take-All Politics: How Washington Made the Rich Richer-And Turned Its Back on the Middle Class by Paul Pierson, Jacob S. Hacker

accounting loophole / creative accounting, active measures, affirmative action, air traffic controllers' union, Alan Greenspan, asset allocation, barriers to entry, Bear Stearns, Bonfire of the Vanities, business climate, business cycle, carried interest, Cass Sunstein, clean water, collective bargaining, corporate governance, Credit Default Swap, David Brooks, desegregation, employer provided health coverage, financial deregulation, financial innovation, financial intermediation, fixed income, full employment, Glass-Steagall Act, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, John Bogle, knowledge economy, laissez-faire capitalism, Martin Wolf, medical bankruptcy, moral hazard, Nate Silver, new economy, night-watchman state, offshore financial centre, oil shock, Paul Volcker talking about ATMs, Powell Memorandum, Ralph Nader, Ronald Reagan, Savings and loan crisis, shareholder value, Silicon Valley, Tax Reform Act of 1986, The Wealth of Nations by Adam Smith, three-martini lunch, too big to fail, trickle-down economics, union organizing, very high income, War on Poverty, winner-take-all economy, women in the workforce

Critical aspects of the new winner-take-all economy received sustained, enthusiastic bipartisan support not just under George W. Bush, but also under Bill Clinton. The wonder years of the winner-take-all economy began with the recession that brought down Bush the elder. They ended with a recession of far greater magnitude that discredited Bush the younger—and powerfully showcased the new economy’s true costs. Nothing better summed up the era, and its marriage of the economic and the political, than the résumés of the two men widely regarded as Clinton and Bush’s most influential secretaries of the treasury, Robert Rubin and Henry Paulson. Different in many ways, including party affiliation, each nonetheless developed (for a time) a reputation for sophisticated economic management.

We can introduce this chapter with a parallel story of a figure whose rise to prominence tracked the arc of the evolving Democratic Party, and whose actions in Washington encapsulate the Democrats’ equally significant, if distinctive, contribution to the new balance of economic power. There are many candidates for this part—Joe Lieberman, Dianne Feinstein, Robert Rubin, Bill Clinton himself—but since the epicenter of the new economy was Gramm’s “holy place” of Wall Street, it seems appropriate to focus on the senior senator from New York, Charles Schumer. On issues unrelated to finance, Schumer is a strong liberal voice in the Democratic Party. In the fight over Obama’s health plan, for instance, he emerged as a forceful advocate for creating a new public insurance option to compete with private plans.

The organizational heft of business continued to grow. Perhaps reflecting a growing confidence about what organized expenditures could accomplish in Washington, spending on lobbying shot upward during George W. Bush’s time in office. Democrats thus faced greater incentives than ever to be responsive to the new economy’s big winners. Equally important, there was almost no organized force in American society pressuring them to do anything else. The financial needs of ever more expensive campaigns added to the imperatives. Despite the efforts of organizational entrepreneurs like Tony Coelho, the 1980s DCCC head who kicked off the Democrats’ big hunt for corporate cash, the party continued to trail badly in the money chase.


pages: 510 words: 120,048

Who Owns the Future? by Jaron Lanier

3D printing, 4chan, Abraham Maslow, Affordable Care Act / Obamacare, Airbnb, augmented reality, automated trading system, barriers to entry, bitcoin, Black Monday: stock market crash in 1987, book scanning, book value, Burning Man, call centre, carbon credits, carbon footprint, cloud computing, commoditize, company town, computer age, Computer Lib, crowdsourcing, data science, David Brooks, David Graeber, delayed gratification, digital capitalism, digital Maoism, digital rights, Douglas Engelbart, en.wikipedia.org, Everything should be made as simple as possible, facts on the ground, Filter Bubble, financial deregulation, Fractional reserve banking, Francis Fukuyama: the end of history, Garrett Hardin, George Akerlof, global supply chain, global village, Haight Ashbury, hive mind, if you build it, they will come, income inequality, informal economy, information asymmetry, invisible hand, Ivan Sutherland, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Perry Barlow, Kevin Kelly, Khan Academy, Kickstarter, Kodak vs Instagram, life extension, Long Term Capital Management, machine translation, Marc Andreessen, Mark Zuckerberg, meta-analysis, Metcalfe’s law, moral hazard, mutually assured destruction, Neal Stephenson, Network effects, new economy, Norbert Wiener, obamacare, off-the-grid, packet switching, Panopticon Jeremy Bentham, Peter Thiel, place-making, plutocrats, Ponzi scheme, post-oil, pre–internet, Project Xanadu, race to the bottom, Ray Kurzweil, rent-seeking, reversible computing, Richard Feynman, Ronald Reagan, scientific worldview, self-driving car, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart meter, stem cell, Steve Jobs, Steve Wozniak, Stewart Brand, synthetic biology, tech billionaire, technological determinism, Ted Nelson, The Market for Lemons, Thomas Malthus, too big to fail, Tragedy of the Commons, trickle-down economics, Turing test, Vannevar Bush, WikiLeaks, zero-sum game

The Problem Is Not the Technology, but the Way We Think About the Technology I will argue that up until about the turn of this century we didn’t need to worry about technological advancement devaluing people, because new technologies always created new kinds of jobs even as old ones were destroyed. But the dominant principle of the new economy, the information economy, has lately been to conceal the value of information, of all things. We’ve decided not to pay most people for performing the new roles that are valuable in relation to the latest technologies. Ordinary people “share,” while elite network presences generate unprecedented fortunes.

If, however, “raw” information, or information that hasn’t yet been routed by those who run the most central computers, isn’t valued, then a massive disenfranchisement will take place. As the information economy arises, the old specter of a thousand science fiction tales and Marxist nightmares will be brought back from the dead and empowered to apocalyptic proportions. Ordinary people will be unvalued by the new economy, while those closest to the top computers will become hypervaluable. Making information free is survivable so long as only limited numbers of people are disenfranchised. As much as it pains me to say so, we can survive if we only destroy the middle classes of musicians, journalists, and photographers.

A seller might think that a service or content is being sold on a pay-as-you-go basis, but a customer might experience the same business relationship as if it were a case of “first sample is free.” The network would adjust the interface to transactions so that each person can function within the transaction style they prefer at the same time. It might sound like a strange idea, but this capability will help make the new economy both more usable by ordinary people and more robust overall. Economic Avatars as an Improvement on the Forgetfulness of Cash In old-fashioned economies, the seller usually designs the transaction and the buyer must take it or leave it. That needn’t be the case in an advanced humanistic economy.


pages: 444 words: 124,631

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

Airbnb, Alan Greenspan, Apple Newton, bank run, barriers to entry, Big Tech, Black Lives Matter, blockchain, book value, British Empire, clockwatching, cloud computing, collapse of Lehman Brothers, computer age, coronavirus, corporate governance, corporate raider, COVID-19, cryptocurrency, delayed gratification, diversification, Dogecoin, Donald Trump, Elon Musk, financial deregulation, George Floyd, greed is good, growth hacking, index fund, Jones Act, Kickstarter, late fees, light touch regulation, lockdown, low interest rates, managed futures, Max Levchin, meme stock, Mount Scopus, Network effects, new economy, passive investing, payday loans, paypal mafia, Peter Thiel, pre–internet, Rainbow capitalism, regulatory arbitrage, retail therapy, ride hailing / ride sharing, Robinhood: mobile stock trading app, rolodex, Salesforce, short selling, short squeeze, side hustle, Silicon Valley, Snapchat, SoftBank, sovereign wealth fund, tech bro, technology bubble, the payments system, TikTok, too big to fail, transaction costs, Vanguard fund

Jefferies had actually been against hiring Eisen, even though he was an admirer. Eisen’s talents, he felt, would be too limited by GPG’s approach of targeting distressed or unloved companies and pulling them apart. But Eisen fitted right in. He worked on some interesting investments. He tried to convince the GPG elders that new-economy companies such as MYOB were undervalued. Eisen also explored putting a consortium together to buy record label EMI. But enthusiasm for the transaction petered out. ‘The market has been hypnotised by the conversion of Brierley, a professed old-economy investor, into a high-tech speculator,’ wrote Trevor Sykes, a GPG shareholder, in The Australian Financial Review in 2000.5 There was no stock more ‘old-world economy’ than threadmaker Coats.

That meant Molnar and Eisen each owned shares worth $1 billion. The 30-year-old Nick Molnar became Australia’s youngest self-made billionaire. When Atlassian’s Cannon-Brookes hit the billionaire club in 2014, he was 34 years old, and co-founder Scott Farquhar was 33. Afterpay’s run was not an isolated event. Share markets had mounted a recovery as ‘new economy’ and work-from-home stocks surged well beyond their pre-COVID levels. Australian Bureau of Statistics retail data showed e-commerce sales were 60 per cent higher in April compared to the same month a year earlier. A similar dynamic was playing out in the United States, where PayPal shares were also on a tear, up 50 per cent by the end of June from their lows in March.

Lending Club, a peer-to-peer lender that matched borrowers to individual investors seeking a higher rate of interest, had lost 90 per cent of its value as loans went sour and senior management were tripped up in ethical scandals. OnDeck was another fintech flop that had been exposed as an old-world business dressed up for new-economy investors. It had seen its shares surge after a late 2014 IPO, but was hit by rising competition and the high cost of acquiring customers. The problems were exacerbated when COVID-19 struck; in mid-2020, OnDeck was sold for just US$90 million, compared to a valuation at the time of its IPO of US$1.3 billion.8 But Gabriele and others argued that Affirm and the buy now, pay laters were different to these overrated lenders.


pages: 777 words: 186,993

Imagining India by Nandan Nilekani

"World Economic Forum" Davos, addicted to oil, affirmative action, Airbus A320, BRICs, British Empire, business process, business process outsourcing, call centre, carbon credits, carbon tax, clean water, colonial rule, corporate governance, cuban missile crisis, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, digital map, distributed generation, electricity market, farmers can use mobile phones to check market prices, flag carrier, full employment, ghettoisation, glass ceiling, global supply chain, Hernando de Soto, income inequality, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, knowledge economy, land reform, light touch regulation, LNG terminal, load shedding, low cost airline, Mahatma Gandhi, market fragmentation, mass immigration, Mikhail Gorbachev, Network effects, new economy, New Urbanism, open economy, Parag Khanna, pension reform, Potemkin village, price mechanism, public intellectual, race to the bottom, rent control, rolodex, Ronald Reagan, school vouchers, Silicon Valley, smart grid, special economic zone, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Tragedy of the Commons, transaction costs, trickle-down economics, unemployed young men, upwardly mobile, urban planning, urban renewal, women in the workforce, working poor, working-age population

Industry observers would note wryly, “These firms are going bankrupt, but their owners are not.” Infosys was among the first companies to change this perception of Indian business through an ethos of transparency and strong internal governance. We quickly built a reputation for creating widespread shareholder wealth. People began to call us India’s “new economy” company. Fifteen years later, they still call us that. Infosys came with none of Indian industry’s typical history, family ties and regulatory baggage. Consequently I have been more of an observer than a participant in the trials of Indian industry. I am hopeful enough to believe that this combination of proximity and objectivity gives me a rare and valuable perspective.

India is a sleepy country, and things just go on.”11 In the last quarter century, however, India has begun to move away from the roiling distress of those years. The early trigger for this change has been the growth of India’s IT sector. This was among the first industries to see rapid growth following reforms—in this sense, the industry has been the flagship of India’s new economy, instrumental in driving the growth of the 1990s and bringing India to the attention of the world. Most importantly, perhaps, the industry unlocked the aspirations of countless Indians as never before through the possibilities it offered for jobs and upward mobility. This sense of possibility and the rising aspirations—that began with the IT sector and that have now intensified as India’s growth has become broad based—are the new unifying themes across the country.

The shift from a socialist to a market economy is not a painless one, and the 1990s was a decade of enormous turbulence for India. Market forces struck hard in an economy whose support institutions had been frayed by years of socialism.7 This set off a series of scams, as people racked up huge profits from the chaos of our fledgling markets. For the regulators in the trenches of the new economy, IT became a big part of the toolbox for fixing the glitches across our institutions. In 1992, less than a year after liberalization, India’s stock exchange—the Bombay Sensex (BSE)—experienced a scam blowout running into more than fifty billion rupees. The scam was in some ways inevitable; the BSE was a tight, chummy network of brokers and investors, with highly suspect, weakly regulated trading and settlement processes.


pages: 611 words: 188,732

Valley of Genius: The Uncensored History of Silicon Valley (As Told by the Hackers, Founders, and Freaks Who Made It Boom) by Adam Fisher

adjacent possible, Airbnb, Albert Einstein, AltaVista, An Inconvenient Truth, Andy Rubin, AOL-Time Warner, Apple II, Apple Newton, Apple's 1984 Super Bowl advert, augmented reality, autonomous vehicles, Bill Atkinson, Bob Noyce, Brownian motion, Buckminster Fuller, Burning Man, Byte Shop, circular economy, cognitive dissonance, Colossal Cave Adventure, Computer Lib, disintermediation, Do you want to sell sugared water for the rest of your life?, don't be evil, Donald Trump, Douglas Engelbart, driverless car, dual-use technology, Dynabook, Elon Musk, Fairchild Semiconductor, fake it until you make it, fake news, frictionless, General Magic , glass ceiling, Hacker Conference 1984, Hacker Ethic, Henry Singleton, Howard Rheingold, HyperCard, hypertext link, index card, informal economy, information retrieval, Ivan Sutherland, Jaron Lanier, Jeff Bezos, Jeff Rulifson, John Markoff, John Perry Barlow, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, Larry Ellison, life extension, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Maui Hawaii, Menlo Park, Metcalfe’s law, Mondo 2000, Mother of all demos, move fast and break things, Neal Stephenson, Network effects, new economy, nuclear winter, off-the-grid, PageRank, Paul Buchheit, paypal mafia, peer-to-peer, Peter Thiel, pets.com, pez dispenser, popular electronics, quantum entanglement, random walk, reality distortion field, risk tolerance, Robert Metcalfe, rolodex, Salesforce, self-driving car, side project, Silicon Valley, Silicon Valley startup, skeuomorphism, skunkworks, Skype, Snow Crash, social graph, social web, South of Market, San Francisco, Startup school, Steve Jobs, Steve Jurvetson, Steve Wozniak, Steven Levy, Stewart Brand, Susan Wojcicki, synthetic biology, Ted Nelson, telerobotics, The future is already here, The Hackers Conference, the long tail, the new new thing, Tim Cook: Apple, Tony Fadell, tulip mania, V2 rocket, We are as Gods, Whole Earth Catalog, Whole Earth Review, Y Combinator

And now, if you could take the principles of HyperCard and interconnect everything, it was like, “Wow, this is amazing. This is going to change everything.” Tiffany Shlain: It was so exciting. Jim Clark: From our going public in ’95 to the year 2000—five years in there—there was an eruption of historic proportions. Fred Davis: Wall Street called it “the New Economy,” and indeed it was. It was that big. Jeff Rothschild: I remember people used to talk about the New Economy, and the New Rules. “Those are the old rules, where you value the company based on margins and return. That stuff doesn’t apply anymore.” I think the people saying those things believed them, I really do. John Markoff: Silicon Valley began to move north.

There I started to notice something odd: The stories about Silicon Valley emanating from the New York media world were vastly different from those stories that I had heard at sleepaway camp and in computer rooms, and then later in barrooms and at Burning Man. There was a cognitive dissonance there. New York just doesn’t get it, I told myself. Eventually I came to understand that it all came down to perspective. The mainstream media sees Silicon Valley as a business beat, a money story: Who’s up and who’s down in the new economy? Who’s the latest billionaire? Those are valid questions, maybe even interesting ones—but not to me. In the Silicon Valley where I’m from, the stories were almost never about money. They were tales about resistance, heroism, and struggle, yarns about the creation of something out of nothing—and the derring-do required to pull such a feat off.

In short, they were about dragon slaying. That’s still true, at least in the Silicon Valley I know. Those were the stories that got me excited. And they still do. I’m not saying there isn’t an economic story to be told. In fact, I think that we are witnessing the greatest transition since the industrial revolution. A new economy—the information economy—is being created, and the center of that new economic order will be Silicon Valley. And if that’s not the business story of the century, what is? Still, the bigger question, in my humble opinion, is how that transformation will transform us. We begin to see the answer in the culture that’s being created in Silicon Valley, now.


pages: 265 words: 74,941

The Great Reset: How the Post-Crash Economy Will Change the Way We Live and Work by Richard Florida

"World Economic Forum" Davos, Alan Greenspan, banking crisis, big-box store, bike sharing, blue-collar work, business cycle, car-free, carbon footprint, collapse of Lehman Brothers, company town, congestion charging, congestion pricing, creative destruction, deskilling, edge city, Edward Glaeser, falling living standards, financial engineering, financial innovation, Ford paid five dollars a day, high net worth, high-speed rail, Home mortgage interest deduction, housing crisis, if you build it, they will come, income inequality, indoor plumbing, interchangeable parts, invention of the telephone, Jane Jacobs, Joseph Schumpeter, knowledge economy, Lewis Mumford, low skilled workers, manufacturing employment, McMansion, megaproject, Menlo Park, Nate Silver, New Economic Geography, new economy, New Urbanism, oil shock, Own Your Own Home, pattern recognition, peak oil, Ponzi scheme, post-industrial society, postindustrial economy, reserve currency, Richard Florida, Robert Shiller, scientific management, secular stagnation, Silicon Valley, Silicon Valley startup, social intelligence, sovereign wealth fund, starchitect, the built environment, The Wealth of Nations by Adam Smith, Thomas L Friedman, total factor productivity, urban decay, urban planning, urban renewal, white flight, young professional, Zipcar

“Unlike some recent recessions, this time the economy cannot go back to where it was prior to the recession,” writes the economist Mark Thoma, “and the structural change that must occur to move resources out of housing and the financial sector and into other, productive uses will take time to bring about.”3 I don’t have a crystal ball. Nobody can say in advance exactly what this new economy, new way of life, this new spatial fix, will ultimately look like. During the Great Depression, my parents could scarcely have imagined they would be buying a suburban house on what had once been farmland. As we’ve seen, recovery from both the Long Depression of the 1870s and the Great Depression of the 1930s—the First and Second Resets—took the better part of two or three decades.

Catherine Rampell of the New York Times dubs it the “mancession.”11 The gender division of labor also makes economic adjustment more difficult. Manufacturing jobs are overwhelmingly held by men, while women predominate in service jobs. Margaret Wente of the Globe and Mail argues that broader changes in the economy—the rise of knowledge and service work and the decline of manufacturing work—favor women over men. “The new economy (over the long term) is creating tons of service jobs in retail, customer support, and personal care,” she writes. “But no matter how much education and retraining we offer, we are not going to transform factory workers and high-school dropouts into customer-care representatives or nurses’ aides any time soon.


pages: 246 words: 74,341

Financial Fiasco: How America's Infatuation With Homeownership and Easy Money Created the Economic Crisis by Johan Norberg

accounting loophole / creative accounting, Alan Greenspan, bank run, banking crisis, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, Black Swan, business cycle, capital controls, central bank independence, collateralized debt obligation, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Brooks, diversification, financial deregulation, financial innovation, Greenspan put, helicopter parent, Home mortgage interest deduction, housing crisis, Howard Zinn, Hyman Minsky, Isaac Newton, Joseph Schumpeter, Long Term Capital Management, low interest rates, market bubble, Martin Wolf, Mexican peso crisis / tequila crisis, millennium bug, money market fund, moral hazard, mortgage tax deduction, Naomi Klein, National Debt Clock, new economy, Northern Rock, Own Your Own Home, precautionary principle, price stability, Ronald Reagan, savings glut, short selling, Silicon Valley, South Sea Bubble, The Wealth of Nations by Adam Smith, too big to fail

"Fannie & Freddie Takeover." Transcript, September 8, 2008. http:// www.cnbc.com/id/26606180. CNN. Lou Dobbs Tonight. Transcript, December 16, 2008. http://transcripts.cnn.com/ TRANSCRIPTS/0812/16/ldt.0l.html. CNNMoney.com. "Bush: US Economy Is Thriving." August 8, 2007. http:// money.cnn.com/2007/08/08/news/economy/bush/index.htm. Cole, Harold, and Lee Ohanian. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis." Journal of Political Economy 112, no. 4 (2004): 779-816. Committee on Oversight and Government Reform. Credit Rating Agencies and the Financial Crisis.

MSN Money, November 10, 2008. http://articles.moneycentral.msn.com/Investing/Extra/was-AIG-watch dog-not-up-to-the-job.aspx?page = all. Gillespie, Nick, and Matt Welch. "`I Think the SEC Was Distracted."' Reason, March 2009. Golden, Daniel. "Countrywide's Many `Friends."' Portfolio.com, June 12, 2008. Goldman, David. "The $8 Trillion Bailout." CNNMoney.com, January 6, 2009. http:// money.cnn.com/2009/01/06/news/economy/where_stimulus_fits_in/index. htm?eref =rss_topstories. Goldstein, Allan. Financial Services Hearing, U.S. House of Representatives, January 5, 2009. http://www.youtube.com/watch?v=uN-PieCA-4A. Gorton, Gary. "The Panic of 2007." Paper prepared for the Federal Reserve Bank of Kansas City, Jackson Hole Conference, Jackson Hole, WY, August 25, 2008.


pages: 256 words: 79,075

Hired: Six Months Undercover in Low-Wage Britain by James Bloodworth

Airbnb, algorithmic management, Berlin Wall, call centre, clockwatching, collective bargaining, congestion charging, credit crunch, deindustrialization, Fall of the Berlin Wall, fulfillment center, gentrification, gig economy, Greyball, independent contractor, Jeff Bezos, low skilled workers, Network effects, new economy, North Sea oil, Panopticon Jeremy Bentham, payday loans, post-truth, post-work, profit motive, race to the bottom, reshoring, scientific management, Silicon Valley, Travis Kalanick, Uber for X, working poor, working-age population

He had worn himself out, Claire said, pulling what must have amounted to hundreds of thousands of items off the shelves for Amazon’s customers, from books to kitchen appliances. He had hit all his pick rates, had always turned up to work on time and, crucially, had somehow managed not to flout the innumerable petty rules which governed nearly every aspect of the job. Yet this brave new economy – the Darwinian world in which illness was an unpardonable sin – spat him out like a betel nut. His crime was having the temerity to get sick. He even phoned the office an hour before work, in accordance with Transline’s rules, to let his manager know. Not that this stopped the agency from getting rid of him. 3 I was back at work and had started to get sick.

Life underground, where death was omnipresent, potentially lurking in the next roof cavity or pit shaft, had the power to bind men together like the braiding of a copper cable. Selwyn told me emphatically that given the chance he would ‘go back tomorrow’ because ‘everybody stuck together, no matter what’. You were physically safer in many of the jobs in the new economy – only middle-class pseudo revolutionaries pined for the children of the men I met in Merthyr Tydfil to be sent back down beneath the mountains. Yet the jobs in the town today often lacked the solidarity and support networks of the past, let alone the stability propitious to family life. Selwyn told me how his nephew had lost his job at a local factory.


pages: 229 words: 72,431

Shadow Work: The Unpaid, Unseen Jobs That Fill Your Day by Craig Lambert

airline deregulation, Asperger Syndrome, banking crisis, Barry Marshall: ulcers, big-box store, business cycle, carbon footprint, cashless society, Clayton Christensen, cognitive dissonance, collective bargaining, Community Supported Agriculture, corporate governance, crowdsourcing, data science, disintermediation, disruptive innovation, emotional labour, fake it until you make it, financial independence, Galaxy Zoo, ghettoisation, gig economy, global village, helicopter parent, IKEA effect, industrial robot, informal economy, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Mark Zuckerberg, new economy, off-the-grid, pattern recognition, plutocrats, pneumatic tube, recommendation engine, Schrödinger's Cat, Silicon Valley, single-payer health, statistical model, the strength of weak ties, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Turing test, unpaid internship, Vanguard fund, Vilfredo Pareto, you are the product, zero-sum game, Zipcar

As Craig Lambert shows in this mordant, mischievous book, our no-service gig economy gives new meaning to the phrase ‘free market.’” —HENDRIK HERTZBERG, STAFF WRITER, THE NEW YORKER “Increasingly, time is our scarcest resource. Craig Lambert’s important book will change how you think about your days. Shadow work is a new and vitally important concept for understanding the new economy. Lambert’s arguments need to be carefully considered by all who ponder our economic future.” —LAWRENCE H. SUMMERS, FORMER U.S. SECRETARY OF THE TREASURY, PROFESSOR AND PRESIDENT EMERITUS, HARVARD UNIVERSITY “Without any debate or conscious choice, during the last couple of decades technology has radically changed the premises and nature of everyday life and work.

The upshot is an army of young people doing full-time shadow work for months or even years, trying to break into the job market as unpaid trainees. The internship juggernaut represents a massive, widespread, institutionalized form of shadow work. The 2011 exposé Intern Nation: How to Earn Nothing and Learn Little in the Brave New Economy, by Ross Perlin, offers a biting critique of the internship explosion. Many college students now see internships as a requirement for a white-collar career: They dismiss traditional student jobs like camp counselor, waitress, or mailroom clerk as irrelevant to their ambitions (though the mailroom is exactly where many interns land).


pages: 366 words: 76,476

Dataclysm: Who We Are (When We Think No One's Looking) by Christian Rudder

4chan, Affordable Care Act / Obamacare, bitcoin, cloud computing, correlation does not imply causation, crowdsourcing, cuban missile crisis, data science, Donald Trump, Edward Snowden, en.wikipedia.org, fake it until you make it, Frank Gehry, Howard Zinn, Jaron Lanier, John Markoff, John Snow's cholera map, lifelogging, Mahatma Gandhi, Mikhail Gorbachev, Nate Silver, Nelson Mandela, new economy, obamacare, Occupy movement, p-value, power law, pre–internet, prosperity theology / prosperity gospel / gospel of success, race to the bottom, retail therapy, Salesforce, selection bias, Snapchat, social graph, Steve Jobs, the scientific method, the strength of weak ties, Twitter Arab Spring, two and twenty

He shows the kind of belief that a different type of person channels to rip phone books in half for his tight bro J.C. The byline at the bottom of the piece reads, “Tom Peters is the world’s leading brand when it comes to writing, speaking, or thinking about the new economy.” He was also, at that point, not just the leading, but the only person calling himself a brand. Hence a mouthpiece for the “new economy” takes a page from Bass’s Victorian playbook. And why not? Fake it till you make it. The article kicked off the idea of self-branding as a direct path to success and is still read in marketing classes today. A few years later, a man named Peter Montoya expanded upon Peters’s idea in a second influential manifesto called The Brand Called You.


pages: 322 words: 77,341

I.O.U.: Why Everyone Owes Everyone and No One Can Pay by John Lanchester

Alan Greenspan, asset-backed security, bank run, banking crisis, Bear Stearns, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black-Scholes formula, Blythe Masters, Celtic Tiger, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Daniel Kahneman / Amos Tversky, diversified portfolio, double entry bookkeeping, Exxon Valdez, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, fixed income, George Akerlof, Glass-Steagall Act, greed is good, Greenspan put, hedonic treadmill, hindsight bias, housing crisis, Hyman Minsky, intangible asset, interest rate swap, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Jane Jacobs, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, junk bonds, Kickstarter, laissez-faire capitalism, light touch regulation, liquidity trap, Long Term Capital Management, loss aversion, low interest rates, Martin Wolf, money market fund, mortgage debt, mortgage tax deduction, mutually assured destruction, Myron Scholes, negative equity, new economy, Nick Leeson, Norman Mailer, Northern Rock, off-the-grid, Own Your Own Home, Ponzi scheme, quantitative easing, reserve currency, Right to Buy, risk-adjusted returns, Robert Shiller, Ronald Reagan, Savings and loan crisis, shareholder value, South Sea Bubble, statistical model, Tax Reform Act of 1986, The Great Moderation, the payments system, too big to fail, tulip mania, Tyler Cowen, value at risk

So the movement is self-correcting in both directions. Stocks and bonds are the two biggest single fields of global investment, reaching into every corner of economic life. At the beginning of the new millennium, however, both of them were going through an odd patch. The stock market had undergone a spectacular bubble in Internet and new-economy stocks. Some of what was happening seemed to belong to a classic hysteria equal to that of the great historical bubbles such as the Dutch tulip mania, the South Sea bubble, or the nineteenth-century bubble in railway stocks. The broad rules of these bubbles and implosions are well known. They were first systematized by the economist Hyman Minsky, and their best-known popular formulation is in the classic text by Charles P.

., 181, 184–92, 195, 199–200, 223–24, 227 Reykjavík, 10, 12, 170 risk, risks, 49–58, 66–76, 133–36, 141–67, 211–12, 219 AIG and, 75–76 assessment of, 46, 55–56, 74, 133, 135–36, 141–43, 145–67, 187–88, 191, 202, 205, 212, 216, 226 banks and, 19, 34–37, 41, 133, 135–36, 143, 150–54, 156–57, 160, 165–66, 174, 187–88, 191–95, 202, 204–7, 216, 224, 226, 228, 230 bonds and, 61–63, 103, 118, 144, 154, 208 derivatives and, 46–47, 49–52, 54–55, 57–58, 66–75, 78–80, 114–15, 117–22, 151, 153, 158–60, 163, 166–67, 184–85, 205, 212 desirability of, 144, 146, 150, 206–7 diversification and, 146–48 Greenspan and, 142–43, 164–66, 174, 184 hedging of, 49–50, 52, 58, 115, 205 historical data and, 163, 166 housing and, 88, 94–97, 112–13, 125, 129, 145, 158–60, 163–65 investing and, 5, 68, 70, 88, 103, 144, 146–53, 158, 165, 184, 190 leverage and, 35–36 LTCM and, 55–56 overconcentration of, 72–73 regulation and, 143, 153, 164, 187–88, 191, 195, 202, 204–5, 212, 224, 226 securitization and, 69–70, 163, 165 of stairs, 134–35 VAR and, 151–57, 162–63 risk-adjusted return on capital (RAROC), 150–51 Ritholtz, Barry, 219–20 Robinson, Phillip, 128–31 Rogers, Jim, 221 Royal Bank of Scotland (RBS), 34–36, 120, 227 bailout of, 32, 40, 204 Russia, 3, 15–16, 18, 53 bond default of, 55–56, 162, 164–65 Salomon Brothers, 63 Sanford, Charles, 150 Santander, 40 savings, 28, 86, 107, 177, 179, 187 savings and loan crisis, 73, 185, 220 Scholes, Myron, 45, 47–48, 54–55, 147 Securities and Exchange Commission (SEC), 195 credit ratings and, 209–10 regulation and, 153, 186, 189–92 securitization, 20, 22, 200 derivatives and, 69–70, 74, 113–14, 117–19, 122, 212 risk and, 69–70, 125, 163, 165, 212, 224 selling, sales, 34, 42, 104, 174, 203 of bonds, 59, 61–63, 144 derivatives and, 46–50, 52, 56, 65, 67–68, 73–74, 120 of equity, 58–59 of houses, 28–29, 71, 89–90 risk and, 151–52, 165, 224 Shiller, Robert, 106, 145n, 194 Simon, David, 83–84 Singapore exchange, 54 Skilling, Jeffrey, 106 small numbers, law of, 137 Sociét Générale, 51, 77 solvency, insolvency, 28–29 of banks, 36–38, 40–43, 64, 74–75, 120 Spain, 15, 40, 177, 214 contracting economy of, 222–23 housing in, 92, 110 special purpose vehicles (SPVs), 70, 120 stairs, deaths caused by, 134–35 Standard & Poor’s (S&P), 62, 114, 151, 209 statistics, 160–62 Stefánsdóttir, Rakel, 9–10, 12 stock market, stocks, 22, 54–55, 61, 76, 80, 101–11, 115, 226 bubbles and implosions in, 3, 42, 103–9, 142, 175–76 derivatives and, 50–52, 54 investing in, 59, 73, 101–7, 111, 146–52, 158, 175, 192 new-economy, 103 1929 crash of, 152, 199, 213 October 1987 crash of, 142, 151–52, 161–62, 164–65 prices of, 102, 105–6, 109–10, 147–51, 158, 174 structured investment vehicles (SIVs), 120 Summa de Arithmetica (Pacioli), 26 Summers, Lawrence, 43, 74, 188 Taleb, Nassim, 53, 155–56 Tax Reform Act of 1986 (TRA), 100 technology, 42, 104, 149, 155, 166 terrorism, 2, 12, 18, 107 Tett, Gillian, 121, 193 Thatcher, Margaret, 199, 217, 222 free-market capitalism and, 14, 21, 24 on housing, 87, 91, 98 regulation and, 21, 195–96 torture, end of ban on, 18 tranching, 117–18, 122 Treasury, British, 181–82 Treasury, U.S., 43, 54, 64, 74, 76–78 AIG bailout and, 76, 78 regulation and, 188–90 Treasury bills (T-bills), 29–30, 62, 103, 118, 144, 208 China’s investment in, 109, 176–77 Trichet, Jean-Claude, 92 Trillion Dollar Meltdown, The (Morris), 42 Troubled Assets Relief Program (TARP), 37, 189 Turner, Adair, 181 Tversky, Amos, 136–38, 141 UBS, 36, 120 uncertainty, 96 fair value theory and, 147–48 risk and, 55–56, 153, 163 United Kingdom, 9, 11–12, 18, 28–29, 61, 122–24, 134, 139, 194–202, 216–18 banking in, 5, 11, 32–36, 38–40, 51–54, 76–77, 89, 94, 120, 146, 180, 194–96, 199, 202, 204–6, 211–12, 217, 227–28 bill of, 220–22, 224 and City of London, 21–22, 32, 195–97, 200, 217–18 credit ratings and, 123–24, 209 derivatives and, 72, 200–201 financial vs. industrial interests in, 196–99 free-market capitalism in, 14–15, 21, 230 GDP of, 32, 214, 220 Goodwin’s pension and, 76–77 housing in, 38, 87–98, 110, 122, 177–78 interest rates in, 102, 177–80 personal debt in, 221–22 prosperity of, 214, 216 regulation in, 21–22, 105n, 180–82, 194–96, 199–201, 218 United Nations, 4 United States, 17–22, 34, 62–71, 120–31, 134n, 165, 199–201 AIG bailout and, 76–78 banks of, 36–37, 39–40, 43, 63–71, 73, 75, 77–78, 84, 116, 120–21, 127, 150, 152, 163, 183, 185, 190, 195, 204, 211–12, 219–20, 225, 227–28 bill of, 219–20 China’s investment in, 109, 176–77 credit and, 109, 123–24, 195, 208–9, 211 free-market capitalism in, 14–15, 230 housing in, 37, 82–86, 95, 97–101, 109–10, 114–15, 122, 125–31, 157–58, 163 interest rates in, 102, 107–8, 173–77 regulation in, 181, 184–92, 195, 199–200, 223–24, 227 urban desolation in, 81–86 value, values, 42, 74–75, 78–80, 103–4, 179, 181, 217–18, 220, 227 bonds and, 61, 103 derivatives and, 38, 48–49, 185, 201 housing and, 28–29, 71, 90, 92–95, 111, 176 investing and, 60–61, 104, 198 LTCM and, 55–56 notional, 38, 48–49, 80 value at risk (VAR), 151–57, 162–63 Vietnam War, 18, 220 Viniar, David, 163 volatility, 20, 158 risk and, 47–48, 148–50, 161 Volcker, Paul, 20 Waldrow, Mary, 127 Wall Street, 22, 53, 64, 129, 188 Washington Post, The, 18 wealth, 4, 10, 19–21, 64, 204, 206 financial industry’s ascent and, 20–21 in free-market capitalism, 15, 19, 230 housing and, 87, 90, 121 Keynes’s predictions on, 214–15 in West, 218–19 Weatherstone, Dennis, 152 Wells Fargo, 84, 127 Wessex Water, 105n West, 14–18, 43, 213, 231 conflict between Communist bloc and, 16–18 free-market capitalism in, 14–15, 17, 21, 23 wealth in, 218–19 wheat, 49n, 52 When Genius Failed (Lowenstein), 161 Williams, John Burr, 147 Wilson, Lashawn, 130–31 Wire, The, 83–84 World Bank, 58, 65, 69 * GDP, which will be mentioned quite a few times in this story, sounds complicated but isn’t: it’s nothing more than the value of all the goods and services produced in an economy.


pages: 232 words: 71,965

Dead Companies Walking by Scott Fearon

Alan Greenspan, bank run, Bear Stearns, Bernie Madoff, Black Monday: stock market crash in 1987, book value, business cycle, Carl Icahn, corporate raider, cost per available seat-mile, creative destruction, crony capitalism, Donald Trump, Eugene Fama: efficient market hypothesis, fear of failure, Golden Gate Park, hiring and firing, housing crisis, index fund, it's over 9,000, Jeff Bezos, John Bogle, Joseph Schumpeter, Larry Ellison, late fees, legacy carrier, McMansion, moral hazard, multilevel marketing, new economy, pets.com, Ponzi scheme, Ronald Reagan, short selling, short squeeze, Silicon Valley, Snapchat, South of Market, San Francisco, Steve Jobs, survivorship bias, Upton Sinclair, Vanguard fund, young professional

One morning in 1999, we drove across the Golden Gate Bridge and through San Francisco to a business park built on a spit of land, called Oyster Point, that sticks out into the bay. A company called PlanetRx (stock symbol: PLRX) had its headquarters there and I had an appointment with the CFO, a fellow named Steve. This was during the heyday of the dotcom boom, when everybody and their brother was crowing about things like “the new economy” and predicting the end of brick-and-mortar retail. It was a crazy time, and it brought on the most irrational and inflated asset bubble in the history of capitalism. I’ll talk more about that later. For now, I’ll stick to my morning with my father and PlanetRx’s CFO. Steve invited us into his office overlooking the bay and told us all about how his company was going to remake the drug business the way Amazon.com had remade the book business.

They only look as far back as the first days of their particular bubble and assume that older ways of living or doing business have now been rendered permanently obsolete. This was especially true during the dotcom boom, when people who seemed perfectly reasonable would stop you on the street and tell you that the “new economy” of the internet had made investing metrics such as profit margins—or even actual revenues—relics of a bygone age. Sunk, Part II Manias don’t die easily, especially when they’re fueled by rich, powerful, and obsessive people. In 2013, fourteen years after Alan swore that “immersive viewing” would magically cause Americans to love sailing, Oracle founder Larry Ellison tried to bring yachting to the masses again when he hosted the America’s Cup on San Francisco Bay.


pages: 333 words: 76,990

The Long Good Buy: Analysing Cycles in Markets by Peter Oppenheimer

Alan Greenspan, asset allocation, banking crisis, banks create money, barriers to entry, behavioural economics, benefit corporation, Berlin Wall, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, book value, Bretton Woods, business cycle, buy and hold, Cass Sunstein, central bank independence, collective bargaining, computer age, credit crunch, data science, debt deflation, decarbonisation, diversification, dividend-yielding stocks, equity premium, equity risk premium, Fall of the Berlin Wall, financial engineering, financial innovation, fixed income, Flash crash, foreign exchange controls, forward guidance, Francis Fukuyama: the end of history, general purpose technology, gentrification, geopolitical risk, George Akerlof, Glass-Steagall Act, household responsibility system, housing crisis, index fund, invention of the printing press, inverted yield curve, Isaac Newton, James Watt: steam engine, Japanese asset price bubble, joint-stock company, Joseph Schumpeter, Kickstarter, Kondratiev cycle, liberal capitalism, light touch regulation, liquidity trap, Live Aid, low interest rates, market bubble, Mikhail Gorbachev, mortgage debt, negative equity, Network effects, new economy, Nikolai Kondratiev, Nixon shock, Nixon triggered the end of the Bretton Woods system, oil shock, open economy, Phillips curve, price stability, private sector deleveraging, Productivity paradox, quantitative easing, railway mania, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, savings glut, secular stagnation, Shenzhen special economic zone , Simon Kuznets, South Sea Bubble, special economic zone, stocks for the long run, tail risk, Tax Reform Act of 1986, technology bubble, The Great Moderation, too big to fail, total factor productivity, trade route, tulip mania, yield curve

Then, in the period running up to the technology bubble in the late 1990s, there was a sharp rotation in favour of growth stocks when low interest rates were seen as beneficial to growth companies that enjoyed long duration. Also, technology companies (and at the time telecom and media stocks) were seen as ‘new economy’ companies that would benefit from much higher future growth than those in traditional industries (often referred to at the time as ‘old economy’) where demand was mature. In the wake of the collapse of the technology bubble, many of these growth stocks (and technology stocks in particular) experienced the biggest falls in valuations.

Polaroid traded at a P/E of over 90 times, and Walt Disney and McDonald's at over 80 times forward expected earnings. Despite these lofty valuations, Professor Jeremy Siegel (1998) argued that most of the stocks did actually grow into their valuations and achieved very strong returns. A similar narrative later drove the focus on the ‘new economy’ of the late 1990s. Then, as in the 1960s, value (or ‘old economy’) stocks became unloved. The current rise in technology companies that followed the financial crisis is rather different from the frenzy that drove the bubble in the late 1990s. In the years before the crisis, banks dominated the sector weights in many equity markets (benefitting from a cocktail of strong growth, high leverage and product innovation).


Buy Then Build: How Acquisition Entrepreneurs Outsmart the Startup Game by Walker Deibel

barriers to entry, Blue Ocean Strategy, book value, Clayton Christensen, commoditize, deal flow, deliberate practice, discounted cash flows, diversification, drop ship, Elon Musk, family office, financial engineering, financial independence, high net worth, intangible asset, inventory management, Jeff Bezos, knowledge worker, Lean Startup, Mark Zuckerberg, meta-analysis, Network effects, new economy, Peter Thiel, risk tolerance, risk/return, rolodex, software as a service, Steve Jobs, subscription business, supply-chain management, Y Combinator

He acquires the companies fully only after he’s able to see evidence of success in doubling growth the rate. What Goldberg is doing is no secret: he’s building tremendous value within organizations that already have revenue, infrastructure, and earnings. He is anchored in the philosophy of “keeping one foot in the new economy and one foot in the practical economy,” thereby proving that disruption and exponential growth are not reserved exclusively for startups. Masterful acquisition entrepreneurs can experience explosive growth from small businesses in mature industries. Goldberg is living proof. PRODUCT SUBSCRIPTIONS Finally, John Warrilow, author of Built to Sell and The Automatic Customer, creates step-by-step instructions to create a product offering from a service, and a subscription model from a product offering.

In fact, as Taylor Pearson underscores in his entrepreneurship manifesto, The End of Jobs, jobs as we’ve come to know them are becoming less and less available. Since 2000, the population has grown 240 percent faster than job growth. The question, Pearson provides, is no longer “How do I get a job doing that?” It’s, “How do I create a job doing that?” Creating opportunity and building value are skillsets. And they are driving the new economy. Entrepreneurship isn’t just popular anymore, it’s necessary. Acquisition entrepreneurship provides a career accelerator for people going out on their own. It provides infrastructure beyond just one person. As we’ve seen, startups fail. Almost all of them. Out of the ones that do make it, the vast majority get stuck in low revenue companies, never scaling to much beyond the efforts of their owners.


pages: 269 words: 70,543

Tech Titans of China: How China's Tech Sector Is Challenging the World by Innovating Faster, Working Harder, and Going Global by Rebecca Fannin

"World Economic Forum" Davos, Adam Neumann (WeWork), Airbnb, augmented reality, autonomous vehicles, Benchmark Capital, Big Tech, bike sharing, blockchain, call centre, cashless society, Chuck Templeton: OpenTable:, clean tech, cloud computing, computer vision, connected car, corporate governance, cryptocurrency, data is the new oil, data science, deep learning, Deng Xiaoping, Didi Chuxing, digital map, disruptive innovation, Donald Trump, El Camino Real, electricity market, Elon Musk, fake news, family office, fear of failure, fulfillment center, glass ceiling, global supply chain, Great Leap Forward, income inequality, industrial robot, information security, Internet of things, invention of movable type, Jeff Bezos, Kickstarter, knowledge worker, Lyft, Mark Zuckerberg, Mary Meeker, megacity, Menlo Park, money market fund, Network effects, new economy, peer-to-peer lending, personalized medicine, Peter Thiel, QR code, RFID, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart transportation, Snapchat, social graph, SoftBank, software as a service, South China Sea, sovereign wealth fund, speech recognition, stealth mode startup, Steve Jobs, stock buybacks, supply-chain management, tech billionaire, TechCrunch disrupt, TikTok, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, urban planning, Vision Fund, warehouse automation, WeWork, winner-take-all economy, Y Combinator, young professional

—Jon Medved, CEO, OurCrowd “Tech Titans of China is a must read to understand the entrepreneurial dynamics and business model innovations of China’s leading tech companies and how they will transform the world as they go global.” —Poh Kam WONG, Professor, NUS Business School and Senior Director, NUS Enterprise “More often than not, Rebecca Fannin has the first line on players in China’s ‘new economy’ for those of us keeping score at home.” —Tim Ferguson, Former Editor, Forbes Asia “Global innovation expert and China guru Rebecca Fannin has penned a brilliant, information-packed, cogent and engaging volume that is a must-read.” —Jerry Haar and Ricardo Ernst, professors respectively at Florida International University and Georgetown, and co-authors of Innovation in Emerging Markets “Tech Titans of China gives us a very clear and concrete China innovation 101, and lays out how China tech giants are creating their own technology universe.”

In the ebb and flow of history, economic powers shift from one country to the next. I believe we are now at this juncture with the United States and China. Game-changing technologies are being invented in China at a rapid clip, and they’re going global. The future of tomorrow is being driven by new economy breakthroughs, largely in high tech, which is transforming our world. China has the advantage to lead because of its large online markets and a young, tech-savvy population eager to experiment with new devices. There’s no legacy of outdated personal computers or dial-up internet. It’s straight mobile all the time, and 5G superspeedy connections are on their way.


pages: 491 words: 77,650

Humans as a Service: The Promise and Perils of Work in the Gig Economy by Jeremias Prassl

3D printing, Affordable Care Act / Obamacare, Airbnb, algorithmic management, Amazon Mechanical Turk, Andrei Shleifer, asset light, autonomous vehicles, barriers to entry, call centre, cashless society, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, death from overwork, Didi Chuxing, disruptive innovation, Donald Trump, driverless car, Erik Brynjolfsson, full employment, future of work, George Akerlof, gig economy, global supply chain, Greyball, hiring and firing, income inequality, independent contractor, information asymmetry, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Roose, Kickstarter, low skilled workers, Lyft, machine readable, Mahatma Gandhi, Mark Zuckerberg, market friction, means of production, moral hazard, Network effects, new economy, obamacare, pattern recognition, platform as a service, Productivity paradox, race to the bottom, regulatory arbitrage, remote working, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Rosa Parks, scientific management, Second Machine Age, secular stagnation, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Simon Singh, software as a service, Steve Jobs, TaskRabbit, TechCrunch disrupt, The Future of Employment, The Market for Lemons, The Nature of the Firm, The Rise and Fall of American Growth, transaction costs, transportation-network company, Travis Kalanick, two tier labour market, two-sided market, Uber and Lyft, Uber for X, uber lyft, union organizing, warehouse automation, work culture , working-age population

In Germany, a 2015 court order even banned certain Uber services and, in the spring of 2017, the company announced that it would pull out of Denmark in response to new taxi regulations.15 Even those who do not reject regulation outright tend to emphasize the benefits of ‘experimentation first, regulation later’. New York University Stern Business School’s Arun Sundararajan, for example, posits that ‘history suggests that different types of economies require different approaches to regulation . . . it is neither possible nor economically viable to simply adopt existing rules and apply them to a new economy’.16 The argument that exist- ing regulation has ossified beyond repair, however, has powerful detractors— including Cambridge Professor Simon Deakin, who has argued that if ‘technology can evolve, so can the law’.17 As regards the emphasis on regulatory experimentation, various scholars have advocated that we adopt an ‘innovation law perspective’ in support of ‘permissionless innovation’, whereby ‘experimentation with new technolo- gies and business models should generally be permitted by default . . .

MGI, Independent Work: Choice, Necessity, and the Gig Economy (McKinsey & Co. 2016), 36, citing Lawrence Katz and Alan Krueger, ‘The rise and nature of alter- native work arrangements in the United States, 1995–2015’ (2016) NBER Working Paper No. 22667; Patrick Gillespie, ‘The rapidly growing gig econ- omy is still super small’, CNN Money (6 May 2016), http://money.cnn. com/2016/05/06/news/economy/gig-economy-princeton-krueger-tiny/, archived at https://perma.cc/6ZT9-8EX7 17. Caroline O’Donovan, ‘Sen. Mark Warner to San Francisco techies: “the politi- cians are coming” ’, BuzzFeed News (25 September 2015), http://www.buzzfeed. com/carolineodonovan/the-politicians-are-coming-sen-mark-warner-has- a- warning-for?


pages: 600 words: 72,502

When More Is Not Better: Overcoming America's Obsession With Economic Efficiency by Roger L. Martin

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, autism spectrum disorder, banking crisis, Black Monday: stock market crash in 1987, butterfly effect, call centre, cloud computing, complexity theory, coronavirus, COVID-19, David Ricardo: comparative advantage, do what you love, Edward Lorenz: Chaos theory, financial engineering, Frederick Winslow Taylor, Glass-Steagall Act, High speed trading, income inequality, industrial cluster, inflation targeting, Internet of things, invisible hand, Lean Startup, low interest rates, Lyft, Mark Zuckerberg, means of production, Network effects, new economy, obamacare, open economy, Phillips curve, Pluto: dwarf planet, power law, Renaissance Technologies, Richard Florida, Ronald Reagan, scientific management, shareholder value, Silicon Valley, Snapchat, Spread Networks laid a new fibre optics cable between New York and Chicago, Tax Reform Act of 1986, The future is already here, the map is not the territory, The Wealth of Nations by Adam Smith, Tobin tax, Toyota Production System, transaction costs, trickle-down economics, two-sided market, uber lyft, very high income, Vilfredo Pareto, zero-sum game

In the United States, for instance, 75 percent of industries have become more concentrated in the past twenty years, and profits have followed suit. In 1978 the one hundred most profitable US firms earned 48 percent of the profits of all publicly traded companies combined, but by 2015 the figure had nearly doubled, to 84 percent.13 The success stories of the so-called new-economy companies are in some measure responsible. The dynamics of platform businesses, where competitive advantages often derive from network effects, very quickly convert random distributions into Pareto ones, as Instagram did with fame sorting. But Pareto distributions are also common in traditional industries.

See North American Free Trade Agreement NASCAR, 102 National Football League (NFL), 144–145 National Rifle Association (NRA), 197 natural systems achieving balance in, 97–114 adaptivity of, 103–106 complexity of, 100–103 continuous adaptation in, 82–83 dynamic interactions in, 80–81 features of, 80–84, 100 relationship between inputs and outputs in, 81–82 stability of, 84 structure of, 106–113 sum of parts and, 80–81 US economy as, 77–94 NCLB. See No Child Left Behind Act neoclassical Keynesian economics, 23–24, 25 Nestlé, 192 Net Promoter Score (NPS), 28, 29, 48 network effects, 191–192 New Deal, 12, 107, 159 new-economy companies, 71 New England Complex Systems Institute, 177 New York Stock Exchange (NYSE), 64, 88–91, 92, 93 Nicomachean Ethics (Aristotle), 183 1970s, 5–12, 24 No Child Left Behind Act (NCLB), 29–30, 45, 49 nonreductionist thinking, 118–119 normal distributions, 33–38 North American Free Trade Agreement (NAFTA), 66, 150 Norton, David, 129 NYSE.


The Smartphone Society by Nicole Aschoff

"Susan Fowler" uber, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, algorithmic bias, algorithmic management, Amazon Web Services, artificial general intelligence, autonomous vehicles, barriers to entry, Bay Area Rapid Transit, Bernie Sanders, Big Tech, Black Lives Matter, blockchain, carbon footprint, Carl Icahn, Cass Sunstein, citizen journalism, cloud computing, correlation does not imply causation, crony capitalism, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, degrowth, Demis Hassabis, deplatforming, deskilling, digital capitalism, digital divide, do what you love, don't be evil, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, Evgeny Morozov, fake news, feminist movement, Ferguson, Missouri, Filter Bubble, financial independence, future of work, gamification, gig economy, global value chain, Google Chrome, Google Earth, Googley, green new deal, housing crisis, income inequality, independent contractor, Jaron Lanier, Jeff Bezos, Jessica Bruder, job automation, John Perry Barlow, knowledge economy, late capitalism, low interest rates, Lyft, M-Pesa, Mark Zuckerberg, minimum wage unemployment, mobile money, moral panic, move fast and break things, Naomi Klein, Network effects, new economy, Nicholas Carr, Nomadland, occupational segregation, Occupy movement, off-the-grid, offshore financial centre, opioid epidemic / opioid crisis, PageRank, Patri Friedman, peer-to-peer, Peter Thiel, pets.com, planned obsolescence, quantitative easing, Ralph Waldo Emerson, RAND corporation, Ray Kurzweil, RFID, Richard Stallman, ride hailing / ride sharing, Rodney Brooks, Ronald Reagan, Salesforce, Second Machine Age, self-driving car, shareholder value, sharing economy, Sheryl Sandberg, Shoshana Zuboff, Sidewalk Labs, Silicon Valley, single-payer health, Skype, Snapchat, SoftBank, statistical model, Steve Bannon, Steve Jobs, surveillance capitalism, TaskRabbit, tech worker, technological determinism, TED Talk, the scientific method, The Structural Transformation of the Public Sphere, TikTok, transcontinental railway, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, upwardly mobile, Vision Fund, W. E. B. Du Bois, wages for housework, warehouse robotics, WikiLeaks, women in the workforce, yottabyte

The Silicon Valley spirit is even bigger than the promise of its platforms to create value and success for individuals and firms, however. Silicon Valley, we’re told, is ushering in a new age—a digital age of limitless possibility. The big ideas being cultivated in Silicon Valley have been around for a while. In the early nineties scholars discussed the “New Economy” and the “network society,” predicting massive societal shifts due to advances in digital technology and internet connectivity. These ideas can also be traced to much earlier work; scientists in the 1950s believed they were on the cusp of developing a general-purpose artificial intelligence: the ability for a machine to “learn” and in principle perform any intellectual task that a human can.

., 37, 39, 41, 44, 54 Mori, 61–62 MoveOn.org, 91 M-pesa mobile money transfer system, 6 MSD (Marjorie Stoneman Douglas) High School, 90 mSpy, 25 Mubarak, Hosni, 92, 94, 97 Muflahi, Abdullah, 20 multitier subcontracting, 31 Munro, Alice, 62–63 Musk, Elon, 126 Myanmar, 42, 50, 94 National Highway Traffic Safety Administration, 157 National Hispanic Media Coalition, 55 National Justice Project (Australia), 21 National Labor Relations Board, 153 National Policy Institute, 105–6 National Security Agency (NSA), 80, 81, 95 NationBuilder, 93–94 neoliberalism: and capitalism, 69, 102, 112–13, 117–18, 144–45; and economic crisis, 99–100, 176n30; and feminism, 107; and new titans, 54 Nepal, 94 network(s), 61, 143 “network effects,” 44 “network society,” 121 #NeverAgain movement, 90, 110 New America, 56 New Center, 45–46 “New Economy,” 121 news: fake, 50–51, 56 news cycle, 89 newspapers, 50–52 news sources, 50–52 New York Taxi Workers Alliance, 146, 153, 178–79n5 Nichols, Synead, 89–90 Nigeria, politics in, 97 Nixon, Richard, 88 Noah, Trevor, 110 Noble, Dylan, 19–20 Nobu Malibu, 62 #NotOkay, 108 NSA (National Security Agency), 80, 81, 95 Obama, Barack, 6, 44, 55, 92, 106 obsolescence, built-in, 82 Ocasio-Cortez, Alexandria, 104, 112, 152, 179n22 Occupy movement, 102–3, 104 Oculus, 41 OKCupid, 23, 24 O’Neill, Caitlin, 56 online dating, 23–27, 35 online search, 52 Open Markets Institute, 150 Open Sesame, 10 Operation Haymaker, 95–96 O’Reilly, Holly Figueroa, 93 O’Rourke, Beto, 92 outrage politics, 109 outsourcing, 146 ownership of our own data, 135–36, 156 Oxford, Kelly, 60, 108 Pacific Railroad Act (1862), 80 Page, Larry, 38, 39, 41, 54, 119–20, 124 PageRank, 52 Palantir, 81 para-social interactions with celebrities, 65 parental limitation, 8 Parkland, Florida, 90 Patriot Act, 81 payment systems, mobile, 4, 5, 6, 10 PayPal, 44 peer-to-peer networks, 120 Pelosi, Nancy, 56 performance: politics as, 109, 111; social media as, 63, 64, 68 permatemps, 46, 47 personal information: ownership of, 135–36, 156; sharing on social media of, 60– 61 personalization, 53 personal narratives, 115–16 philanthropy, 56–57 Philippines, 90–91 “phone boss,” 69 Physician Women for Democratic Principles, 89 “pickers,” 33, 46 Pickersgill, Eric, 7 Pinterest, 60, 64, 69 PlentyOfFish, 24 polarization, in politics, 111 police: surveillance by, 96–97, 137–38, 176n28; violence against blacks by, 17–23, 35, 89–90, 100–102, 111, 169n6, 169n13 political advertising, 149 political movements, 97, 102, 111–12 political organizing, 91 political parties, 93–94 politics, 87–113; algorithms and filter bubbles in, 109–10; Black Lives Matter in, 89–90, 100–102, 111; bots in, 109; censorship in, 95; Dakota Access Pipeline Protests in, 103–4, 110; decentralization in, 101–2; digital-analog model in, 104, 110–12, 162; economic crisis in, 98–100; feminist movement in, 107–8; finding our voice in, 108–13; geo-, 95–96, 144; government tracking in, 94– 95; gun violence in, 90, 91, 110, 111; modern-day revolt in, 100–108; neoliberal, 99–100, 112–13; Occupy movement in, 102–3; outrage, 109; outside of US, 93–94; as performance, 109, 111; as personal, 88–100; polarization in, 111; political movements in, 97, 102; political parties in, 93– 94; protests in, 89–90, 92, 95, 100–104; slacktivism in, 111; social media use by candidates in, 103–5; social media use by people in power in, 87–88, 92– 93; Sunrise Movement in, 103–4; surveillance by law enforcement in, 96–97, 176n28; Syrian War in, 90; virality in, 81; voter outreach in, 89; white supremacy in, 35, 105–7 poor communities, internet access for, 149–50 Posner, Eric A., 135 poverty, 12–13 power, in cognitive mapping, 145 power inequalities, 137–38 predictive modeling, 77 print magazines, 172n40 PRISM program, 81 privacy, 69–72, 137–38, 150–51, 156 “privacy tools,” 71 private sphere, commodification of, 144 producers vs. consumers, 28–29 profit, frontiers of, 72–79, 85–86 proponents, 9–12 ProPublica, 48, 106, 149, 153 protests, 89–90, 92, 95, 100–104 Proud Boys movement, 106 public opinion, molding of, 55 Pulitzer, Joseph, 50 “push” notifications, 84 racism, 17–23, 35, 169n6, 169n13 RAM (Rise Above Movement), 106–7 rare metals, 82, 83 Reagan, Ronald, 43 real estate market, effect of high-tech company location in, 48–49 “real life,” digital life vs., 68 recommender algorithm, 67 Reddit, 24 redlining, digital, 29 regulation of monopolies, 43–46 reinforcement learning, 157 Rekognition software, 149 relationships, expectations and norms about, 24–25 religious beliefs, tech-based, 123 remote medicine, 10 rents, 48 research funding, 55 retreat from technology, 132–35 Reynolds, Diamond “Lavish,” 20, 35 Rice, Tamir, 18 “right to repair,” 155 right-wing movements, 105–7 Rise Above Movement (RAM), 106–7 rituals, on social media, 61 Robbin, Jonathan, 77 robots, 128, 131 Rockefeller, Jay, 77 Rockefeller, John D., 37, 54, 57 Rongwen, Zhuang, 94 Roosevelt, Franklin Delano, 88 Rousseff, Dilma, 97 Rudder, Christian, 23 rural areas: internet access for, 29, 149–50 Salesforce: employees organizing at, 148; immoral projects at, 154 Sandberg, Sheryl, 107 Sanders, Bernie, 103–5, 110 Santana, Feidin, 19, 20 Santelli, Rick, 105 Saudi Arabia, censorship in, 95 Scavino, Dan, 88 Schifter, Doug, 127 Schillinger, Klemens, 8 Schneier, Bruce, 135 Schrems, Max, 151 science fiction, 126 Scott, Walter, 19, 20 scraping, 71 Seamless, 30 search algorithms, 51–52, 53 Seasteading Institute, 124 Seinfeld, Jerry, 110 self-esteem, 65 selfies, 59–60 selfish behavior, 138–39, 154–56 self-monitoring tools, 69 service jobs, 33–34 Seth, Jodi, 56 sexism, 23–27, 35 sexting, 25–27, 35 sexual division of labor, 74–75 sexual harassment, 25, 27, 126–27 sexuality, 23–27, 35 sexual violence, 25 shareholder value society, 98 sharing on social media, 60–61, 84 Sharpton, Al, 102 shopping, mobile, 31–32 short message service (SMS), 6 Sidewalk Labs, 41 Sierra Club, 157 signals intelligence, 95–96 “silent spring,” 7 Silicon Valley, 115–41; distrust of, 125–31; and government control, 124; and spirit of capitalism, 115–25; taking back control from, 131–41 Silicon Valley Rising (SVR), 147 Sina Weibo (China), 94 Singh, Jagmeet, 93–94 the Singularity, 123 skeptics, 7–8 Skype, 81 slacktivism, 111 Slager, Michael, 19 Slutwalks, 108 smartness, 9 smartphone(s): demographics of, 3, 4; vs.


China's Superbank by Henry Sanderson, Michael Forsythe

"World Economic Forum" Davos, addicted to oil, Asian financial crisis, Bretton Woods, BRICs, Carmen Reinhart, Credit Default Swap, deindustrialization, Deng Xiaoping, Dutch auction, failed state, financial innovation, financial repression, fixed income, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, invisible hand, joint-stock company, junk bonds, Kenneth Rogoff, land bank, London Interbank Offered Rate, low interest rates, megacity, new economy, New Urbanism, price mechanism, race to the bottom, reserve currency, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Solyndra, South Sea Bubble, sovereign wealth fund, special drawing rights, special economic zone, too big to fail, urban renewal, urban sprawl, work culture

Contents Preface Acknowledgments Chapter 1: Let 10,000 Projects Bloom The Wuhu Model The Chongqing Model Global Financial Crisis A Town Called Loudi Li’s Story “Manhattan” in China Credit Risk in a One-Party State Cracks in the System Chapter 2: Turning a Zombie Bank into a Global Bank A Life in the Party The Princeling Party: The Beginning of State Capitalism Taking Over a Basket Case Transforming CDB from an ATM Machine Developing a Slogan Beating the Commercial Banks Gao Jian: Creating a Market for “Risk-Free” Bonds The West Self-Destructs: The Financial Crisis Moving Beyond Wall Street Chapter 3: Nothing to Lose but Our Chains Made in Ethiopia Ethiopia’s Zone: Exporting to the West China–Africa Development Fund: The State’s Private Equity Arm Rising Role of China in Africa Fixed Capital: Western-Style Lending African Tiger: Can Ghana Escape the Resource Curse? Fresh Capital Chapter 4: Risk versus Reward Default in Bolívar’s Country China’s Venezuelan Adventure Loans for Oil Cars, Housing, and Gold: Good Business for China Ecuador Russia China in the Backyard of the United States Chapter 5: Funding the New Economy Obama’s Dream Default-Free Bond Market Financing China’s Global Company: Huawei The Final Frontier: Private Equity Acting as a Gatekeeper Imprint of the State Chapter 6: The Future About the Authors Index Since 1996, Bloomberg Press has published books for financial professionals as well as books of general interest in investing, economics, current affairs, and policy affecting investors and business people.

See Javier Corrales and Michael Penfold, Dragon in the Tropics: Hugo Chavez and the Political Economy of Revolution in Venezuela (Washington: Brookings Institution Press), 2011. 55. The nation pumped about 2.72 million barrels of oil a day in 2011, according to BP’s annual Statistical Review of World Energy, down 22 percent from 1998. 56. Press conference, Yalong Bay, China, April 14, 2011. Chapter 5 Funding the New Economy We are a private company. The government doesn’t tell us what to do. —Yingli Green Energy CEO Miao Liansheng, responding to a question about the company’s $5.78 billion line of credit from China Development Bank, June 2011 None of the G-7 countries provide[s] levels of financing anywhere near those of the China Development Bank.


pages: 446 words: 138,827

What Should I Do With My Life? by Po Bronson

back-to-the-land, Berlin Wall, California energy crisis, clean water, cotton gin, deal flow, double entry bookkeeping, Exxon Valdez, financial independence, high net worth, imposter syndrome, job satisfaction, Menlo Park, microcredit, new economy, proprietary trading, rolling blackouts, Shoshana Zuboff, Silicon Valley, South of Market, San Francisco, special economic zone, Stanford marshmallow experiment, telemarketer, traffic fines, work culture , young professional

Our economy is so vast that we don’t have to grind it out forever at jobs we hate. For the most part, we get to choose. And so a status system has evolved that values being unique and true even more than it values being financially successful. I’ll never forget a potluck dinner I attended during the New Economy’s heyday. A guy was standing in the kitchen doorway, and my wife gave him the Question. His ego crumpled. Dripping with self-disgust, he barely got out the words, “Oh, I’m just another venture capitalist.” Well, my wife was excited to meet a venture capitalist. At the time, “venture capitalist” was about the highest status tag you could aspire to.

If you’re one of these adrenaline seekers who’s convinced all you need from life is a series of oversized challenges, good for you. But you should probably put this book down right here. Because where I’m going to take this conversation might make you very uncomfortable. 30 My New Start-up HOW THE PAST COLORS PERCEPTION When the New Economy imploded, it took more than six months for the stubborn deniers to admit their hoped-for quick rebound was nowhere in sight. The techies were starting to acknowledge the solution to their problem was not to retreat from rocky start-ups to sturdy Ciscos, or to climb up the food chain from founding companies to funding them, or to hop from dot-coms to telecoms.

Or maybe it’s running a company. I’d like to lead people. CEOs are heralded as our leaders today. I think I can do a good job.” “It’s okay if you don’t have it figured out. As long as you don’t stop figuring.” “I appreciate you saying that. I’ve had these windows into these two worlds, politics and the New Economy. And I don’t want to burn through my experiences like some trash novel that’s gone from my mind as soon as it’s finished. I want my experiences to add up. I want them to be useful, and to come together. I don’t really know how they fit together, but I think about it all the time. They have to add up to more.”


pages: 372 words: 152

The End of Work by Jeremy Rifkin

banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, Charles Babbage, collective bargaining, compensation consultant, computer age, deskilling, Dissolution of the Soviet Union, employer provided health coverage, Erik Brynjolfsson, full employment, future of work, general-purpose programming language, George Gilder, global village, Great Leap Forward, Herbert Marcuse, high-speed rail, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, Kaizen: continuous improvement, karōshi / gwarosa / guolaosi, knowledge economy, knowledge worker, land reform, low interest rates, low skilled workers, means of production, military-industrial complex, new economy, New Urbanism, Paul Samuelson, pink-collar, pneumatic tube, post-Fordism, post-industrial society, Productivity paradox, prudent man rule, Richard Florida, Ronald Reagan, scientific management, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, warehouse automation, warehouse robotics, women in the workforce, working poor, working-age population, Works Progress Administration

The White House is seeking more than $3.4 billion in federal funds to upgrade existing training programs and initiate new projects to retrain the more than 2 million Americans who lose their jobs each year. 63 Robert Reich, the Secretary of Labor, has been barnstorming the country, garnering support for a massive retraining effort. In speech after speech, Reich warns his audiences that the United States is entering a new, highly competitive global economy and that "to succeed in the new economy, our workers must be better educated, highly skilled, and adaptable, as well as trained to worldclass standards."64 While the White House is pleading for more job retraining, a growing number of critics are beginning to ask the question, "Retraining for what?" With the agricultural, manufacturing, and service sector all automating their operations and reengineering millions of Americans out of their jobs, the question of where these displaced workers will find alternative employment, once they've become retrained, becomes paramount.

"Synthesizers," p. AI. 71. "What's New in Music Technology," New York Times, March 1, 1987, p. 19. 72. "Strike Out the Band," p. F8. 73· "Hollywood Goes Digital," Forbes ASAp, December 7, 1992, p. 58. 74· "How'd They Do That?" Industry Week, June 21, 1993, p. 34. 75· Ibid., p. 35· ]6. "Waking Up to the New Economy," Fortune, June 27, 1994, p. 37. CHAPTER 11 1. "The American Dream: Fired Up and Melted Down," Washington Post, April 12, 1992, p. AI. 2. Ibid. 3. Reich, Robert, The Work of Nations: Preparing Ourselves for 21st Century Capitalism, (New York: Random House, 1992), p. 213. 4. Harrison, Bennett, and Bluestone, Barry, The Great U-Turn: Corporate Restructuring and the Polarizing of America, (New York: HarperCollins, 1988), pp. 110111. 5.

Cambridge, MA: Massachusetts Institute of Technology, Working Paper #3571- 93, June 4, 1993· Busch, Lawrence, Lacy, William, and Burckhardt, Jeffrey, Plants, Power, and Profit: Social, Economic, and Ethical Consequences of the New Biotechnologies. Cambridge, MA: Basil Blackwell, 1991. 330 Bibliography 331 Callahan, Raymond, Education and the Cult of EffICiency. Chicago: University of Chicago Press, 1964. Carnevale, Anthony Patrick, America and the New Economy. Washington, D. e.: u. S. Department of Labor, 1991. Chandler, Alfred Jr., The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA: Harvard University Press, 1977Clinton/Gore National Campaign, Technology: The Engine of Economic Growth, 1992 . Cochrane, Willard, The Development of American Agriculture: A Historical Analysis.


pages: 458 words: 132,912

The Dying Citizen: How Progressive Elites, Tribalism, and Globalization Are Destroying the Idea of America by Victor Davis Hanson

"World Economic Forum" Davos, 2021 United States Capitol attack, 23andMe, affirmative action, Affordable Care Act / Obamacare, airport security, Bernie Sanders, Big Tech, Black Lives Matter, Boeing 737 MAX, borderless world, bread and circuses, British Empire, business climate, business cycle, carbon footprint, centre right, clean water, coronavirus, COVID-19, creative destruction, currency manipulation / currency intervention, defund the police, deindustrialization, deplatforming, disinformation, Donald Trump, Dr. Strangelove, drone strike, El Camino Real, fake news, Ferguson, Missouri, fixed income, Francis Fukuyama: the end of history, future of work, George Floyd, Gini coefficient, global pandemic, Herbert Marcuse, high-speed rail, Honoré de Balzac, illegal immigration, immigration reform, income inequality, Jeff Bezos, Joseph Schumpeter, laissez-faire capitalism, lockdown, Mark Zuckerberg, mass immigration, mass incarceration, Menlo Park, microaggression, military-industrial complex, mortgage debt, Nate Silver, new economy, New Urbanism, obamacare, old-boy network, Paris climate accords, Parler "social media", peak oil, Potemkin village, Ralph Waldo Emerson, Robert Mercer, Ronald Reagan, school choice, Silicon Valley, Silicon Valley billionaire, Skype, social distancing, Social Justice Warrior, tech worker, Thomas L Friedman, transcontinental railway, upwardly mobile, vertical integration, WikiLeaks, working poor, Yom Kippur War, zero-sum game

Many four-year degrees of the clerisy are more like alphabetic cattle brands that reflect herd status and provide entrée rather than proof of learning.28 Elites assumed that the rules of the new economy were set in stone and thus not subject to change. Americans were to shrug that there would no longer be many well-paying American manufacturing or assembly jobs. They were to accept asymmetrical free trade as either fair and advantageous or, if conceded as unfair and injurious, beyond remedy. Of course, few pointed out that sympathetic journalists, academics, and corporate analysts offered most news accounts and analyses of globalization and the new economy. They were precisely those who had largely benefited from globalization with huge increases in their clients, audiences, and consumers.

Familial erosion was particularly prevalent among the white working classes of the deindustrialized interior of America and the inlands of otherwise affluent coastal states. Such pathologies reflected a decade of inert wages, increasing labor-nonparticipation rates, ossified economic growth, and stubborn unemployment. Soon, however, a genre of social disparagement grew around the “losers” in the new economy. It was as if social pathologies drove out American industry rather than that the flight of industry abroad catalyzed familial erosion. Republicans, for example, for much of the twenty-first century ignored the vestigial middle classes on the theory that the blinkered did not understand the immutable laws of laissez-faire capitalism and the primacy of absolutely unfettered free trade over fair commerce.


Growth: From Microorganisms to Megacities by Vaclav Smil

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, agricultural Revolution, air freight, Alan Greenspan, American Society of Civil Engineers: Report Card, Anthropocene, Apollo 11, Apollo Guidance Computer, autonomous vehicles, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Boeing 747, Bretton Woods, British Empire, business cycle, caloric restriction, caloric restriction, carbon tax, circular economy, colonial rule, complexity theory, coronavirus, decarbonisation, degrowth, deindustrialization, dematerialisation, demographic dividend, demographic transition, Deng Xiaoping, disruptive innovation, Dissolution of the Soviet Union, Easter island, endogenous growth, energy transition, epigenetics, Fairchild Semiconductor, Ford Model T, general purpose technology, Gregor Mendel, happiness index / gross national happiness, Helicobacter pylori, high-speed rail, hydraulic fracturing, hydrogen economy, Hyperloop, illegal immigration, income inequality, income per capita, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, Isaac Newton, James Watt: steam engine, knowledge economy, Kondratiev cycle, labor-force participation, Law of Accelerating Returns, longitudinal study, low interest rates, mandelbrot fractal, market bubble, mass immigration, McMansion, megacity, megaproject, megastructure, meta-analysis, microbiome, microplastics / micro fibres, moral hazard, Network effects, new economy, New Urbanism, old age dependency ratio, optical character recognition, out of africa, peak oil, Pearl River Delta, phenotype, Pierre-Simon Laplace, planetary scale, Ponzi scheme, power law, Productivity paradox, profit motive, purchasing power parity, random walk, Ray Kurzweil, Report Card for America’s Infrastructure, Republic of Letters, rolodex, Silicon Valley, Simon Kuznets, social distancing, South China Sea, synthetic biology, techno-determinism, technoutopianism, the market place, The Rise and Fall of American Growth, three-masted sailing ship, total factor productivity, trade liberalization, trade route, urban sprawl, Vilfredo Pareto, yield curve

Mindful of the Japanese experience, I was thinking that every year after 1995 might be the last spell of what Alan Greenspan famously called irrational exuberance, but it was not in 1996 or 1997 or 1998. And even more so than a decade earlier, there were many economists ready to assure American investors that this spell of exponential growth was really different, that the old rules do not apply in the New Economy where endless rapid growth will readily continue. During the 1990s, the Dow Jones Industrial Average—driven by America’s supposedly New Economy—posted the biggest decadal gain in history as it rose from 2,810 at the beginning of January 1990 to 11,497 at the end of December 1999 (FedPrimeRate 2017). The performance corresponded to annual exponential growth of 14% during the decade, with the peak gains of 33% in 1995 and 25% in 1996.

More than a few normally rational people have been able to convince themselves—by repeating the mantra “this time it is different”—that performances will keep on multiplying for a long time to come. The best examples of these, often collective, delusions come from the history of stock market bubbles and I will describe in some detail just two most notable recent events, Japan’s pre-1990 rise and America’s New Economy of the 1990s. Japan’s economic rise during the 1980s provides one of the best examples of people who should know better getting carried away by the power of exponential growth. After growing 2.6 times during the 1970s, Nikkei 225 (Japan’s leading stock market index and the country’s equivalent of America’s Dow Jones Industrial) increased by 184% between January 1981 and 1986, added 43% in 1986, nearly 13% in 1987, almost 43% in 1988, and a further 29% in 1989 (Nikkei 225 2017).

In his series of studies, culminating in a comprehensive book, Gordon (2000, 2012, 2016) questioned the fundamental Solowian assumption of economic growth as a continuous process that will persist forever, and demonstrated, contrary to the prevailing impression of unprecedented progress, that in many respects the much-touted “New Economy”—based on exploiting computing, information processing, and telecommunication advances made possible by the growth of microprocessor capabilities (conforming to Moore’s law)—does not measure up to the great inventions of the past. A long-term perspective shows virtually no growth of major economies before 1750, and accelerated growth in the frontier (that is the richest Western) economies, in the UK after 1750 and the US a century later.


pages: 823 words: 206,070

The Making of Global Capitalism by Leo Panitch, Sam Gindin

accounting loophole / creative accounting, active measures, airline deregulation, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Big bang: deregulation of the City of London, bilateral investment treaty, book value, Branko Milanovic, Bretton Woods, BRICs, British Empire, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, Carmen Reinhart, central bank independence, classic study, collective bargaining, continuous integration, corporate governance, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency peg, dark matter, democratizing finance, Deng Xiaoping, disintermediation, ending welfare as we know it, eurozone crisis, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global value chain, guest worker program, Hyman Minsky, imperial preference, income inequality, inflation targeting, interchangeable parts, interest rate swap, Kenneth Rogoff, Kickstarter, land reform, late capitalism, liberal capitalism, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, market fundamentalism, Martin Wolf, means of production, military-industrial complex, money market fund, money: store of value / unit of account / medium of exchange, Monroe Doctrine, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, non-tariff barriers, Northern Rock, oil shock, precariat, price stability, proprietary trading, quantitative easing, Ralph Nader, RAND corporation, regulatory arbitrage, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, scientific management, seigniorage, shareholder value, short selling, Silicon Valley, sovereign wealth fund, special drawing rights, special economic zone, stock buybacks, structural adjustment programs, subprime mortgage crisis, Tax Reform Act of 1986, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transcontinental railway, trickle-down economics, union organizing, vertical integration, very high income, Washington Consensus, We are all Keynesians now, Works Progress Administration, zero-coupon bond, zero-sum game

Firms restructured key production processes, outsourced others to cheaper and more specialized suppliers, and relocated to the US south—all as part of an accelerated general reallocation of capital within the American economy. Amid the bravado and almost manic competitiveness of Wall Street, pools of venture capital were made available for the high-tech firms of the “new economy.” By the late 1980s these transformations in production laid the basis for US exports to grow faster than those of all other advanced capitalist countries. Moreover, the American economy’s unique access to global savings through the central position of Wall Street in global money markets allowed it to import freely without compromising other objectives.

Despite the sheer tenacity of the view, going back to the theories of imperialism a century earlier, that overaccumulation is the source of all capitalist crises, the crisis that erupted in the US in 2007 was not caused by a profit squeeze or collapse of investment due to general overaccumulation in the economy.54 In the US, in particular, profits and investments had recovered strongly since the early 1980s. Nor was it caused by a weakening of the dollar due to the recycling of China’s trade surpluses, as so many had predicted. On the contrary, the enormous foreign purchases of US Treasuries had allowed a low-interest-rate policy to be sustained in the US after the bursting of the “new economy” stock bubble at the beginning of the new century. While this stoked an even greater real-estate bubble, after a brief downturn economic growth and non-residential investment resumed. Indeed, investment was growing significantly in the two years before the onset of the crisis, profits were at a peak, and capacity-utilization in industry had just moved above the historic average.

This did not write finis to the European variety of capitalism, embedded as it was in the deeply entrenched corporatist arrangements of “coordinated capitalism” throughout the postwar era. But these arrangements were now ever more attuned to competitiveness as the overriding goal.38 Motivated by a concern that “business and citizens in the European Union have been slower in embracing [the] new economy than in the United States,” the European Commission wanted Europe to “become the cheapest and easiest place to do business in the world.”39 Thus, having started with the seductive promise in the mid 1980s of a European and Monetary Union based on a “social charter,” by the time the euro was launched in 1999 it was clear that regional economic integration was, in effect, “the antechamber to broader liberalization.”


pages: 305 words: 79,303

The Four: How Amazon, Apple, Facebook, and Google Divided and Conquered the World by Scott Galloway

"Susan Fowler" uber, activist fund / activist shareholder / activist investor, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, Amazon Robotics, Amazon Web Services, Apple II, autonomous vehicles, barriers to entry, Ben Horowitz, Bernie Sanders, Big Tech, big-box store, Bob Noyce, Brewster Kahle, business intelligence, California gold rush, Cambridge Analytica, cloud computing, Comet Ping Pong, commoditize, cuban missile crisis, David Brooks, Didi Chuxing, digital divide, disintermediation, don't be evil, Donald Trump, Elon Musk, fake news, follow your passion, fulfillment center, future of journalism, future of work, global supply chain, Google Earth, Google Glasses, Google X / Alphabet X, Hacker Conference 1984, Internet Archive, invisible hand, Jeff Bezos, Jony Ive, Khan Academy, Kiva Systems, longitudinal study, Lyft, Mark Zuckerberg, meta-analysis, Network effects, new economy, obamacare, Oculus Rift, offshore financial centre, passive income, Peter Thiel, profit motive, race to the bottom, RAND corporation, ride hailing / ride sharing, risk tolerance, Robert Mercer, Robert Shiller, Search for Extraterrestrial Intelligence, self-driving car, sentiment analysis, shareholder value, Sheryl Sandberg, Silicon Valley, Snapchat, software is eating the world, speech recognition, Stephen Hawking, Steve Ballmer, Steve Bannon, Steve Jobs, Steve Wozniak, Stewart Brand, supercomputer in your pocket, Tesla Model S, the long tail, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, undersea cable, vertical integration, warehouse automation, warehouse robotics, Wayback Machine, Whole Earth Catalog, winner-take-all economy, working poor, you are the product, young professional

As Bezos wrote in Amazon’s first annual letter, in 1997, “Given a 10 percent chance of a hundred times payout, you should take that bet every time.”51 Needless to say, most CEOs don’t think this way. Most won’t even take risks that have less than a 50 percent chance of success—no matter how big the potential payoff. This is a big reason why old-economy firms are leaking value to new-economy firms. Today’s successful companies may have the assets, cash flow, and brand equity, but they approach risk differently than many tech firms that have seen their death. They live for today and acknowledge that great success only comes with significant, even existential, risk. There is a survivor bias that plagues old-economy CEOs and their shareholders.

For better or worse (and frankly, it is often for worse), organizations have access, essentially, to infinite amounts of data, and what might as well be an infinite variety of ways to sort through and act on that data. At the same time, ideas can be turned into reality at unprecedented speed. The thing Amazon, Facebook, and no less hot firms, including Zara, have in common is they are agile (the new-economy term for fast). Curiosity is crucial to success. What worked yesterday is out-of-date today and forgotten tomorrow—replaced by a new tool or technique we haven’t yet heard of. Consider that the telephone took 75 years to reach 50 million users, whereas television was in 50 million households within 13 years, the internet in 4, . . . and Angry Birds in 35 days.


pages: 288 words: 83,690

How to Kill a City: The Real Story of Gentrification by Peter Moskowitz

"Hurricane Katrina" Superdome, affirmative action, Airbnb, back-to-the-city movement, Bay Area Rapid Transit, Big Tech, Black Lives Matter, Blue Bottle Coffee, British Empire, clean water, collective bargaining, company town, David Brooks, deindustrialization, Detroit bankruptcy, do well by doing good, drive until you qualify, East Village, Edward Glaeser, fixed-gear, gentrification, Golden Gate Park, housing crisis, housing justice, income inequality, Jane Jacobs, Kickstarter, Kitchen Debate, land bank, late capitalism, messenger bag, mortgage tax deduction, Naomi Klein, new economy, New Urbanism, off-the-grid, private military company, profit motive, public intellectual, Quicken Loans, RAND corporation, rent control, rent gap, rent stabilization, restrictive zoning, Richard Florida, Ronald Reagan, school choice, Silicon Valley, starchitect, subprime mortgage crisis, tech worker, The Death and Life of Great American Cities, the High Line, trickle-down economics, urban planning, urban renewal, white flight, working poor, Works Progress Administration, young professional

Katrina became the perfect opportunity for politicians to institute what author and activist Naomi Klein calls “shock doctrine capitalism,” using the chaos provided by the crisis to push through the reforms Brooks suggests: dismantling institutions that served the poor, and making the city more accommodating to an influx in capital. The result is a city that feels richer than before, but also unfriendly to those who do not fit into its new economy. Bigard is one of those people. New Orleans has the highest percentage of native-born residents of any city in the United States. And Bigard, like many people here, has roots that go way back, at least to 1809. Her grandfather was a well-known Mardi Gras Indian. But despite her deep roots, Bigard said, she feels like she’s losing grip on her city.

After I walked around the Mission with Anabelle Bolaños, she told me that if I wanted to understand the future of the Bay Area, I had to go east, past San Francisco, past Oakland, under a mountain, over a highway, and to Concord, the biggest city in Contra Costa County. The area, which was once mostly farmland, has become a sprawling mess of suburbs, exurbs, and car-centric mini-cities. I agreed to take the trip, but first I had to get over the bridge connecting San Francisco to the East Bay, which turned out to be a lesson in itself about the Bay Area’s new economy. Every bridge connecting San Francisco to the rest of the Bay Area has seen a double-digit rise in commuters over the last five years—a good indication, before census statistics catch up, that the region’s population is growing. On the Bay Bridge, which connects Oakland and the rest of the East Bay to San Francisco, rush hour now starts at 5:00 a.m.


pages: 411 words: 80,925

What's Mine Is Yours: How Collaborative Consumption Is Changing the Way We Live by Rachel Botsman, Roo Rogers

"World Economic Forum" Davos, Abraham Maslow, Airbnb, Apollo 13, barriers to entry, behavioural economics, Bernie Madoff, bike sharing, Buckminster Fuller, business logic, buy and hold, carbon footprint, Cass Sunstein, collaborative consumption, collaborative economy, commoditize, Community Supported Agriculture, credit crunch, crowdsourcing, dematerialisation, disintermediation, en.wikipedia.org, experimental economics, Ford Model T, Garrett Hardin, George Akerlof, global village, hedonic treadmill, Hugh Fearnley-Whittingstall, information retrieval, intentional community, iterative process, Kevin Kelly, Kickstarter, late fees, Mark Zuckerberg, market design, Menlo Park, Network effects, new economy, new new economy, out of africa, Paradox of Choice, Parkinson's law, peer-to-peer, peer-to-peer lending, peer-to-peer rental, planned obsolescence, Ponzi scheme, pre–internet, public intellectual, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Robert Shiller, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, Simon Kuznets, Skype, slashdot, smart grid, South of Market, San Francisco, Stewart Brand, systems thinking, TED Talk, the long tail, The Nature of the Firm, The Spirit Level, the strength of weak ties, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thorstein Veblen, Torches of Freedom, Tragedy of the Commons, transaction costs, traveling salesman, ultimatum game, Victor Gruen, web of trust, women in the workforce, work culture , Yochai Benkler, Zipcar

In the same way that individuals reflect on and report their daily activities and thoughts on Twitter or Facebook—and, in turn, have those contributions reflected on, mimicked, edited, and disseminated—society is undergoing a constant process of reflexivity and adaptation. We are able to put a name to things and get a sense that we are part of a greater movement. This awareness of community momentum and purpose spurs further explorations and growth into new economies and innovations. We have become increasingly adapted to change. And because Collaborative Consumption is based on natural behavioral instincts around sharing and exchanging that have in fact been suppressed by hyper-consumerism but that are innate to us, it has the potential to grow notably fast.

We hope this period will be regarded as the transition away from consumption for consumption’s sake, and away from the fear of what will happen to the economy when this ethos is abandoned. But in the nascent stages of this transformation, it can be hard to grasp what kind of movement it is. A revolution? A phenomenon? A new new economy? It will be exciting to see how Collaborative Consumption evolves. What unimaginable things will become shareable? What will become the “Google of exchange”? What will become the American Express of social currencies? In the space of a little more than a decade, we have seen the evolution of traditional banks to social lending marketplaces to completely new forms of peer-to-peer virtual currencies such as VEN.


pages: 272 words: 83,798

A Little History of Economics by Niall Kishtainy

Alvin Roth, behavioural economics, British Empire, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon tax, central bank independence, clean water, Corn Laws, Cornelius Vanderbilt, creative destruction, credit crunch, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Dr. Strangelove, Eugene Fama: efficient market hypothesis, first-price auction, floating exchange rates, follow your passion, full employment, George Akerlof, Great Leap Forward, greed is good, Hyman Minsky, inflation targeting, invisible hand, John Nash: game theory, John von Neumann, Joseph Schumpeter, Kenneth Arrow, loss aversion, low interest rates, market clearing, market design, means of production, Minsky moment, moral hazard, Nash equilibrium, new economy, Occupy movement, Pareto efficiency, Paul Samuelson, Phillips curve, prisoner's dilemma, RAND corporation, rent-seeking, Richard Thaler, rising living standards, road to serfdom, Robert Shiller, Robert Solow, Ronald Reagan, sealed-bid auction, second-price auction, The Chicago School, The Great Moderation, The Market for Lemons, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, Vickrey auction, Vilfredo Pareto, washing machines reduced drudgery, wealth creators, Winter of Discontent

The mercantilists, in contrast, weren’t so concerned with the benefits to people from having access to goods. What mattered to them was producing goods to sell to foreigners for gold; the availability of many goods, including imported ones, could even be a bad thing if spending on them led to an outflow of gold from the country. Smith had a vision of a new economy that was then being born, one based on the division of labour and self-interest. He has been acclaimed as a sage, often by those who believe that markets should rule above all else, that governments should do as little as possible and businesses do what they like. Two hundred years after The Wealth of Nations was published, American President Ronald Reagan championed these principles, taking Smith as his inspiration.

Also, behind the harmony of decent people pursuing their self-interest, Smith heard clashing chords. The division of labour makes each worker’s task simple. Although it increases production, it makes workers ‘stupid and ignorant’. Also, how was all the new wealth to be divided up between the workers and their employers? The new economy had the potential for both conflict and harmony; economists after Smith each came to emphasise one of these over the other. CHAPTER 7 Corn Meets Iron The French historian and traveller Alexis de Tocqueville was amazed by the signs of a new society that he found when he visited Manchester in the 1830s.


pages: 345 words: 84,847

The Runaway Species: How Human Creativity Remakes the World by David Eagleman, Anthony Brandt

active measures, Ada Lovelace, agricultural Revolution, Albert Einstein, Andrew Wiles, Apollo 13, Burning Man, cloud computing, computer age, creative destruction, crowdsourcing, Dava Sobel, deep learning, delayed gratification, Donald Trump, Douglas Hofstadter, en.wikipedia.org, Frank Gehry, Gene Kranz, Google Glasses, Great Leap Forward, haute couture, informal economy, interchangeable parts, Isaac Newton, James Dyson, John Harrison: Longitude, John Markoff, Large Hadron Collider, lone genius, longitudinal study, Menlo Park, microbiome, Netflix Prize, new economy, New Journalism, pets.com, pneumatic tube, QWERTY keyboard, Ray Kurzweil, reversible computing, Richard Feynman, risk tolerance, Scaled Composites, self-driving car, Simon Singh, skeuomorphism, Solyndra, SpaceShipOne, stem cell, Stephen Hawking, Steve Jobs, Stewart Brand, synthetic biology, TED Talk, the scientific method, Watson beat the top human players on Jeopardy!, wikimedia commons, X Prize

“Neural Substrates of Spontaneous Musical Performance: An fMRI Study of Jazz Improvisation.” PLoS ONE 3, no. 2 (2008). Accessed May 10, 2014. doi:10.1371/journal.pone.0001679. Liu, David. “Is Education Killing Creativity in the New Economy?” Fast Company. April 26, 2013. Accessed April 27, 2014. <http://www.fastcompany.com/3008800/education-killing-creativity-new-economy> Lockhart, Paul. A Mathematician’s Lament. New York, NY: Bellevue Literary Press, 2009. Loewy, Raymond. Never Leave Well Enough Alone. Baltimore: Johns Hopkins University Press, 2002. Lohr, Steve. “IBM’s Design-Centered Strategy to Set Free the Squares.”


pages: 290 words: 84,375

China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle by Dinny McMahon

"World Economic Forum" Davos, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, American Society of Civil Engineers: Report Card, Andrei Shleifer, Asian financial crisis, bank run, business cycle, California gold rush, capital controls, crony capitalism, dark matter, Deng Xiaoping, Donald Trump, Edward Glaeser, eurozone crisis, financial innovation, fixed income, Gini coefficient, Global Witness, Great Leap Forward, high-speed rail, if you build it, they will come, income inequality, industrial robot, invisible hand, low interest rates, megacity, middle-income trap, military-industrial complex, money market fund, mortgage debt, new economy, peer-to-peer lending, Ponzi scheme, Ronald Reagan, short selling, Silicon Valley, subprime mortgage crisis, too big to fail, trickle-down economics, urban planning, working-age population, zero-sum game

During most booms, people are not only blind to the risks but they devise explanations for why risks don’t even exist. People assumed the subprime mortgage crisis couldn’t happen, because the United States had never experienced a nationwide decline in housing prices. During the dot-com boom, the delusion was that the new economy had done away with the business cycle. Before the Asian financial crisis, it was assumed that Asian values had created a new, more sustainable type of economic growth. In China, people’s faith in the security of their investments isn’t based on some pseudoscientific theory that somehow things are different this time; their confidence is rooted in the knowledge that someone will bail them out should the need arise.

Among foreigners and Chinese alike, a common refrain is that the economy will be fine because the authorities are aware of the problems and will sort them out. However, to the extent that Beijing has already devised a solution, it’s no cause for confidence. China’s leaders are trying to build a new economy without changing the underlying institutions. They want to grow through their problems by applying the old growth model to new industries. There is unquestionably an element of desperation at play. If China doesn’t join the ranks of rich nations soon, then its aging population will make the middle-income trap harder to avoid, and the nation’s ambitions of national rejuvenation will be postponed for at least another generation.


pages: 207 words: 86,639

The New Economics: A Bigger Picture by David Boyle, Andrew Simms

Abraham Maslow, Alan Greenspan, Alvin Toffler, Apollo 11, Asian financial crisis, back-to-the-land, banking crisis, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, capital controls, carbon footprint, carbon tax, clean water, collateralized debt obligation, colonial rule, Community Supported Agriculture, congestion charging, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Crossrail, delayed gratification, deskilling, digital divide, en.wikipedia.org, energy transition, financial deregulation, financial exclusion, financial innovation, full employment, garden city movement, Glass-Steagall Act, green new deal, happiness index / gross national happiness, if you build it, they will come, income inequality, informal economy, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Elkington, junk bonds, Kickstarter, land bank, land reform, light touch regulation, loss aversion, mega-rich, microcredit, Mikhail Gorbachev, Money creation, mortgage debt, neoliberal agenda, new economy, North Sea oil, Northern Rock, offshore financial centre, oil shock, peak oil, pension time bomb, pensions crisis, profit motive, purchasing power parity, quantitative easing, Ronald Reagan, seigniorage, Simon Kuznets, sovereign wealth fund, special drawing rights, systems thinking, the long tail, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, trickle-down economics, Vilfredo Pareto, Washington Consensus, wealth creators, working-age population

THE NEW Economics A Bigger Picture David Boyle and Andrew Simms ‘Provocative, timely and incisive, The New Economics exposes the failures of conventional economic thinking with humour and wisdom, and sets out the essentials of a vibrant new economy for a just and sustainable 21st century.’ Oliver Tickell, author, Kyoto2 ‘Through the use of engaging stories and analysis, The New Economics shows how we can, and must, look at the world in a very different way centred on people, not profit, if we are to create a sustainable future for us all.’ Jessica Fries, Project Director, Accounting for Sustainability, The Household of TRH The Prince of Wales and The Duchess of Cornwall ‘By twisting together the green shoots of economic unorthodoxy, The New Economics points the way to a more sensible way of doing things...

As the fissures in the old system threaten to crack open with potentially devastating consequences the good news is that those living on the economic front line have been developing and building alternative methods of saving, exchanging and lending that we can learn from, and multiply to create a thriving, resilient network able to fill the gaps left by the collapse of the old order. 162 THE NEW ECONOMICS We make a number of proposals that include measures both for immediate stabilization of the economy and for long-term restructuring. Here are several short- to long-term steps that, in the midst of the crisis, we believe will breathe life into a phoenix-like new economy. What is new is that these are no longer distant dreams on a hopeful wish list. Because the state now owns a large slice of the financial system these are things we can do now. Measures can be put directly into place. The argument that they are impossible because the state cannot intervene directly to shape the financial system has fallen.


Rethinking Money: How New Currencies Turn Scarcity Into Prosperity by Bernard Lietaer, Jacqui Dunne

3D printing, 90 percent rule, agricultural Revolution, Albert Einstein, Asian financial crisis, banking crisis, Berlin Wall, BRICs, business climate, business cycle, business process, butterfly effect, carbon credits, carbon footprint, Carmen Reinhart, clockwork universe, collapse of Lehman Brothers, complexity theory, conceptual framework, credit crunch, different worldview, discounted cash flows, en.wikipedia.org, Fall of the Berlin Wall, fear of failure, fiat currency, financial innovation, Fractional reserve banking, full employment, German hyperinflation, Glass-Steagall Act, happiness index / gross national happiness, holacracy, job satisfaction, John Perry Barlow, liberation theology, low interest rates, Marshall McLuhan, microcredit, mobile money, Money creation, money: store of value / unit of account / medium of exchange, more computing power than Apollo, new economy, Occupy movement, price stability, reserve currency, Silicon Valley, systems thinking, the payments system, too big to fail, transaction costs, trickle-down economics, urban decay, War on Poverty, working poor

Becker-Posner Blog. www.becker-posner-blog.com /2010/08/. 3. “$22,350 a Year for a Family of Four or $10,890 for an Individual in the 48 Contiguous States and DC,” Federal Register 76, no. 13 (2011): 3637– 3638. 4. Tami Luhby, “Government Assistance Expands,” CNN Money, February 7, 2012. http://money.cnn.com /2012 /02 /07/news/economy/government_assistance/index .htm. 5. Jason Deparle, Robert Gebeloff, and Sabrina Tavernise, “Older, Suburban and Struggling, ‘Near Poor’ Startle the Census,” New York Times, November 18, 2011. 6. Richard Cranium, “Almost 80% of Americans Are Living Paycheck to Paycheck,” Daily Kos, October 30, 2010. www.dailykos.com /story/2010/10/30/915125 /-Almost-80 -of-Americans-live-paycheck-to-paycheck-w-poll. 7.

October 2008. www.lietaer .com /images/White_Paper_on_Systemic_Banking _Crises_final.pdf. Liu, Eric, and Hanauer, Nick. The Gardens of Democracy: A New American Story of Citizenship, the Economy and the Role of Government. Seattle, WA: Sasquatch Books, 2011. Luhby, Tami. “Government Assistance Expands.” CNN Money, February 7, 2012. http://money.cnn.com/2012/02/07/news/economy/government_ assistance/index.htm. Maruyama, Makoto. “Local Currencies in New Zealand and Australia.” In Dynamics of Cultures and Systems in the Pacific Rim, ed. Junji Koizumi. Osaka, Japan: Osaka University Press, 2003. Mauss, Marcel. “Essai sur le Don: Forme et raison de l’échange dans les sociétés archaiques.”


pages: 297 words: 83,651

The Twittering Machine by Richard Seymour

4chan, anti-communist, augmented reality, behavioural economics, Bernie Sanders, Big Tech, Black Lives Matter, Cal Newport, Californian Ideology, Cass Sunstein, Chelsea Manning, citizen journalism, classic study, colonial rule, Comet Ping Pong, correlation does not imply causation, credit crunch, crisis actor, crowdsourcing, dark triade / dark tetrad, disinformation, don't be evil, Donald Trump, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, fake news, false flag, Filter Bubble, Gabriella Coleman, gamification, Google Chrome, Google Earth, hive mind, informal economy, Internet of things, invention of movable type, invention of writing, James Bridle, Jaron Lanier, Jeremy Corbyn, Jon Ronson, Jony Ive, Kevin Kelly, Kevin Roose, knowledge economy, late capitalism, Lewis Mumford, liberal capitalism, Mark Zuckerberg, Marshall McLuhan, meta-analysis, Mohammed Bouazizi, moral panic, move fast and break things, Network effects, new economy, packet switching, patent troll, Philip Mirowski, post scarcity, post-industrial society, post-truth, RAND corporation, Rat Park, rent-seeking, replication crisis, sentiment analysis, Shoshana Zuboff, Silicon Valley, Silicon Valley ideology, Skinner box, smart cities, Snapchat, Social Justice Warrior, Steve Bannon, Steve Jobs, Stewart Brand, Stuxnet, surveillance capitalism, TaskRabbit, technological determinism, technoutopianism, TED Talk, the scientific method, Tim Cook: Apple, Timothy McVeigh, Twitter Arab Spring, undersea cable, upwardly mobile, white flight, Whole Earth Catalog, WikiLeaks

The new platform technologies were supposed to be liberal, modern, participatory. The second wave of cyber-utopianism had been much like the first, headlined at the zenith of global power by a Democratic administration in Washington evangelizing for tech, for the globalization of the ‘free and open’ net built in Silicon Valley, and for the ‘new economy’ as a modernizing upgrade. If the Clinton administration sought to hardwire as the universal framework for online social interactions a very parochial and eccentric Californian culture of rich white men, the Obama administration wanted to bring tech into the White House. The digital giants were essential, both for Obama and Hillary Clinton’s State Department, to the modernizing of the government and the economy, and to achieving US foreign policy objectives.

The wave of monopolization taking place in mass media, resulting in six corporations controlling approximately 90 per cent of the flow of information, had been helped along by Clinton’s 1996 Telecommunications Act.24 What is more, unlike the old economy giants allied with the Bush administration, such as Halliburton, these new economy giants were clean-cut, had no coal under their fingernails. They seemingly traded a mysterious substance – communication, the cloud – of which everyone was in favour, and which was pristine and high-status. However, it was also complicated. It was easy enough for the White House to gloat about free information if it inconvenienced Iran.


pages: 304 words: 80,143

The Autonomous Revolution: Reclaiming the Future We’ve Sold to Machines by William Davidow, Michael Malone

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, agricultural Revolution, Airbnb, AlphaGo, American Society of Civil Engineers: Report Card, Automated Insights, autonomous vehicles, basic income, benefit corporation, bitcoin, blockchain, blue-collar work, Bob Noyce, business process, call centre, Cambridge Analytica, cashless society, citizen journalism, Clayton Christensen, collaborative consumption, collaborative economy, collective bargaining, creative destruction, crowdsourcing, cryptocurrency, deep learning, DeepMind, disintermediation, disruptive innovation, distributed ledger, en.wikipedia.org, Erik Brynjolfsson, fake news, Filter Bubble, Ford Model T, Francis Fukuyama: the end of history, general purpose technology, Geoffrey West, Santa Fe Institute, gig economy, Gini coefficient, high-speed rail, holacracy, Hyperloop, income inequality, industrial robot, Internet of things, invention of agriculture, invention of movable type, invention of the printing press, invisible hand, Jane Jacobs, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, license plate recognition, low interest rates, Lyft, Mark Zuckerberg, mass immigration, Network effects, new economy, peer-to-peer lending, QWERTY keyboard, ransomware, Richard Florida, Robert Gordon, robo advisor, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Simon Kuznets, Skinner box, Snapchat, speech recognition, streetcar suburb, Stuxnet, surveillance capitalism, synthetic biology, TaskRabbit, The Death and Life of Great American Cities, The Rise and Fall of American Growth, the scientific method, trade route, Turing test, two and twenty, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, urban planning, vertical integration, warehouse automation, zero day, zero-sum game, Zipcar

And that may be all the warning we get. Look around you. Everything is transforming before our eyes. The nature of work is changing. The good job is going away. New business structures are displacing old ones. The Internet of Things promises to serve our every need, and in the process become the platform for a massive new economy—a surveillance economy where our every action is monitored. Computers are peering into our brains to learn our thoughts, understand our emotions, and influence and direct our behavior. Lives are moving from a physical space that has no purpose and that we have shaped to meet our needs … to a virtual space that increasingly attempts to shape our actions to meet the needs of its controllers.

History.com Editors, “The Interstate Highway System,” History Channel, May 27, 2010, updated June 7, 2019, https://www.history.com/topics/interstate-highway-system. 50. Heather Long, “Where Are All the Startups? U.S. Entrepreneurship Near 40-Year Low,” CNN, September 8, 2016, https://money.cnn.com/2016/09/08/news/economy/us-startups-near-40-year-low/index.html. 51. Ibid. 52. Charles Murray, In Our Hands (Washington, D.C.: The AEI Press, 2016). 53. Jeremy Greenwood and Guillaume Vandenbroucke, “Hours Worked: Long-Run Trends,” National Bureau of Economic Research, September 2005, http://www.nber.org/papers/w11629.pdf; and Robert Whaples, “Hours of Work in U.S.


pages: 627 words: 89,295

The Politics Industry: How Political Innovation Can Break Partisan Gridlock and Save Our Democracy by Katherine M. Gehl, Michael E. Porter

Affordable Care Act / Obamacare, barriers to entry, business cycle, capital controls, carbon footprint, collective bargaining, coronavirus, COVID-19, David Brooks, deindustrialization, disintermediation, Donald Trump, first-past-the-post, future of work, guest worker program, hiring and firing, Ida Tarbell, illegal immigration, immigration reform, Joseph Schumpeter, Kickstarter, labor-force participation, Menlo Park, military-industrial complex, Multics, new economy, obamacare, pension reform, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Upton Sinclair, zero-sum game

Although the United States retains some formidable strengths such as world-class universities, deep capital markets, and high-quality firm management, we are also plagued by a growing array of competitive weaknesses found in the bottom left corner. We face an astronomically expensive and unequitable health-care system; onerous and costly regulatory and legal systems; a convoluted, loophole-filled tax code; a public education system that fails to equip our children with the skills needed in the new economy; crumbling highways, railroads, and airports that are a national embarrassment. And things are only getting worse. FIGURE 3-7 Eroding US Competitiveness Compared with Other Advanced Economies Note: Data from the 2019 survey of Harvard Business School alumni on the state of US competitiveness.

With no policies in place to moderate the business cycle, wildly oscillating economic conditions ensued.46 Farmers struggled to stay afloat as crop prices plummeted and costs soared, with no real agricultural policies to address the economic difficulties.47 In the 1880s alone, businesses and their workers clashed in thousands of often-bloody strikes, with no collective bargaining rules or government mediators.48 Public schools failed to equip students with the skills needed for the new economy.49 Crime-ridden cities lacked basic services and infrastructure. Streets were lined with unlivable tenements and unsafe factories.50 Racial progress after the Civil War was largely undone. Reconstruction was rolled back and replaced with backward Jim Crow laws that reinforced segregation and disenfranchised black Americans.


pages: 286 words: 87,168

Less Is More: How Degrowth Will Save the World by Jason Hickel

air freight, Airbnb, Anthropocene, basic income, Bernie Sanders, Big bang: deregulation of the City of London, biodiversity loss, Boris Johnson, Bretton Woods, British Empire, capital controls, circular economy, cognitive dissonance, coronavirus, corporate governance, corporate personhood, cotton gin, COVID-19, David Graeber, decarbonisation, declining real wages, degrowth, deindustrialization, dematerialisation, disinformation, Elon Musk, energy transition, Extinction Rebellion, extractivism, Fairphone, Fellow of the Royal Society, flying shuttle, Fractional reserve banking, Francis Fukuyama: the end of history, full employment, gender pay gap, green new deal, Greta Thunberg, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of the steam engine, James Watt: steam engine, Jeff Bezos, Jevons paradox, John Maynard Keynes: Economic Possibilities for our Grandchildren, land reform, liberal capitalism, lockdown, longitudinal study, low interest rates, Mahatma Gandhi, Mark Zuckerberg, McMansion, means of production, meta-analysis, microbiome, Money creation, moral hazard, mortgage debt, Murray Bookchin, Naomi Klein, negative emissions, new economy, ocean acidification, offshore financial centre, oil shale / tar sands, opioid epidemic / opioid crisis, out of africa, passive income, planetary scale, planned obsolescence, plutocrats, Post-Keynesian economics, quantitative easing, rent control, rent-seeking, retail therapy, Ronald Reagan, Rupert Read, Scramble for Africa, secular stagnation, shareholder value, sharing economy, Simon Kuznets, structural adjustment programs, the scientific method, The Spirit Level, transatlantic slave trade, trickle-down economics, universal basic income

Perhaps no one has put this more eloquently than David Graeber: [Debt cancellation] would be salutary not just because it would relieve so much genuine human suffering, but also because it would be our way of reminding ourselves that money is not ineffable, that paying one’s debts is not the essence of morality, that all these things are human arrangements and that if democracy is going to mean anything, it is the ability to all agree to arrange things in a different way.50 New money for a new economy But debt cancellation is just a one-off fix; it doesn’t really get to the root of the problem. There’s a deeper issue we need to address. The main reason our economy is so loaded with debt is because it runs on a money system that is itself debt. When you walk into a bank to take out a loan, you might assume that the bank is lending you money it has in its reserve, collected from other people’s deposits and stored in a basement vault somewhere.

On the contrary, it’s an economy that feels in key ways familiar, in the sense that it resembles the economy as we normally describe it to ourselves (in other words, perhaps as we wish it to be): an economy where people produce and sell useful goods and services; an economy where people make rational, informed decisions about what to buy; an economy where people get compensated fairly for their labour; an economy that satisfies human needs while minimising waste; an economy that circulates money to those who need it; an economy where innovation makes better, longer-lasting products, reduces ecological pressure, frees up labour time and improves human welfare; an economy that responds to – rather than ignores – the health of the ecology on which it depends. And yet inasmuch as it is familiar in these ways, the new economy is fundamentally different from our existing economy, in that it is not organised around the prime objective of capitalism: accumulation. Let me be clear: none of this will be easy. We would be naïve to think otherwise. And there are still difficult questions to which we don’t yet have all the answers.


pages: 134 words: 22,616

Cool Tools in the Kitchen by Kevin Kelly, Steven Leckart

Community Supported Agriculture, crowdsourcing, Hacker Conference 1984, Kevin Kelly, new economy, Stewart Brand, Whole Earth Catalog, Whole Earth Review

A Senior Maverick at Wired Magazine, Kevin co-founded Wired in 1993, and served as its Executive Editor from its inception until 1999. From 1984-1990, he was the publisher/editor of the Whole Earth Review. He co-founded the ongoing Hackers Conference, and was involved with the launch of the WELL, a pioneering online service started in 1985. He is the author of New Rules for the New Economy, Out of Control and, most recently, What Technology Wants. Contents * * * Preface * * * This is a curated collection of the best cool tools for the Kitchen. It is not intended as a shopping list or checklist. Consider this a jumping-off point for thinking and re-thinking about what’s possible in your kitchen.


pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

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

Banking delivers little social value and instead operates “for itself”.’123 As regards employment, the financial sector accounts for only 6.5% of UK employment and has remained static since the 1990s. It provided 6.8% of government tax receipts, while manufacturing, widely dismissed as of marginal importance in the new economy, provided 13.4%. The financial sector has been highly active in helping clients to avoid tax; in so doing it has taken fat commissions for reducing the state’s income. And junk products such as payment protection insurance are examples of activities with negative value. The sector has also drawn many of the most able members of the workforce away from more productive activities.

Above all, the money supply, which the banks have steadily privatised through digital credit money to provide a source of interest over the last 40 years, should be brought back under public control. Finance, including the creation of public money on a debt-free basis, and public credit must be made democratically accountable so as to ensure that it functions to support a new economy based on securing environmental sustainability and social justice.11 A key feature of the neoliberal era has been the freeing up of cross-border flows of capital, so that increasingly rentiers and capitalists can ‘invest’ anywhere and move money to wherever they can avoid most tax and find the lowest costs, while value-skimmers can profit from the useless churning of financial markets.

Note that such a division of labour, involving specialisms in different functions, like car maintenance, plumbing or medicine, is different from the unequal division of labour discussed earlier, in which within such activities there is a division of workers between skilled/interesting/pleasant tasks and unskilled/boring/unpleasant tasks. 10 Cox, R. (2006) The servant problem: Domestic employment in a global economy, London: I.B. Tauris; Ehrenreich, B. and Hochschild, A.R. (eds) (2002) Global woman: Nannies, maids and sex workers in the new economy, London: Granta; Tronto, J. (2002) ‘The nanny question in feminism’, Hypatia, 17, pp 34–51; Gregson, N. and Crewe, L. (1994) Servicing the middle classes: Class, gender and waged domestic labour in contemporary Britain, London: Routledge. 11 Veblen, T. (1994) [1899] The theory of the leisure class, Dover Thrift Editions. 12 Frank, T. (2012) Pity the billionaire, New York: Harvill Secker, Random House, p 30. 13 Jackson, T. (2010) ‘Re-imagining investment for the whole human’, video lecture, http://www.ted.com/talks/tim_jackson_s_economic_reality_check.html/. 14 Schor, J. (2010) Plenitude, New York: The Penguin Press, p 26. 15 Schor (2010), p 29. 16 http://england.lovefoodhatewaste.com/node/2163. 17 Tawney, R.H. (2004) [1920] The acquisitive society, Mineola, NY: Harcourt Brace and Howe, p 41. 18 Smith, A. (1759) The theory of moral sentiments, Indianapolis: Liberty Fund, I.iii.2.III, p.61 19 Layard, R. (2005) Happiness: Lessons from a new science, London: Allen Lane. 20 Schor, J (2010), p 177, updating Layard’s figures. 21 Skidelsky, R. and Skidelsky, E. (2012) How much is enough?


America Right or Wrong: An Anatomy of American Nationalism by Anatol Lieven

"World Economic Forum" Davos, American ideology, British Empire, centre right, cognitive dissonance, colonial rule, cuban missile crisis, desegregation, driverless car, European colonialism, failed state, Francis Fukuyama: the end of history, full employment, Gunnar Myrdal, illegal immigration, income inequality, laissez-faire capitalism, mass immigration, Mikhail Gorbachev, military-industrial complex, millennium bug, mittelstand, Monroe Doctrine, moral hazard, moral panic, new economy, Norman Mailer, oil shock, open immigration, Ralph Waldo Emerson, Robert Bork, Ronald Reagan, Seymour Hersh, Thomas L Friedman, Timothy McVeigh, World Values Survey, Y2K

Namier, 1848: The Revolution of the Intellectuals (London: British Academy, 1944). Conclusion 1. Figures in Economic Report of the President, Council of Economic Advisers, cited in Jeff Madrick, "How New Is the New Economy?" New York Review of Books, September 23, 1999. 267 N O T E S TO P A G E S 212-222 2. Frank Levy, The New Dollars and Dreams: American Incomes and Economic Change (New York: Russell Sage Foundation Publications, 1999), cited in Madrick, "New Economy." 3. Cf. "The Wal-Martization of America," New York Times (editorial), November 15, 2003. 4. Cf. Alan Ryan, "Call Me Mister," New York Review of Books, February 27, 2003. 5.

Alan Ryan, "Call Me Mister," New York Review of Books, February 27, 2003. 5. Cf. Clair Brown, American Standards of Living, 1918-1988 (New York: Blackwell, 2002); Kevin Phillips, Boiling Point: Democrats, Republicans and the Decline of Middle Class Prosperity (New York: HarperCollins, 1994); Madrick, "How New Is the New Economy?; Michael Head, "The New, Ruthless Economy," New York Review of Books, February 29, 1996. 6. Cf. Stephanine Strom, "For Middle Class, Health Care Becomes a Luxury" New York Times, November 16, 2003. 7. Hans Fallada, Kleiner Mann—was nun? (Hamburg: Rowohlt Verlag, 1976 [rpt]). 8. Frank, What's the Matter with Kansas? How Conservatives Won the Heart of America (New York: Metropolitan Books, 2004). 9.


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To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton

affirmative action, American Legislative Exchange Council, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, company town, corporate personhood, creative destruction, deindustrialization, desegregation, Donald Trump, emotional labour, estate planning, eternal september, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, Great Leap Forward, informal economy, invisible hand, liberation theology, longitudinal study, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, post-industrial society, postindustrial economy, prediction markets, price anchoring, prosperity theology / prosperity gospel / gospel of success, Ralph Nader, RFID, road to serfdom, Ronald Reagan, scientific management, Silicon Valley, Stewart Brand, strikebreaker, The Wealth of Nations by Adam Smith, union organizing, walkable city, Washington Consensus, white flight, Whole Earth Catalog, work culture , Works Progress Administration

Crafting this ethos was the cultural work of many people with a vaÂ�riÂ�ety of perspectives and interests. Wal-Â�Mart and its constituents, however, played a prominent role, drawing on the day-Â�to-Â�day experience of serÂ� vice labor and freely mingling their Christian priorities with the demands of the new economy. In the early 1980s, when Wal-Â�Mart’s fame was still largely regional, an interviewer asked Sam Walton to summarize the single most important lesson he had learned through his Arkansas retail career. Walton did not€hesitate: his business had taught him that “‘all of us like to be recognized and appreciated and need to feel like the roles we play or what we do is important.’”5 This sentiment found its formal codiÂ�fiÂ�caÂ�tion in a sign hanging over one entrance to the home ofÂ�fice: “Through these doors pass ordinary people on their way to accomplishing extraordinary things.”6 For all its obvious instrumentality, the phrase that Wal-Â� Mart made famous was more than an off-Â�the-Â�rack slogan of spin.

On the importance of the customer, see also Susan Porter Benson, Counter Cultures: SalesÂ�women, Managers, and Customers in American Department Stores, 1890–1940, The Working Class in American History (Urbana: University of Illinois Press, 1986), 128–31, 230–31, 263–64; Arlie Russell Hochschild, The Managed Heart: Commercialization of Human Feeling (Berkeley: University of California Press, 1983), 104–14; Pierrette Hondagneu-Sotelo, “Blow-Ups and Other Unhappy Endings,” in Barbara Ehrenreich and Arlie Russell Hochschild, ed., Global Woman: Nannies, Maids, and€Sex Workers in the New Economy (New York: Metropolitan Books, 2003), 55–69. Interview with “Gail Hammond” and “Edna Guthry,” May 2, 2005. Interview with “Alice Martin” and “Sherry Martin,” May 2, 2005. Interview with “Tammy Ellis,” May 13, 2005. Interview with “June Whitehead,” May 11, 2005. Interview with “Eleanor Cook,” May 5, 2005.

Between 1959 and 1997, acÂ�tual skilled high-tech jobs like systems analysts and code-writers grew only from 3.4 percent of all U.S. jobs to 6.6 percent; even at a paradigmatic high-tech corporation like Intel, three-quarters of the jobs are for routine clerical, sales, production, or maintenance work. Anthony P. Carnevale and Stephen J. Rose, “Inequality and the New High-Skilled Service Economy,” in Unconventional Wisdom: Alternative Perspectives on the New Economy, Jeff Madrick (New York: Century Foundation Press, 2000), 147. 36. “We Get Letters .€.€.€,” WMW, December 1975, 6. 37. Ferold Arend quoted in Ortega, In Sam We Trust, 90–91. 38. Sam Walton and John Huey, Sam Walton, Made in America: My Story (New York: Doubleday, 1992), 169. 39. Interview with Jim von Gremp, September 8, 2004. 40.


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The Shifts and the Shocks: What We've Learned--And Have Still to Learn--From the Financial Crisis by Martin Wolf

air freight, Alan Greenspan, anti-communist, Asian financial crisis, asset allocation, asset-backed security, balance sheet recession, bank run, banking crisis, banks create money, Basel III, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Black Swan, bonus culture, break the buck, Bretton Woods, business cycle, call centre, capital asset pricing model, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, collateralized debt obligation, corporate governance, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, currency risk, debt deflation, deglobalization, Deng Xiaoping, diversification, double entry bookkeeping, en.wikipedia.org, Erik Brynjolfsson, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, financial repression, floating exchange rates, foreign exchange controls, forward guidance, Fractional reserve banking, full employment, Glass-Steagall Act, global rebalancing, global reserve currency, Growth in a Time of Debt, Hyman Minsky, income inequality, inflation targeting, information asymmetry, invisible hand, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, labour mobility, Les Trente Glorieuses, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, Long Term Capital Management, low interest rates, mandatory minimum, margin call, market bubble, market clearing, market fragmentation, Martin Wolf, Mexican peso crisis / tequila crisis, Minsky moment, Modern Monetary Theory, Money creation, money market fund, moral hazard, mortgage debt, negative equity, new economy, North Sea oil, Northern Rock, open economy, paradox of thrift, Paul Samuelson, price stability, private sector deleveraging, proprietary trading, purchasing power parity, pushing on a string, quantitative easing, Real Time Gross Settlement, regulatory arbitrage, reserve currency, Richard Feynman, risk-adjusted returns, risk/return, road to serfdom, Robert Gordon, Robert Shiller, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, shareholder value, short selling, sovereign wealth fund, special drawing rights, subprime mortgage crisis, tail risk, The Chicago School, The Great Moderation, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tyler Cowen, Tyler Cowen: Great Stagnation, vertical integration, very high income, winner-take-all economy, zero-sum game

Lucas, ‘ “Macroeconomic Priorities”, Presidential Address to the American Economic Association’, 4 January 2003, http://pages.stern.nyu.edu/~dbackus/Taxes/Lucas%20priorities%20AER%2003.pdf. 2. Hank Paulson, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System (New York and London: Business Plus and Headline, 2010), pp. 435–6. 3. Anatole Kaletsky, Capitalism 4.0: The Birth of a New Economy (London: Bloomsbury, 2010), pp. 147–8. 4. The literature on what happened in the crisis is now enormous. For detailed accounts of the US crisis, I would particularly recommend Andrew Ross Sorkin, Too Big to Fail: Inside the Battle to Save Wall Street (London: Penguin, 2010), and Alan S. Blinder, After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead (New York: Penguin 2013).

The Implications of Evolving Policy Regimes’, Federal Reserve Bank of Kansas City symposium on ‘Monetary Policy and Uncertainty: Adapting to a Changing Economy’, 28 –30 August 2003, http://www.kansascityfed.org/publicat/sympos/2003/pdf/Gertler2003.pdf. 72. Bagehot, Lombard Street. 73. Anatole Kaletsky, Capitalism 4.0: The Birth of a New Economy (London: Bloomsbury, 2010), p. 136. 74. Thornton was the first person to present a rigorous theory of the lender of last resort. See Thomas M. Humphrey and Robert E. Keleher, ‘The Lender of Last Resort: A Historical Perspective’, Cato Journal, vol. 4, no. 1 (Spring/Summer 1984), pp. 275–321, http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/1984/5/cj4n1-12.pdf. 75.

‘The Boom Not The Slump: The Right Time For Austerity’, The Roosevelt Institute, 23 August 2010. http://www.rooseveltinstitute.org/sites/all/files/not_the_time_for_austerity.pdf. Jordà, Òscar, Moritz Schularick and Alan M. Taylor. ‘Financial Crises, Credit Booms and External Imbalances’, National Bureau of Economic Research Working Paper No. 16567, December 2010. www.nber.org. Kaletsky, Anatole. Capitalism 4.0: The Birth of a New Economy (London: Bloomsbury, 2010). Kay, John. The Truth about Markets: Why Some Nations are Rich but Most Remain Poor (London: Penguin, 2004). Keating, Frank. ‘There Is Such a Thing as Having Too Much Capital’, Financial Times, 22 August 2013. http://www.ft.com/cms/s/0/6fea2b90-09bf-11e3-ad07-00144feabdc0.html.


pages: 87 words: 25,823

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

3D printing, A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, Alvin Toffler, Big Tech, bitcoin, blockchain, Burning Man, Californian Ideology, Cody Wilson, crony capitalism, cryptocurrency, currency peg, digital rights, distributed ledger, Dogecoin, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Extropian, fiat currency, Fractional reserve banking, George Gilder, Ian Bogost, jimmy wales, John Perry Barlow, litecoin, Marc Andreessen, Modern Monetary Theory, Money creation, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, new economy, obamacare, Peter Thiel, Philip Mirowski, printed gun, risk tolerance, Ronald Reagan, Satoshi Nakamoto, seigniorage, Silicon Valley, Singularitarianism, smart contracts, Stewart Brand, technoutopianism, The Chicago School, Travis Kalanick, Vitalik Buterin, WikiLeaks

Against Crony Capitalism (December 29). http://www.againstcronycapitalism.org/. Suarez, Daniel. 2006. Daemon. New York: Dutton. —. 2010. Freedom™. New York: Dutton. Sutton, Anthony C. 1995. The Federal Reserve Conspiracy. San Diego: Dauphin Publications, 2014. Swan, Melanie. 2015. Blockchain: Blueprint for a New Economy. Sebastopol, Calif.: O’Reilly Media. Swanson, Tim. 2014. The Anatomy of a Money-Like Informational Commodity: A Study of Bitcoin. Seattle: Amazon Digital Services Tapscott, Don, and Alex Tapscott. 2016. Blockchain Revolution: How the Technology behind Bitcoin Is Changing Money, Business, and the World.


pages: 91 words: 24,469

The Once and Future Liberal: After Identity Politics by Mark Lilla

affirmative action, anti-communist, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Lives Matter, Donald Trump, ending welfare as we know it, Gordon Gekko, It's morning again in America, mass immigration, Mikhail Gorbachev, military-industrial complex, new economy, New Urbanism, Ronald Reagan, sensible shoes, Silicon Valley, Social Justice Warrior

Marxists kept their eyes focused on the horizon; often they saw things upside down, or saw chimeras, but at least they were looking. With the rise of liberal identity consciousness, all eyes have turned within. As many progressives have complained, and rightly so, the rhetoric of identity has crowded out the analysis of class and how it has changed with our new economy. Not too long ago liberal politics aimed to inspire individuals to actively remake society. Today’s focus is on the passive social construction of individuals. A Marxist analysis of this transformation might go like this: The election of Ronald Reagan marked a new stage in the history of advanced capitalism.


pages: 329 words: 95,309

Digital Bank: Strategies for Launching or Becoming a Digital Bank by Chris Skinner

algorithmic trading, AltaVista, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, bank run, Basel III, bitcoin, Bitcoin Ponzi scheme, business cycle, business intelligence, business process, business process outsourcing, buy and hold, call centre, cashless society, clean water, cloud computing, corporate social responsibility, credit crunch, cross-border payments, crowdsourcing, cryptocurrency, demand response, disintermediation, don't be evil, en.wikipedia.org, fault tolerance, fiat currency, financial innovation, gamification, Google Glasses, high net worth, informal economy, information security, Infrastructure as a Service, Internet of things, Jeff Bezos, Kevin Kelly, Kickstarter, M-Pesa, margin call, mass affluent, MITM: man-in-the-middle, mobile money, Mohammed Bouazizi, new economy, Northern Rock, Occupy movement, Pingit, platform as a service, Ponzi scheme, prediction markets, pre–internet, QR code, quantitative easing, ransomware, reserve currency, RFID, Salesforce, Satoshi Nakamoto, Silicon Valley, smart cities, social intelligence, software as a service, Steve Jobs, strong AI, Stuxnet, the long tail, trade route, unbanked and underbanked, underbanked, upwardly mobile, vertical integration, We are the 99%, web application, WikiLeaks, Y2K

Kevin has 12 lessons about how to think about the internet, and they were difficult to absorb as, bearing in mind this was back in 1997, he was far too ahead of his time. I went back to these lessons recently and realised rather rapidly that banking will soon cost nothing. Loans and payments will be provided for free. I guess, to explain this one, we need to understand Kevin’s lessons, which he put into an article entitled: “New rules for the new economy”, back in Wired in 1997. In summary, the lessons were: The Law of Connection – Embrace dumb power: With everything having an inbuilt computer chip connected to a network, start thinking about how to use those inbuilt chips. The Law of Plentitude – More gives more: In the Network Economy, there’s loads of everything and little of nothing.

This is especially important as we move towards mobile payment services and more, and this is what drove the Innotribe program in terms of proving that SWIFT could be used for much more than just messaging. What do you see as the big things happening in the future from a financial innovation viewpoint? I know for a fact that the new economies and new values that we discuss within Innotribe are driven by social media. Social media is creating new currencies and new economic models, and this will be very big and very important in the two to three years downstream from now. The question for the banks is how will they position in this new world of peer-to-peer currencies in social media.


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The Impulse Society: America in the Age of Instant Gratification by Paul Roberts

"Friedman doctrine" OR "shareholder theory", 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, Abraham Maslow, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Alan Greenspan, American Society of Civil Engineers: Report Card, AOL-Time Warner, asset allocation, business cycle, business process, carbon tax, Carl Icahn, Cass Sunstein, centre right, choice architecture, classic study, collateralized debt obligation, collective bargaining, computerized trading, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, David Brooks, delayed gratification, disruptive innovation, double helix, Evgeny Morozov, factory automation, financial deregulation, financial engineering, financial innovation, fixed income, Ford Model T, full employment, game design, Glass-Steagall Act, greed is good, If something cannot go on forever, it will stop - Herbert Stein's Law, impulse control, income inequality, inflation targeting, insecure affluence, invisible hand, It's morning again in America, job automation, John Markoff, Joseph Schumpeter, junk bonds, knowledge worker, late fees, Long Term Capital Management, loss aversion, low interest rates, low skilled workers, mass immigration, Michael Shellenberger, new economy, Nicholas Carr, obamacare, Occupy movement, oil shale / tar sands, performance metric, postindustrial economy, profit maximization, Report Card for America’s Infrastructure, reshoring, Richard Thaler, rising living standards, Robert Shiller, Rodney Brooks, Ronald Reagan, shareholder value, Silicon Valley, speech recognition, Steve Jobs, stock buybacks, technological determinism, technological solutionism, technoutopianism, Ted Nordhaus, the built environment, the long tail, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, total factor productivity, Tyler Cowen, Tyler Cowen: Great Stagnation, value engineering, Walter Mischel, winner-take-all economy

As sociologist Daniel Bell put it, within a few years of Ford’s breakthrough, mechanized mobility was so cheap and ubiquitous and normal that small-town “boys and girls thought nothing of driving 20 miles to dance at a roadhouse, safe from the prying eyes of neighbors.”4 Freedom of a kind previously reserved for the upper classes was now accessible to virtually anyone—and with it, came an entirely new conception of what was possible for the individual. The empowering effects of Ford’s system went beyond personal mobility. By the 1920s this new business model had given rise to an entirely new economy. As other manufacturers copied Ford’s methods, the marketplace positively swelled with affordable new “tools,” from household appliances and prepared foods to telephones and radios, each providing another increment of individual power. Not all delivered as much sovereignty as the car. But in an era when the average person was still at the mercy of large, impersonal forces (not least a corrupt business elite that blithely steamrollered the little people in the pursuit of personal profits), even small increases in personal power were life-changing.

In 1987 a lending bubble, fueled by too-easy computerized credit, burst, leading to a stock market crash that was made all the worse when computerized stock trading went out of control. Clearly, all the risks of a high-tech marketplace had yet to be uncovered. As one veteran broker complained, “We have made so many changes . . . we simply don’t know what they add up to. We don’t know where the technology is taking us.”24 For consumers, meanwhile, the new economy, despite all its new enticements, hadn’t actually restored our economic security. Although incomes had kicked up toward the end of the 1990s, the overall growth rate (2.3 percent a year) was a third less than during the postwar period.25 Our capacity to self-gratify, meanwhile, was becoming so prodigious that we were running up all sorts of debts: financial, but also social, psychological, and even physical.


pages: 329 words: 88,954

Emergence by Steven Johnson

A Pattern Language, agricultural Revolution, AOL-Time Warner, Brewster Kahle, British Empire, Claude Shannon: information theory, complexity theory, Danny Hillis, Douglas Hofstadter, edge city, epigenetics, game design, garden city movement, Gödel, Escher, Bach, hive mind, Howard Rheingold, hypertext link, invisible hand, Jane Jacobs, Kevin Kelly, late capitalism, Lewis Mumford, Marshall McLuhan, mass immigration, Menlo Park, mirror neurons, Mitch Kapor, Murano, Venice glass, Naomi Klein, new economy, New Urbanism, Norbert Wiener, PalmPilot, pattern recognition, pez dispenser, phenotype, Potemkin village, power law, price mechanism, profit motive, Ray Kurzweil, SimCity, slashdot, social intelligence, Socratic dialogue, stakhanovite, Steven Pinker, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, theory of mind, Thomas Kuhn: the structure of scientific revolutions, traveling salesman, trickle-down economics, Turing machine, Turing test, urban planning, urban renewal, Vannevar Bush

The Australian software company TCG, the Taiwanese Acer Group, and Sun Microsystems have all implemented cellular techniques with positive results. There’s even a management-theory journal devoted to these developing models. It is called, appropriately enough, Emergence. * * * If decentralized intelligence can transform the way businesses work, what can it do for politics? That many New Economy companies have been so quick to embrace the emergent worldview—in both their products and their internal structure—can sometimes make it seem as though emergence belongs squarely to the libertarian camp. Certainly the emphasis on local control and the resistance to command systems resonates with the Gingrichian call for anti-big-government devolution.

Pac-Man, 177 MTV, 176, 214 Mumford, Lewis, 38, 107, 112, 146–47, 154, 242n Murray, Arnold, 43 Museum of the Moving Image, 177 music, 45, 53, 128–29, 214, 217, 258n mutations, genetic, 58, 182–83 Myst, 183–84 Nakagaki, Toshiyuki, 11 Napier, Charles James, 35 Napster, 214, 217 NASDAQ, 117 Nation, 225 National Physical Laboratory, 42, 54 natural selection, 56–63, 83, 169, 170–74, 184, 185–86, 193, 203, 204 Nature of Economies, The (Jacobs), 156 NBC, 136 near-optimal solutions, 228 Negroponte, Nicholas, 159 neighborhoods, 18, 36–38, 41, 50–51, 87–91, 96, 99, 106, 115, 119, 123, 186, 203, 204, 205, 220, 229–30, 233, 246n Netscape browser, 124–25 networks: algorithms for, 88, 89, 161 information, 96–97, 116–26, 134–35, 204–5, 217–18 neural, 18, 21, 78, 115, 118–19, 121, 127, 133–34, 142–44, 146, 198–99, 203–4, 205, 209, 223, 238n, 241n, 256n, 261n, 262n–63n television, 135–36, 159, 160 see also Internet neurons, 18, 21, 78, 115, 118–19, 121, 127, 133–34, 142–44, 146, 198–99, 203–4, 205, 209, 223, 238n, 241n, 256n, 261n, 262n–63n neurotransmitters, 115 New Age, 113–14 New Economy, 224 New Republic, 135 newspapers, 159–60, 207 New Urbanist movement, 147, 230 New York City, 50, 93, 107, 113, 230 New York City Planning Commission, 50 New Yorker, 146 New York Times, 125, 131, 257n–58n Nightline, 135 Nintendo, 176 Nixon, Richard M., 132 nonequilibrium thermodynamics, 12, 43, 52 noosphere, 115–16 nucleic acids, 85 olfactory skills, 76 online communities, 17, 148–62, 204–5 Open Shortest Path First routine, 229 Open Source, 153 orangutans, 202 order: chaos vs., 38, 52, 65, 117–23, 154, 169, 179, 218–20, 226, 237n global vs. local, 39–40, 74–80, 82, 86, 90, 93, 108–9, 218–19, 224 see also control Organic Art, 182 “organic clocks,” 20 organization: global, 224–26 goal-directed, 118 hierarchical, 15, 98, 132, 136, 145, 148–49, 153, 208, 223, 225, 263n–64n political, 67, 225–26 self-, see self-organization size limitations of, 259n–60n social, 9, 27, 33–41, 92–94, 97–100, 109, 204, 252n–54n see also systems OSS code, 175 Out of Control (Kelly), 168–69 pacemaker cells, 14–15, 16, 17, 23, 40, 64, 67, 164 PalmPilots, 54 “Pandemonium: A Paradigm for Learning” (Selfridge), 54 Pandemonium model, 53–57, 65, 169, 231 Papert, Seymour, 65, 164, 166 paradigm shift, 48–49, 64 Paradise Lost (Milton), 53–54 Pattern on the Stone, The (Hillis), 173 patterns: of behavior, see behavior development of, 49, 184–85, 246n feedback on, 40–41 of heredity, 46 hub-and-spoke, 119 letter, 54–57, 65 mathematical, 42 of movement, 18–20, 41, 168 musical, 45 recognition of, 18, 21, 22, 44–45, 52, 54–57, 65, 103–4, 123–24, 126–29, 199, 206, 220, 221, 226, 231, 233 social, 18, 36–40, 41, 49–50, 52, 91, 95, 137, 185 spatial, 20, 27, 48, 90–91, 159, 223 speech, 44–45 spontaneous, 180 temporal, 20, 27, 48, 91, 104–5 urban, 40–41, 90–91, 146, 147, 159, 223 “Perceptrons” (Minsky and Papert), 65 phase transitions, 111–12 phenotypes, 58, 59 pheromone, 52, 60–63, 64, 74, 75–76, 78, 79, 84–85, 98, 115, 167, 206, 226, 228–29, 243n–44n Phillips Interactive, 178 physics, 21, 105 Picasso, Pablo, 23 Pinker, Steven, 118 planets, rotation of, 46 “platform agonistic,” 139–40 Pleistocene era, 202, 262n plow, wheeled, 112 politics, 39–40, 67, 94–95, 161, 224–26, 264n population growth, 34, 99, 110–11, 112, 116, 164–65, 252n–53n pornography, 208 post-structuralism, 65 power law, 119 Powers of Ten, 231–32 predictions, 9, 47 Prelude, The (Wordsworth), 39 pricing, 155–56 Prigogine, Ilya, 43, 52, 64–65 prioritization, 78 probability theory, 46–47 problem-solving, 74, 79–80, 120, 126–27, 227–29, 251n–52n product placement, 214 programs, computer: artificial-life, 59–63, 65 branching paths in, 58 codes in, 169, 170–71, 173–74, 175, 180, 205–6 evolution of, 57–59, 60, 205–6 mini-, 170–74 number-sorting, 170–74, 209, 231 predator, 172–73 see also software proteins, 85 Proverbs, Book of, 71 “pseudo events,” 145 purchase circles, 221–22 Quake, 182, 183, 208–9 quality management, 67 racial diversity, 89, 95, 247n randomness, 19, 62, 77, 78–79, 87, 121, 163, 171, 220, 222–23, 244n, 247n recognition systems, 103 redwood forests, 258n reentry, neural, 256 reflexes, 38–39 Reliable Sources, 135 Renaissance, 101–2, 147 Replay, 211 “Residence in London” (Wordsworth), 27 Resnick, Mitch, 16–17, 23, 64, 76, 163–69, 180, 189, 260n Restak, Richard, 133–34 retina, 201 Rheingold, Howard, 148 Ridley, Matt, 82, 86 Rizzollati, Giaccamo, 198–99 Rockefeller Foundation, 46, 50 Roman Empire, 33, 109–10 Rosenstiel, Tom, 135 rules, 19, 180–81, 226 St.


pages: 326 words: 91,559

Everything for Everyone: The Radical Tradition That Is Shaping the Next Economy by Nathan Schneider

1960s counterculture, Aaron Swartz, Adam Curtis, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, antiwork, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, Black Lives Matter, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, Clayton Christensen, collaborative economy, collective bargaining, commons-based peer production, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, degrowth, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, emotional labour, Ethereum, ethereum blockchain, Evgeny Morozov, Fairphone, Food sovereignty, four colour theorem, future of work, Gabriella Coleman, gentrification, gig economy, Google bus, holacracy, hydraulic fracturing, initial coin offering, intentional community, Internet Archive, Jeff Bezos, Jeremy Corbyn, jimmy wales, John Perry Barlow, joint-stock company, Joseph Schumpeter, Julian Assange, Kevin Roose, Kickstarter, low interest rates, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, Money creation, multi-sided market, Murray Bookchin, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, Pier Paolo Pasolini, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Rutger Bregman, Salesforce, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Bannon, Steve Jobs, Steve Wozniak, Stewart Brand, surveillance capitalism, tech worker, TED Talk, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, Vitalik Buterin, W. E. B. Du Bois, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, workplace surveillance , Y Combinator, Y2K, Zipcar

By 2017, Bernie Sanders was leading a group of Democratic senators and representatives to propose federal legislation on behalf of worker-owned businesses. Some embattled labor unions seemed ready to turn back to their roots with a newfound interest in co-ops, too. Alongside the NCBA and other older co-op organizations, these efforts tended to coalesce around the youthful, intersectional, diverse umbrella of the New Economy Coalition—founded around the time of the 2008 crash. They considered themselves part of a wider “solidarity economy.”10 It was in 2008, too, that Bank of America cut its line of credit to Republic Windows and Doors, a factory on Chicago’s Goose Island. Production was set to end, but some of the workers refused to leave, and their occupation became a national totem.

., 62 McLean, Christopher, 174–175, 179–180 McRitchie, Jim, 166 Mead, Margaret, 20, 188 Mechanical Turk, 90, 92, 144 medieval guilds, 33–37, 212, 229 Megatrends (Naisbitt), 10 mendicant movement, 23 mercantilism, 215 Meredith, Greg, 157 migration, 216 Millet, Jean-François, 142 Mingo, Stephanie, 205 missing markets, 9, 52 Mississippi Sovereignty Commission, 193 Mississippi’s flag, 204–205 Modo cooperative, 152 monasteries, 22–23, 25–26, 32 Mondragon Corporation, 59–62, 124, 151, 156, 195, 206 money, as debt, 104–105 Moraa, Nyong’a Hyrine, 67–68 Mòrist, Joel, 123, 126 (photo) mortgage crisis, 119 movements, 9, 15, 23, 49–50 anti-globalization, 117 communal, 212–213 for co-ops, 12, 43–44, 225–226, 233 cryptocurrencies and, 130 free-software, 135, 137, 140–141 Malcolm X Grassroots, 191, 194 Mubarak, Hosni, 80 Müntzer, Thomas, 37–39 Musk, Elon, 79 Mussolini, Benito, 188 Mutual Broadcasting System, 57 MXGM organization, 194–197, 200–201, 204 Naisbitt, John, 10 Najm, Qinza, 36 (photo) Nakamoto, Satoshi, 106–107 Namasté Solar, 227 National Cooperative Business Association (NCBA), 41 National Domestic Workers Alliance, 151 National Grange of the Order of Patrons of Husbandry, 54 National Rural Electric Cooperative Association (NRECA), 171 National Security Agency, 135–136 National Trades Union, 44 NCBA. See National Cooperative Business Association Negro Cooperative Guild, 55 Nembhard, Jessica Gordon, 55, 203, 224 neo-tribes, 20 network economy, 91–92 New Afrikan People’s Organization, 194–195 New Deal programs, 42, 169–170 New Economy Coalition, 83 New Era Windows Cooperative, 83 (photo), 84 New Harmony, 48 New Work Field Street Collective, 73 New Work New Culture, 73 New York City Network of Worker Cooperatives (NYC NOWC), 82 New Zealand, 94 NextCloud, 136 Niwot’s Curse, 96–97, 100 Nixon, Richard, 222 nomadism, 215–217 NRECA.


pages: 339 words: 88,732

The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies by Erik Brynjolfsson, Andrew McAfee

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, access to a mobile phone, additive manufacturing, Airbnb, Alan Greenspan, Albert Einstein, Amazon Mechanical Turk, Amazon Web Services, American Society of Civil Engineers: Report Card, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, barriers to entry, basic income, Baxter: Rethink Robotics, Boston Dynamics, British Empire, business cycle, business intelligence, business process, call centre, carbon tax, Charles Lindbergh, Chuck Templeton: OpenTable:, clean water, combinatorial explosion, computer age, computer vision, congestion charging, congestion pricing, corporate governance, cotton gin, creative destruction, crowdsourcing, data science, David Ricardo: comparative advantage, digital map, driverless car, employer provided health coverage, en.wikipedia.org, Erik Brynjolfsson, factory automation, Fairchild Semiconductor, falling living standards, Filter Bubble, first square of the chessboard / second half of the chessboard, Frank Levy and Richard Murnane: The New Division of Labor, Freestyle chess, full employment, G4S, game design, general purpose technology, global village, GPS: selective availability, Hans Moravec, happiness index / gross national happiness, illegal immigration, immigration reform, income inequality, income per capita, indoor plumbing, industrial robot, informal economy, intangible asset, inventory management, James Watt: steam engine, Jeff Bezos, Jevons paradox, jimmy wales, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, Kiva Systems, knowledge worker, Kodak vs Instagram, law of one price, low skilled workers, Lyft, Mahatma Gandhi, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mars Rover, mass immigration, means of production, Narrative Science, Nate Silver, natural language processing, Network effects, new economy, New Urbanism, Nicholas Carr, Occupy movement, oil shale / tar sands, oil shock, One Laptop per Child (OLPC), pattern recognition, Paul Samuelson, payday loans, post-work, power law, price stability, Productivity paradox, profit maximization, Ralph Nader, Ray Kurzweil, recommendation engine, Report Card for America’s Infrastructure, Robert Gordon, Robert Solow, Rodney Brooks, Ronald Reagan, search costs, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Simon Kuznets, six sigma, Skype, software patent, sovereign wealth fund, speech recognition, statistical model, Steve Jobs, Steven Pinker, Stuxnet, supply-chain management, TaskRabbit, technological singularity, telepresence, The Bell Curve by Richard Herrnstein and Charles Murray, the Cathedral and the Bazaar, the long tail, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, total factor productivity, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Vernor Vinge, warehouse robotics, Watson beat the top human players on Jeopardy!, winner-take-all economy, Y2K

Researchers like Luis von Ahn at Carnegie Mellon are working on ways of motivating and organizing millions of people to create value via collective projects on the Internet.15 New Goods and Services In the early days of the 1990s Internet boom, venture capitalists used to joke that there were only two numbers in the new economy: infinity and zero. Certainly, a big part of the value in the new economy has come from the reduction in the price of many goods to zero. But what about the other end of that spectrum, price drops from infinity down to some finite number? Suppose Warner Bros. makes a new movie and you can watch it for nine dollars. Has your welfare increased?


pages: 369 words: 94,588

The Enigma of Capital: And the Crises of Capitalism by David Harvey

accounting loophole / creative accounting, Alan Greenspan, anti-communist, Asian financial crisis, bank run, banking crisis, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, cotton gin, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, deskilling, equal pay for equal work, European colonialism, failed state, financial innovation, Frank Gehry, full employment, gentrification, Glass-Steagall Act, global reserve currency, Google Earth, Great Leap Forward, Guggenheim Bilbao, Gunnar Myrdal, guns versus butter model, Herbert Marcuse, illegal immigration, indoor plumbing, interest rate swap, invention of the steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Just-in-time delivery, land reform, liquidity trap, Long Term Capital Management, market bubble, means of production, megacity, microcredit, military-industrial complex, Money creation, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Northern Rock, oil shale / tar sands, peak oil, Pearl River Delta, place-making, Ponzi scheme, precariat, reserve currency, Ronald Reagan, Savings and loan crisis, sharing economy, Shenzhen special economic zone , Silicon Valley, special drawing rights, special economic zone, statistical arbitrage, structural adjustment programs, subprime mortgage crisis, technological determinism, the built environment, the market place, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, Timothy McVeigh, too big to fail, trickle-down economics, urban renewal, urban sprawl, vertical integration, white flight, women in the workforce

It is possible to look backwards and define ‘eras’ of capitalist development that roughly correspond to the railroads, steamships, the coal and steel industry and the telegraph; the automobile, the oil, rubber and plastics industries and the radio; the jet engine, refrigerators, air-conditioners, the light metals (aluminium) industry and TV; and the computer chip and the new electronics industry that underpinned the ‘new economy’ of the 1990s. What is missing from this account is an understanding of the revolutionary and contradictory social consequences of the capital–state dynamic and its associated shifts in organisational form (such as the move from family firms to vertically integrated corporations to horizontally networked systems of production and distribution).

.: Limits to Growth 72 meat-based diets 73, 74 Medicare 28–9, 224 Mellon, Andrew 11, 98 mercantilism 206 merchant capitalists 40 mergers 49, 50 forced 261 Merrill Lynch 12 Merton, Robert 100 methane gas 73 Mexico debt crisis (1982) 10, 19 northern Miexico’s proximity to the US market 36 peso rescue 261 privatisation of telecommunications 29 and remittances 38 standard of living 10 Mexico City 243 microcredit schemes 145–6 microeconomics 237 microenterprises 145–6 microfinance schemes 145–6 Middle East, and oil issue 77, 170, 210 militarisation 170 ‘military-industrial complex’ 91 minorities: colonisation of urban neighbourhoods 247, 248 Mitterrand, François 198 modelling of markets 262 modernism 171 monarchy 249 monetarism 237 monetisation 244 money centralised money power 49–50, 52 a form of social power 43, 44 limitlessness of 43, 47 loss of confidence in the symbols/quality of money 114 universality of 106 monoculture 186 Monopolies Commission 52 monopolisation 43, 68, 95, 113, 116, 221 Monsanto 186 Montreal Protocol (1989) 76, 187 Morgan Stanley 19 Morishima, Michio 70 Morris, William 160 mortgages annual rate of change in US mortgage debt 7 mortgage finance for housing 170 mortgage-backed bonds futures 262 mortgage-backed securities 4, 262 secondary mortgage market 173, 174 securitisation of local 42 securitisation of mortgage debt 85 subprime 49, 174 Moses, Robert 169, 171, 177 MST (Brazil) 257 multiculturalism 131, 176, 231, 238, 258 Mumbai, India anti-Muslim riots (early 1990s) 247 redevelopment 178–9 municipal budgets 5 Museum of Modern Art, New York 21 Myrdal, Gunnar 196 N Nandigram, West Bengal 180 Napoleon III, Emperor 167, 168 national debt 48 National Economic Council (US) 11, 236 national-origin quotas 14 nationalisation 2, 4, 8, 224 nationalism 55–6, 143, 194, 204 NATO 203 natural gas 188 ‘natural limits’ 47 natural resources 30, 71 natural scarcity 72, 73, 78, 80, 83, 84, 121 nature and capital 88 ‘first nature’ 184 relation to 121, 122 ‘the revenge of nature’ 185 ‘second nature’ 184, 185, 187 as a social product 188 neocolonialism 208, 212 neoliberal counter-revolution 113 neoliberalism 10, 11, 19, 66, 131, 132, 141, 172, 175, 197, 208, 218, 224, 225, 233, 237, 243, 255 Nepal: communist rule in 226 Nevada, foreclosure wave in 1 New Deal 71 ‘new economy’ (1990s) 97 New Labour 45, 255 ‘new urbanism’ movement 175 New York City 11 September 2001 attacks 41 fiscal crisis (1975) 10, 172, 261 investment banks 19, 28 New York metropolitan region 169, 196 Nicaragua 189 Niger delta 251 non-governmental organisations (NGOs) 35, 253–4 non-interventionism 10 North Africa, French import of labour from 14 North America, settlement in 145 North American Free Trade Association (NAFTA) 200 Northern Ireland emergency 247 Northern Rock 2 Norway: Nordic cris (1992) 8 nuclear power 188 O Obama, Barack 11, 27, 34, 210 Obama administration 78, 121 O’Connor, Jim 77, 78 offshoring 131 Ogoni people 251 oil cheap 76–7 differential rent on oil wells 83 futures 83, 84 a non-renewable resource 82 ‘peak oil’ 38, 73, 78, 79, 80 prices 77–8, 80, 82–3, 261 and raw materials prices 6 rents 83 United States and 76–7, 79, 121, 170, 210, 261 OPEC (Organisation of Oil-Producing Countries) 83, 84 options markets currency 262 equity values 262 unregulated 99, 100 Orange County, California bankruptcy 100, 261 Organisation for Economic Cooperation and Development (OECD) 51 organisational change 98, 101 organisational forms 47, 101, 121, 127, 134, 238 Ottoman Empire 194 ‘over the counter’ trading 24, 25 overaccumulation crises 45 ozone hole 74 ozone layer 187 P Pakistan: US involvement 210 Palley, Thomas 236 Paris ‘the city of light’ 168 epicentre of 1968 confrontations 177, 243 Haussmann’s rebuilding of 49, 167–8, 169, 171, 176 municipal budget crashes (1868) 54 Paris Commune (1871) 168, 171, 176, 225, 243, 244 Partnoy, Frank: Ubfectious Greed 25 patents 221 patent laws 95 patriarchy 104 pensions pension funds 4, 5, 245 reneging on obligations 49 Péreire brothers 49, 54, 98, 174 pesticides 185, 186, 187 petty bourgeois 56 pharmaceutical sector 129, 245 philanthropy 44 Philippines: excessive urban development 8 Phillips, Kevin 206 Pinochet, General Augusto 15, 64 plant 58 Poland, lending to 19 political parties, radical 255–6 politics capitalist 76 class 62 co-revolutionary 241 commodified 219 depoliticised 219 energy 77 identity 131 labour organizing 255 left 255 transformative 207 pollution air 77 oceanic 74 rights 21 ‘Ponts et Chaussées’ organisation 92 Ponzi schemes 21, 114, 245, 246 pop music 245–6 Pope, Alexander 156 population growth 59, 72, 74, 121, 167 and capital accumulation 144–7 populism 55–6 portfolio insurance 262 poverty and capitalism 72 criminalisation and incarceration of the poor 15 feminisation of 15, 258 ‘Great Society’ anti-poverty programmes 32 Prague 243 prices commodity 37, 73 energy 78 food grain 79–80 land 8, 9, 182–3 oil 8, 28, 37–8, 77–8, 80, 82–3, 261 property 4, 182–3 raw material 37 reserve price 81–2 rising 73 share 7 primitive accumulation 58, 63–4, 108, 249 private consortia 50 private equity groups 50 private property and radical egalitarianism 233, 234 see also property markets; property rights; property values privatisation 10, 28, 29, 49, 251, 256, 257 pro-natal policies 59 production expansion of 112, 113 inadequate means of 47 investment in 114 liberating the concept 87 low-profit 29 offshore 16 production of urbanisation 87 reorganisation and relocation of 33 revolutionising of 89 surplus 45 technologies 101 productivity agreements 14, 60, 96 agricultural 119 cotton industry 67 gains 88, 89 Japan and West Germany 33 rising 96, 186 products development 95 innovation 95 new lines 94, 95 niches 94 profit squeeze 65, 66, 116 profitability constrains 30 falling 94, 131 of the financial sector 51 and wages 60 profits easy 15 excess 81, 90 falling 29, 72, 94, 116, 117 privatising 10 rates 70, 94, 101 realisation of 108 proletarianisation 60, 62 property markets crash in US and UK (1973–75) 8, 171–2, 261 overextension in 85 property market-led Nordic and Japanese bank crises 261 property-led crises (2007–10) 10, 261 real estate bubble 261 recession in UK (after 1987) 261 property rights 69, 81–2, 90, 122, 179, 198, 233, 244, 245 Property Share Price Index (UK) 7 property values 171, 181, 197, 248 prostitution 15 protectionism 31, 33, 43, 211 punctuated equilibrium theory of natural evolution 130 Putin, Vladimir 29, 80 Q Q’ing dynasty 194 quotas 16 R R&D (research and development) 92, 95–6 race issues 104 racism 61, 258 radical egalitarianism 230–34 railroads 42, 49, 191 Railwan, rise of (1970s) 35 rare earth metals 188 raw materials 6, 16, 37, 58, 77, 101, 113, 140, 144, 234 RBS 20 Reagan, Ronald 15, 64, 131, 141 Reagan-Thatcher counter revolution (early 1980s) 71 Reagan administration 1, 19 Reagan recession (1980–82) 60, 261 Real Estate Investment Trusts (US) 7 recession 1970s 171–2 language of 27 Reagan (1980–82) 60, 261 Red Brigade 254 reforestation 184 refrigeration 74 reinvestment 43, 45, 66–7, 110–12, 116 religious fundamentalism 203 religious issues 104 remittances 38, 140, 147 rentiers 40 rents differential rent 81, 82, 83 on intellectual property rights 221 land 182 monetisation of 48, 109 monopoly 51, 81–2, 83 oil 83 on patents 221 rising 181 reproduction schemas 70 Republican Party (US) 11, 141 reserve price 81 resource values 234 Ricardo, David 72, 94 risks, socialising 10 robbery 44 Robinson, Joan 238 robotisation 14, 136 Rockefeller, John D. 98 Rockefeller brothers 131 Rockefeller foundation 44, 186 Roman Empire 194 Roosevelt, Franklin D. 71 Rothschild family 98, 163 Royal Society 91, 156 royalties 40 Rubin, Robert 98 ‘rule of experts’ 99, 100–101 Russia bankruptcy (1998) 246, 261 capital flight crisis 261 defaults on its debt (1998) 6 oil and natural gas flow to Ukraine 68 oil production 6 oligarchs 29 see also Soviet Union S Saddam Hussein 210 Saint-Simon, Claude Henri de Rouvroy, Comte de 49 Saint-Simonians 87, 168 Salomon Brothers 24 Samuelson, Robert 235, 239 Sandino, Augusto 189 Sanford, Charles 98 satellites 156 savings 140 Scholes, Myron 100 Schumer, Charles 11 Schumpeter, Joseph 46 Seattle battle of (1999) 38, 227 general strike (1918) 243 software development in 195 Second World War 32, 168–70, 214 sectarianism 252 securitisation 17, 36, 42 Sejong, South Korea 124–6 service industries 41 sexism 61 sexual preferences issues 104, 131, 176 Shanghai Commune (1967) 243 shark hunting 73, 76 Shell Oil 79, 251 Shenzhen, China 36 shop floor organisers (shop stewards) 103 Silicon Valley 162, 195, 216 Singapore follows Japanese model 92 industrialisation 68 rise of (1970s) 35 slavery 144 domestic 15 slums 16, 151–2, 176, 178–9 small operators, dispossession of 50 Smith, Adam 90, 164 The Wealth of Nations 35 social democracy 255 ‘social democratic’ consensus (1960s) 64 social inequality 224 social relations 101, 102, 104, 105, 119, 121, 122, 123, 126, 127, 135–9, 152, 240 loss of 246 social security 224 social services 256 social struggles 193 social welfarism 255 socialism 136, 223, 228, 242, 249 compared with communism 224 solidarity economy 151, 254 Soros, George 44, 98, 221 Soros foundation 44 South Korea Asian Currency Crisis 261 excessive urban development 8 falling exports 6 follows Japanese model 92 rise of (1970s) 35 south-east Asia: crash of 1997–8 6, 8, 49, 246 Soviet Union in alliance with US against fascism 169 break-up of 208, 217, 227 collapse of communism 16 collectivisation of agriculture 250 ‘space race’ (1960s and 1970s) 156 see also Russia space domination of 156–8, 207 fixed spaces 190 ‘space race’ (1960s and 1970s) 156 Spain property-led crisis (2007–10) 5–6, 261 unemployment 6 spatial monopoly 164–5 special drawing rights 32, 34 special economic zones 36 special investment vehicles 36, 262 special purpose entities 262 speculation 52–3 speculative binges 52 speed-up 41, 42 stagflation 113 stagnation 116 Stalin, Joseph 136, 250 Standard Oil 98 state formation 196, 197, 202 state-corporate nexus 204 ‘space race’ (1960s and 1970s) 156 state-finance nexus 204, 205, 237, 256 blind belief in its corrective powers 55 ‘central nervous system’ for capital accumulation 54 characteristics of a feudal institution 55 and the current crisis 118 defined 48 failure of 56–7 forms of 55 fusion of state and financial powers 115 innovation in 85 international version of 51 overwhelmed by centralised credit power 52 pressure on 54 radical reconstruction of 131 role of 51 and state-corporate research nexus 97 suburbanisation 171 tilts to favour particular interests 56 statistical arbitrage strategies 262 steam engine, invention of 78, 89 Stiglitz, Joseph 45 stimulus packages 261 stock markets crash (1929) 211, 217 crashes (2001–02) 261 massive liquidity injections (1987) 236, 261 Stockton, California 2 ’structural adjustment’ programmes vii, 19, 261 subcontracting 131 subprime loans 1 subprime mortgage crisis 2 substance abuse 151 suburbanisation 73, 74, 76–7, 106–7, 169, 170, 171, 181 Summers, Larry 11, 44–5, 236 supermarket chains 50 supply-side theory 237 surveillance 92, 204 swaps credit 21 Credit Default 24, 262 currency 262 equity index 262 interest rate 24, 262 Sweden banking system crash (1992) 8, 45 Nordic crisis 8 Yugoslav immigrants 14 Sweezey, Paul 52, 113 ‘switching crises’ 93 systematic ‘moral hazard’ 10 systemic risks vii T Taipei: computer chips and household technologies in 195 Taiwan falling exports 6 follows Japanese model 92 takeovers 49 Taliban 226 tariffs 16 taxation 244 favouring the rich 45 inheritance 44 progressive 44 and the state 48, 145 strong tax base 149 tax rebates 107 tax revenues 40 weak tax base 150 ‘Teamsters for Turtles’ logo 55 technological dynamism 134 technologies change/innovation/new 33, 34, 63, 67, 70, 96–7, 98, 101, 103, 121, 127, 134, 188, 193, 221, 249 electronic 131–2 ‘green’ 188, 221 inappropriate 47 labour fights new technologies 60 labour-saving 14–15, 60, 116 ‘rule of experts’ 99, 100–101 technological comparative edge 95 transport 62 tectonic movements 75 territorial associations 193–4, 195, 196 territorial logic 204–5 Thailand Asian Currency Crisis 261 excessive urban development 8 Thatcher, Margaret, Baroness 15, 38, 64, 131, 197, 255 Thatcherites 224 ‘Third Italy’, Bologna 162, 195 time-space compression 158 time-space configurations 190 Toys ‘R’ Us 17 trade barriers to 16 collapses in foreign trade (2007–10) 261 fall in global international trade 6 increase in volume of trading 262 trade wars 211 trade unions 63 productivity agreements 60 and US auto industry 56 trafficking human 44 illegal 43 training 59 transport costs 164 innovations 42, 93 systems 16, 67 technology 62 Treasury Bill futures 262 Treasury bond futures 262 Treasury instruments 262 TRIPS agreement 245 Tronti, Mario 102 Trotskyists 253, 255 Tucuman uprising (1969) 243 Turin: communal ‘houses of the people’ 243 Turin Workers Councils 243 U UBS 20 Ukraine, Russian oil and natural gas flow to 68 ultraviolet radiation 187 UN Declaration of Human Rights 234 UN development report (1996) 110 Un-American Activities Committee hearings 169 underconsumptionist traditions 116 unemployment 131, 150 benefits 60 creation of 15 in the European Union 140 job losses 93 lay-offs 60 mass 6, 66, 261 rising 15, 37, 113 and technological change 14, 60, 93 in US 5, 6, 60, 168, 215, 261 unionisation 103, 107 United Fruit Company 189 United Kingdom economy in serious difficulty 5 forced to nationalise Northern Rock 2 property market crash 261 real average earnings 13 train network 28 United Nations 31, 208 United States agricultural subsidies 79 in alliance with Soviet Union against fascism 169 anti-trust legislation 52 auto industry 56 blockbusting neighbourhoods 248 booming but debt-filled consumer markets 141 and capital surplus absorption 31–2 competition in labour markets 61 constraints to excessive concentration of money power 44–5 consumerism 109 conumer debt service ratio 18 cross-border leasing with Germany 142–3 debt 158, 206 debt bubble 18 fiscal crises of federal, state and local governments 261 health care 28–9 heavy losses in derivatives 261 home ownership 3 housing foreclosure crises 1–2, 4, 38, 166 industries dependent on trade seriously hit 141 interventionism in Iraq and Afghanistan 210 investment bankers rescued 261 investment failures in real estate 261 lack of belief in theory of evolution 129 land speculation scheme 187–8 oil issue 76–7, 79, 80, 121, 170, 210, 261 population growth 146 proletarianisation 60 property-led crisis (2007–10) 261 pursuit of science and technology 129 radical anti-authoritarianism 199 Reagan Recession 261 rescue of financial institutions 261 research universities 95 the reversing origins of US corporate profits (1950–2004) 22 the right to the city movement 257 ‘right to work’ states 65 savings and loan crisis (1984–92) 8 secondary mortgage market 173 ‘space race’ (1960s and 1970s) 156 suburbs 106–7, 149–50, 170 train network 28 unemployment 5, 6, 60, 168, 215, 261 unrestricted capitalist development 113 value of US stocks and homes, as a percentage of GDP 22 and Vietnam War 171 wages 13, 62 welfare provision 141 ‘urban crisis’ (1960s) 170 urban ‘heat islands’ 77 urban imagineering 193 urban social movements 180 urbanisation 74, 85, 87, 119, 131, 137, 166, 167, 172–3, 174, 240, 243 US Congress 5, 169, 187–8 US Declaration of Independence 199 US National Intelligence Council 34–5 US Senate 79 US Supreme Court 179 US Treasury and Goldman Sachs 11 rescue of Continental Illinois Bank 261 V Vanderbilt family 98 Vatican 44 Veblen, Thorstein 181–2 Venezuela 256 oil production 6 Vietnam War 32, 171 Volcker, Paul 2, 236 Volcker interest rate shock 261 W wage goods 70, 107, 112, 162 wages and living standards 89 a living wage 63 national minimum wage 63 rates 13, 14, 59–64, 66, 109 real 107 repression 12, 16, 21, 107, 110, 118, 131, 172 stagnation 15 wage bargaining 63 Wal-Mart 17, 29, 64, 89 Wall Street, New York 35, 162, 200, 219, 220 banking institutions 11 bonuses 2 ‘Party of Wall Street’ 11, 20, 200 ‘War on Terror’ 34, 92 warfare 202, 204 Wasserstein, Bruce 98 waste disposal 143 Watt, James 89 wealth accumulation by capitalist class interests 12 centralisation of 10 declining 131 flow of 35 wealth transfer 109–10 weather systems 153–4 Weather Underground 254 Weill, Sandy 98 Welch, Jack 98 Westphalia, Treaty of (1648) 91 Whitehead, Alfred North 75 Wilson, Harold 56 wind turbines 188 women domestic slavery 15 mobilisation of 59, 60 prostitution 15 rights 176, 251, 258 wages 62 workers’ collectives 234 working hours 59 World Bank 36, 51, 69, 192, 200, 251 ‘Fifty Years is Enough’ campaign 55 predicts negative growth in the global economy 6 World Bank Development Report (2009) 26 World Trade Organisation (WTO) 200, 227 agreements 69 street protests against (Seattle, 1999) 55 TRIPS agreement 245 and US agricultural subsidies 79 WorldCom 8, 100, 261 worldwide web 42 Wriston, Walter 19 X X-rays 99 Y Yugoslavia dissolution of 208 ethnic cleansings 247 Z Zapatista revolutionary movement 207, 226, 252 Zola, Émile 53 The Belly of Paris 168 The Ladies’ Paradise 168


pages: 284 words: 92,688

Disrupted: My Misadventure in the Start-Up Bubble by Dan Lyons

activist fund / activist shareholder / activist investor, Airbnb, Ben Horowitz, Bernie Madoff, Big Tech, bitcoin, Blue Bottle Coffee, call centre, Carl Icahn, clean tech, cloud computing, content marketing, corporate governance, disruptive innovation, dumpster diving, Dunning–Kruger effect, fear of failure, Filter Bubble, Golden Gate Park, Google Glasses, Googley, Gordon Gekko, growth hacking, hiring and firing, independent contractor, Jeff Bezos, Larry Ellison, Lean Startup, Lyft, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Mary Meeker, Menlo Park, minimum viable product, new economy, Paul Graham, pre–internet, quantitative easing, ride hailing / ride sharing, Rosa Parks, Salesforce, Sand Hill Road, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, Snapchat, software as a service, South of Market, San Francisco, Stanford prison experiment, Steve Ballmer, Steve Jobs, Steve Wozniak, tech billionaire, tech bro, tech worker, TED Talk, telemarketer, tulip mania, uber lyft, Y Combinator, éminence grise

The article described a whole generation of once-successful men who, having been laid off during the recession, or “Mancession,” as the magazine dubbed it, were now shuffling around in their bathrobes, stunned, emasculated, psychologically destroyed, humiliated in front of their wives and children, drifting through life like castrated zombies. In the new economy, age fifty was the new sixty-five. Hit fifty, and your company would find an excuse to fire you, and good luck trying to find another job. As for filing an age discrimination suit: Forget about it. You wouldn’t stand a chance. Even if you won your lawsuit, you’d never work again. I’d read the article when it came out, but it hadn’t bothered me too much.

The company’s investors are demanding astronomical growth rates, and while cold-calling thousands of leads may be a brute-force, blunt-instrument tactic, it’s the only way they can hit their numbers. “When you get a hard-charging sales culture in place, and you’re trying to keep up insane growth rates, all that high-minded preaching about how the New Economy means not doing things like they used to do in the Bad Old Days—all that stuff goes out the window, and they bring in Alec Baldwin to give his steak knives speech,” my friend says. “Our recruiters go out to college campuses and load up the slave ship with a shit ton of identical-looking lax bros.


pages: 307 words: 88,180

AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee

"World Economic Forum" Davos, AI winter, Airbnb, Albert Einstein, algorithmic bias, algorithmic trading, Alignment Problem, AlphaGo, artificial general intelligence, autonomous vehicles, barriers to entry, basic income, bike sharing, business cycle, Cambridge Analytica, cloud computing, commoditize, computer vision, corporate social responsibility, cotton gin, creative destruction, crony capitalism, data science, deep learning, DeepMind, Demis Hassabis, Deng Xiaoping, deskilling, Didi Chuxing, Donald Trump, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, fake news, full employment, future of work, general purpose technology, Geoffrey Hinton, gig economy, Google Chrome, Hans Moravec, happiness index / gross national happiness, high-speed rail, if you build it, they will come, ImageNet competition, impact investing, income inequality, informal economy, Internet of things, invention of the telegraph, Jeff Bezos, job automation, John Markoff, Kickstarter, knowledge worker, Lean Startup, low skilled workers, Lyft, machine translation, mandatory minimum, Mark Zuckerberg, Menlo Park, minimum viable product, natural language processing, Neil Armstrong, new economy, Nick Bostrom, OpenAI, pattern recognition, pirate software, profit maximization, QR code, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, risk tolerance, Robert Mercer, Rodney Brooks, Rubik’s Cube, Sam Altman, Second Machine Age, self-driving car, sentiment analysis, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, SoftBank, Solyndra, special economic zone, speech recognition, Stephen Hawking, Steve Jobs, strong AI, TED Talk, The Future of Employment, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, urban planning, vertical integration, Vision Fund, warehouse robotics, Y Combinator

Worse still, this would not be a temporary shock, like the fleeting brush with 10 percent unemployment that the United States experienced following the 2008 financial crisis. Instead, if left unchecked, it could constitute the new normal: an age of full employment for intelligent machines and enduring stagnation for the average worker. U.S.-CHINA COMPARISON: MORAVEC’S REVENGE But what about China? How will its workers fare in this brave new economy? Few good studies have been conducted on the impacts of automation here, but the conventional wisdom holds that Chinese people will be hit much harder, with intelligent robots spelling the end of a golden era for workers in the “factory of the world.” This prediction is based on the makeup of China’s workforce, as well as a gut-level intuition about what kinds of jobs become automated.

It Doesn’t Have to Be,” New York Times, December 14, 2017, https://www.nytimes.com/interactive/2017/12/14/business/world-inequality.html. twice as much wealth: Matt Egan, “Record Inequality: The Top 1% Controls 38.6% of America’s Wealth,” CNN, September 17, 2017, http://money.cnn.com/2017/09/27/news/economy/inequality-record-top-1-percent-wealth/index.html. fallen for the poorest Americans: Lawrence Mishel, Elise Gould, and Josh Bivens, “Wage Stagnation in Nine Charts,” Economic Policy Institute, January 6, 2015, http://www.epi.org/publication/charting-wage-stagnation/. “The answer is surely not”: Claire Cain Miller, “As Robots Grow Smarter, American Workers Struggle to Keep Up,” The Upshot (blog), New York Times, December 15, 2014, https://www.nytimes.com/2014/12/16/upshot/as-robots-grow-smarter-american-workers-struggle-to-keep-up.html.


pages: 325 words: 89,374

Municipal Dreams: The Rise and Fall of Council Housing by John Boughton

British Empire, deindustrialization, full employment, garden city movement, gentrification, ghettoisation, housing crisis, Jane Jacobs, Jeremy Corbyn, laissez-faire capitalism, Leo Hollis, manufacturing employment, negative equity, Neil Kinnock, neoliberal agenda, new economy, New Urbanism, profit motive, rent control, Right to Buy, rising living standards, Russell Brand, starchitect, systems thinking, The Death and Life of Great American Cities, the market place, Traffic in Towns by Colin Buchanan, upwardly mobile, urban decay, urban planning, urban renewal, young professional

The positive feature of the City Challenge programme was a formalised and strengthened commitment to economic regeneration based on the realisation that a community’s physical environment was often the least of its problems. City Challenge emphasised ‘partnership’ – strengthened links between local councils and local businesses and close collaboration with education and training providers. Of course, all this was to fit the local community to the new economy; predominantly lower-paid, less regular and non-unionised service industries. This all implicitly acknowledged that there would be no return to the traditional manufacturing employment that had been the mainstay of many ‘respectable’ working-class communities in the past. The process itself was also, in Conservative terms, businesslike.

Second, both in the telling choice of location and in its actual words, the speech in many ways reflected the assumptions of those initiatives. Blair felt he had little choice but to embrace the new globalised economy, but he also saw it as an opportunity that a younger and cooler Britannia might seize. Unemployment was a problem of people and places shut out from the new economy, unable to compete, and the two unerringly converged in the ‘problem estate’ and perhaps even in the form and nature of council housing more generally. One year later, the Aylesbury Estate was awarded £56 million. It was named one of seventeen ‘pathfinder partnerships’ awarded cash under the government’s New Deal for Communities scheme – ‘a key programme in the Government’s strategy to tackle multiple deprivation in the most deprived neighbourhoods in the country’.2 ‘Social exclusion’ was the new buzz term, understood as ‘a multi-dimensional process, in which various forms of exclusion are combined: participation in decision-making and political processes, access to employment and material resources, and integration into common cultural processes’.3 ‘Welfare’, as we learnt to call the social security system, and the problem of making work pay (as it was frequently expressed) was judged to be one larger cause of this and was to be tackled by the new minimum wage and benefits reforms.


Alpha Girls: The Women Upstarts Who Took on Silicon Valley's Male Culture and Made the Deals of a Lifetime by Julian Guthrie

"Susan Fowler" uber, "World Economic Forum" Davos, Airbnb, Alan Greenspan, Andy Rubin, Apollo 11, Apple II, barriers to entry, Bear Stearns, Benchmark Capital, blockchain, Bob Noyce, call centre, cloud computing, credit crunch, deal flow, disruptive innovation, Elon Musk, equal pay for equal work, Fairchild Semiconductor, fear of failure, game design, Gary Kildall, glass ceiling, hiring and firing, information security, Jeff Bezos, Larry Ellison, Louis Pasteur, Lyft, Marc Benioff, Mark Zuckerberg, Menlo Park, Mitch Kapor, new economy, PageRank, peer-to-peer, pets.com, phenotype, place-making, private spaceflight, retail therapy, ROLM, Ronald Reagan, Rosa Parks, Salesforce, Sand Hill Road, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, Skype, Snapchat, software as a service, South of Market, San Francisco, stealth mode startup, Steve Jobs, Steve Jurvetson, Steve Wozniak, Susan Wojcicki, TaskRabbit, Teledyne, Tim Cook: Apple, Timothy McVeigh, Travis Kalanick, uber lyft, unpaid internship, upwardly mobile, urban decay, UUNET, web application, William Shockley: the traitorous eight, women in the workforce

Release had more wins than losses in its meetings with companies and investors—though the start-up was always desperate for cash. Eventually it prepared to go public, with Merrill Lynch as the underwriter. The investing world had changed since Netscape’s IPO in 1995. The fervor over Netscape’s dramatic upward valuation had ushered in new economy companies that were born, funded, acquired, or went public in record time. Suddenly, making money—actual revenue and profits—was far less important than capturing clicks and eyeballs. Tens of billions of dollars were pouring into venture capital funds, and almost any company with a “dot-com” after its title was attracting suitors.

But the southern belle continued to love her Silicon Valley job, telling her friends, “I get to talk on the phone all day and spend money!” A group of high-society ladies soon invited her to lunch to welcome her to the tony neighborhood. She was amused when the questions began, a reminder that San Francisco, for all its progressiveness, was still a place where old money looked down at the new economy. First, the Chanel-clad inquisitors wanted to know what her father’s line of work was; surely he had bought the mansion. “My dad is a professor of civil engineering,” she said. So they asked what her husband did for work. “I’m not married,” she said. This was met with dead silence. There had to be a trust fund, they figured.


Hiding in Plain Sight: The Invention of Donald Trump and the Erosion of America by Sarah Kendzior

4chan, Bear Stearns, Berlin Wall, Bernie Sanders, Black Lives Matter, borderless world, Brexit referendum, Cambridge Analytica, Carl Icahn, Chelsea Manning, Columbine, corporate raider, desegregation, disinformation, don't be evil, Donald Trump, drone strike, Edward Snowden, Evgeny Morozov, fake news, Ferguson, Missouri, Francis Fukuyama: the end of history, gentrification, Golden arches theory, hiring and firing, illegal immigration, income inequality, Jaron Lanier, Jeff Bezos, Jeffrey Epstein, Julian Assange, junk bonds, Michael Milken, military-industrial complex, Mohammed Bouazizi, Naomi Klein, Nelson Mandela, new economy, Oklahoma City bombing, opioid epidemic / opioid crisis, payday loans, plutocrats, public intellectual, QAnon, Robert Hanssen: Double agent, Ronald Reagan, side hustle, Silicon Valley, Skype, Steve Bannon, Thomas L Friedman, trickle-down economics, Twitter Arab Spring, unpaid internship, white flight, WikiLeaks, Y2K, zero-sum game

We are simply supposed to accept the endless reappearance of a cast of characters tied to Russia over multiple decades as an amazing coincidence. Throughout the late 1990s, Trump rebuilt his business empire in the style of the new criminal elite: blurring the lines between illicit and illegal, polishing the façade with glamour and prestige, and marketing himself as a comeback story of “the new economy.” A prime example are his condo sales. In 2018, BuzzFeed revealed that over a fifth of the condos Trump had purchased and sold since the 1980s were financed through secretive, all-cash transactions that enabled buyers to avoid legal scrutiny.59 As BuzzFeed noted, such transactions are not necessarily illegal but they certainly fit the Treasury characteristics for possible money-laundering.

The economic nightmare I had documented for years as a journalist had finally gotten me, like a monster I had tracked but failed to slay. I developed health problems that I never treated, contemplating the humiliation of a medical GoFundMe but then deciding to wait in case something worse happened—in postrecession Missouri, the odds of something worse happening were always high. We thought about moving, but the new economy had created an unequal economic geography. Expensive cities had better jobs, but the high cost of living made moving anywhere with our meager St. Louis assets impossible. In the cities where we could afford to live—cities similar to St. Louis—there were few full-time positions available. None of this was reflected in the portrait of the American economy we saw on the news.


pages: 332 words: 93,672

Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy by George Gilder

23andMe, Airbnb, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, AlphaGo, AltaVista, Amazon Web Services, AOL-Time Warner, Asilomar, augmented reality, Ben Horowitz, bitcoin, Bitcoin Ponzi scheme, Bletchley Park, blockchain, Bob Noyce, British Empire, Brownian motion, Burning Man, business process, butterfly effect, carbon footprint, cellular automata, Claude Shannon: information theory, Clayton Christensen, cloud computing, computer age, computer vision, crony capitalism, cross-subsidies, cryptocurrency, Danny Hillis, decentralized internet, deep learning, DeepMind, Demis Hassabis, disintermediation, distributed ledger, don't be evil, Donald Knuth, Donald Trump, double entry bookkeeping, driverless car, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fake news, fault tolerance, fiat currency, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, floating exchange rates, Fractional reserve banking, game design, Geoffrey Hinton, George Gilder, Google Earth, Google Glasses, Google Hangouts, index fund, inflation targeting, informal economy, initial coin offering, Internet of things, Isaac Newton, iterative process, Jaron Lanier, Jeff Bezos, Jim Simons, Joan Didion, John Markoff, John von Neumann, Julian Assange, Kevin Kelly, Law of Accelerating Returns, machine translation, Marc Andreessen, Mark Zuckerberg, Mary Meeker, means of production, Menlo Park, Metcalfe’s law, Money creation, money: store of value / unit of account / medium of exchange, move fast and break things, Neal Stephenson, Network effects, new economy, Nick Bostrom, Norbert Wiener, Oculus Rift, OSI model, PageRank, pattern recognition, Paul Graham, peer-to-peer, Peter Thiel, Ponzi scheme, prediction markets, quantitative easing, random walk, ransomware, Ray Kurzweil, reality distortion field, Recombinant DNA, Renaissance Technologies, Robert Mercer, Robert Metcalfe, Ronald Coase, Ross Ulbricht, Ruby on Rails, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Singularitarianism, Skype, smart contracts, Snapchat, Snow Crash, software is eating the world, sorting algorithm, South Sea Bubble, speech recognition, Stephen Hawking, Steve Jobs, Steven Levy, Stewart Brand, stochastic process, Susan Wojcicki, TED Talk, telepresence, Tesla Model S, The Soul of a New Machine, theory of mind, Tim Cook: Apple, transaction costs, tulip mania, Turing complete, Turing machine, Vernor Vinge, Vitalik Buterin, Von Neumann architecture, Watson beat the top human players on Jeopardy!, WikiLeaks, Y Combinator, zero-sum game

Cleaving all information is the great divide between creativity and determinism, between information entropy of surprise and thermodynamic entropy of predictable decline, between stories that capture a particular truth and statistics that reveal a sterile generality, between cryptographic hashes that preserve information and mathematical blends that dissolve it, between the butterfly effect and the law of averages, between genetics and the law of large numbers, between singularities and big data—in a word, the impassible gulf between consciousness and machines. Not only was a new science born but also a new economy, based on a new system of the world—the information theory articulated in 1948 by Shannon on the foundations first launched in a room in Königsberg in September 1930. This new system of the world was consummated by the company we know as Google. Google, though still second in the market cap race is by far most important, paradigmatic company of our time.

He heralded a “zero marginal cost society.” Under the new regime, the price of every incremental good and service, from search to software, from news to energy, will plunge toward “free” as every device and entity in the world is subsumed in an Internet of Things, where exponential network effects yield a new economy of leisure and abundance.3 Rifkin assured his audience that it is indeed a Google world. But not only is “free” a lie, as we’ve seen, but a price of zero signifies a return to the barter system, a morass of incommensurable exchanges that the human race left behind in the Stone Age. You pay not with money but with your attention.


pages: 302 words: 92,206

Nomad Century: How Climate Migration Will Reshape Our World by Gaia Vince

3D printing, An Inconvenient Truth, Anthropocene, biodiversity loss, bitcoin, Boris Johnson, carbon tax, charter city, circular economy, clean water, colonial exploitation, coronavirus, COVID-19, decarbonisation, degrowth, Donald Trump, Dunbar number, European colonialism, failed state, gentrification, global pandemic, Global Witness, green new deal, Haber-Bosch Process, high-speed rail, housing crisis, ice-free Arctic, illegal immigration, Intergovernmental Panel on Climate Change (IPCC), invention of agriculture, invention of the printing press, job automation, joint-stock company, Kim Stanley Robinson, labour mobility, load shedding, lockdown, low skilled workers, Mahatma Gandhi, Malacca Straits, mass immigration, mass incarceration, mega-rich, megacity, negative emissions, new economy, ocean acidification, old age dependency ratio, open borders, Patri Friedman, Peace of Westphalia, Pearl River Delta, Peter Thiel, place-making, planetary scale, plyscraper, polynesian navigation, quantitative easing, randomized controlled trial, rewilding, Rishi Sunak, sharing economy, Shenzhen special economic zone , Silicon Valley, special economic zone, trade route, transatlantic slave trade, undersea cable, urban planning, urban sprawl, white flight, women in the workforce, working-age population, zero-sum game, Zipcar

In the patriarchal structure of most nations, this has meant that highly skilled women have been able to join the workforce when there were more migrants around. Enterprising migrants start businesses that employ more migrants and natives. Some of these businesses help generate greater social, economic and cultural productivity, driving a whole new economy. Think of the Chinatowns, Little Greeces and Little Italys, for example. In the past, the vast majority of migrants were the poorest, most unskilled people, who had the least to lose by leaving destitution for the price of passage elsewhere. Today, with border controls and immigration controls, only the wealthiest can afford the cost and only the most skilled and most motivated can legally enter many countries from the poor world.

For poor countries with insufficient power capacity that are reliant on coal, the capital costs of deploying new renewables – even at their cheaper prices – can still be prohibitive. This is something that the international community should help with – by making cheaper finance available, for instance. The manufacture, construction, deployment, recycling and maintenance of renewable power technology will be a leading job creator in existing cities, but also in the new economies of the far north. Our net zero world will be much more heavily reliant on electricity production, to power not just homes and businesses but also industry and transport, which currently rely on fossil fuels. The energy to make all this electricity can come from vast arrays of solar and wind-power plants installed in a belt across the uninhabitable desert regions of the mid latitudes.


pages: 318 words: 91,957

The Man Who Broke Capitalism: How Jack Welch Gutted the Heartland and Crushed the Soul of Corporate America—and How to Undo His Legacy by David Gelles

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, accounting loophole / creative accounting, Adam Neumann (WeWork), air traffic controllers' union, Alan Greenspan, Andrei Shleifer, Bear Stearns, benefit corporation, Bernie Sanders, Big Tech, big-box store, Black Monday: stock market crash in 1987, Boeing 737 MAX, call centre, carbon footprint, Carl Icahn, collateralized debt obligation, Colonization of Mars, company town, coronavirus, corporate governance, corporate raider, corporate social responsibility, COVID-19, Credit Default Swap, credit default swaps / collateralized debt obligations, disinformation, Donald Trump, financial deregulation, financial engineering, fulfillment center, gig economy, global supply chain, Gordon Gekko, greed is good, income inequality, inventory management, It's morning again in America, Jeff Bezos, junk bonds, Kaizen: continuous improvement, Kickstarter, Lean Startup, low interest rates, Lyft, manufacturing employment, Mark Zuckerberg, Michael Milken, Neil Armstrong, new economy, operational security, profit maximization, profit motive, public intellectual, QAnon, race to the bottom, Ralph Nader, remote working, Robert Bork, Ronald Reagan, Rutger Bregman, self-driving car, shareholder value, side hustle, Silicon Valley, six sigma, Social Responsibility of Business Is to Increase Its Profits, Steve Ballmer, stock buybacks, subprime mortgage crisis, TaskRabbit, technoutopianism, Travis Kalanick, Uber and Lyft, uber lyft, warehouse robotics, Watson beat the top human players on Jeopardy!, We are the 99%, WeWork, women in the workforce

Conservative economists called for less government meddling, less regulation, free markets, fewer labor unions, and a world where big businesses were free to act in their own best interests. Some went further, arguing that corporations should focus on maximizing shareholder value, rather than concerning themselves with the public good. On Wall Street, animal spirits were stirring. Thanks to technology, money was beginning to move in strange new ways. A new economy was taking shape, and Welch, as chairman of GE, would have a strong hand in its design. GE was hardly in trouble when Welch took over. Jones had overseen a steady rise in earnings, and the company had just reported an annual profit of nearly $1.5 billion. But GE’s stock price hadn’t budged in years, and that, to Welch, was a problem.

There is no law that dictates corporations must maximize shareholder value, and after a half century fever dream, the public, policymakers, and even some CEOs seem to be accepting as much. We will need to articulate a new set of shared goals designed to promote broad economic prosperity, not widespread inequality. Stakeholder capitalism is a useful first step, but will only matter if the companies making bold pledges follow through with equally bold actions. To create a new economy we will need a new framework for success. This will require celebrating leaders who prioritize long-term growth over short-term gains, and putting an end, once and for all, to the bankrupt practice of making men like Welch our heroes. We will need to raise pay, improve benefits, and share wealth with our workers.


pages: 135 words: 26,407

How to DeFi by Coingecko, Darren Lau, Sze Jin Teh, Kristian Kho, Erina Azmi, Tm Lee, Bobby Ong

algorithmic trading, asset allocation, Bernie Madoff, bitcoin, blockchain, buy and hold, capital controls, collapse of Lehman Brothers, cryptocurrency, distributed ledger, diversification, Ethereum, ethereum blockchain, fiat currency, Firefox, information retrieval, litecoin, margin call, new economy, passive income, payday loans, peer-to-peer, prediction markets, QR code, reserve currency, robo advisor, smart contracts, tulip mania, two-sided market

” – Hugh Karp, CEO of Nexus Mutual “There is a lot of content about decentralized finance available but nothing matches this depth and comprehensiveness of this book.” – Leighton Cusack, CEO of PoolTogether “This is an excellent resource for anyone who wants a comprehensive introduction to DeFi.” – Kain Warwick, Founder of Synthetix “This book details the new economies created by a generation of bankless pioneers. It’s the best introduction you could ask for.” – Mariano Conti, Head of Smart Contracts at Maker Foundation Introduction Welcome to CoinGecko’s very first book, How to DeFi! DeFi is the acronym for the term Decentralized Finance and is currently one of the fastest-growing sectors in the blockchain and cryptocurrency space.


pages: 98 words: 27,609

The American Dream Is Not Dead: (But Populism Could Kill It) by Michael R. Strain

Bernie Sanders, business cycle, centre right, creative destruction, deindustrialization, Donald Trump, feminist movement, full employment, gig economy, Gini coefficient, income inequality, job automation, labor-force participation, market clearing, market fundamentalism, new economy, opioid epidemic / opioid crisis, public intellectual, Robert Gordon, Ronald Reagan, social intelligence, Steven Pinker, The Rise and Fall of American Growth, Tyler Cowen, upwardly mobile, working poor

Here, for example, is what Warren, who takes the brunt of some of Strain’s attacks, said when she offered a plan to protect the rights of workers in the gig economy in 2016: “Massive technological change is a gift—a byproduct of human ingenuity that creates extraordinary opportunities to improve the lives of billions. But history shows that to harness those opportunities to create and sustain a strong middle class, policy also matters. To fully realize the potential of this new economy, laws must be adapted to make sure that the basic bargain for workers remains intact, and that workers have the chance to share in the growth they help produce.”52 These are not the words of a utopian, a nostalgist, or a Luddite. I will leave it to Strain’s fellow economists to argue with him over whether he uses the right measures of inflation to gauge income changes, over the difference studying “average wages” or “median wages” and other issues of this sort.


The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton

active measures, Arthur Marwick, 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, company town, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, Dr. Strangelove, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, gentrification, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, low interest rates, manufacturing employment, means of production, Mikhail Gorbachev, military-industrial complex, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, post-Fordism, post-industrial society, post-truth, post-war consensus, public intellectual, rising living standards, road to serfdom, Ronald Reagan, scientific management, Suez canal 1869, Suez crisis 1956, technological determinism, 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

We can get a sense of the profound changes in the direction of capital by returning to the London Stock Exchange. This market in shares boomed through the 1980s, and especially the late 1990s. The FTSE 100 index, created in 1984, and accounting for the bulk of the stock market by value, surged to a peak in December 1999. It did this because investors had come to believe in what was called the New Economy. Extraordinary price-earnings ratios resulted as investors piled into enterprises which ultimately found the laws of economic gravity all too real. The bubble burst, and the FTSE 100 did not reach these unsupported heights again for more than a decade. Over that time the composition of the index changed.

The white dominions, once so central to British trade, were now minor trading partners, but Canada, Australia and New Zealand now had a combined population comparable to that of the United Kingdom. Indeed, in terms of global heft we would do well to think of the United Kingdom at the end of the twentieth century as a large Canada rather than, say, a small United States of America. THE NEW ECONOMY This opening of markets was of significance in ways that grew less visible as it became the norm. For example, it would have been unthinkable in the 1950s and 1960s to have our telephones or cars or computers made abroad or by foreign companies. Now it was unthinkable to deprive the British consumer of such devices.

Whereas the left had been strongly declinist in the 1980s, and indeed saw Mrs Thatcher’s policies as strengthening the forces that led to decline – finance, free markets, trade liberalization – by the late 1990s these ideas were weakening even on the left. For New Labour there was no longer a problem of underperforming British capitalism. There was, it seemed, a New Economy, a new weightless, past-less economy, which appeared to defy what seemed like old-fashioned laws of economic gravity, not least in the stock market boom which ran into 1999. People made fun of Gordon Brown for talking of ‘neo-endogenous growth theory’, but it was rather revealing that he was making a very general economic argument which suggested that what really mattered in growth was R&D and ‘human capital’, and not such things as investment or trade policy.


pages: 829 words: 229,566

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

"World Economic Forum" Davos, 1960s counterculture, activist fund / activist shareholder / activist investor, An Inconvenient Truth, Anthropocene, battle of ideas, Berlin Wall, Big Tech, big-box store, bilateral investment treaty, Blockadia, Boeing 747, British Empire, business climate, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon footprint, carbon tax, clean tech, clean water, Climategate, cognitive dissonance, coherent worldview, colonial rule, Community Supported Agriculture, complexity theory, crony capitalism, decarbonisation, degrowth, deindustrialization, dematerialisation, different worldview, Donald Trump, Downton Abbey, Dr. Strangelove, electricity market, energy security, energy transition, equal pay for equal work, extractivism, Exxon Valdez, failed state, fake news, Fall of the Berlin Wall, feminist movement, financial deregulation, food miles, Food sovereignty, gentrification, geopolitical risk, global supply chain, green transition, high-speed rail, hydraulic fracturing, ice-free Arctic, immigration reform, income per capita, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, Jones Act, Kickstarter, Kim Stanley Robinson, land bank, light touch regulation, man camp, managed futures, market fundamentalism, Medieval Warm Period, Michael Shellenberger, military-industrial complex, moral hazard, Naomi Klein, new economy, Nixon shock, Occupy movement, ocean acidification, off-the-grid, offshore financial centre, oil shale / tar sands, open borders, patent troll, Pearl River Delta, planetary scale, planned obsolescence, post-oil, precautionary principle, profit motive, quantitative easing, race to the bottom, Ralph Waldo Emerson, Rana Plaza, remunicipalization, renewable energy transition, Ronald Reagan, Russell Brand, scientific management, smart grid, special economic zone, Stephen Hawking, Stewart Brand, structural adjustment programs, Ted Kaczynski, Ted Nordhaus, TED Talk, the long tail, the scientific method, The Wealth of Nations by Adam Smith, trade route, transatlantic slave trade, trickle-down economics, Upton Sinclair, uranium enrichment, urban planning, urban sprawl, vertical integration, Virgin Galactic, wages for housework, walkable city, Washington Consensus, Wayback Machine, We are all Keynesians now, Whole Earth Catalog, WikiLeaks

All told, three huge economic engines—the banks, the auto companies, and the stimulus bill—were in a state of play, placing more economic power in the hands of Obama and his party than any U.S. government since the administration of Franklin Delano Roosevelt. Imagine, for a moment, if his administration had been willing to invoke its newly minted democratic mandate to build the new economy promised on the campaign trail—to treat the stimulus bill, the broken banks, and the shattered car companies as the building blocks of that green future. Imagine if there had been a powerful social movement—a robust coalition of trade unions, immigrants, students, environmentalists, and everyone else whose dreams were getting crushed by the crashing economic model—demanding that Obama do no less.

In fact the slogan long embraced by this movement has been “System Change, Not Climate Change”—a recognition that these are the two choices we face.67 “The climate justice fight here in the U.S. and around the world is not just a fight against the [biggest] ecological crisis of all time,” Miya Yoshitani, executive director of the Oakland-based Asian Pacific Environmental Network (APEN), explains. “It is the fight for a new economy, a new energy system, a new democracy, a new relationship to the planet and to each other, for land, water, and food sovereignty, for Indigenous rights, for human rights and dignity for all people. When climate justice wins we win the world that we want. We can’t sit this one out, not because we have too much to lose but because we have too much to gain. . . .

Polluting smoke may not be billowing from the tops of its trees but it may as well be, since the trees that have been designated as carbon offsets are now allowing that pollution to take place elsewhere.73 The mantra of the early ecologists was “everything is connected”—every tree a part of an intricate web of life. The mantra of the corporate-partnered conservationists, in sharp contrast, may as well be “everything is disconnected,” since they have successfully constructed a new economy in which the tree is not a tree but rather a carbon sink used by people thousands of miles away to appease our consciences and maintain our levels of economic growth. But the biggest problem with this approach is that carbon markets have failed even on their own terms, as markets. In Europe, the problems began with the decision to entice companies and countries to join the market by handing out a huge number of cheap carbon permits.


pages: 533

Future Politics: Living Together in a World Transformed by Tech by Jamie Susskind

3D printing, additive manufacturing, affirmative action, agricultural Revolution, Airbnb, airport security, algorithmic bias, AlphaGo, Amazon Robotics, Andrew Keen, Apollo Guidance Computer, artificial general intelligence, augmented reality, automated trading system, autonomous vehicles, basic income, Bertrand Russell: In Praise of Idleness, Big Tech, bitcoin, Bletchley Park, blockchain, Boeing 747, brain emulation, Brexit referendum, British Empire, business process, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, cashless society, Cass Sunstein, cellular automata, Citizen Lab, cloud computing, commons-based peer production, computer age, computer vision, continuation of politics by other means, correlation does not imply causation, CRISPR, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, digital divide, digital map, disinformation, distributed ledger, Donald Trump, driverless car, easy for humans, difficult for computers, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, Erik Brynjolfsson, Ethereum, ethereum blockchain, Evgeny Morozov, fake news, Filter Bubble, future of work, Future Shock, Gabriella Coleman, Google bus, Google X / Alphabet X, Googley, industrial robot, informal economy, intangible asset, Internet of things, invention of the printing press, invention of writing, Isaac Newton, Jaron Lanier, John Markoff, Joseph Schumpeter, Kevin Kelly, knowledge economy, Large Hadron Collider, Lewis Mumford, lifelogging, machine translation, Metcalfe’s law, mittelstand, more computing power than Apollo, move fast and break things, natural language processing, Neil Armstrong, Network effects, new economy, Nick Bostrom, night-watchman state, Oculus Rift, Panopticon Jeremy Bentham, pattern recognition, payday loans, Philippa Foot, post-truth, power law, price discrimination, price mechanism, RAND corporation, ransomware, Ray Kurzweil, Richard Stallman, ride hailing / ride sharing, road to serfdom, Robert Mercer, Satoshi Nakamoto, Second Machine Age, selection bias, self-driving car, sexual politics, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, Snapchat, speech recognition, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, tech bro, technological determinism, technological singularity, technological solutionism, the built environment, the Cathedral and the Bazaar, The Structural Transformation of the Public Sphere, The Wisdom of Crowds, Thomas L Friedman, Tragedy of the Commons, trolley problem, universal basic income, urban planning, Watson beat the top human players on Jeopardy!, work culture , working-age population, Yochai Benkler

Tapscott and Tapscott, Blockchain Revolution, 16. 26. Tapscott and Tapscott, Blockchain Revolution, 153–4; Stan Higgins, ‘IBM Invests $200 Million in Blockchain-Powered IoT’, CoinDesk, 4 October 2016 <https://www.coindesk.com/ibm-blockchain-iotoffice/> (accessed 30 November 2017). 27. Melanie Swan, Blockchain: Blueprint for a New Economy (Sebastopol, CA: O’Reilly, 2015), 14. 28. Economist, ‘Not-so-clever Contracts’, 28 July 2016 <http://www. economist.com/news/business/21702758-time-being-leasthuman-judgment-still-better-bet-cold-hearted?frsc=dg%7Cd> (accessed 30 November 2017). 29. Tapscott and Tapscott, Blockchain Revolution, 18. 30.

New York Times, ‘Why Not Smart Guns in This High-Tech Era?’ Editorial, 26 November 2016 <http://mobile.nytimes.com/2016/ 11/26/opinion/sunday/why-not-smart-guns-in-this-high-techera.html?smid=tw-nytopinion&smtyp=cur&referer=> (accessed 1 December 2017). 16. Hart, Concept of Law, 27–8, 48. 17. Melanie Swan, Blockchain: Blueprint for a New Economy (Sebastopol, CA: O’Reilly, 2015), 14. 18. See Primavera De Filippi and Aaron Wright, Blockchain and the Law: The Rule of Code (Cambridge, Mass: Harvard University Press, forthcoming, 2018), ch. 12; on computable contracts see also Harry Surden, ‘Computable Contracts’, UC Davis Law Review 46, (2012): 629–700. 19.

The Future of Law: Facing the Challenges of Information Technology. Oxford: Oxford University Press, 1998. Susskind, Richard and Daniel Susskind. The Future of the Professions: How Technology Will Transform the Work of Human Experts. Oxford: Oxford University Press, 2015. Swan, Melanie. Blockchain: Blueprint for a New Economy. Sebastopol, CA: O’Reilly, 2015. Swearingen, Jake. ‘Can an Amazon Echo Testify Against You?’ NY Mag, 27 Dec. 2016 <http://nymag.com/selectall/2016/12/can-an-amazonecho-testify-against-you.html> (accessed 1 Dec. 2017). Swift, Adam. Political Philosophy: A Beginners’ Guide for Students and Politicians (Second Edition).


pages: 769 words: 169,096

Order Without Design: How Markets Shape Cities by Alain Bertaud

autonomous vehicles, call centre, colonial rule, congestion charging, congestion pricing, creative destruction, cross-subsidies, Deng Xiaoping, discounted cash flows, Donald Trump, Edward Glaeser, en.wikipedia.org, extreme commuting, garden city movement, gentrification, Google Earth, Great Leap Forward, Jane Jacobs, job satisfaction, Joseph Schumpeter, land tenure, manufacturing employment, market design, market fragmentation, megacity, microapartment, new economy, New Urbanism, openstreetmap, Pearl River Delta, price mechanism, rent control, Right to Buy, Ronald Coase, self-driving car, Shenzhen special economic zone , Silicon Valley, special economic zone, the built environment, trade route, transaction costs, transit-oriented development, trickle-down economics, urban planning, urban sprawl, zero-sum game

The spectacular achievements of Hong Kong urban planners in managing land use changes were not because they had made plans in advance to change land use. Instead, once these economic changes imposed by the world’s economy had become clear, they reacted rapidly to adjust the city land use and infrastructure to the new economy. The Role of Markets in Historical Preservation Historical preservation is one of the few exceptions for which urban managers might want to prevent the spontaneous land recycling caused by market forces. Historical heritage buildings are fossil buildings produced by ancient market forces. Preserving the highest-quality buildings of the past has many economic and cultural justifications.

Transport Systems Have to Adapt to Constantly Evolving City Structures Alarmed by the poor performance of current urban transport modes, municipalities and planners often try to contain urban expansion in a more compact form that they feel would be easier to serve with traditional public transport modes: public mass transport and city buses. Policies constraining the emerging demand for land required by the new economy result in extremely high land prices and, in many cases, informal developments not served by adequate infrastructure expansion—as is the case in Mexico City, for instance. Advocates of compact cities often ignore the fact that the compact part of their city is already extremely congested and that governments are unable to provide the public transport line intensity that would prevent congestion for commuters using public transport as well as individual cars.

Advocates of compact cities often ignore the fact that the compact part of their city is already extremely congested and that governments are unable to provide the public transport line intensity that would prevent congestion for commuters using public transport as well as individual cars. The example of the congestion in Beijing’s new subway lines (see figure 5.10) discussed above is a good illustration of this issue. Municipalities and planners should face the reality of changing urban land use required by the new economy. Instead of fighting the expansion of cities, which is largely demand driven, to preserve an obsolete and congested type of land use, planners should try to create new transport systems that could serve both the traditional high-density CBDs and the more recent dispersed forms of urban clusters.


pages: 614 words: 168,545

Rentier Capitalism: Who Owns the Economy, and Who Pays for It? by Brett Christophers

"World Economic Forum" Davos, accounting loophole / creative accounting, Airbnb, Amazon Web Services, barriers to entry, Big bang: deregulation of the City of London, Big Tech, book value, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, business process, business process outsourcing, Buy land – they’re not making it any more, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cloud computing, collective bargaining, congestion charging, corporate governance, data is not the new oil, David Graeber, DeepMind, deindustrialization, Diane Coyle, digital capitalism, disintermediation, diversification, diversified portfolio, Donald Trump, Downton Abbey, electricity market, Etonian, European colonialism, financial deregulation, financial innovation, financial intermediation, G4S, gig economy, Gini coefficient, Goldman Sachs: Vampire Squid, greed is good, green new deal, haute couture, high net worth, housing crisis, income inequality, independent contractor, intangible asset, Internet of things, Jeff Bezos, Jeremy Corbyn, Joseph Schumpeter, Kickstarter, land bank, land reform, land value tax, light touch regulation, low interest rates, Lyft, manufacturing employment, market clearing, Martin Wolf, means of production, moral hazard, mortgage debt, Network effects, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, patent troll, pattern recognition, peak oil, Piper Alpha, post-Fordism, post-war consensus, precariat, price discrimination, price mechanism, profit maximization, proprietary trading, quantitative easing, race to the bottom, remunicipalization, rent control, rent gap, rent-seeking, ride hailing / ride sharing, Right to Buy, risk free rate, Ronald Coase, Rutger Bregman, sharing economy, short selling, Silicon Valley, software patent, subscription business, surveillance capitalism, TaskRabbit, tech bro, The Nature of the Firm, transaction costs, Uber for X, uber lyft, vertical integration, very high income, wage slave, We are all Keynesians now, wealth creators, winner-take-all economy, working-age population, yield curve, you are the product

‘Datafication’ is the term used by Jathan Sadowski in his ‘When Data Is Capital: Datafication, Accumulation, and Extraction’, Big Data & Society, doi: 10.1177/2053951718820549. 19. Economist, ‘Data Is Giving Rise to a New Economy’, 6 May 2017. 20. K. Granville, ‘Facebook and Cambridge Analytica: What You Need to Know as Fallout Widens’, New York Times, 19 March 2018. 21. Economist, ‘Data Is Giving Rise to a New Economy’. See also T. Hale, ‘Data Is Not the New Oil’, 8 May 2019, at ftalphaville.ft.com. 22. We Are Social, ‘Digital in 2018’, January 2018, pp. 126, 128 – pdf available at digitalreport.wearesocial.com. 23.

Although the bank, which will make long-term investments in Scottish companies, will be a limited company operating at arm’s length from the government, the latter will own and fund it, and ‘ministers [will] be “given the power to guide its strategic direction” by “setting missions” for it to “tackle socio-economic challenges” ’.36 A similar institution established by the UK government would have the potential to contribute towards seeding and funding a transition away from rentierism at the level of the UK as a whole. Given the scale of the challenge, however, a little nudging here and there is almost certain to be insufficient. Rentierism is not some epiphenomenon in the UK; it essentially constitutes the economy, with both deep roots and pervasive reach. The fashioning of a new economy will require the government to do more than merely incentivize certain alternative types of private-sector activity. It will require the government to grasp the nettle and invest on a significant scale in its own economic assets, skills and activities. The government, in short, will have to take a leading role.


pages: 125 words: 28,222

Growth Hacking Techniques, Disruptive Technology - How 40 Companies Made It BIG – Online Growth Hacker Marketing Strategy by Robert Peters

Airbnb, bounce rate, business climate, citizen journalism, content marketing, crowdsourcing, digital map, fake it until you make it, Google Glasses, growth hacking, Hacker News, Jeff Bezos, Lean Startup, Menlo Park, Network effects, new economy, pull request, revision control, ride hailing / ride sharing, search engine result page, sharing economy, Skype, social bookmarking, TaskRabbit, turn-by-turn navigation, Twitter Arab Spring, ubercab

Customers on both ends of the equation love the option. Renters pay 40% less for a RelayRides vehicle over a traditional rent car and the average vehicle owner makes $250 a month in profit. Some owners are so attracted to the concept, they put from 2-4 cars into service. In studying the transportation/ride share market as part of the new economy of sharing, RelayRides hit on the untapped resource of underutilized vehicles that spend most of their time in the garage or parking lot. As a facilitator of the owner/rental connection, the company takes 25% and in exchange provides $1 million of insurance on the vehicle during the rental period.


pages: 436 words: 98,538

The Upside of Inequality by Edward Conard

affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Alan Greenspan, Albert Einstein, assortative mating, bank run, Berlin Wall, book value, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Climatic Research Unit, cloud computing, corporate governance, creative destruction, Credit Default Swap, crony capitalism, disruptive innovation, diversified portfolio, Donald Trump, en.wikipedia.org, Erik Brynjolfsson, Fall of the Berlin Wall, full employment, future of work, Gini coefficient, illegal immigration, immigration reform, income inequality, informal economy, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), invention of the telephone, invisible hand, Isaac Newton, Jeff Bezos, Joseph Schumpeter, Kenneth Rogoff, Kodak vs Instagram, labor-force participation, Larry Ellison, liquidity trap, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, meta-analysis, new economy, offshore financial centre, paradox of thrift, Paul Samuelson, pushing on a string, quantitative easing, randomized controlled trial, risk-adjusted returns, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, selection bias, Silicon Valley, Simon Kuznets, Snapchat, Steve Jobs, survivorship bias, The Rise and Fall of American Growth, total factor productivity, twin studies, Tyler Cowen, Tyler Cowen: Great Stagnation, University of East Anglia, upwardly mobile, War on Poverty, winner-take-all economy, women in the workforce, working poor, working-age population, zero-sum game

Chapter 7 THE MYTH THAT MOBILITY HAS DECLINED No one argument linking the success of America’s 1 percent to the slow wage growth of the middle and working classes is persuasive on its own: not the argument that the 1 percent earned their success at the expense of others; not the argument that the new economy hollows out the middle class and causes increasingly unproductive behaviors; and not the argument that the shortage of investment opportunities slows growth. To avoid having to defend these arguments, some opponents of the growing success of the 1 percent try a different tactic: they claim that the middle and working classes have suffered death by a thousand cuts.

James Fallows, “Why the Conard Interview Matters—or, Why the Democrats Need Karl Rove,” Atlantic, June 8, 2012, http://www.theatlantic.com/politics/archive/2012/06/why-the-conard-interview-matters-or-why-the-democrats-need-karl-rove/258303. 8. Gerald A. Carlino, “Knowledge Spillovers: Cities’ Role in the New Economy,” Business Review, Federal Reserve Bank of Philadelphia, 2001, https://webcache.googleusercontent.com/search?q=cache:3tfK2DlpWPUJ:https://www.philadelphiafed.org/research-and-data/publications/business-review/2001/q4/brq401gc.pdf+&cd=1&hl=en&ct=clnk&gl=us. 9. Stefano Scarpetta and Ignazio Visco, “The Sources of Economic Growth in OECD Countries,” OECD, 2003, http://www.oecd-ilibrary.org/economics/the-sources-of-economic-growth-in-oecd-countries_9789264199460-en. 10.


pages: 342 words: 95,013

The Zenith Angle by Bruce Sterling

airport security, Burning Man, cuban missile crisis, digital map, Dr. Strangelove, glass ceiling, Grace Hopper, half of the world's population has never made a phone call, information security, Iridium satellite, Larry Ellison, market bubble, military-industrial complex, new economy, off-the-grid, packet switching, pirate software, profit motive, RFID, Richard Feynman, Richard Feynman: Challenger O-ring, Ronald Reagan, satellite internet, Silicon Valley, space junk, Steve Jobs, systems thinking, thinkpad, Y2K

Here’s the deal. You can’t turn an enterprise around on the word of one guy from R&D. It doesn’t matter if he’s brilliant or even if he’s technically correct. The middle-level people just won’t go for that politically.” “Truth and technology will win over bull and bureaucracy, Tom. That’s the story of the New Economy.” “No, kid, the truth does not win. For a couple of quarters the truth gets somewhere maybe. If everybody’s real excited. But never in the long run, never.” DeFanti shrugged. “The common wisdom always wins. Consensus, perception management, and the word on The Street. The markets, kid, the machine.

An awful vision of the hordes of the cheated, the deceived, and the damaged. Millions of normal people across America, across the whole world, who had no awareness of what he had done to them, what he was trying to save them from . . . Remember that hot stock that you bet on, Mr. and Mrs. America? All those nerds you trusted to bring you a New Economy? Well, they’re driving massive trucks in Colorado. Lost, alone. With drunken ex-soldiers. In a War on Terror. Cursing, bewildered, frustrated, violent. In his panicky haste to flee Cheyenne Mountain, Van had abandoned his cell phone and even his beloved Swiss Army knife. His pockets were truly empty now.


pages: 389 words: 98,487

The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor, and Why You Can Never Buy a Decent Used Car by Tim Harford

Alan Greenspan, Albert Einstein, barriers to entry, Berlin Wall, business cycle, collective bargaining, congestion charging, Corn Laws, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Fall of the Berlin Wall, George Akerlof, Great Leap Forward, household responsibility system, information asymmetry, invention of movable type, John Nash: game theory, John von Neumann, Kenneth Arrow, Kickstarter, market design, Martin Wolf, moral hazard, new economy, Pearl River Delta, price discrimination, Productivity paradox, race to the bottom, random walk, rent-seeking, Robert Gordon, Robert Shiller, Ronald Reagan, sealed-bid auction, second-price auction, second-price sealed-bid, Shenzhen special economic zone , Shenzhen was a fishing village, special economic zone, spectrum auction, The Market for Lemons, Thomas Malthus, trade liberalization, Vickrey auction

The prediction that the Dow will hit 36,000 in 3 to 5 years is made • 257 • N O T E S on page 18 of “Dow 36,000,” and economist Brad DeLong is extremely dismissive: http://www.j-bradford-delong.net/movable_type/2005_archives/000025.html. How transformational is the “new economy”? Robert Gordon has given the definitive skeptical statement in “Does the ‘New Economy’ Measure up to the Great Inventions of the Past?” Journal of Economic Perspectives 4, no.14 (Fall 2000): 49–74. Paul David’s argument that new technology takes time to have a real economic impact is most famously expounded in “The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox,” The American Economic Review Papers and Proceedings, May 1990, 355–61.


pages: 363 words: 101,082

Earth Wars: The Battle for Global Resources by Geoff Hiscock

Admiral Zheng, Asian financial crisis, Bakken shale, Bernie Madoff, BRICs, butterfly effect, carbon tax, clean tech, clean water, corporate governance, demographic dividend, Deng Xiaoping, Edward Lorenz: Chaos theory, energy security, energy transition, eurozone crisis, Exxon Valdez, flex fuel, Ford Model T, geopolitical risk, global rebalancing, global supply chain, Great Leap Forward, high-speed rail, hydraulic fracturing, Long Term Capital Management, Malacca Straits, Masayoshi Son, Masdar, mass immigration, megacity, megaproject, Menlo Park, Mohammed Bouazizi, new economy, oil shale / tar sands, oil shock, Panamax, Pearl River Delta, purchasing power parity, Ralph Waldo Emerson, RAND corporation, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, smart grid, SoftBank, Solyndra, South China Sea, sovereign wealth fund, special economic zone, spice trade, trade route, uranium enrichment, urban decay, WikiLeaks, working-age population, Yom Kippur War

Heating up the Planet: Climate Change and Security. Sydney: Lowy Institute, June 2006. Earth, Fire, Wind, and Water: Economic Opportunities and the Australian Commodities Cycle. Sydney: ANZ Bank, August 2011. East Asia Analytical Unit, Australian Department of Foreign Affairs and Trade. India: New Economy, Old Economy. Canberra: Department of Foreign Affairs and Trade, 172 pp. East Asia Analytical Unit, Australian Department of Foreign Affairs and Trade. Indonesia: Facing the Challenge. Canberra: Department of Foreign Affairs and Trade, 2000, 172 pp. East Asia Analytical Unit, Australian Department of Foreign Affairs and Trade.

New York: William Morrow, 2008, 368 pp. Mine 2011: The Game Has Changed. Melbourne: PricewaterhouseCoopers, May 2011. Ohmae, Kenichi. The End of the Nation State: The Rise of Regional Economies. London: HarperCollins, 1995, 214 pp. Ohmae, Kenichi. The Invisible Continent: Four Strategic Imperatives of the New Economy. London: Nicholas Brealey Publishing, 2000, 262 pp. O’Neill, Jim, Dominic Wilson. Roopa Purushothaman, and Anna Stupnytska, How Solid Are The BRICs? Goldman Sachs Global Economic Paper No. 134, December 1, 2005. Oppenheimer, Stephen. Eden in The East. London: Weidenfeld & Nicholson, 1998, 560 pp.


pages: 296 words: 98,018

Winners Take All: The Elite Charade of Changing the World by Anand Giridharadas

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist lawyer, affirmative action, Airbnb, benefit corporation, Bernie Sanders, bitcoin, Black Lives Matter, Boeing 747, Brexit referendum, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cognitive dissonance, collective bargaining, corporate raider, corporate social responsibility, critical race theory, crowdsourcing, David Brooks, David Heinemeier Hansson, deindustrialization, disintermediation, do well by doing good, Donald Trump, Edward Snowden, Elon Musk, fake it until you make it, fake news, food desert, friendly fire, gentrification, global pandemic, high net worth, hiring and firing, housing crisis, Hyperloop, impact investing, income inequality, independent contractor, invisible hand, Jeff Bezos, Kevin Roose, Kibera, Kickstarter, land reform, Larry Ellison, Lyft, Marc Andreessen, Mark Zuckerberg, microaggression, new economy, Occupy movement, offshore financial centre, opioid epidemic / opioid crisis, Panopticon Jeremy Bentham, Parag Khanna, Paul Graham, Peter Thiel, plutocrats, profit maximization, public intellectual, risk tolerance, rolodex, Ronald Reagan, shareholder value, sharing economy, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Skype, social distancing, Social Responsibility of Business Is to Increase Its Profits, Steven Pinker, systems thinking, tech baron, TechCrunch disrupt, technoutopianism, TED Talk, The Chicago School, The Fortune at the Bottom of the Pyramid, the High Line, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Travis Kalanick, trickle-down economics, Two Sigma, Uber and Lyft, uber lyft, Upton Sinclair, Vilfredo Pareto, Virgin Galactic, work culture , working poor, zero-sum game

She was part of the great brain rush to California that was turning the Bay Area into one of the most unaffordable, unequal, and tense parts of the country, with resentful locals famously throwing rocks at the Google buses that ferried employees to and from the South Bay. Leibrock and her colleagues at Even were awash in noble intentions, but it was still reasonable to ask if Even’s for-profit safety net was the most appropriate response to the problem its founders had identified. Could it be read as a lucrative bet that the new economy would inevitably entrap a permanent underclass, whose incomes could only be smoothed, not lifted—and smoothed not by restricting certain business practices by law (win-lose) but by charging workers a fee for security (win-win)? “If you want to feel like you have a safety net for the first time in your life, Even is the answer,” the company’s website said.

The phenomenon Drezner details matters far beyond the world of thinkers, because on issue after issue, the ascendant thought leaders, if they are positive, unthreatening, mute about larger systems and structures, congenial to the rich, big into private problem-solving, devoted to win-wins—these thought leaders will edge out other voices, and not just at conferences. They get asked to write op-eds, sign book deals, opine on TV, advise presidents and premiers. And their success could be said to come at the expense of the critics’. For every thought leader who offered advice on how to build a career in a merciless new economy, there were many less-heard critics aspiring to make the economy less merciless. The Hilary Cohens and Stacey Ashers and Justin Rosensteins and Greg Ferensteins and Emmett Carsons and Jane Leibrocks and Shervin Pishevars and Chris Saccas and Travis Kalanicks of the world needed thinkers to formulate the visions of change by which they would live—and to convince the wider public that they, the elite, were change agents, were the solutions to the problem, and therefore not the problem.


pages: 550 words: 89,316

The Sum of Small Things: A Theory of the Aspirational Class by Elizabeth Currid-Halkett

assortative mating, back-to-the-land, barriers to entry, Bernie Sanders, biodiversity loss, BRICs, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, David Brooks, deindustrialization, Deng Xiaoping, discrete time, disruptive innovation, Downton Abbey, East Village, Edward Glaeser, en.wikipedia.org, Etonian, fixed-gear, food desert, Ford Model T, gentrification, Geoffrey West, Santa Fe Institute, income inequality, iterative process, knowledge economy, longitudinal study, Mason jar, means of production, NetJets, new economy, New Urbanism, plutocrats, post scarcity, post-industrial society, profit maximization, public intellectual, Richard Florida, selection bias, Sheryl Sandberg, Silicon Valley, systems thinking, tacit knowledge, The Design of Experiments, the High Line, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the long tail, the market place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Tony Hsieh, Tyler Cowen, Tyler Cowen: Great Stagnation, upwardly mobile, Veblen good, women in the workforce

Another account of this economic restructuring offers a similar but simpler explanation: The global economy had moved from producing widgets to producing ideas—those who were responsible for generating those ideas, what Robert Reich has called “symbolic analysts”37 or Richard Florida has termed the “creative class”—are the winners in the new economy.38 While a college degree is not an explicit measure of membership to Sassen’s, Reich’s, or Florida’s categorization, it certainly helps and most members do possess one. Thus the rise of an economy dependent on innovation and knowledge is also one dependent on professional skills, many of which are acquired through education.

Inspired by the successful rehabilitation of major metros, other smaller cities like Boulder, Pittsburgh, and St. Louis also undertook a renaissance—retrofitting industrial lofts for residential living, bringing more amenities into the city, paving bike paths and pedestrian-friendly walkways to attract members of the creative class (thought to be the lifeblood of the new economy).13 Local politicians and developers advocate for active street life, coffee shops, and live music as a part of the new urbanity. Countless new-build developments around the country in both urban and suburban areas offer residential, shopping, and restaurants as a combined experience for the consumer.


pages: 404 words: 95,163

Amazon: How the World’s Most Relentless Retailer Will Continue to Revolutionize Commerce by Natalie Berg, Miya Knights

3D printing, Adam Neumann (WeWork), Airbnb, Amazon Robotics, Amazon Web Services, asset light, augmented reality, Bernie Sanders, big-box store, business intelligence, cloud computing, Colonization of Mars, commoditize, computer vision, connected car, deep learning, DeepMind, digital divide, Donald Trump, Doomsday Clock, driverless car, electronic shelf labels (ESLs), Elon Musk, fulfillment center, gig economy, independent contractor, Internet of things, inventory management, invisible hand, Jeff Bezos, Kiva Systems, market fragmentation, new economy, Ocado, pattern recognition, Ponzi scheme, pre–internet, QR code, race to the bottom, random stow, recommendation engine, remote working, Salesforce, sensor fusion, sharing economy, Skype, SoftBank, Steve Bannon, sunk-cost fallacy, supply-chain management, TaskRabbit, TechCrunch disrupt, TED Talk, trade route, underbanked, urban planning, vertical integration, warehouse automation, warehouse robotics, WeWork, white picket fence, work culture

Available from: https://www.bizjournals.com/bizwomen/news/latest-news/2018/01/no-relief-for-retail-in-2018.html [Last accessed 29/3/2018]. 3 Thomas, Lauren (2017) Bankruptcies will continue to rock retail in 2018, CNBC, 13 December. Available from: https://www.cnbc.com/2017/12/13/bankruptcies-will-continue-to-rock-retail-in-2018-watch-these-trends.html [Last accessed 29/3/2018]. 4 Isidore, Chris (2017) Malls are doomed: 25% will be gone in 5 years, CNN, 2 June. Available from: http://money.cnn.com/2017/06/02/news/economy/doomed-malls/index.html [Last accessed 29/3/2018]. 5 Armstrong, Ashley (2018) What will 2018 have in store for the retail sector?, Telegraph, 2 January. Available from: https://www.telegraph.co.uk/business/2018/01/02/will-2018-have-store-retail-sector/ [Last accessed 29/3/2018]. 6 Marinova, Polina (2017) This is only the beginning for China’s explosive e-commerce growth, Fortune, 5 December.

Available from: https://www.theatlantic.com/business/archive/2017/04/retail-meltdown-of-2017/522384/ [Last accessed 29/3/2018]. 28 Fung Global Retail & Technology (2016) ‘Deep Dive: The Mall Is Not Dead: Part 1’ [Online] https://www.fungglobalretailtech.com/wp-content/uploads/2016/11/Mall-Is-Not-Dead-Part-1-November-15-2016.pdf [Last accessed 29.3.18] 29 Isidore, Chris (2017) Malls are doomed: 25% will be gone in 5 years, CNN, 2 June. Available from: http://money.cnn.com/2017/06/02/news/economy/doomed-malls/index.html [Last accessed 29/3/2018]. 30 30 Walmart 1997 Annual Report. Available from: http://stock.walmart.com/investors/financial-information/annual-reports-and-proxies/default.aspx [Last accessed 28/6/2018]. 31 Berg, Natalie and Bryan Roberts (2012) Walmart: Key insights and practical lessons from the world’s largest retailer, Kogan Page, London. 32 Walmart 10-Ks, author research. 33 Office for National Statistics (2018) Retail sales, Great Britain: February 2018.


pages: 407 words: 103,501

The Digital Divide: Arguments for and Against Facebook, Google, Texting, and the Age of Social Netwo Rking by Mark Bauerlein

Alvin Toffler, Amazon Mechanical Turk, Andrew Keen, business cycle, centre right, citizen journalism, collaborative editing, computer age, computer vision, corporate governance, crowdsourcing, David Brooks, digital divide, disintermediation, folksonomy, Frederick Winslow Taylor, Future Shock, Hacker News, Herbert Marcuse, Howard Rheingold, invention of movable type, invention of the steam engine, invention of the telephone, Jaron Lanier, Jeff Bezos, jimmy wales, Kevin Kelly, knowledge worker, late fees, Lewis Mumford, Mark Zuckerberg, Marshall McLuhan, means of production, meta-analysis, moral panic, Network effects, new economy, Nicholas Carr, PageRank, PalmPilot, peer-to-peer, pets.com, radical decentralization, Results Only Work Environment, Saturday Night Live, scientific management, search engine result page, semantic web, Silicon Valley, slashdot, social graph, social web, software as a service, speech recognition, Steve Jobs, Stewart Brand, technology bubble, Ted Nelson, the long tail, the strength of weak ties, The Wisdom of Crowds, Thorstein Veblen, web application, Yochai Benkler

Between the bookends of Jobs and Page lies the rest of Silicon Valley, including radical communitarians like Craig Newmark (of Craigslist.com), intellectual property communists such as Stanford Law professor Larry Lessig, economic cornucopians like Wired magazine editor Chris “Long Tail” Anderson, and new media moguls Tim O’Reilly and John Battelle. The ideology of the Web 2.0 movement was perfectly summarized at the Technology Education and Design (TED) show in Monterey last year, when Kevin Kelly, Silicon Valley’s über-idealist and author of the Web 1.0 Internet utopia New Rules for the New Economy , said:Imagine Mozart before the technology of the piano. Imagine Van Gogh before the technology of affordable oil paints. Imagine Hitchcock before the technology of film. We have a moral obligation to develop technology. But where Kelly sees a moral obligation to develop technology, we should actually have—if we really care about Mozart, Van Gogh, and Hitchcock—a moral obligation to question the development of technology.

Narayana Mutual of Omaha’s Wild Kingdom (television series) MySpace civic networks and identity setup on politician’s pages on self-portraits on spamming on MySpace Unraveled (Magid and Collier MySQL Napster Narcissism NASA NASA.gov NASDAQ National Book Foundation National Geographic National Institute on Drug Abuse National Institutes of Health Natural selection Nature (journal) Navteq Neanderthals Nelson, Ted Net Geners civic causes and collaboration and customization and education and entertainment and freedom and innovation and integrity and job customization by media customization by politics and purchase research by scrutiny and speed and NetMeeting Net roots Netscape Networked mind Networking Network News Protocol (NNTP) Neuroplasticity Neuroscience Newmark, Craig New Rules for the New Economy (Kelly) News Corporation Newsfeeds Newsweek The New Yorker New York Post The New York Times The New York Times Magazine NFL GameDay (video game) N-Fluence networks Nielsen Nietzsche, Friedrich Nike Nike+ iPod Sport Kit Nilekani, Nandan M. 9/11. See September 11, 2001 terrorist attacks 1984 (Orwell) Ninety-five Theses (Luther) Nixon, Richard NNTP.


pages: 364 words: 99,613

Servant Economy: Where America's Elite Is Sending the Middle Class by Jeff Faux

air traffic controllers' union, Alan Greenspan, back-to-the-land, Bear Stearns, benefit corporation, Bernie Sanders, Black Swan, Bretton Woods, BRICs, British Empire, business cycle, call centre, centre right, classic study, cognitive dissonance, collateralized debt obligation, collective bargaining, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, David Brooks, David Ricardo: comparative advantage, disruptive innovation, falling living standards, financial deregulation, financial innovation, full employment, Glass-Steagall Act, guns versus butter model, high-speed rail, hiring and firing, Howard Zinn, Hyman Minsky, illegal immigration, indoor plumbing, informal economy, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kevin Roose, Kickstarter, lake wobegon effect, Long Term Capital Management, low interest rates, market fundamentalism, Martin Wolf, McMansion, medical malpractice, Michael Milken, military-industrial complex, Minsky moment, mortgage debt, Myron Scholes, Naomi Klein, new economy, oil shock, old-boy network, open immigration, Paul Samuelson, plutocrats, price mechanism, price stability, private military company, public intellectual, radical decentralization, Ralph Nader, reserve currency, rising living standards, Robert Shiller, rolodex, Ronald Reagan, Savings and loan crisis, school vouchers, Silicon Valley, single-payer health, Solyndra, South China Sea, statistical model, Steve Jobs, Suez crisis 1956, Thomas L Friedman, Thorstein Veblen, too big to fail, trade route, Triangle Shirtwaist Factory, union organizing, upwardly mobile, urban renewal, War on Poverty, We are the 99%, working poor, Yogi Berra, Yom Kippur War, you are the product

The days of any serious concern for the plight of the poor were long gone, of course, but as the wages-and-salary gap between the rich and the middle class grew, it represented a more serious political threat. Secondly, Greenspan’s formula rationalized the diversion of investment into financial markets, whose importance was now supposedly critical to the well-being of the middle class. In the new economy, workers would get ahead not by joining a union but by investing in companies that successfully kept out unions. However, the overwhelming majority of Americans still depended on their paychecks, not their dividend checks, to put bread on the table and a roof over their heads. Even at the height of the late 1990s dot-com boom, only 22 percent of households directly owned shares in a company.

Marshall Ganz, “How Obama Lost His Voice and How He Can Get It Back,” Los Angeles Times, November 10, 2010. 10. Eric Alterman, “Kabuki Democracy: Why a Progressive Presidency Is Impossible, for Now,” Nation, July 7, 2010. 11. Gar Alperovitz and Jeff Faux, Rebuilding America: A Blueprint For The New Economy (New York: Pantheon Books, 1984), 177–178. 12. In December 2010, Rattner and the state agreed to a $10 million fine and a five-year ban on participating in any pension-fund business. The New York Times reported that Rattner’s personal net worth was somewhere between $188 and $608 million. 13.


pages: 417 words: 97,577

The Myth of Capitalism: Monopolies and the Death of Competition by Jonathan Tepper

"Friedman doctrine" OR "shareholder theory", Affordable Care Act / Obamacare, air freight, Airbnb, airline deregulation, Alan Greenspan, bank run, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, big-box store, Bob Noyce, Boston Dynamics, business cycle, Capital in the Twenty-First Century by Thomas Piketty, citizen journalism, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, compensation consultant, computer age, Cornelius Vanderbilt, corporate raider, creative destruction, Credit Default Swap, crony capitalism, diversification, don't be evil, Donald Trump, Double Irish / Dutch Sandwich, Dunbar number, Edward Snowden, Elon Musk, en.wikipedia.org, eurozone crisis, Fairchild Semiconductor, Fall of the Berlin Wall, family office, financial innovation, full employment, gentrification, German hyperinflation, gig economy, Gini coefficient, Goldman Sachs: Vampire Squid, Google bus, Google Chrome, Gordon Gekko, Herbert Marcuse, income inequality, independent contractor, index fund, Innovator's Dilemma, intangible asset, invisible hand, Jeff Bezos, Jeremy Corbyn, Jevons paradox, John Nash: game theory, John von Neumann, Joseph Schumpeter, junk bonds, Kenneth Rogoff, late capitalism, London Interbank Offered Rate, low skilled workers, Mark Zuckerberg, Martin Wolf, Maslow's hierarchy, means of production, merger arbitrage, Metcalfe's law, multi-sided market, mutually assured destruction, Nash equilibrium, Network effects, new economy, Northern Rock, offshore financial centre, opioid epidemic / opioid crisis, passive investing, patent troll, Peter Thiel, plutocrats, prediction markets, prisoner's dilemma, proprietary trading, race to the bottom, rent-seeking, road to serfdom, Robert Bork, Ronald Reagan, Sam Peltzman, secular stagnation, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley billionaire, Skype, Snapchat, Social Responsibility of Business Is to Increase Its Profits, SoftBank, Steve Jobs, stock buybacks, tech billionaire, The Chicago School, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, undersea cable, Vanguard fund, vertical integration, very high income, wikimedia commons, William Shockley: the traitorous eight, you are the product, zero-sum game

The New York Times recently chronicled the story of Sheila James, a 62-year-old woman who wakes at 2:15 a.m. every day to commute three hours into downtown San Francisco by taking two trains and a bus. As sky-high housing prices have pushed her out of living closer to her US Department of Health and Human Services job, she now loses six hours of her day to commuting.25 People can't even live where the new economy is creating jobs. Something is seriously wrong. In the no-strings-attached labor world, workers shoulder a disproportionate amount of personal responsibility for their success: workers are forced to pay for their own up-skilling (vs. company funded training), must figure out their own pension plans and benefit schemes (if available to them at all), and insurance.

Available at SSRN: https://ssrn.com/abstract=826453 52. https://www.federalreserve.gov/econresdata/feds/2014/files/2014113pap.pdf. 53. https://www.manhattan-institute.org/sites/default/files/R-NG-0417.pdf. 54. https://ilsr.org/vanishing-community-banks-national-crisis/. 55. http://mjperry.blogspot.com/2011/09/dodd-frank-2010-full-employment-act-for.html. 56. http://www.washingtonexaminer.com/goldman-and-jpmorgan-sit-safely-behind-the-walls-of-dodd-frank/article/2560179. 57. https://www.wsj.com/articles/regulation-is-good-for-goldman-1423700859. 58. https://www.nytimes.com/2018/06/22/business/dealbook/banks-stress-test.html. 59. https://www.washingtonexaminer.com/goldman-sachs-wants-regulation-not-laissez-faire. 60. http://business.financialpost.com/news/economy/sp-moodys-boosting-rating-fees-faster-than-inflation. 61. https://www.reuters.com/article/businesspro-us-usa-ratings-competition-a-idUSTRE55N4VU20090624 62. https://www.fdic.gov/regulations/reform/altman1.pdf. 63. https://www.washingtonpost.com/blogs/wonkblog/post/the-pentagons-435-hammer/2011/05/19/AGoGKHMH_blog.html?


pages: 102 words: 29,596

The Alliance: Managing Talent in the Networked Age by Reid Hoffman, Ben Casnocha, Chris Yeh

Airbnb, Amazon Web Services, centralized clearinghouse, cloud computing, disruptive innovation, Jeff Bezos, Jony Ive, Larry Ellison, Marc Andreessen, new economy, pre–internet, Salesforce, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, software as a service, Steve Jobs

In the old economy—the stable one—efficiency was the cardinal virtue. Employers placed employees on fixed tracks so that they could develop ever-higher degrees of specialization. But when markets change, specialization often shifts from asset to liability, as in the case of the proverbial buggy-whip manufacturer. In the new economy of fierce competition and rapid technological change, the markets are constantly shifting. Today, entrepreneurial thinking and doing are the most important capabilities companies need from their employees. As the competitive pace increases, it becomes more and more critical. Consider the effect of just a few entrepreneurial employees at two giants of innovation, Pixar and Amazon.


pages: 121 words: 34,193

The Hidden Wealth of Nations: The Scourge of Tax Havens by Gabriel Zucman, Teresa Lavender Fagan, Thomas Piketty

Berlin Wall, Bretton Woods, British Empire, Capital in the Twenty-First Century by Thomas Piketty, dematerialisation, Fall of the Berlin Wall, financial innovation, financial intermediation, high net worth, income inequality, means of production, new economy, offshore financial centre, proprietary trading, transfer pricing

Firms can sell themselves bananas or shovels at exorbitant prices—we’ve seen this—but the risk is high for companies that engage in such obvious fraud, as they can find themselves caught by the tax authorities. There is nothing less risky, by contrast, than manipulating the prices of patents, logos, labels, or algorithms, because the value of these assets is intrinsically difficult to establish. This is why the giants of tax avoidance are companies of the new economy: Google, Apple, and Microsoft. Taxing companies wanes to the same extent as immaterial capital gains in importance. Tax Avoidance by US Firms: $130 Billion a Year Quantifying the government revenue losses caused by profit shifting to lower-tax jurisdictions is not straightforward and, as with personal wealth, involves some margin of error.


pages: 128 words: 35,958

Getting Back to Full Employment: A Better Bargain for Working People by Dean Baker, Jared Bernstein

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, Alan Greenspan, American Society of Civil Engineers: Report Card, Asian financial crisis, business cycle, collective bargaining, declining real wages, full employment, George Akerlof, high-speed rail, income inequality, inflation targeting, low interest rates, mass immigration, minimum wage unemployment, new economy, Phillips curve, price stability, publication bias, quantitative easing, Report Card for America’s Infrastructure, rising living standards, selection bias, War on Poverty

If this result accurately reflects the actual relationship between inflation and unemployment, then the economy already had the potential to have a lower unemployment rate without accelerating inflation by the early 1990s, several years before the productivity pickup in the middle of the decade and other changes that were at the time dubbed the “new economy.” If such was the case, then the Fed needlessly kept the unemployment rate high with its hesitance to lower interest rates following the 1990-91 recession and then by raising rates in 1993-94 to keep the unemployment rate from falling below the level it perceived as the NAIRU. [19] In response to the downturn, the Fed has also set unemployment targets for the timing of reversing its expansionary policies.


pages: 104 words: 34,784

The Trouble With Brunch: Work, Class and the Pursuit of Leisure by Shawn Micallef

big-box store, call centre, cognitive dissonance, David Brooks, deindustrialization, gentrification, ghettoisation, Jane Jacobs, Joan Didion, knowledge worker, liberation theology, Mason jar, McMansion, new economy, post scarcity, Prenzlauer Berg, public intellectual, Richard Florida, Ronald Reagan, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, urban sprawl, World Values Survey

If my hometown’s culture allowed for strong social links and mixing across perceived divides between union and management, between white collar and blue, why can’t this happen elsewhere? Our work lives no longer have the obvious commonalities that encourage people to come together and improve their lot, as large groups of people doing industrial jobs no longer exist. The old ways of organizing are incredibly difficult (and they were never easy) when applied to the new economy. There is resistance to this kind of new class consciousness because it doesn’t fit into the established paradigms. More problematically, it hinges on consumerism with a particular kind of connoisseurship that few participants want to admit is actually consumerism but everybody is buying anyway.


pages: 372 words: 110,208

Who We Are and How We Got Here: Ancient DNA and the New Science of the Human Past by David Reich

23andMe, agricultural Revolution, Alfred Russel Wallace, carbon credits, Easter island, European colonialism, Google Earth, Great Leap Forward, invention of agriculture, invention of the wheel, invention of writing, mass immigration, meta-analysis, new economy, out of africa, phenotype, Scientific racism, sparse data, supervolcano, the scientific method, transatlantic slave trade

The farmers in present-day Israel and Jordan expanded into East Africa, and their genetic legacy is greatest in present-day Ethiopia. Farmers related to those in present-day Iran expanded into India as well as the steppe north of the Black and Caspian seas. They mixed with local populations there and established new economies based on herding that allowed the agricultural revolution to spread into parts of the world inhospitable to domesticated crops. The different food-producing populations also mixed with one another, a process that was accelerated by technological developments in the Bronze Age after around five thousand years ago.

In East Asians, Europeans, Near Easterners, and North Africans, the authors found many Star Clusters with common male ancestors living roughly around five thousand years ago.18 The time around five thousand years ago coincides with the period in Eurasia that the archaeologist Andrew Sherratt called the “Secondary Products Revolution,” in which people began to find many uses for domesticated animals beyond meat production, including employing them to pull carts and plows and to produce dairy products and clothing such as wool.19 This was also around the time of the onset of the Bronze Age, a period of greatly increased human mobility and wealth accumulation, facilitated by the domestication of the horse, the invention of the wheel and wheeled vehicles, and the accumulation of rare metals like copper and tin, which are the ingredients of bronze and had to be imported from hundreds or even thousands of kilometers away. The Y-chromosome patterns reveal that this was also a time of greatly increased inequality, a genetic reflection of the unprecedented concentration of power in tiny fractions of the population that began to be possible during this time due to the new economy. Powerful males in this period left an extraordinary impact on the populations that followed them—more than in any previous period—with some bequeathing DNA to more descendants today than Genghis Khan. From ancient DNA combined with archaeology, we are beginning to build a picture of what this inequality might have meant.


The Permanent Portfolio by Craig Rowland, J. M. Lawson

Alan Greenspan, Andrei Shleifer, asset allocation, automated trading system, backtesting, bank run, banking crisis, Bear Stearns, Bernie Madoff, buy and hold, capital controls, correlation does not imply causation, Credit Default Swap, currency risk, diversification, diversified portfolio, en.wikipedia.org, fixed income, Flash crash, high net worth, High speed trading, index fund, inflation targeting, junk bonds, low interest rates, margin call, market bubble, money market fund, new economy, passive investing, Ponzi scheme, prediction markets, risk tolerance, stocks for the long run, survivorship bias, technology bubble, transaction costs, Vanguard fund

But it was gold's volatility in the 1970s that made this smart move possible. Those big price moves upward allowed an opportunity to take profits and re-direct them to lower-priced assets. Now the mid- to late 1990s roll around. Stocks are booming. One hot new .com IPO after another was sweeping the nation. The book Dow 36,000 was being published for the “New Economy.” In this New Economy, profits didn't matter as much as how many people saw your sock puppet commercial during the Super Bowl. Well, during this time you would have been selling down your booming (and volatile) stocks to 25 percent and using that money to buy gold. Gold was an asset that few in his or her right mind wanted at the time.


pages: 427 words: 112,549

Freedom by Daniel Suarez

augmented reality, big-box store, British Empire, Burning Man, business intelligence, call centre, cloud computing, corporate personhood, digital map, game design, global supply chain, illegal immigration, Naomi Klein, new economy, Pearl River Delta, plutocrats, private military company, RFID, Shenzhen special economic zone , special economic zone, speech recognition, Stewart Brand, telemarketer, the scientific method, young professional

You should come by and see it." "I'd like that." "Jenna's rising fast in the Greeley holon. She's leading two projects now--a biodiversity initiative and an education program." "You must be proud." "I'm proud of both my kids. Life is starting to make sense again for us. I just hope we can get other folks on the new economy in time." Fossen turned the old truck onto a county road and soon they were heading out into a veritable ocean of green corn plants stretching unbroken to the horizon. This road was even louder in the old truck, so Ross just watched the landscape roll by. They occasionally passed through small, downscale towns.

He was annoyingly vague." Ross pondered the question. "This Thread has been leading you to events--not places? Correct?" "Yeah. For the last seven months Price and I have found ourselves at the center of just about every major change now under way. I've seen the rise of the new power infrastructure, the new economy, the new fMRI legal system--you name it. That's how my reputation grew so fast. We just always seemed to be in the right place at the right time." "Well, then we do know one thing." "What's that?" "Something big is about to happen in Greeley." Chapter 28: // Sky Ranch Natalie Philips shared the Cessna Citation III business jet with only one other passenger as it flew high above . . . well, somewhere.


pages: 484 words: 104,873

Rise of the Robots: Technology and the Threat of a Jobless Future by Martin Ford

3D printing, additive manufacturing, Affordable Care Act / Obamacare, AI winter, algorithmic management, algorithmic trading, Amazon Mechanical Turk, artificial general intelligence, assortative mating, autonomous vehicles, banking crisis, basic income, Baxter: Rethink Robotics, Bernie Madoff, Bill Joy: nanobots, bond market vigilante , business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Charles Babbage, Chris Urmson, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, computer age, creative destruction, data science, debt deflation, deep learning, deskilling, digital divide, disruptive innovation, diversified portfolio, driverless car, Erik Brynjolfsson, factory automation, financial innovation, Flash crash, Ford Model T, Fractional reserve banking, Freestyle chess, full employment, general purpose technology, Geoffrey Hinton, Goldman Sachs: Vampire Squid, Gunnar Myrdal, High speed trading, income inequality, indoor plumbing, industrial robot, informal economy, iterative process, Jaron Lanier, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kenneth Arrow, Khan Academy, Kiva Systems, knowledge worker, labor-force participation, large language model, liquidity trap, low interest rates, low skilled workers, low-wage service sector, Lyft, machine readable, machine translation, manufacturing employment, Marc Andreessen, McJob, moral hazard, Narrative Science, Network effects, new economy, Nicholas Carr, Norbert Wiener, obamacare, optical character recognition, passive income, Paul Samuelson, performance metric, Peter Thiel, plutocrats, post scarcity, precision agriculture, price mechanism, public intellectual, Ray Kurzweil, rent control, rent-seeking, reshoring, RFID, Richard Feynman, Robert Solow, Rodney Brooks, Salesforce, Sam Peltzman, secular stagnation, self-driving car, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, single-payer health, software is eating the world, sovereign wealth fund, speech recognition, Spread Networks laid a new fibre optics cable between New York and Chicago, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, Steven Pinker, strong AI, Stuxnet, technological singularity, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Coming Technological Singularity, The Future of Employment, the long tail, Thomas L Friedman, too big to fail, Tragedy of the Commons, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, union organizing, Vernor Vinge, very high income, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, women in the workforce

Much of the conventional advice offered to workers and to students who are preparing to enter the workforce is likely to be ineffective. The unfortunate reality is that a great many people will do everything right—at least in terms of pursuing higher education and acquiring skills—and yet will still fail to find a solid foothold in the new economy. Beyond the potentially devastating impact of long-term unemployment and underemployment on individual lives and on the fabric of society, there will also be a significant economic price. The virtuous feedback loop between productivity, rising wages, and increasing consumer spending will collapse.

The presence of that solid middle is one of the primary factors that differentiates an advanced nation from an impoverished one—and its erosion is becoming increasingly evident, especially in the United States. Most techno-optimists would likely object to this characterization. They tend to view information technology as universally empowering. It is perhaps not coincidental that they also tend to have been very successful in the new economy. The most prominent digital optimists typically live at the extreme left of the long tail—or, even better, they’ve perhaps founded a company that owns the entire distribution. In a PBS television special that aired in 2012, inventor and futurist Ray Kurzweil was asked about the possibility of a “digital divide”—meaning that only a small percentage of the population will be able to thrive in the new information economy.


pages: 391 words: 105,382

Utopia Is Creepy: And Other Provocations by Nicholas Carr

Abraham Maslow, Air France Flight 447, Airbnb, Airbus A320, AltaVista, Amazon Mechanical Turk, augmented reality, autonomous vehicles, Bernie Sanders, book scanning, Brewster Kahle, Buckminster Fuller, Burning Man, Captain Sullenberger Hudson, centralized clearinghouse, Charles Lindbergh, cloud computing, cognitive bias, collaborative consumption, computer age, corporate governance, CRISPR, crowdsourcing, Danny Hillis, data science, deskilling, digital capitalism, digital map, disruptive innovation, Donald Trump, driverless car, Electric Kool-Aid Acid Test, Elon Musk, Evgeny Morozov, factory automation, failed state, feminist movement, Frederick Winslow Taylor, friendly fire, game design, global village, Google bus, Google Glasses, Google X / Alphabet X, Googley, hive mind, impulse control, indoor plumbing, interchangeable parts, Internet Archive, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, Jeff Bezos, jimmy wales, Joan Didion, job automation, John Perry Barlow, Kevin Kelly, Larry Ellison, Lewis Mumford, lifelogging, lolcat, low skilled workers, machine readable, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Max Levchin, means of production, Menlo Park, mental accounting, natural language processing, Neal Stephenson, Network effects, new economy, Nicholas Carr, Nick Bostrom, Norman Mailer, off grid, oil shale / tar sands, Peter Thiel, plutocrats, profit motive, Ralph Waldo Emerson, Ray Kurzweil, recommendation engine, Republic of Letters, robot derives from the Czech word robota Czech, meaning slave, Ronald Reagan, scientific management, self-driving car, SETI@home, side project, Silicon Valley, Silicon Valley ideology, Singularitarianism, Snapchat, social graph, social web, speech recognition, Startup school, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, technoutopianism, TED Talk, the long tail, the medium is the message, theory of mind, Turing test, Tyler Cowen, Whole Earth Catalog, Y Combinator, Yochai Benkler

With the benefit of hindsight, we can see that this was when the hippies took over the country, and when the true cultural war over Progress was lost.” The original inspiration for such grousing—about progress, not hippies—is a Northwestern University economist named Robert J. Gordon, whose 2000 paper “Does the ‘New Economy’ Measure Up to the Great Inventions of the Past?” included a damning comparison of the flood of inventions that occurred a century ago with the seeming trickle that we see today. Consider just a few of the products invented in the ten years between 1876 and 1886: internal combustion engine, electric lightbulb, electric transformer, steam turbine, electric railroad, automobile, telephone, movie camera, phonograph, linotype, cash register, vaccine, reinforced concrete, flush toilet.

., 296–97 Descartes, René, 301, 330 Dewey, John, 304 “digital dualism,” 129 “digital lifestyle,” 32–33 digital memory, 327 digital preservation, 325–28 Digital Public Library of America (DPLA), 268, 271–78 “Digital Republic of Letters,” 271 discovery, adventure of, 13–15 Disenchanted Night (Schivelbusch), 229 displaced agency, 265 distraction, xix, 14, 316 in consumerism, 65 video games and, 19 diversity, 65 DNA, 69–70, 334–35 Doctorow, Cory, 76–77 “Does the ‘New Economy’ Measure Up to the Great Inventions of the Past?” (Gordon), 116–17 Doors, 126 dopamine, 332 dot-com crash, xvi Doudna, Jennifer, 335 driving, 195–98 Droit-Volet, Sylvie, 203–4 drones, 306 Drucker, Peter, 182 drugs, 119, 304, 331 psychoactive, 333–34 video games and, 262 virtual, 39–40 Drum, Kevin, 306 Dylan, Bob, 121, 294 dystopias, 108 ears, development and evolution of, 235 Earthlink, 280 “Easter, 1916” (Yeats), 88 Easton, David, 211 “E-book Reading Jumps; Print Book Reading Declines,” 140 ebooks, e-reader devices, 74, 122–23, 140–43, 225, 257, 274, 288, 290 reading experience transformed by, 252–54 economic gap, xix, 30–31, 176–77, 179 economy, effect of technology on, 174–77, 179–80 Edison, Thomas, xvii, 134, 229, 287 education, technological transformation of, 133–35 Edwards, Douglas, 280–82, 285 efficiency: in computer communication, 152–54 maximizing of, 84–85, 148, 164–65, 195–97, 209, 214, 234, 237–39, 303, 305 of robots, 321 Eiffel Tower, 341 e-learning fad, 134 election campaigns: of 2008, 314 of 2016, 314–20 transformed by technology, 314–20 Electric Kool-Aid Acid Test, The (Wolfe), 170 Eliot, T.


pages: 326 words: 29,543

The Docks by Bill Sharpsteen

affirmative action, anti-communist, big-box store, collective bargaining, Google Earth, independent contractor, intermodal, inventory management, jitney, junk bonds, Just-in-time delivery, new economy, Panamax, place-making, Port of Oakland, post-Panamax, RAND corporation, refrigerator car, strikebreaker, women in the workforce

The Concise Encyclopedia of Economics. www.econlib.org/library/Enc1/TruckingDeregulation.html (accessed May 9, 2007). Nevarez, Ernie. Interview by author. May 24, 2006. Patel, Sejal. From Clean to Clunker: The Economics of Emissions Control. A report jointly published by Los Angeles Alliance for a New Economy (LAANE), Sierra Club, BlueGreen Alliance, and the International Brotherhood of TeamÂ�sters. April 15, 2010. www.cleanandsafeports.org/fileadmin/files_editor/ FromCleantoClunker.pdf (accessed July 22, 2010). PayScale. “Hourly Rate Snapshot for Truck Driver, Heavy/Tractor-Trailer Jobs.” www.payscale.com/research/US/Job=Truck_Driver%2c_Heavy_% 2f_Tractor-Trailer/Hourly_Rate (accessed July 1, 2010).

“The Ports’ Short-Haul Truckers Endure Long Hours, High Costs.” Los Angeles Times, September 21, 2005. White, Ronald D., and Louis Sahagun. “Risk Seen in Port Plan.” Los Angeles Times, March 8, 2008. Zerolnick, Jon. The Road to Shared Prosperity: The Regional Economic Benefits of the San Pedro Bay Ports’ Clean Trucks Program. Los Angeles Alliance for a New Economy, Coalition for Clean and Safe Ports. August 2007. www.Â�community benefits.org/downloads/Road_to_Shared_Prosperity.pdf (accessed July 22, 2010). Author observations riding with Anthony Branch. April 29, 2009. 11. The Hold Men Almeida, Art. Interviews by author. March 15, 2004; May 6, 2004; November 2, 2004.


pages: 339 words: 109,331

The Clash of the Cultures by John C. Bogle

Alan Greenspan, asset allocation, buy and hold, collateralized debt obligation, commoditize, compensation consultant, corporate governance, corporate social responsibility, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, diversified portfolio, estate planning, Eugene Fama: efficient market hypothesis, financial engineering, financial innovation, financial intermediation, fixed income, Flash crash, Glass-Steagall Act, Hyman Minsky, income inequality, index fund, interest rate swap, invention of the wheel, John Bogle, junk bonds, low interest rates, market bubble, market clearing, military-industrial complex, money market fund, mortgage debt, new economy, Occupy movement, passive investing, Paul Samuelson, Paul Volcker talking about ATMs, Ponzi scheme, post-work, principal–agent problem, profit motive, proprietary trading, prudent man rule, random walk, rent-seeking, risk tolerance, risk-adjusted returns, Robert Shiller, seminal paper, shareholder value, short selling, South Sea Bubble, statistical arbitrage, stock buybacks, survivorship bias, The Wealth of Nations by Adam Smith, transaction costs, two and twenty, Vanguard fund, William of Occam, zero-sum game

In the next marketing bubble—the rise of the Information Age, beginning in the late 1990s—funds focusing on Internet and high-tech stocks led the way. The fund industry responded just as one would expect a marketing business to respond. We created an astonishing total of 3,800(!) new equity funds, mostly aggressive growth funds focused on technology and the so-called new economy. Although some 1,200 funds went out of business during this period, the equity fund population still more than doubled, from 2,100 funds at the start of 1996 to 4,700 in 2001. After each wave of creation, of course, investment reality quickly intruded on speculative illusion. Many of the new creations failed.

The highest stewardship is reflected by managers with the strongest discipline against pandering to the public taste for the hottest new investment ideas. Those managers who limit their offerings to what they do well—maybe a single fund or even a half-dozen—reflect the most stewardship of all. Managers who make what will sell—for example, jumping on the “New Economy” bandwagon of the 1990s—lure hundreds of billions of investor dollars into them, before the bubble inevitably bursts and those funds go up in smoke. No stewardship points for them; three points for managers who sell what they make. Standard 5: Advertising When it comes to advertising, the stewardship-salesmanship orientation is patently obvious.


pages: 370 words: 107,983

Rage Inside the Machine: The Prejudice of Algorithms, and How to Stop the Internet Making Bigots of Us All by Robert Elliott Smith

"World Economic Forum" Davos, Ada Lovelace, adjacent possible, affirmative action, AI winter, Alfred Russel Wallace, algorithmic bias, algorithmic management, AlphaGo, Amazon Mechanical Turk, animal electricity, autonomous vehicles, behavioural economics, Black Swan, Brexit referendum, British Empire, Cambridge Analytica, cellular automata, Charles Babbage, citizen journalism, Claude Shannon: information theory, combinatorial explosion, Computing Machinery and Intelligence, corporate personhood, correlation coefficient, crowdsourcing, Daniel Kahneman / Amos Tversky, data science, deep learning, DeepMind, desegregation, discovery of DNA, disinformation, Douglas Hofstadter, Elon Musk, fake news, Fellow of the Royal Society, feminist movement, Filter Bubble, Flash crash, Geoffrey Hinton, Gerolamo Cardano, gig economy, Gödel, Escher, Bach, invention of the wheel, invisible hand, Jacquard loom, Jacques de Vaucanson, John Harrison: Longitude, John von Neumann, Kenneth Arrow, Linda problem, low skilled workers, Mark Zuckerberg, mass immigration, meta-analysis, mutually assured destruction, natural language processing, new economy, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, On the Economy of Machinery and Manufactures, p-value, pattern recognition, Paul Samuelson, performance metric, Pierre-Simon Laplace, post-truth, precariat, profit maximization, profit motive, Silicon Valley, social intelligence, statistical model, Stephen Hawking, stochastic process, Stuart Kauffman, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Future of Employment, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, Thomas Malthus, traveling salesman, Turing machine, Turing test, twin studies, Vilfredo Pareto, Von Neumann architecture, warehouse robotics, women in the workforce, Yochai Benkler

It is no coincidence that the invention and expansion of universal education took place during the rapidly industrialising eighteenth and nineteenth centuries. The new industrial economy needed workers with a certain level of practical and intellectual skill, and they had to be trained in sufficient numbers if the new economy was to thrive. As with our ideas of intelligence, some of our most dearly cherished economic beliefs are also shaped by the theories, philosophies and cultural norms of that era. And like IQ testing, these ideas contain a strong emphasis on metrics, simplification, mathematical modelling and an economic growth model predicated on Spencer’s ‘survival of the fittest’ doctrine.

The other upshot of the Babbage Effect was the requirement of a more educated workforce to design, ‘program’ and operate industrial machines in order to turn out unprecedented volumes of products, which would then need more consumers. This new class of worker could perform roles at both ends of the machine, and create an entirely new economy. Hence the late-nineteenth and twentieth-century drive towards mandatory education throughout the Western world as governments realized that a more educated populace would result in a more productive economy, which in turn would generate greater prosperity and consumption, thus driving an apparently virtuous, work-earn-and-consume, tax-educate-and-work economic cycle.


pages: 371 words: 108,317

The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future by Kevin Kelly

A Declaration of the Independence of Cyberspace, Aaron Swartz, AI winter, Airbnb, Albert Einstein, Alvin Toffler, Amazon Web Services, augmented reality, bank run, barriers to entry, Baxter: Rethink Robotics, bitcoin, blockchain, book scanning, Brewster Kahle, Burning Man, cloud computing, commoditize, computer age, Computer Lib, connected car, crowdsourcing, dark matter, data science, deep learning, DeepMind, dematerialisation, Downton Abbey, driverless car, Edward Snowden, Elon Musk, Filter Bubble, Freestyle chess, Gabriella Coleman, game design, Geoffrey Hinton, Google Glasses, hive mind, Howard Rheingold, index card, indoor plumbing, industrial robot, Internet Archive, Internet of things, invention of movable type, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Perry Barlow, Kevin Kelly, Kickstarter, lifelogging, linked data, Lyft, M-Pesa, machine readable, machine translation, Marc Andreessen, Marshall McLuhan, Mary Meeker, means of production, megacity, Minecraft, Mitch Kapor, multi-sided market, natural language processing, Netflix Prize, Network effects, new economy, Nicholas Carr, off-the-grid, old-boy network, peer-to-peer, peer-to-peer lending, personalized medicine, placebo effect, planetary scale, postindustrial economy, Project Xanadu, recommendation engine, RFID, ride hailing / ride sharing, robo advisor, Rodney Brooks, self-driving car, sharing economy, Silicon Valley, slashdot, Snapchat, social graph, social web, software is eating the world, speech recognition, Stephen Hawking, Steven Levy, Ted Nelson, TED Talk, The future is already here, the long tail, the scientific method, transport as a service, two-sided market, Uber for X, uber lyft, value engineering, Watson beat the top human players on Jeopardy!, WeWork, Whole Earth Review, Yochai Benkler, yottabyte, zero-sum game

ALSO BY KEVIN KELLY Out of Control: The New Biology of Machines, Social Systems, and the Economic World New Rules for the New Economy: 10 Radical Strategies for a Connected World Asia Grace What Technology Wants Cool Tools: A Catalog of Possibilities VIKING An imprint of Penguin Random House LLC 375 Hudson Street New York, New York 10014 penguin.com Copyright © 2016 by Kevin Kelly Penguin supports copyright. Copyright fuels creativity, encourages diverse voices, promotes free speech, and creates a vibrant culture. Thank you for buying an authorized edition of this book and for complying with copyright laws by not reproducing, scanning, or distributing any part of it in any form without permission.

Today, most major software producers have minimal help desks; their most enthusiastic customers advise and assist other customers on the company’s support forum web pages, serving as high-quality customer support for new buyers. And in the greatest leverage of the common user, Google turns traffic and link patterns generated by 90 billion searches a month into the organizing intelligence for a new economy. This bottom-up overturning was also not in anyone’s 20-year vision. No web phenomenon has been more confounding than the infinite rabbit hole of YouTube and Facebook videos. Everything media experts knew about audiences—and they knew a lot—promoted the belief that audiences would never get off their butts and start making their own entertainment.


pages: 338 words: 106,936

The Physics of Wall Street: A Brief History of Predicting the Unpredictable by James Owen Weatherall

Alan Greenspan, Albert Einstein, algorithmic trading, Antoine Gombaud: Chevalier de Méré, Apollo 11, Asian financial crisis, bank run, Bear Stearns, beat the dealer, behavioural economics, Benoit Mandelbrot, Black Monday: stock market crash in 1987, Black Swan, Black-Scholes formula, Bonfire of the Vanities, book value, Bretton Woods, Brownian motion, business cycle, butterfly effect, buy and hold, capital asset pricing model, Carmen Reinhart, Claude Shannon: information theory, coastline paradox / Richardson effect, collateralized debt obligation, collective bargaining, currency risk, dark matter, Edward Lorenz: Chaos theory, Edward Thorp, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial engineering, financial innovation, Financial Modelers Manifesto, fixed income, George Akerlof, Gerolamo Cardano, Henri Poincaré, invisible hand, Isaac Newton, iterative process, Jim Simons, John Nash: game theory, junk bonds, Kenneth Rogoff, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, Market Wizards by Jack D. Schwager, martingale, Michael Milken, military-industrial complex, Myron Scholes, Neil Armstrong, new economy, Nixon triggered the end of the Bretton Woods system, Paul Lévy, Paul Samuelson, power law, prediction markets, probability theory / Blaise Pascal / Pierre de Fermat, quantitative trading / quantitative finance, random walk, Renaissance Technologies, risk free rate, risk-adjusted returns, Robert Gordon, Robert Shiller, Ronald Coase, Sharpe ratio, short selling, Silicon Valley, South Sea Bubble, statistical arbitrage, statistical model, stochastic process, Stuart Kauffman, The Chicago School, The Myth of the Rational Market, tulip mania, Vilfredo Pareto, volatility smile

The technology-based NASDAQ index increased by almost a factor of three between 1998 and early 2000. Analysts began talking about a so-called new economy consisting of computer firms and companies whose business strategies depended entirely on the Internet. For these companies, none of the old rules applied. It didn’t matter if a firm was making any money, for instance — earnings could be negative, but the company could still be considered valuable if there was a wide expectation of success in the future. In many ways, the boom echoed earlier periods of speculation: in the 1920s, for instance, investors also spoke of a “new economy,” though then the hot tech companies were AT&T and General Electric.


pages: 339 words: 103,546

Blood and Oil: Mohammed Bin Salman's Ruthless Quest for Global Power by Bradley Hope, Justin Scheck

"World Economic Forum" Davos, augmented reality, Ayatollah Khomeini, Boston Dynamics, clean water, coronavirus, distributed generation, Donald Trump, Downton Abbey, Elon Musk, Exxon Valdez, financial engineering, Google Earth, high net worth, Jeff Bezos, Marc Andreessen, Mark Zuckerberg, Masayoshi Son, megaproject, MITM: man-in-the-middle, new economy, NSO Group, Peter Thiel, public intellectual, ride hailing / ride sharing, Sand Hill Road, Silicon Valley, SoftBank, South of Market, San Francisco, sovereign wealth fund, starchitect, Steve Bannon, Steve Jobs, tech billionaire, Tim Cook: Apple, trade route, traumatic brain injury, Travis Kalanick, Uber for X, urban planning, Virgin Galactic, Vision Fund, WeWork, women in the workforce, young professional, zero day

For his close family, money gave Salman the ability to spread largesse among potentially adversarial tribes and give payments to upstart princes who might want more political strength but would settle for a big payout. On a higher level, control over the state finance arms allowed Mohammed to pick winners and losers in his new economy. He could have kept giving construction jobs to Binladin and Oger. Instead, during that time he picked smaller construction firms whose owners were more pliant and less entrenched with rival Al Saud factions. But most important was the oil money. It propped up modern Saudi Arabia, and the question of how those oil fields would be managed in the future would determine the kingdom’s direction.

Olympia competition into the Middle East, and after meeting Mohammed in 2017, he wanted to seal a deal in 2018. The timeframe overlapped with the fawning publication promoting Mohammed’s vision for what the magazine called the “magic kingdom.” In the middle of it all, with an article about Saudi Arabia’s new economy written under his byline and a photo of himself standing stiffly next to Trump, was a young French banker named Kacy Grine. He was another unlikely person drawn into the prince’s orbit, the kind of international figure who, in the world of Saudi money, can go from obscurity to high-profile businessman with a single princely handshake.


pages: 829 words: 187,394

The Price of Time: The Real Story of Interest by Edward Chancellor

"World Economic Forum" Davos, 3D printing, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, asset allocation, asset-backed security, assortative mating, autonomous vehicles, balance sheet recession, bank run, banking crisis, barriers to entry, Basel III, Bear Stearns, Ben Bernanke: helicopter money, Bernie Sanders, Big Tech, bitcoin, blockchain, bond market vigilante , bonus culture, book value, Bretton Woods, BRICs, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, cashless society, cloud computing, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, commodity super cycle, computer age, coronavirus, corporate governance, COVID-19, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cryptocurrency, currency peg, currency risk, David Graeber, debt deflation, deglobalization, delayed gratification, Deng Xiaoping, Detroit bankruptcy, distributed ledger, diversified portfolio, Dogecoin, Donald Trump, double entry bookkeeping, Elon Musk, equity risk premium, Ethereum, ethereum blockchain, eurozone crisis, everywhere but in the productivity statistics, Extinction Rebellion, fiat currency, financial engineering, financial innovation, financial intermediation, financial repression, fixed income, Flash crash, forward guidance, full employment, gig economy, Gini coefficient, Glass-Steagall Act, global reserve currency, global supply chain, Goodhart's law, Great Leap Forward, green new deal, Greenspan put, high net worth, high-speed rail, housing crisis, Hyman Minsky, implied volatility, income inequality, income per capita, inflation targeting, initial coin offering, intangible asset, Internet of things, inventory management, invisible hand, Japanese asset price bubble, Jean Tirole, Jeff Bezos, joint-stock company, Joseph Schumpeter, junk bonds, Kenneth Rogoff, land bank, large denomination, Les Trente Glorieuses, liquidity trap, lockdown, Long Term Capital Management, low interest rates, Lyft, manufacturing employment, margin call, Mark Spitznagel, market bubble, market clearing, market fundamentalism, Martin Wolf, mega-rich, megaproject, meme stock, Michael Milken, Minsky moment, Modern Monetary Theory, Mohammed Bouazizi, Money creation, money market fund, moral hazard, mortgage debt, negative equity, new economy, Northern Rock, offshore financial centre, operational security, Panopticon Jeremy Bentham, Paul Samuelson, payday loans, peer-to-peer lending, pensions crisis, Peter Thiel, Philip Mirowski, plutocrats, Ponzi scheme, price mechanism, price stability, quantitative easing, railway mania, reality distortion field, regulatory arbitrage, rent-seeking, reserve currency, ride hailing / ride sharing, risk free rate, risk tolerance, risk/return, road to serfdom, Robert Gordon, Robinhood: mobile stock trading app, Satoshi Nakamoto, Satyajit Das, Savings and loan crisis, savings glut, Second Machine Age, secular stagnation, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, stock buybacks, subprime mortgage crisis, Suez canal 1869, tech billionaire, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tim Haywood, time value of money, too big to fail, total factor productivity, trickle-down economics, tulip mania, Tyler Cowen, Uber and Lyft, Uber for X, uber lyft, Walter Mischel, WeWork, When a measure becomes a target, yield curve

Digital businesses, such as Facebook and Google, had established dominant global franchises with relatively little invested capital and small workforces. In his book The Zero Marginal Cost Society (2014), the social theorist Jeremy Rifkin heralded the passing of traditional capitalism.16 If the Old Economy was marked by scarcity and declining marginal returns, Rikfin argued that the New Economy was characterized by zero marginal costs, increasing returns to scale and capital-lite ‘sharing’ apps (such as Uber, Lyft, Airbnb, etc.). The demand for capital and interest rates, he said, were set to fall in this ‘economy of abundance’. There was some evidence to support Rifkin’s claims. The balance sheets of US companies showed they were using fewer fixed assets (factories, plant, equipment, etc.) and reporting more ‘intangibles’ – namely, assets derived from patents, intellectual property and merger premiums.

To find a specific word or phrase from the index, please use the search feature of your ebook reader. 3G Capital, 161, 169 AEG (German company), 159 African American households, 211 AIG (insurance giant), 175, 221 Alberti, Leon Battista, 21 Alexander the Great, 12 Alibaba, 283 Altman, Edward, 223 Amazon (company), 203 AmeriCredit Corp, 167* Amsterdam, 35–6, 39, 47 Anbang Insurance, 285–6 Anderson, Benjamin, 87, 88, 90, 91, 92 Anglo-Dutch Wars, 33 annuities, 26, 69, 195, 197, 229 Antiphanes (Athenian playwright), 18 Antiphon (Greek orator), 20 Apple, 54, 149, 166, 176, 241 Aquinas, Thomas, Summa Theologica, 19, 25 Arab Spring (2011), xxiii, 255–6 Argentina, 79–80, 79*, 242–3, 263 aristocracy/landed classes: in Ancien Régime France, 49, 51; in ancient Mesopotamia, 200; and price of land, 34–5, 39, 42, 44 Aristotle, 9, 18, 19, 20, 28, 40 Arnd, Karl, 4 art market, 180, 208–9, 271 Artemis Capital, 231 Asian economic development model, 267, 278; Asian crisis, 114, 252, 278 asset price bubbles: before 2008 crisis, xxiii, 32, 44, 111–19, 204; and Arab Spring, 255–6; bond market in 2010s, 226; and Borio’s financial cycle, 132–3, 134, 135; bubble economy term, 184–7; Cantillon’s view, 58, 60–61; Chinese real-estate bubble, xxiii, 271, 272–4, 282, 288, 289; in commodities (from 2010), 173–4, 255–6, 257; construction booms, 62–3, 69, 74, 90, 112, 144, 148, 258–60, 273–9; crypto bubbles, 177–9; Dotcom bubble, 111–12, 136–7, 176, 204; Everything Bubble in post-crisis decade, 44, 138–9, 173–80, 180, 181–3, 185, 193–5, 206–10, 215, 306–9; expansive monetary policy as common feature, xxiii, 116*, 123, 135, 172–87, 180, 220; idea of creating a bubble to deal with, 113*; Japanese economy in 1980s, xxiii, 105–8, 145, 182, 184, 271, 273, 279, 285–6; misallocation of capital during, 43, 114, 148–50, 266–81, 289; relation to real economy, 182–3, 185, 237; stock market bubble in 1920s USA, xxiii, 87–91, 90*, 92–4, 96–8, 98*, 112, 203; at times of low inflation, xxiii, 134, 135; unstable bubbles in China, 270, 271–4, 282, 288; vast investment boom in China, xxiii, 128, 267–81, 280*, 282–9; and wealth illusion, 193–5 see also Mississippi bubble asset-backed securities, 175, 225, 226–7 Assyrian empire, 12 AT&T, 167, 168 Augsburg, 202 Augustus, Roman Emperor, 12, 15 Australia, 175, 192, 239 Austria, 93, 93*, 97, 261; Wörgl’s currency experiment, 243, 294 Austrian economists, 32, 94–6, 100, 108 see also Hayek, Friedrich; Schumpeter, Joseph Ayr Bank, collapse of (1772), 63 Azerbaijan, 262 Babylonia, 3–4, 5–8, 9–12, 13, 13, 14–15 Bacon, Francis (artist), 208 Bacon, Sir Francis, ‘On Usury’ (1612), 34, 35, 40, 43, 44 Bagehot, Walter, 62, 63–4, 66–8, 70–71, 72, 74, 149, 155, 251; Bagehot rule, xxiii, 74–6, 80; and dangers of foreign lending, 66, 77, 78; on foreign lending craze, 78; warnings over easy money, 64, 66, 67, 68, 69, 72, 78, 80–81, 220, 233; Lombard Street (1873), 69, 74, 75, 76, 81 Bain Capital, 163 Balding, Christopher, 277* Bank for International Settlements (BIS), 11, 101, 107, 113–14, 131–4, 135–9, 144, 153, 168, 261 Bank of Amsterdam (Wisselbank), 47, 68 Bank of England: during 1920s, 82–3, 85–6, 92, 93; acquires foreign corporate securities (2016), 241†; Bagehot on role of, xxiii, 64, 66, 74, 75–6; Bank Charter Act (1844), 75–6, 76*; ‘corset’ in Bretton Woods era, 291; ‘credit easing’ policy, 242; dominion over credit markets, 292–3, 293*; and financialization, 168; founding of (1694), 47; and Gold Standard, 85, 251; inflation targeting, 119, 121, 241; as lender of last resort, 66, 74–6, 80; nationalization (1946), 172; NICE (non-inflationary consistent expansion), 112; in nineteenth-century, 42, 65, 66, 70, 71–2, 75–6, 79, 80; policies in post-crisis decade, 151, 153, 174, 233, 235, 241, 293; and regulation, 232, 233; and secular stagnation narratives, 126, 205–6 Bank of France, 82, 83, 92, 93 Bank of Japan (BOJ), 105–8, 119, 122, 146, 192, 224, 241, 242, 244–5, 271, 294 Bank of Spain, 117 banking: 1825 crisis, 64–7, 75; back-alley banking in China, 281–3; bankers as unpopular, 18; Casa di San Giorgio, Genoa, 47–8; development in Middle Ages, 22–4, 35; expansion in Britain during Napoleonic Wars, 69–70; and fountain-pen money, xxiv, 42, 269, 312; Law establishes General Bank (1716), 49–50; merchant banks in ancient world, 7, 8; National Banking System in USA, 157; ‘net interest margin’ eroded by ultra-low rates, 136; pre-twentieth-century panics/crises, 63, 64–8, 69, 70, 72–6, 79–81; repo market, 236*, 239, 245; UK and US economies shift towards, 167–8; vast expansion in China, 265–6; and zombification, 147, 148 see also financial sector Baoding Tianwei Group, 280 Baoshang Bank, 285 Baradaran, Mehrsa, 215* Barbon, Nicholas, 15 Barcelona, 23 Baring, Alexander, 65 Baring, Sir Francis, 74–5, 76 Baring Brothers, 74, 76, 80 Basel Committee, 232 basketball, shot clock, 141 Bastiat, Frédéric, xvii, xviii–xx, xxi, xxii, xxv, 9, 188–9, 215, 306 Batista, Eike, 257, 258 Bavarian Soviet Republic, 243 Bayer (German firm), 225 Bear Stearns, 175 behavioural research, 29 Belgium, 225 Benda, Julien, La Trahison des Clercs (1927), 297 Bentham, Jeremy, 30, 189 Berkshire Hathaway, 161 Berlusconi, Silvio, 293 Bernanke, Ben: actions during 2008 crisis, 76, 253–4; on causes of 2008 crisis, 114, 115–16, 118, 128–9; and easy money before 2008 crisis, 111–12, 113, 115–17, 115†, 118–19; evades consequences for 2008 crisis, 119; and inflation targeting, 119, 119*, 241; joins Federal Reserve (2002), 111–12; and legacy of John Law, 61; on monetary policy, 98, 98*, 115, 115*, 131, 155, 207, 230, 238; policy of dealing with aftermath of bubbles, 111–12, 114; and savings glut hypothesis, 128–9, 191; and taper tantrum (June 2013), 239, 256–7, 259, 263; and ultra-easy money after 2008 crisis, 124, 131, 133, 137–8, 153, 155, 181–3, 207, 215, 230, 238–40, 243–4, 262; view of Great Depression, 98, 98*, 99, 100, 101 Bernard, Samuel, 55* Bernardino of Siena, 25 Bernstein, Richard, 306 Bernstein, William, 128 Beyond Meat, 177 Bezos, Jeff, 203 bills of exchange, 22, 23, 24, 47, 50, 65‡, 71, 130 Bitcoin, 177–9, 307–8 BlackRock, 209, 227, 246 Blackstone Sir William, Commentaries on the Laws of England (1765), 17 BNP Paribas, 253† Bo Xilai, 288 Böhm-Bawerk, Eugen von, xxiii–xxiv, xxv, xxvi*, 13, 16, 19*, 29, 30, 31, 95, 246 Borio, Claudio, 132–4, 135–9, 153, 232–3, 240, 262–3, 269, 311 Borman, Frank, 143 bottomry loans, 6, 26 Bouazizi, Mohamed, 255 Bourbon, Duke of, 55 Brandeis, Justice Louis, 156, 158, 159, 202 Branson, Richard, 213 Braudel, Fernand, 21 Brazil, xxiii, 225, 254–5, 257–8, 291 Bretton Woods system, 133, 251, 290–91, 302 Bridgewater Associates, 229 Britain: 1825 banking crisis, 64–7, 75; building boom in mid-eighteenth-century, 62–3; calamities of 1660s, 33; decision to leave EU, 187, 241, 262; default on sovereign debt (1672), 33, 38; early twentieth century monopolies in, 159; economy in Bretton Woods era, 291, 302*; financial repression today, 292–3; foreign lending manias (1860s-80s), 77–8, 79–80; housing affordability crisis in, 212–13; loss of manufacturing jobs to China, 261*; low economic vitality in post-crisis decade, 124, 150–51, 153, 192; post-1571 debates on excessively high rates, 34–44; Productive Finance Working Group, 293, 293*; railway mania of 1840s, 70–72, 73; return to the Gold Standard (1920s), 43, 82, 85, 86; reversal of global capital flows (late-1920s), 93; Revolutionary/Napoleonic Wars, 41–2, 69–70; shift from manufacturing towards services, 167–8; South Sea Bubble (1720), 69; trade cycle from early eighteenth century, 62–4; usury in, 24, 26, 27, 34, 40, 42, 65‡, 65; zombification in, 146 see also Bank of England British Association of Recovery Professionals, 146 British Home Stores (BHS), 196–7 Brown, Brendan, 218 Brown, Gordon, 112 Brunnermeier, Markus, 236 Bryan, William Jennings, 99 bubble economy term, 184–7 Buchan, James, 54, 56*, 59 Buenos Aires Water Supply and Drainage Company, 80 Buffett, Warren, 126, 161, 225, 307, 308, 308* Bullard, James, 239 Burry, Michael, 198 buyout firms, 160–63, 183†, 204, 207, 222, 223, 237 Byzantium, 25 Calvin, John, 26 Campbell, Donald, 120–21 Canada, 119, 174–5, 192, 196*, 241 Canterbury, Justin Welby, Archbishop of, 17, 201 Cantillon, Richard, 58, 60–61, 60* capital flows, global: in 1920s, 82, 91, 261; Bretton Woods capital controls, 291; capital controls return after 2008, 262, 291; ‘commodity super-cycle (from 2010), 173–4, 255–6, 257; cross-border lending in Eurozone, 144–5; and Dollar Standard, 251–2, 253, 261, 262–3; foreign lending manias (1860s-80s), 77–8, 79–80, 79†; ‘global banking glut’ notion, 132, 252–3; global credit bubble in early 2000s, 252–3, 261; international carry trade, 137, 237–8, 252, 253–4, 256–7, 258; ‘persistent expansion bias’ of monetary system, 262; post-crisis flows into emerging markets, xxiii, 253–9, 262–3; protectionism of 1930s, 261–2; recirculation of in run-up to 2008 crisis, 115‡; recording/measuring of, 137; reversals of, 63, 93, 93*, 261; and role of interest, 139, 251–7, 259–61, 262–3; ‘second phase of global liquidity’ after 2008 crisis, 253–9, 262–3; taper tantrum (June 2013), xxiii, 137, 239, 256–7, 259, 263; Turkish debt, 258–60; and US interest rates, 137, 251–5, 256–7, 259–61, 262–3, 285 capitalism: Bastiat on broad consequences of actions, xix–xx; capital defined, 28, 28*; distortions/disruptions by unicorns, 148–50; distrust of in 1930s, 299; Hayek on, 96, 295–6, 298; Hazlitt on price system, xx; interest rates as at heart of, xxii, xxv, 16, 28, 141, 297; low marginal costs in New Economy, 127–8; Marxist-Leninist critique of, 159–60, 217*, 298; primacy of finance in modern era, 138–9; process of ‘creative destruction’, xx, 140–43, 143*, 153, 296–7; Proudhon on, xvii; role of risk in, 220, 298; Schumpeter on, 140, 153, 296–7; Adam Smith on mutual self-interest, 27–8; state capitalism, 280, 284, 292–5, 297, 298; takes off in medieval Italy, 21–3, 23 Cappadocia, 12 Carillion (construction company), 197 Carnegie, Andrew, 157–8 Carney, Mark, 235 Carroll, Lewis, 309, 311 carry trading, 220–22, 227, 229, 233, 234, 236; international, 137, 237–8, 252, 253–5, 256–7, 258; new regime emerges after 2008 crisis, 221–4, 253–5, 256–7, 258 cars, 173, 179, 210, 220; manufacture of, 142, 166–7, 176–7, 261; and revival of subprime market, 215, 224 Carstens, Agustín, 214* Carter, Jimmy, 108–9 Case, Anne, 213 Cassel, Gustav, xxvi, 36*, 88, 190, 192, 195, 246 Catholic church, 18–19, 23–4, 25–6 central banks: attitudes to risk, 230–31; Bagehot rule, xxiii, 74–6, 80; direct involvement in stock market, 172–3, 241–2, 293–4; dominion over credit markets, xxii, 292–3, 293*; double standards in approach to bail outs, 215; and duration risk, 225; fuelling of asset price bubbles by, 43, 60–61, 88, 110, 113, 115–16, 118–19, 132–6, 174–6, 181–2, 185, 194–5; goal of stable price level, xxiii, 42, 86–8, 94, 96–8, 105–8, 109–13, 133, 203; influence on long-term rates, 133, 134–5; issuing of ‘fiat money’, xxiv, 13, 312; Long Island meeting (1927), 82–3, 88, 92; and March 2020 crash, 305–6; money supply targets in 1980s, 121; move to ‘active’ monetary policy in 1920s, 84, 85–8, 85†, 92–4, 96–8; and responsibility for inequality, 214–17; ‘Taylor Rule’, 116–17 see also quantitative easing and also entries for individual institutions central planning: in Bretton Woods era, 291, 292–5; Hayek’s The Road to Serfdom (1944), 295–6, 298; and misallocation of capital, 264, 266, 269; and problem of regulation, 232–3; reappearance of, 297, 298, 302; during Second World War, 295, 302, 311; and ‘tyranny of metrics’, 120* da Certaldo, Paolo, 21 Chamberlain, Austen, 86 Chamberlen, Hugh, 59* Chan, Melissa, 274 Chang Ying, Remarks on a Regular Livelihood, 265 Chapman, D.

., 96–7 neo-Keynesian economists, 87* Nero, Roman Emperor, 20 New Haven Railroad, 159 New Paradigm (Goldilocks Economy), 111 new technologies: in 1920s, 89, 90, 96, 100; in 1930s USA, 142–3; in China, 276, 284; and ‘creative destruction’ idea, 140; and demand for capital, 125, 126, 127; digital, 127–8, 149–50, 151–2, 176, 177, 179, 204, 276, 283; digital currencies concept, 294, 312; Dotcom bubble, 111–12, 136–7, 176, 204; FAANGs, 176; low marginal costs in New Economy, 127–8; mass-production techniques, 142; meme stocks, 307; in robber baron era, 158–9; ‘Second Machine Age’ narratives, 128, 151–2; and stock market bubbles, 176; zombies slow adoption of, 153 New Zealand, 119 NFTs (‘nonfungible tokens’), 308 Nietzsche, Friedrich, 218 Nigeria, 262 Norman, Montagu, 82–3, 86, 87, 92, 93, 110, 232* North, Sir Dudley, 37, 40, 236† Northern Rock, 253† Norway, 239 Obama, Barack, 213 Office for Financial Research, US, 164 OGX Petróleo e Gás, 257 Olson, Mancur, 117 Ordos (Inner Mongolian city), 274 Organisation for Economic Co-operation and Development (OECD), 146 Origo, Iris, 21, 22 Orléans, Elisabeth Charlotte, Duchess of, 51, 56 Orlik, Tom, 89*, 270 OTX Classic Car Index, 210 Overend Gurney, collapse of (1866), 72–4, 75–6, 77 Overstone, Samuel Jones-Loyd, Lord, 63 Palmstruch, Johan, 244 Park Chung-hee, 267 Pearson, Michael, 161, 169 Pension Benefits Guarantee Corporation, US, 197 pensions: ballooning deficits in post-crisis decade, 195–8, 211; defined benefit plans, 195–7; defined contribution plans, 197; liability hedging by corporate funds, 198; and low-interest regimes, xxi, 190, 194, 195–8, 211, 237, 245; ‘retirement gaps’, 198; state pensions, 197; widespread use of dubious assumptions, 197 People’s Bank of China, 265, 266, 267–8, 270, 271, 272, 281, 282, 282*, 284–5, 289 Petrobras, 225, 257, 258 Pettis, Michael, 269, 278–9, 278*, 287* Petty, Sir William, 31, 40, 173 Peyrefitte, Alain, 265 Philippe II, Duke of Orléans, 48, 49–50, 51, 56, 57 Phillips, Chester, 96–7 Pigou, Arthur, 131 Piketty, Thomas, 205, 216–17 PIMCO, 113*, 217, 221, 235, 236 plague, bubonic, 33 ‘platform companies’, 161 Plato, 200* Plaza Accord (1985), 241*, 271 Poland, 253 Pole, Thornton & Company, 66 Ponzi, Carlo, 90 Ponzi schemes/structures, 166, 230*, 284–5, 284*, 312 Poole, William, 116, 246 populism, resurgence of, xxii, 299 Portnoy, Dave, 308–9 Portugal, 144–5, 245 Potter, William, 47 Powell, J.


pages: 864 words: 272,918

Palo Alto: A History of California, Capitalism, and the World by Malcolm Harris

2021 United States Capitol attack, Aaron Swartz, affirmative action, air traffic controllers' union, Airbnb, Alan Greenspan, Alvin Toffler, Amazon Mechanical Turk, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, back-to-the-land, bank run, Bear Stearns, Big Tech, Bill Gates: Altair 8800, Black Lives Matter, Bob Noyce, book scanning, British Empire, business climate, California gold rush, Cambridge Analytica, capital controls, Charles Lindbergh, classic study, cloud computing, collective bargaining, colonial exploitation, colonial rule, Colonization of Mars, commoditize, company town, computer age, conceptual framework, coronavirus, corporate personhood, COVID-19, cuban missile crisis, deindustrialization, Deng Xiaoping, desegregation, deskilling, digital map, double helix, Douglas Engelbart, Edward Snowden, Elon Musk, Erlich Bachman, estate planning, European colonialism, Fairchild Semiconductor, financial engineering, financial innovation, fixed income, Frederick Winslow Taylor, fulfillment center, future of work, Garrett Hardin, gentrification, George Floyd, ghettoisation, global value chain, Golden Gate Park, Google bus, Google Glasses, greed is good, hiring and firing, housing crisis, hydraulic fracturing, if you build it, they will come, illegal immigration, immigration reform, invisible hand, It's morning again in America, iterative process, Jeff Bezos, Joan Didion, John Markoff, joint-stock company, Jony Ive, Kevin Kelly, Kickstarter, knowledge worker, land reform, Larry Ellison, Lean Startup, legacy carrier, life extension, longitudinal study, low-wage service sector, Lyft, manufacturing employment, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Marshall McLuhan, Max Levchin, means of production, Menlo Park, Metcalfe’s law, microdosing, Mikhail Gorbachev, military-industrial complex, Monroe Doctrine, Mont Pelerin Society, moral panic, mortgage tax deduction, Mother of all demos, move fast and break things, mutually assured destruction, new economy, Oculus Rift, off grid, oil shale / tar sands, PageRank, PalmPilot, passive income, Paul Graham, paypal mafia, Peter Thiel, pets.com, phenotype, pill mill, platform as a service, Ponzi scheme, popular electronics, power law, profit motive, race to the bottom, radical life extension, RAND corporation, Recombinant DNA, refrigerator car, Richard Florida, ride hailing / ride sharing, rising living standards, risk tolerance, Robert Bork, Robert Mercer, Robert Metcalfe, Ronald Reagan, Salesforce, San Francisco homelessness, Sand Hill Road, scientific management, semantic web, sexual politics, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social web, SoftBank, software as a service, sovereign wealth fund, special economic zone, Stanford marshmallow experiment, Stanford prison experiment, stem cell, Steve Bannon, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, stock buybacks, strikebreaker, Suez canal 1869, super pumped, TaskRabbit, tech worker, Teledyne, telemarketer, the long tail, the new new thing, thinkpad, Thorstein Veblen, Tim Cook: Apple, Tony Fadell, too big to fail, Toyota Production System, Tragedy of the Commons, transcontinental railway, traumatic brain injury, Travis Kalanick, TSMC, Uber and Lyft, Uber for X, uber lyft, ubercab, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban renewal, value engineering, Vannevar Bush, vertical integration, Vision Fund, W. E. B. Du Bois, War on Poverty, warehouse robotics, Wargames Reagan, Washington Consensus, white picket fence, William Shockley: the traitorous eight, women in the workforce, Y Combinator, Y2K, Yogi Berra, éminence grise

Boy Lüthje, “The Changing Map of Global Electronics: Networks of Mass Production in the New Economy,” in Challenging the Chip: Labor Rights and Environmental Justice in the Global Electronics Industry, ed. Ted Smith, David Allan Sonnenfeld, and David N. Pellow (Philadelphia: Temple University Press, 2006), 23. 21. Timothy J. Sturgeon, “Modular Production’s Impact on Japan’s Electronics Industry,” Recovering from Success: Innovation and Technology Management in Japan, ed. D. Hugh Whittaker and Robert E. Cole (Oxford: Oxford University Press, 2006), 52. 22. Chris Benner, Work in the New Economy: Flexible Labor Markets in Silicon Valley (Oxford, UK: Blackwell, 2002), 212. 23.

Silicon Valley home prices doubled.29 The tech workers also reinvested in their own sector via stock options and venture bets, tying capital back up in start-up gambling, where it could subsidize appified low-wage pseudo-luxury services.x The tech-industry concept consultant Venkatesh Rao labeled this rent-a-servant lifestyle “premium mediocre,” and it describes the users of the services courted by the Twitter tax break well: “Premium mediocrity is a pattern of consumption that publicly signals upward mobile aspirations, with consciously insincere pretensions to refined taste, while navigating the realities of inexorable downward mobility with sincere anxiety,” Rao writes. It sounds simply deluded, but Rao concludes it is “ultimately a rational adaptive response to the challenge of scoring a middle-class life lottery ticket in the new economy. It is an economic and cultural rearguard action by young people launched into life from the old middle class, but not quite equipped to stay there, and trying to engineer a face-saving soft landing… somewhere.”30 The Bay’s new identity as a big Silicon Valley suburb made it a for-us-by-us clusterfuck of premium mediocrity, but with its signature industry’s exploding wealth and heavy advertising budget, it once again became the world’s model for progress, even more so than back when Charles de Gaulle visited the Stanford Industrial Park after World War II.31 “The most visible sign of San Francisco’s gentrification was the appearance of white luxury buses which roamed the streets like vampires in search of a hissing blood feast,” writes Jarett Kobek in his realist novel I Hate the Internet.32 No single phenomenon crystallized the new regional tensions better than these “Google buses.”xi With so many employees commuting from apartments in San Francisco to campuses in Silicon Valley, it made sense for the search company to run its own fleet of commuter buses; it was an incentive for young hip workers who didn’t want and probably couldn’t afford to live in single-family-zoned Mountain View, and it ensured that Googlers had strong Wi-Fi for their commutes, increasing corporate efficiency.

Chris Benner, Work in the New Economy: Flexible Labor Markets in Silicon Valley (Oxford, UK: Blackwell, 2002), 212. 23. Chris Benner and Amy Dean, “Labor in the New Economy: Lessons from Labor Organizing in Silicon Valley,” in Nonstandard Work: The Nature and Challenges of Changing Employment Arrangements, ed. Françoise J. Carré et al. (Ithaca, NY: Cornell University Press, 2000), 365. 24. Ruth Wilson Gilmore, Golden Gulag: Prisons, Surplus, Crisis, and Opposition in Globalizing California (Berkeley: University of California Press, 2007), 51. 25. Aihwa Ong, “Latitudes of Citizenship,” in People out of Place: Globalization, Human Rights, and the Citizenship Gap, ed. Alison Brysk and Gershon Shafir (New York: Routledge, 2004), 59. 26.


pages: 161 words: 39,526

Applied Artificial Intelligence: A Handbook for Business Leaders by Mariya Yao, Adelyn Zhou, Marlene Jia

Airbnb, algorithmic bias, AlphaGo, Amazon Web Services, artificial general intelligence, autonomous vehicles, backpropagation, business intelligence, business process, call centre, chief data officer, cognitive load, computer vision, conceptual framework, data science, deep learning, DeepMind, en.wikipedia.org, fake news, future of work, Geoffrey Hinton, industrial robot, information security, Internet of things, iterative process, Jeff Bezos, job automation, machine translation, Marc Andreessen, natural language processing, new economy, OpenAI, pattern recognition, performance metric, price discrimination, randomized controlled trial, recommendation engine, robotic process automation, Salesforce, self-driving car, sentiment analysis, Silicon Valley, single source of truth, skunkworks, software is eating the world, source of truth, sparse data, speech recognition, statistical model, strong AI, subscription business, technological singularity, The future is already here

As AI and robotics increasingly take on the most routine and repetitive tasks in both white-collar and blue-collar industries, jobs that still need human workers will transition from positions that require routine, unskilled labor to ones that require specialized skills and adaptive decision-making abilities. In addition, AI will speed up the pace of automation, in the process requiring workers to learn new skills more quickly in order to stay ahead of the curve. Workers will need continuous access to high-quality training in order to stay competitive in this new economy. A 2016 White House report on the impact of AI on the economy recommended that high quality, affordable training should start in childhood to prepare students for continued education. Workers going through job transitions will also need ample access to job-driven training and other forms of lifelong learning.(95) Unfortunately, the United States currently lags behind other industrialized countries on investments in labor market programs, such as training programs or job-search assistance for workers.


pages: 128 words: 38,847

The Curse of Bigness: Antitrust in the New Gilded Age by Tim Wu

AltaVista, AOL-Time Warner, barriers to entry, Big Tech, collective bargaining, corporate personhood, corporate raider, creative destruction, Donald Trump, Ida Tarbell, income inequality, Johann Wolfgang von Goethe, John Perry Barlow, Joseph Schumpeter, Kickstarter, move fast and break things, new economy, open economy, Peter Thiel, Plato's cave, price discrimination, road to serfdom, Robert Bork, Silicon Valley, Snapchat, The Chicago School

MySpace, the social media pioneer, was everywhere and then nowhere. Search engines and social media sites seemed to come and go: Altavista, Bigfoot, and Friendster were household names one moment and gone the next. The chaos made it easy to think that bigness—the economics of scale—no longer really mattered in the new economy. If anything, it seemed that being big, like being old, was just a disadvantage. Being big meant being hierarchical, industrial, dinosaurlike in an age of fleet-footed mammals. Better maybe to stay small and stay young, to move fast and break things. All this suggested that in cyberspace, there could be no such thing as a lasting monopoly.


The Geography of Nowhere: The Rise and Decline of America's Man-Made Landscape by James Howard Kunstler

A Pattern Language, blue-collar work, California gold rush, car-free, City Beautiful movement, corporate governance, Donald Trump, financial independence, fixed income, Ford Model T, Ford paid five dollars a day, Frank Gehry, gentrification, germ theory of disease, indoor plumbing, It's morning again in America, jitney, junk bonds, land tenure, Lewis Mumford, mass immigration, means of production, megastructure, Menlo Park, new economy, oil shock, Peter Calthorpe, place-making, plutocrats, postindustrial economy, Potemkin village, Ronald Reagan, Savings and loan crisis, Skinner box, Southern State Parkway, urban planning, urban renewal, urban sprawl, Whole Earth Review, working poor, Works Progress Administration, yellow journalism

Today, only a handful of dairying operations remain. The town had an additional role as an agricultural trading center; here the farmers came to buy seed and tools. Local merchants profited. The population of the village proper was roughly 2500. The town's semipastoral canal years ended with a sudden, stark shift to a new economy. Seemingly overnight, Schuylerville became a fac­ tory town. An abundance of water power lay close at hand. Fish Creek offered two waterfalls within the village limits. The aforementioned flax mill went up first. A much larger factory was built a quarter mile upstream in 1860. It produced high quality cotton cambric cloth. ( In the twentieth century it was converted to make cardboard. ) On the other side of the Hudson and less than a mile to the north, another stream, T H E G E O G R A P H Y O F N O W H E R E called the Battenkill, empties into the river with even greater force and volume than Fish Creek.

In the town of Am­ herst alone it spurted from 8000 to 38,000 between 1950 and 1990-the same period in which more than three quarters of the farms in Massa­ chusetts disappeared. Until the 1980s, the long sheds of the tobacco growers were a common sight through the valley, but the land became more valuable for tract housing and minimalls than it was for farming. These things were expressions of a new economy, a cheap oil economy of gold-plated roadways and throwaway architecture. As sprawl spilled over the countryside, alarmed town officials passed laws designed to mitigate it, which had the unforeseen consequence of making it worse. One common response was to increase the minimum lot size in the mistaken belief that spreading houses farther apart would pre­ serve the open character of the landscape.


pages: 412 words: 113,782

Business Lessons From a Radical Industrialist by Ray C. Anderson

"Friedman doctrine" OR "shareholder theory", addicted to oil, Alan Greenspan, Albert Einstein, An Inconvenient Truth, banking crisis, Bear Stearns, biodiversity loss, business cycle, carbon credits, carbon footprint, carbon tax, centralized clearinghouse, clean tech, clean water, corporate social responsibility, Credit Default Swap, dematerialisation, distributed generation, do well by doing good, Easter island, energy security, Exxon Valdez, fear of failure, Gordon Gekko, greed is good, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), intermodal, invisible hand, junk bonds, late fees, Mahatma Gandhi, market bubble, music of the spheres, Negawatt, Neil Armstrong, new economy, off-the-grid, oil shale / tar sands, oil shock, old-boy network, peak oil, precautionary principle, renewable energy credits, retail therapy, shareholder value, Silicon Valley, six sigma, subprime mortgage crisis, supply-chain management, urban renewal, Y2K

With all the hope and optimism in the world, the jury is still out. There could be a lot of pain for Homo sapiens before we shed our hubris and figure out the sustainable way forward. I bet Economics 101 was wrong in many ways other than its definition of the Basic Economic Problem, and we can develop a new economy, solar-driven, cyclical, and resource efficient. In that new economy, wealth will come from meeting needs, not wants, with more brain power and less stuff. You know that I began this journey unwillingly. If you’d asked me what sustainability was in 1993, I’d have said that it’s earning a big enough profit this year to stay in business the next.


pages: 379 words: 113,656

Six Degrees: The Science of a Connected Age by Duncan J. Watts

AOL-Time Warner, Berlin Wall, Bretton Woods, business process, corporate governance, Drosophila, Erdős number, experimental subject, fixed income, Frank Gehry, Geoffrey West, Santa Fe Institute, independent contractor, industrial cluster, invisible hand, it's over 9,000, Long Term Capital Management, market bubble, Milgram experiment, MITM: man-in-the-middle, Murray Gell-Mann, Network effects, new economy, Norbert Wiener, PalmPilot, Paul Erdős, peer-to-peer, power law, public intellectual, rolodex, Ronald Coase, Savings and loan crisis, scientific worldview, Silicon Valley, social contagion, social distancing, Stuart Kauffman, supply-chain management, The Nature of the Firm, the strength of weak ties, The Wealth of Nations by Adam Smith, Toyota Production System, Tragedy of the Commons, transaction costs, transcontinental railway, vertical integration, Vilfredo Pareto, Y2K

Yes, in the sense that the dominance of so-called new organizational forms over traditional vertically integrated hierarchies was now essentially unquestioned (except perhaps in the more conservative economics journals). And yes, in the sense that the reason for this shift was generally agreed to be the sharp increase in uncertainty and change associated with the global business environment of the past few decades, in old-economy staples like textiles, steel, automobiles, and retail as well as the new-economy industries of biotechnology and computing. But there was a sense in which, over the past ten years in particular, Chuck had come to see their proposed solution of flexible specialization as critically incomplete. AMBIGUITY THE IDEA UNDERLYING FLEXIBLE SPECIALIZATION IS ROUGHLY that the tasks required of a modern firm—whether building an automobile, creating a new weave of fabric for the spring catalogue, or designing the next computer operating system—are subject to significant unpredictability and rapid change.

Although, as we will see, hierarchies respond poorly to ambiguity and failure, they are excellent structures for exerting control. And control remains a central feature of business firms and public bureaucracies alike. Individuals may report to multiple bosses, or report to different bosses at different times, but even in the most free flowing of new-economy firms, everyone still has a boss. Hierarchies, furthermore, are not confined to the organization of individuals within the firm. Much of large-scale industrial organization, from industry groups like Toyota’s to the structure of entire economies, is predicated on the notion of a hierarchy. Even many physical networks are designed on hierarchical principles (although, as we will see, they are typically not pure hierarchies either).


pages: 374 words: 114,600

The Quants by Scott Patterson

Alan Greenspan, Albert Einstein, AOL-Time Warner, asset allocation, automated trading system, Bear Stearns, beat the dealer, Benoit Mandelbrot, Bernie Madoff, Bernie Sanders, Black Monday: stock market crash in 1987, Black Swan, Black-Scholes formula, Blythe Masters, Bonfire of the Vanities, book value, Brownian motion, buttonwood tree, buy and hold, buy low sell high, capital asset pricing model, Carl Icahn, centralized clearinghouse, Claude Shannon: information theory, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computerized trading, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, Doomsday Clock, Dr. Strangelove, Edward Thorp, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial engineering, Financial Modelers Manifesto, fixed income, Glass-Steagall Act, global macro, Gordon Gekko, greed is good, Haight Ashbury, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, index fund, invention of the telegraph, invisible hand, Isaac Newton, Jim Simons, job automation, John Meriwether, John Nash: game theory, junk bonds, Kickstarter, law of one price, Long Term Capital Management, Louis Bachelier, low interest rates, mandelbrot fractal, margin call, Mark Spitznagel, merger arbitrage, Michael Milken, military-industrial complex, money market fund, Myron Scholes, NetJets, new economy, offshore financial centre, old-boy network, Paul Lévy, Paul Samuelson, Ponzi scheme, proprietary trading, quantitative hedge fund, quantitative trading / quantitative finance, race to the bottom, random walk, Renaissance Technologies, risk-adjusted returns, Robert Mercer, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Savings and loan crisis, Sergey Aleynikov, short selling, short squeeze, South Sea Bubble, speech recognition, statistical arbitrage, The Chicago School, The Great Moderation, The Predators' Ball, too big to fail, transaction costs, value at risk, volatility smile, yield curve, éminence grise

In 1999, this was the worst possible strategy in the world. Expensive stocks—dot-com babies with no earnings and lots of hot air—surged insanely. Cheap stocks, sleepy financial companies such as Bank of America, and steady-as-she-goes automakers such as Ford and GM were stuck, left in the blazing wake of their futuristic New Economy betters. AQR and its Goldman golden boys were hammered mercilessly, losing 35 percent in their first twenty months. In August 1999, in the middle of the free fall, Asness married Laurel Fraser, whom he’d met at Goldman, where she was an administrative assistant in the bond division. As AQR’s fortunes plummeted, he complained bitterly to her about the insanity of the market.

Stocks generally perform better than most other investments “not because of magic, but largely because throughout the period we study they were generally priced reasonably, or even cheaply vs. their earnings and dividends prospects,” Asness wrote. “That is not necessarily the case anymore.” As a sample case, Asness examined the New Economy darling, Cisco Systems, which makes Internet routers. He systematically demolished the case for investing in Cisco by showing that there was no possible way that the company’s earnings prospects could match its valuation. And yet, despite the obviousness of the case, he noted, “Cisco is on almost every ‘must own’ recommended list I see.


pages: 385 words: 118,314

Cities Are Good for You: The Genius of the Metropolis by Leo Hollis

Airbnb, Alvin Toffler, banking crisis, Berlin Wall, Big Tech, Boris Johnson, Broken windows theory, Buckminster Fuller, call centre, car-free, carbon footprint, cellular automata, classic study, clean water, cloud computing, complexity theory, congestion charging, creative destruction, credit crunch, Credit Default Swap, crowdsourcing, Deng Xiaoping, digital divide, digital map, Disneyland with the Death Penalty, Donald Shoup, East Village, Edward Glaeser, Elisha Otis, Enrique Peñalosa, export processing zone, Firefox, Frank Gehry, General Motors Futurama, Geoffrey West, Santa Fe Institute, Gini coefficient, Google Earth, Great Leap Forward, Guggenheim Bilbao, haute couture, Hernando de Soto, high-speed rail, housing crisis, illegal immigration, income inequality, informal economy, Internet of things, invisible hand, Jane Jacobs, Jevons paradox, Kickstarter, knowledge economy, knowledge worker, Leo Hollis, Lewis Mumford, Long Term Capital Management, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, Masdar, mass immigration, megacity, negative equity, Neil Armstrong, new economy, New Urbanism, Occupy movement, off-the-grid, openstreetmap, packet switching, Panopticon Jeremy Bentham, place-making, power law, Quicken Loans, Ray Oldenburg, Richard Florida, sharing economy, Silicon Valley, Skype, smart cities, smart grid, spice trade, Steve Jobs, technoutopianism, the built environment, The Chicago School, The Death and Life of Great American Cities, The Great Good Place, the High Line, The Spirit Level, the strength of weak ties, The Wisdom of Crowds, Thomas Malthus, trade route, traveling salesman, urban planning, urban renewal, urban sprawl, walkable city, white flight, Y2K, Yom Kippur War

In November 2010 Prime Minister David Cameron came here and announced the launch of Tech City, an initiative that hoped to turn this stretch of east London – which starts in Shoreditch and in time has come to include the Olympic Park 3 miles to the east at Stratford – into the technology capital of Europe. In his speech he set out what the government could do to nurture a vibrant new economy based upon creativity and knowledge to challenge the rest of the world: Right now, Silicon Valley is the leading place in the world for high-tech growth and innovation. But there’s no reason why it has to be so predominant. Question is: where will its challengers be? Bangalore? Hefei? Moscow?

The Hukou system was enforced to keep the rural workers in the countryside, although they could not survive there; only holders of the right papers were given food in the city. In the end, it is estimated that up to 45 million people died of hunger as a result of the policy. In recent years the Hukou system has been used to restrict movement from the countryside to the city to share in the economic boom of the new economy. It has created a whole class of illegal workers, who have no rights or papers, ready to be exploited by the factories. Today nearly 200 million workers live outside their legally registered territory and therefore cannot expect any government services, healthcare or education. While they earn wages in the factories, they cannot gain resident status.


A Concise History of Modern India (Cambridge Concise Histories) by Barbara D. Metcalf, Thomas R. Metcalf

affirmative action, Berlin Wall, British Empire, classic study, colonial rule, commoditize, demand response, European colonialism, Fall of the Berlin Wall, gentleman farmer, income inequality, joint-stock company, Khyber Pass, land reform, Mahatma Gandhi, mass immigration, means of production, new economy, scientific management, Silicon Valley, spice trade, Suez canal 1869, telemarketer, trade route, upwardly mobile, urban planning

With economic liberalization, India was increasingly opened to global culture through cable and satellite television, films, consumer advertising, the Internet, and diaspora networks. With an increasingly consumer-oriented television on the one hand, and the lifestyle of those profiting in the new economy ever more visible on the other, the tensions generated by class and regional deprivation could only grow. As in the case of the green revolution, when the wealthier farmers were often clear winners, liberalization and concomitant withdrawal of protection from agriculture and the public sector, even more dramatically made for winners and losers.

India thus took part in a worldwide transition in which national economies were increasingly integrated into a global economic system. In the first three years of the reforms, the annual rate of growth reached 7 per cent. Democratic India in the nineties 283 One particularly successful arena of the new economy was software development. Bangalore in Karnataka emerged as the Indian ‘Silicon Valley’, while Andhra Pradesh, under a visionary chief minister, undertook to create a new ‘Hitech City’ promising not only a technological infrastructure but an urban and governing environment conducive to global business undertakings (plate 9.3).


pages: 421 words: 110,406

Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You by Sangeet Paul Choudary, Marshall W. van Alstyne, Geoffrey G. Parker

3D printing, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, Amazon Mechanical Turk, Amazon Web Services, Andrei Shleifer, Apple's 1984 Super Bowl advert, autonomous vehicles, barriers to entry, Benchmark Capital, big data - Walmart - Pop Tarts, bitcoin, blockchain, business cycle, business logic, business process, buy low sell high, chief data officer, Chuck Templeton: OpenTable:, clean water, cloud computing, connected car, corporate governance, crowdsourcing, data acquisition, data is the new oil, data science, digital map, discounted cash flows, disintermediation, driverless car, Edward Glaeser, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, financial innovation, Free Software Foundation, gigafactory, growth hacking, Haber-Bosch Process, High speed trading, independent contractor, information asymmetry, Internet of things, inventory management, invisible hand, Jean Tirole, Jeff Bezos, jimmy wales, John Markoff, Kevin Roose, Khan Academy, Kickstarter, Lean Startup, Lyft, Marc Andreessen, market design, Max Levchin, Metcalfe’s law, multi-sided market, Network effects, new economy, PalmPilot, payday loans, peer-to-peer lending, Peter Thiel, pets.com, pre–internet, price mechanism, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Robert Metcalfe, Ronald Coase, Salesforce, Satoshi Nakamoto, search costs, self-driving car, shareholder value, sharing economy, side project, Silicon Valley, Skype, smart contracts, smart grid, Snapchat, social bookmarking, social contagion, software is eating the world, Steve Jobs, TaskRabbit, The Chicago School, the long tail, the payments system, Tim Cook: Apple, transaction costs, Travis Kalanick, two-sided market, Uber and Lyft, Uber for X, uber lyft, vertical integration, winner-take-all economy, zero-sum game, Zipcar

) • As platforms grow, they are subject to abuse: customers shopping on eBay can be defrauded, women seeking dates on Match.com can be assaulted, homes rented on Airbnb can be ransacked. Who should pay the price? And how should platform users be protected? (See chapters 8 and 11.) In answering questions like these, we’ve sought to create a practical guide to the new economy that is reshaping the world in which we all live, work, and play. Platform Revolution is an outgrowth of three careers that have been spent immersed in studying and unraveling the mysteries of the platform model. Two of the authors—Geoff Parker and Marshall Van Alstyne—became interested in the emerging network economy during the dot-com boom of 1997–2000, when both were PhD students at MIT.

Some of the issues we will explore include possible effects on tax policy, affordable housing, public safety, economic fairness, data privacy, labor rights, and more. THE DARK SIDE OF THE PLATFORM REVOLUTION We have already noted the many benefits that the explosive growth of network platforms is providing. However, we must also acknowledge that the spread of platforms will not usher in some kind of new-economy nirvana. Like every business, social, or technological innovation, the rise of platforms has the potential for harm.2 Some of the complaints about the rise of platforms reflect the disruptive impact of platform businesses on traditional industries. It’s natural that companies and workers whose profits and livelihood may be threatened by new business models will fight back by any means available, including seizing on evidence, meaningful or not, that the new models are causing economic, environmental, social, or cultural harm.


pages: 411 words: 114,717

Breakout Nations: In Pursuit of the Next Economic Miracles by Ruchir Sharma

"World Economic Forum" Davos, 3D printing, affirmative action, Alan Greenspan, Albert Einstein, American energy revolution, anti-communist, Asian financial crisis, banking crisis, Berlin Wall, book value, BRICs, British Empire, business climate, business cycle, business process, business process outsourcing, call centre, capital controls, Carmen Reinhart, central bank independence, centre right, cloud computing, collective bargaining, colonial rule, commodity super cycle, corporate governance, creative destruction, crony capitalism, deindustrialization, demographic dividend, Deng Xiaoping, eurozone crisis, financial engineering, Gini coefficient, global macro, global supply chain, Goodhart's law, high-speed rail, housing crisis, income inequality, indoor plumbing, inflation targeting, informal economy, junk bonds, Kenneth Rogoff, knowledge economy, labor-force participation, land reform, low interest rates, M-Pesa, Mahatma Gandhi, Marc Andreessen, market bubble, Masayoshi Son, mass immigration, megacity, Mexican peso crisis / tequila crisis, middle-income trap, Nelson Mandela, new economy, no-fly zone, oil shale / tar sands, oil shock, open economy, Peter Thiel, planetary scale, public intellectual, quantitative easing, reserve currency, Robert Gordon, rolling blackouts, Shenzhen was a fishing village, Silicon Valley, software is eating the world, sovereign wealth fund, The Great Moderation, Thomas L Friedman, trade liberalization, Tyler Cowen, Watson beat the top human players on Jeopardy!, working-age population, zero-sum game

It was all about the future, about understanding why prices in a digitally networked economy “want to be free,” while the “monetization” problem (how to make money on the Internet) would solve itself down the line. The dotcom mania, while it lasted, was powerful enough to make Bill Clinton—who campaigned as the first U.S. president to fully embrace the “new economy”—a living emblem of American revival, just as the commodity price boom played a role in making Vladimir Putin a symbol of Russian resurgence and Inácio Lula da Silva the face of a Brazilian recovery. When the rapture is over, the nations and companies that have been living high off commodities will also share the sinking feeling that followed the dotcom boom.

., 50 Najaf, 122 Namibia, 173, 184 Nanjing, 31 National Action Party, 77 “national car,” 161 National Congress of the Chinese Communist Party, 27–28 national income streams, 16–17 Nationalist Party, 174–75 nationalization, 77–78, 176, 177 national key economic areas (NKEAs), 151 natural resources, 3, 10, 19, 51–52, 59, 61, 63, 67–68, 69, 127, 133–34, 159, 176, 220, 223–39 Naxalites, 46 Nazif, Ahmed, ix Nellore, 52 nepotism, 47 Netflix, 239 Netherlands, 179, 220 “new apartheid,” 181 new economic model (NEM), 151 “new economy,” 225–26 “new normal,” 6, 226 “new paradigms,” 225–26 New Science of Life, A (Sheldrake), 185 Newsweek International, 42 New Zealand, 249 nickel, 133, 141 Niger Delta, 210, 211 Nigeria, 209–14 Christians vs. Muslims in, 211 constitution of, 210 corruption in, 210, 211–13 economy of, 1, 28, 47, 89, 92, 93, 189, 190–91, 211–13 elections in, 210–11 as emerging market, 204, 212–13 film industry of (Nollywood), 186, 211 foreign investment in, 212, 213–14 GDP of, 210, 212 government of, 205, 209–11, 213 growth rate of, 210, 245 income levels in, 212 oil resources of, 210, 211–12, 213 power failures in, 212–13 property sales in, 213–14 Nikkei index, 156 Nollywood, 186, 211 noodle packages, 53 North Atlantic Treaty Organization (NATO), 115–16 North Korea, 72, 155, 169–70 Norway, 63, 217, 230 Obasanjo, Olusegun, 205, 210 off-the-books jobs, 22 oil, 3, 5, 13, 33, 36–37, 51–52, 63, 67–68, 75, 77–78, 82, 85, 86, 87, 88–89, 91, 93, 96, 120, 133, 141, 189, 190, 195, 196, 200–201, 210, 214–21, 223, 224–29, 231, 232, 245, 246 oil futures, 5 oligarchy, 85–86, 90–94 oligopolies, 73, 75, 76–82, 140, 178 Olympic Games (2008), 16 Olympic Games (2014), 93 Olympic Games (2016), 65 Oman, 214, 216–17, 218, 219 one-child policy, 21–22 online gaming, 167 open-air markets, 96 “open-air museum,” 11 Orbán, Viktor, 104–5 Organization for Economic Cooperation and Development (OECD), 119, 253 Orissa, 52 Orkut, 41 Orwell, George, 242 Ottoman Empire, 113 outsourcing industry, 50, 141, 196 “outward facing” companies, 43 Pacific Century, 1 Pakistan, 50, 189, 190, 197 Palace of Culture and Science, 97 Palestinians, 127 palm oil, 133, 135, 147 Panama Canal, 200 pancasila philosophy, 136 Paraguay, 64, 187 Park Chung Hee, 156, 160–61 Passage to India, A, 41 passports, internal, 27, 29 patents, 237 Patna, 53 peasants, 17–18, 27, 66 Peerless, 247 Pemex, 75, 77–78 pension funds, viii, 173, 178–79 pensions, viii, 22, 37–38, 76, 87–88, 173, 178–79, 216 People Power Revolution, 139, 141 per capita income, ix, 7–8, 11, 13, 19–21, 41, 58, 61, 63, 72, 73–75, 76, 88, 97–98, 109, 116, 127, 131–32, 138, 148, 176–77, 204, 207, 216, 244, 245–46 Performance Management and Delivery Unit (PEMANDU), 152 “permanent revolution,” 111 Persian Gulf, 189, 214–21 Peru, 7, 16, 66–67 Petrobras, 67–68 petrochemicals, 156, 166, 218, 220 Philippines, 138–41 airports of, 138, 140 budget of, 139–40 economic problems of, 138–41 as emerging market, 10, 76 foreign investment in, 140–41 GDP of, 139, 140, 141 government of, 140–41 growth rate of, 147, 245 income levels of, 8, 138, 139–40, 141 inflation rate of, 249 labor force of, 132, 140–41 natural resources of, 141 oligopoly in, 82, 140 political situation in, 138–39 savings rate of, 139 Thailand compared with, 138–39 platinum, 179, 180, 224 Poland: auto industry in, 103, 121 banking in, 102, 105–7 as breakout nation, 99–100 currency of (zloty), 103–4, 108 economy of, 99–104, 106 as emerging market, 99–104, 106, 110 as Eurozone candidate, 11, 99–100, 106–8, 109, 254 foreign investment in, 7, 100 GDP of, 100, 107 growth rate of, 12, 97–104, 245 housing market in, 103–4 income levels of, 97–98 inflation rate of, 249 labor force or, 102, 104 post-Communist era of, 97, 102, 104 Russia compared with, 12 wealth in, 98, 103 “Polish plumber,” 102 Pongal festival, 54 pop music, 122, 154, 167 population, viii, 17–18, 19, 21–22, 37–38, 52–56, 53, 57, 58, 82, 95, 106, 121, 126, 127, 142, 155, 159, 170, 199, 231–32 “population bomb,” 55–56 Port Elizabeth, 171 ports, 20–21, 62, 65, 69, 197, 199, 200–201, 209 Portugal, 30, 72, 99, 100, 107 poverty, 33, 41–42, 52–53, 55, 57–58, 66, 131–32, 171, 177 “poverty trap,” 55 power plants, 51–52 Prabhakaran, Vellupillai, 193 Prague, 103 prices, 3, 5–8, 12, 13–16, 53, 165, 223–39, 246–47 privatization, 7, 24–25, 85–86, 87, 88, 91, 93, 95, 252 Procter & Gamble, 9 productivity, 5, 6, 23, 27, 63–64, 68, 80, 104, 143, 156–57, 159, 229–30, 248 profitability, 13, 27, 43, 69, 73, 78, 87, 165, 179, 183, 201, 224, 230–31, 238 prostitution, 83 protectionism, 72, 75 Przeworski, Adam, 30 Public Distribution Stores, 53 Pudong International Airport, 15–16 Pulkovo Airport, 85 Punjab, 49 Putin, Vladimir, ix, 4–5, 85–86, 87, 88–90, 94–95, 96, 103, 117–18, 176, 226 Qang Ngai Province, 201 Qatar, 187, 214, 215, 216, 217, 219 quality control, 162 quarterly financial statements, 167 racial quotas, 148–49 railroads, 15–16, 20, 21, 65, 69, 84–85, 138, 140, 200, 209 Rain, 154 Rajapaksa, Mahinda, 194 Rajapaksa family, 197 Rajasthan, 52 Ramakrishna, 249 ransom, 78–79 ration cards, 53, 55 Ravana trail, 196 Razak, Najib, 151–52 real estate, 3, 5–6, 44, 88, 254 recessions, 5–6, 9, 11, 18, 34, 80, 101, 109, 131, 132, 144, 225, 244, 249–51 Refah Party, 115 Reinhart, Carmen, 252–53 Reliance, 196 Religious Affairs Directorate, 123 Rembrandt, 178 Renault, 162 “rents,” 91 Republic of Congo, see Comgo, Republic of research and development (R&D), 153, 160–62, 168, 237 “resource curse,” 230–31 retail sector, 54, 88–89, 96, 213 Riady family, 134 Richmond, Jennifer, 29 Rio de Janeiro, 12–13, 21, 59–61, 64, 65, 66, 136, 137, 207 risk assets, 228 Riyadh, 215, 220 roads, x, 17, 20, 21, 51, 52, 62, 63–64, 65, 85, 88, 107, 121, 195, 199, 200, 205, 206, 208, 209, 212, 231, 236 Robben Island, 171 Rodrik, Dani, 245 Rogoff, Kenneth, 252–53 Rolls-Royce, 31 Romania, 100, 101, 105, 107, 109–10 “route to market,” 208 rubber, 134, 147 “rules of the road,” vii–x, 4–5, 11–14, 61, 64, 94, 136, 149, 184, 198–99, 205 Russia, 83–96 agriculture of, 83, 232 author’s visit to, ix, 4–5, 94–95 auto industry of, 161 banking in, 92–94, 102 billionaires in, 25, 44–45, 47, 91, 93 Brazil compared with, 10, 61, 66, 85, 88 China compared with, 19, 25, 85, 86, 87, 88, 91, 92 consumer prices in, 83–84, 86, 87, 94, 137, 232 corruption in, 89, 91, 93 currency of (ruble), 4–5, 9, 92–93, 132, 232, 233 economic reforms in, 86, 94–96, 117–18, 234 economy of, 4–5, 12, 86–88, 91, 92–97, 117–18, 183, 226, 234 as emerging market, 3–4, 7, 30, 83, 86–90, 93–94, 96 foreign investment in, ix, 86, 87, 91–94, 183 foreign trade of, 83, 85, 86, 90, 159, 220, 232, 233–34 GDP of, 3–4, 85, 92 government of, 30, 83, 85–90, 94–96 government spending in, 86, 87–88 growth rate of, 3–5, 7, 8, 12, 30, 61, 87, 88, 97, 244, 246, 254 income levels of, 4, 19, 83, 86–87, 88, 113, 173 India compared with, 36–37, 44–45, 46, 87, 88, 95 Indonesia compared with, 137–38 inflation rate of, 137–38, 248, 249 infrastructure of, 84–85, 88, 90–91 living standards in, 83–85 national debt of, 4, 5, 66, 85, 86, 92–93, 231 natural resources of, 10, 13, 36–37, 133, 220, 232, 233–34 oil industry of, 36–37, 85, 86, 87, 88–89, 91, 93, 96, 231 oil stabilization fund in, 86–87, 93, 231 oligarchy in, 85–86, 90–94 Poland compared with, 12 population of, 19, 95 post-Communist period of, 83, 84, 85, 86, 89, 102, 103 privatization in, 85–86, 87, 88, 91, 93, 95 social stability in, 85–86 stock market of, 10, 36–37, 83, 88, 91, 93, 188, 243 Turkey compared with, 117–18, 126 U.S. compared with, 4–5, 88, 91 wage levels in, 87–88 wealth in, 12, 25, 83–87, 84, 90–94, 103, 137, 254 welfare programs of, 87–88 “Russia discount,” 87 Rwanda, 206, 209 Sabanci family, 125 Saigon, 203 St.


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The American Way of Poverty: How the Other Half Still Lives by Sasha Abramsky

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, American Legislative Exchange Council, bank run, basic income, benefit corporation, big-box store, collective bargaining, deindustrialization, fixed income, Francis Fukuyama: the end of history, full employment, ghettoisation, Gini coefficient, government statistician, guns versus butter model, housing crisis, illegal immigration, immigration reform, income inequality, indoor plumbing, job automation, Kickstarter, land bank, Mark Zuckerberg, Maui Hawaii, microcredit, military-industrial complex, mortgage debt, mortgage tax deduction, new economy, Occupy movement, off-the-grid, offshore financial centre, payday loans, plutocrats, Ponzi scheme, Potemkin village, profit motive, Ronald Reagan, school vouchers, upwardly mobile, War on Poverty, Washington Consensus, women in the workforce, working poor, working-age population, Works Progress Administration

See http://abcnews.go.com/blogs/health/2011/11/10/will-budget-cuts-threaten-mental-health-in-your-state/. 19. Liz Schott and Clare Cho, “General Assistance Programs: Safety Net Weakening Despite Increased Need,” Center on Budget and Policy Priorities, updated December 19, 2011. Available at http://www.cbpp.org/cms/?fa=view&id=3603. 20. See http://money.cnn.com/2010/09/16/news/economy/Americas_wealthiest_states/index.htm; http://xfinity.comcast.net/slideshow/finance-worstpaidteachers/mississippi/; http://www.worldlifeexpectancy.com/usa/mississippi-life-expectancy; and http://www.census.gov/statab/ranks/rank17.html. 21. Kaiser Family Foundation, State Health Facts, available at http://www.statehealthfacts.org/profileind.jsp?

Jacob Hacker, The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream, 2nd ed. (Oxford: Oxford University Press, 2006), 5. 2. See http://articles.orlandosentinel.com/2008–02–15/business/bernanke15_1_bernanke-fiscal-stimulus-package-economy-more-resilient. 3. See http://money.cnn.com/2008/02/14/news/economy/bernanke_paulson/index.htm. 4. See http://politicalticker.blogs.cnn.com/2008/04/22/bush-denies-us-economy-in-recession/. 5. See http://www.huffingtonpost.com/2008/09/15/mccain-fundamentals-of-th_n_126445.html. 6. See http://articles.cnn.com/2008–09–24/politics/bush.transcript_1_markets-financial-assets-economy?


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

barriers to entry, business process, Charles Babbage, Claude Shannon: information theory, computer age, deskilling, Donald Knuth, Firefox, Frederick Winslow Taylor, functional programming, future of work, Grace Hopper, informal economy, information retrieval, interchangeable parts, Isaac Newton, Jacquard loom, job satisfaction, John von Neumann, knowledge worker, Larry Ellison, loose coupling, machine readable, new economy, no silver bullet, Norbert Wiener, pattern recognition, performance metric, Philip Mirowski, post-industrial society, Productivity paradox, RAND corporation, Robert Gordon, scientific management, Shoshana Zuboff, sorting algorithm, Steve Jobs, Steven Levy, systems thinking, tacit knowledge, technological determinism, the market place, The Theory of the Leisure Class by Thorstein Veblen, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Turing machine, Von Neumann architecture, world market for maybe five computers, Y2K

Stephen Barley, “Technicians in the Workplace: Ethnographic Evidence for Bringing Work into Organization Studies,” Administrative Science Quarterly 41 (1996): 404–441. 40. Ibid. 41. Stacia Zabusky and Stephen Barley, “Redefining Success: Ethnographic Observations on the Careers of Technicians,” in Broken Ladders: Managerial Careers in the New Economy, ed. Paul Osterman (New York: Oxford University Press, 1996), 185–214. 42. Barley, “Technicians in the Workplace,” 422. 43. Ibid., 430. 44. Ibid., 427. 45. Adele Mildred Koss, “Programming on the Univac 1,” IEEE Annals of the History of Computing , no. 1 (2003): 48–59; Scott M. Campbell, “Beatrice Helen Worsley,” IEEE Annals of the History of Computing 25, no. 4 (2003): 51–62. 46.

Writings of the Revolution: Selected Readings on Software Engineering. New York: Prentice Hall, 1986, 288. Yourdon, Edward Nash, ed. Classics in Software Engineering. New York: Yourdon Press, 1979. Zabusky, Stacia, and Stephen Barley. Redefining Success: Ethnographic Observations on the Careers of Technicians. In Broken Ladders: Managerial Careers in the New Economy, ed. Paul Osterman, 185–214. New York: Oxford University Press, 1996. Zaphyr, P. A. “The Science of Hypology” (letter to editor). Communications of the ACM 2 (1) (1959): 4. Zuboff, Shoshana. In the Age of the Smart Machine: The Future of Work and Power. New York: Basic Books, 1988. Zussman, Robert.


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The Four Pillars of Investing: Lessons for Building a Winning Portfolio by William J. Bernstein

Alan Greenspan, asset allocation, behavioural economics, book value, Bretton Woods, British Empire, business cycle, butter production in bangladesh, buy and hold, buy low sell high, carried interest, corporate governance, cuban missile crisis, Daniel Kahneman / Amos Tversky, Dava Sobel, diversification, diversified portfolio, Edmond Halley, equity premium, estate planning, Eugene Fama: efficient market hypothesis, financial engineering, financial independence, financial innovation, fixed income, George Santayana, German hyperinflation, Glass-Steagall Act, high net worth, hindsight bias, Hyman Minsky, index fund, invention of the telegraph, Isaac Newton, John Bogle, John Harrison: Longitude, junk bonds, Long Term Capital Management, loss aversion, low interest rates, market bubble, mental accounting, money market fund, mortgage debt, new economy, pattern recognition, Paul Samuelson, Performance of Mutual Funds in the Period, quantitative easing, railway mania, random walk, Richard Thaler, risk tolerance, risk/return, Robert Shiller, Savings and loan crisis, South Sea Bubble, stock buybacks, stocks for the long run, stocks for the long term, survivorship bias, Teledyne, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the rule of 72, transaction costs, Vanguard fund, yield curve, zero-sum game

Conversely, if prices rise rapidly, everyone wants in on the fun. Until very recently, there was a great deal of talk about the “new investment paradigm.” Briefly stated, this doctrine asserts that Fisher had gotten it all wrong: earnings, dividends, and price no longer matter. The great companies of the New Economy—Amazon, eToys, and Cisco—were going to dominate the nation’s business scene, and no price was too high to pay for the certain bonanza these firms would provide their shareholders. Of course, we’ve seen this movie before. In 1934, the great investment theorist Benjamin Graham wrote of the pre-1929 stock bubble: Instead of judging the market price by established standards of value, the new era based its standards of value upon the market price.

Here, diversification seemed to work a bit better. The madness of the preceding 1990s was confined largely to tech stocks and to the largest growth companies, which investors saw as the new wired world’s primary beneficiaries. During the 1990s bubble, everything else languished. Real estate? Obsolete in the New Economy. Small banking, manufacturing, and retail concerns? Doomed as well. Consequently, only tech and large-cap growth stocks, which were most heavily represented in the S&P 500 and the EAFE, and which had run up ridiculously in the previous five years, collapsed. REITs and U.S. small-cap value stocks, which had languished in the 1990s, actually made money between the broad market top of 2000 and the bottom in 2002.


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Anatomy of the Bear: Lessons From Wall Street's Four Great Bottoms by Russell Napier

Alan Greenspan, Albert Einstein, asset allocation, banking crisis, Bear Stearns, behavioural economics, book value, Bretton Woods, business cycle, buy and hold, collective bargaining, Columbine, cuban missile crisis, desegregation, diversified portfolio, fake news, financial engineering, floating exchange rates, Fractional reserve banking, full employment, Glass-Steagall Act, global macro, hindsight bias, Kickstarter, Long Term Capital Management, low interest rates, market bubble, Michael Milken, military-industrial complex, Money creation, mortgage tax deduction, Myron Scholes, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, price stability, reserve currency, risk free rate, Robert Gordon, Robert Shiller, Ronald Reagan, short selling, stocks for the long run, yield curve, Yogi Berra

Farrell, Judgement Day The commercial ballyhoo of the 1920s was the stage in American development when consumerism finally triumphed over almost everything that had gone before. And, as William Leach observes, Charles Cooley, pioneer founder of modern sociology, ‘worried about this trend’. ‘Pecuniary values,’ he wrote in 1912, were not ‘natural’ or ‘normal’; they were the historical outgrowth of a new economy and culture and ‘by no means the work of the whole people acting homogenously’. In the past, values had taken their ‘character from… the church’, now they were deriving it from ‘business and consumption’. Increasingly the worth of everything - even beauty, friendship, religion, the moral life - was being determined by what it could bring in the market

John Brooks writes in The Go-Go Years that there was a belief only someone under 40 could understand and foresee the growth of fast-moving and unconventional companies. Wall Street, which lives on dreams and fashions, was, for all of its pretensions to rational practicality, precisely the milieu within which the new gospel of youth could proliferate. [67] By 1966, however, the belief in the value of the “new economy” had to be increasingly reconciled with the evidence of trouble in the real economy. The crux of the growing concern for investors was the seeming inability of the Federal Reserve to get control of inflation against the background of the fiscal spending associated with Johnson’s “Great Society” programme.


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The Costs of Connection: How Data Is Colonizing Human Life and Appropriating It for Capitalism by Nick Couldry, Ulises A. Mejias

"World Economic Forum" Davos, 23andMe, Airbnb, Amazon Mechanical Turk, Amazon Web Services, behavioural economics, Big Tech, British Empire, call centre, Cambridge Analytica, Cass Sunstein, choice architecture, cloud computing, colonial rule, computer vision, corporate governance, dark matter, data acquisition, data is the new oil, data science, deep learning, different worldview, digital capitalism, digital divide, discovery of the americas, disinformation, diversification, driverless car, Edward Snowden, emotional labour, en.wikipedia.org, European colonialism, Evgeny Morozov, extractivism, fake news, Gabriella Coleman, gamification, gig economy, global supply chain, Google Chrome, Google Earth, hiring and firing, income inequality, independent contractor, information asymmetry, Infrastructure as a Service, intangible asset, Internet of things, Jaron Lanier, job automation, Kevin Kelly, late capitalism, lifelogging, linked data, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, military-industrial complex, move fast and break things, multi-sided market, Naomi Klein, Network effects, new economy, New Urbanism, PageRank, pattern recognition, payday loans, Philip Mirowski, profit maximization, Ray Kurzweil, RFID, Richard Stallman, Richard Thaler, Salesforce, scientific management, Scientific racism, Second Machine Age, sharing economy, Shoshana Zuboff, side hustle, Sidewalk Labs, Silicon Valley, Slavoj Žižek, smart cities, Snapchat, social graph, social intelligence, software studies, sovereign wealth fund, surveillance capitalism, techlash, The Future of Employment, the scientific method, Thomas Davenport, Tim Cook: Apple, trade liberalization, trade route, undersea cable, urban planning, W. E. B. Du Bois, wages for housework, work culture , workplace surveillance

Polanyi (Great Transformation, 78–79) had a similar formulation when he analyzed industrial capitalism in terms of “fictional commodities”: the transformation of work into “labor,” land into “real estate,” and exchange into “money.” Building on Polanyi, Zuboff (“Big Other,” 84) argues that “reality” is now being turned into tracked “behaviour.” 67. The Economist, “Data Is Giving Rise to a New Economy,” May 6, 2017. 68. We are condensing here the three principles of “scientific management” in Braverman, Labor, 78–82. 69. Braverman, Labor, 87. 70. Capitalism here aims at the state in which, as Marx (Capital, vol. I, 952) put it, “All the means of labour . . . now also serve as ingredients in the valorization process.

AdAge, October 26, 2015. http://adage.com/article/datadriven-marketing/24-billion-data-business-telcos-discuss/301058/. Kazmin, Amy. “Indians Sound Alarm Over ‘Orwellian’ Data Collection System.” Financial Times, July 30, 2018. Keen, Andrew. The Internet Is Not the Answer. London: Atlantic Books, 2015. Kelly, Kevin. The Inevitable. New York: Penguin, 2016. . “New Rules for the New Economy.” Wired, September 1, 1997. . What Technology Wants. New York: Penguin, 2010. Kelman, Steven. “The Political Foundations of American Statistical Policy.” In The Politics of Numbers, edited by William Alonso and Paul Starr, 275–302. New York: Russell Sage Foundation, 1988. Kennedy, Helen. Post, Mine, Repeat.


pages: 426 words: 117,775

The Charisma Machine: The Life, Death, and Legacy of One Laptop Per Child by Morgan G. Ames

"World Economic Forum" Davos, 1960s counterculture, 4chan, A Declaration of the Independence of Cyberspace, Benjamin Mako Hill, British Empire, Burning Man, Cass Sunstein, clean water, commoditize, computer age, digital divide, digital rights, Evgeny Morozov, fail fast, Firefox, Free Software Foundation, Gabriella Coleman, game design, Hacker Conference 1984, Hacker Ethic, hype cycle, informal economy, Internet of things, John Markoff, Joi Ito, Khan Academy, Marshall McLuhan, Mary Lou Jepsen, Minecraft, new economy, One Laptop per Child (OLPC), Peter Thiel, placebo effect, Potemkin village, RFID, Richard Stallman, ride hailing / ride sharing, side project, Silicon Valley, Silicon Valley ideology, SimCity, smart cities, Steve Jobs, Steven Levy, Stewart Brand, technological determinism, technological solutionism, technoutopianism, TED Talk, The Hackers Conference, Travis Kalanick

See Nye, American Technological Sublime; Douglas, Listening In; Mosco, Digital Sublime; Haring, Ham Radio’s Technical Culture. 20. Winner, “Technology Today,” 1000-1001. 21. See Mosco, Digital Sublime; Turner, From Counterculture to Cyberculture. 22. Mosco, Digital Sublime, 112–113; Turner, “Burning Man at Google”; Turner, “Counterculture Met the New Economy”; Turner, From Counterculture to Cyberculture. 23. Ames and Rosner, “From Drills to Laptops.” 24. Segal, Technological Utopianism, 170. 25. Mosco, Digital Sublime, 22. 26. Mosco, Digital Sublime., 3–6. 27. Tyack and Cuban, Tinkering toward Utopia, 1–11; Ames, “Charismatic Technology.” 28.

The Democratic Surround: Multimedia and American Liberalism from World War II to the Psychedelic Sixties. Chicago: University of Chicago Press, 2013. ———. From Counterculture to Cyberculture: Stewart Brand, the Whole Earth Network, and the Rise of Digital Utopianism. Chicago: University of Chicago Press, 2006. ———. “Where the Counterculture Met the New Economy: The WELL and the Origins of Virtual Community.” Technology and Culture 46, no. 3 (2005): 485–512. https://doi.org/10.1353/tech.2005.0154. ———. “How Digital Technology Found Utopian Ideology: Lessons from the First Hackers’ Conference.” In Critical Cyberculture Studies, edited by David Silver and Adrienne Massanari, 257–259.


pages: 447 words: 111,991

Exponential: How Accelerating Technology Is Leaving Us Behind and What to Do About It by Azeem Azhar

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 23andMe, 3D printing, A Declaration of the Independence of Cyberspace, Ada Lovelace, additive manufacturing, air traffic controllers' union, Airbnb, algorithmic management, algorithmic trading, Amazon Mechanical Turk, autonomous vehicles, basic income, Berlin Wall, Bernie Sanders, Big Tech, Bletchley Park, Blitzscaling, Boeing 737 MAX, book value, Boris Johnson, Bretton Woods, carbon footprint, Chris Urmson, Citizen Lab, Clayton Christensen, cloud computing, collective bargaining, computer age, computer vision, contact tracing, contact tracing app, coronavirus, COVID-19, creative destruction, crowdsourcing, cryptocurrency, cuban missile crisis, Daniel Kahneman / Amos Tversky, data science, David Graeber, David Ricardo: comparative advantage, decarbonisation, deep learning, deglobalization, deindustrialization, dematerialisation, Demis Hassabis, Diane Coyle, digital map, digital rights, disinformation, Dissolution of the Soviet Union, Donald Trump, Double Irish / Dutch Sandwich, drone strike, Elon Musk, emotional labour, energy security, Fairchild Semiconductor, fake news, Fall of the Berlin Wall, Firefox, Frederick Winslow Taylor, fulfillment center, future of work, Garrett Hardin, gender pay gap, general purpose technology, Geoffrey Hinton, gig economy, global macro, global pandemic, global supply chain, global value chain, global village, GPT-3, Hans Moravec, happiness index / gross national happiness, hiring and firing, hockey-stick growth, ImageNet competition, income inequality, independent contractor, industrial robot, intangible asset, Jane Jacobs, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Perry Barlow, Just-in-time delivery, Kickstarter, Kiva Systems, knowledge worker, Kodak vs Instagram, Law of Accelerating Returns, lockdown, low skilled workers, lump of labour, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, megacity, Mitch Kapor, Mustafa Suleyman, Network effects, new economy, NSO Group, Ocado, offshore financial centre, OpenAI, PalmPilot, Panopticon Jeremy Bentham, Peter Thiel, Planet Labs, price anchoring, RAND corporation, ransomware, Ray Kurzweil, remote working, RFC: Request For Comment, Richard Florida, ride hailing / ride sharing, Robert Bork, Ronald Coase, Ronald Reagan, Salesforce, Sam Altman, scientific management, Second Machine Age, self-driving car, Shoshana Zuboff, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, software as a service, Steve Ballmer, Steve Jobs, Stuxnet, subscription business, synthetic biology, tacit knowledge, TaskRabbit, tech worker, The Death and Life of Great American Cities, The Future of Employment, The Nature of the Firm, Thomas Malthus, TikTok, Tragedy of the Commons, Turing machine, Uber and Lyft, Uber for X, uber lyft, universal basic income, uranium enrichment, vertical integration, warehouse automation, winner-take-all economy, workplace surveillance , Yom Kippur War

By 2019, it released more original shows and films than the whole TV industry’s yearly output prior to 2016.32 With 37 Oscar nominations under its belt in 2021, the company is close to breaking a 1940 record of 40 nominations for a single studio. In these moments, it becomes apparent how increasing returns to scale aren’t just rewiring business, but also culture and wider society. Exponential Age companies are all too aware of the dynamics of this new economy. These firms have come of age in a peculiar environment: in each sector, one company dominates and everybody else gets left behind. As a result, these companies have developed a winner-takes-all mindset that reflects a winner-takes-all market. Consider the management structure of many new superstar companies.

This practice has started to go out of vogue, and after the Organisation for Economic Co-operation and Development (OECD) and Donald Trump’s administration clamped down on the Double Irish, at least one technology company brought it to an end in 2020.51 In general, governments have been caught off guard by the rapidity with which the Exponential Age titans have grown. A few nations, like Ireland, spotted the shift. The country was quick to use appealing tax rates as a way of enticing the new economy superstars to set up shop there.52 But many countries did nothing, standing by as their leading companies relocated and starting paying less tax. Yet for all their difficulty, the problems posed by the ascendance of Exponential Age superstars are not intractable. In fact, we have the ability to answer them already.


pages: 127 words: 51,083

The Oil Age Is Over: What to Expect as the World Runs Out of Cheap Oil, 2005-2050 by Matt Savinar

Alan Greenspan, Albert Einstein, clean water, disinformation, Easter island, energy security, hydrogen economy, illegal immigration, invisible hand, military-industrial complex, new economy, off-the-grid, oil shale / tar sands, oil shock, peak oil, post-oil, Ralph Nader, reserve currency, rolling blackouts, Rosa Parks, The Wealth of Nations by Adam Smith, Y2K

American Assembler, Archived at http://www.americanassembler.com/issues/peak_oil/peak_oil.html 3 . Michael Ruppert, "Revealing Statements from a Bush Insider about Peak Oil and Natural Gas Depletion," From the Wilderness, (June 12th, 2003). Archived at http://www.fromthewilderness.com/free/ww3/061203_simmons.html 4 . Matthew Simmons, "Energy in the New Economy Limits to Growth," Presented at the Energy Institute for the Americas; Oklahoma City, Oklahoma (October 2, 2000). Archived at http://www.simmonscointl.com/files/79.pdf 5 . Quoted in Michael Klare, "Other People's Oil," Foreign Policy in Focus, (January 2004). Archived at http://www.fpif.org/papers/03petropol/politics.html 6.


pages: 152 words: 40,733

A Few Red Drops: The Chicago Race Riot of 1919 by Claire Hartfield

desegregation, Ferguson, Missouri, indoor plumbing, new economy, Ralph Waldo Emerson, refrigerator car, strikebreaker, union organizing

Employment Status of the Civilian Population by Race, Sex, and Age.” Economic News Release. Updated November 2015. www.bls.gov/news.release/empsit.t02.htm. Wallace, Gregory. “Only 5 Black CEOs at 500 Biggest Companies.” CNN Money. Cable News Network, January 29, 2015. money.cnn.com/2015/01/29/news/economy/mcdonalds-ceo-diversity. Wood, Pamela. “Church, Developer Vow to Finish Senior Apartments Destroyed by Fire.” Baltimore Sun, May 4, 2015. www.baltimoresun.com/news/maryland/baltimore-city/bs-md-mary-harvin-transformation-center-20150504-story.html. SPEECHES AND INTERVIEWS Johnson, Charles S.


pages: 177 words: 38,221

Financing Basic Income: Addressing the Cost Objection by Richard Pereira

banks create money, basic income, behavioural economics, carbon credits, carbon tax, income inequality, job automation, Lyft, new economy, offshore financial centre, Paul Buchheit, quantitative easing, sovereign wealth fund, Tobin tax, transfer pricing, uber lyft, universal basic income, unpaid internship, Wall-E

Pereira, R. (2009) The Costs of Unpaid Overtime Work in Canada: Dimensions and Comparative Analysis. Athabasca University, MA Thesis. Peritz, I, and L. Gagnon. (2000) “Tired of the Kids? Try 24-hour Daycare.” Childcare Canada. 31 August. Perlin, R. (2012) Intern Nation: How to Earn Nothing and Learn Little in the Brave New Economy. London: Verso. Pigg, S. (2009) “Employers Fire Mothers-To-Be.” Toronto Star. 24 April. Québec. (2014) “Registering Your Child in Childcare Services (Day Care).” Government of Québec. 14 April. Rainer, R. (2012) “Mr. Rob Rainer (Executive Director, Canada Without Poverty) at the Finance Committee.”


pages: 397 words: 121,211

Coming Apart: The State of White America, 1960-2010 by Charles Murray

affirmative action, assortative mating, blue-collar work, classic study, Community Supported Agriculture, corporate governance, David Brooks, en.wikipedia.org, feminist movement, gentrification, George Gilder, Haight Ashbury, happiness index / gross national happiness, helicopter parent, illegal immigration, income inequality, job satisfaction, labor-force participation, longitudinal study, low skilled workers, Menlo Park, new economy, public intellectual, Ralph Nader, Richard Florida, Silicon Valley, sparse data, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, Tipper Gore, Unsafe at Any Speed, War on Poverty, working-age population, young professional

Harvard economist Robert Reich was the first to put a name to an evolving new class of workers in his 1991 book, The Work of Nations, calling them “symbolic analysts.”1 Reich surveyed the changing job market and divided jobs into three categories: routine production services, in-person services, and symbol-analytic services. In Reich’s formulation, the new class of symbolic analysts consisted of managers, engineers, attorneys, scientists, professors, executives, journalists, consultants, and other “mind workers” whose work consists of processing information. He observed that the new economy was ideally suited to their talents and rewarded them accordingly. In 1994, in The Bell Curve, the late Richard J. Herrnstein and I discussed the driving forces behind this phenomenon, the increasing segregation of the American university system by cognitive ability and the increasing value of brainpower in the marketplace.2 We labeled the new class “the cognitive elite.”

Austin had become home to some of the trendiest and highest-tech industries in the country. Dell Computer, ranked 48 on the Fortune 500 that year, had its headquarters in Austin. So did Whole Foods Market, which had grown from one small natural food store to a nationwide chain and would enter the Fortune 500 in 2005. A partial list of new-economy companies that located some of their operations in Austin then or in the decade to follow includes Apple, Google, Freescale Semiconductor, Cirrus Logic, Cisco Systems, eBay, PayPal, Intel, National Instruments, Samsung, Silicon Laboratories, and Sun Microsystems. About eighty-five biotechnology companies would locate in Austin by 2010, making it a leading employer in that vibrant new industry.


pages: 402 words: 126,835

The Job: The Future of Work in the Modern Era by Ellen Ruppel Shell

"Friedman doctrine" OR "shareholder theory", 3D printing, Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, AlphaGo, Amazon Mechanical Turk, basic income, Baxter: Rethink Robotics, big-box store, blue-collar work, Buckminster Fuller, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, company town, computer vision, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, data science, deskilling, digital divide, disruptive innovation, do what you love, Donald Trump, Downton Abbey, Elon Musk, emotional labour, Erik Brynjolfsson, factory automation, follow your passion, Frederick Winslow Taylor, future of work, game design, gamification, gentrification, glass ceiling, Glass-Steagall Act, hiring and firing, human-factors engineering, immigration reform, income inequality, independent contractor, industrial research laboratory, industrial robot, invisible hand, It's morning again in America, Jeff Bezos, Jessica Bruder, job automation, job satisfaction, John Elkington, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, means of production, move fast and break things, new economy, Norbert Wiener, obamacare, offshore financial centre, Paul Samuelson, precariat, Quicken Loans, Ralph Waldo Emerson, risk tolerance, Robert Gordon, Robert Shiller, Rodney Brooks, Ronald Reagan, scientific management, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Snapchat, Steve Jobs, stock buybacks, TED Talk, The Chicago School, The Theory of the Leisure Class by Thorstein Veblen, Thomas L Friedman, Thorstein Veblen, Tim Cook: Apple, Uber and Lyft, uber lyft, universal basic income, urban renewal, Wayback Machine, WeWork, white picket fence, working poor, workplace surveillance , Y Combinator, young professional, zero-sum game

Still, we import more than we export, imports that go beyond T-shirts and toasters to include sophisticated goods like semiconductors, medical equipment, and pharmaceuticals. In 2017, the United States ran an $83.136 billion trade deficit in advanced technology products, the largest in our history. That’s not good news for good work. In the new economy, many large multinational corporations capture most of the value of their products through invention, design, marketing, and distribution, rather than through manufacture. For example, an analysis of Apple’s iconic iPad and iPhone concludes: While these products, including most of their components, are manufactured in China, the primary benefits go to the U.S. economy as Apple continues to keep most of its product design, software development, product management, marketing and other high-wage functions in the U.S.

Sporck, Spinoff: A Personal History of the Industry That Changed the World (Saranac, MI: Saranac Lake, 2001), 271: “It would have been impossible to move ahead with the rapidly developing technology of semiconductors in an organization hampered by union formalities….No semiconductor facility in Silicon Valley was ever unionized.” “there may have been a time and a place for unions” Kevin Rose, “Silicon Valley’s Anti-Unionism, Now with a Side of Class Warfare,” New York Magazine, July 2013. Still, it’s worth pointing out that not a few of these new economy employers recognize the value of collective action in pursuit of their own goals. Consider, for example, the sudden involvement of industrial leadership in immigration reform. In April 2013, Facebook founder and CEO Mark Zuckerberg collaborated on the launch of Fwd.us, a proimmigration collective whose members included Bill Gates, Google’s Eric Schmidt, Yahoo CEO Marissa Mayer, and Silicon Valley venture capitalist and billionaire John Doerr.


Hedgehogging by Barton Biggs

activist fund / activist shareholder / activist investor, Alan Greenspan, asset allocation, backtesting, barriers to entry, Bear Stearns, Big Tech, book value, Bretton Woods, British Empire, business cycle, buy and hold, diversification, diversified portfolio, eat what you kill, Elliott wave, family office, financial engineering, financial independence, fixed income, full employment, global macro, hiring and firing, index fund, Isaac Newton, job satisfaction, junk bonds, low interest rates, margin call, market bubble, Mary Meeker, Mikhail Gorbachev, new economy, oil shale / tar sands, PalmPilot, paradox of thrift, Paul Samuelson, Ponzi scheme, proprietary trading, random walk, Reminiscences of a Stock Operator, risk free rate, Ronald Reagan, secular stagnation, Sharpe ratio, short selling, Silicon Valley, transaction costs, upwardly mobile, value at risk, Vanguard fund, We are all Keynesians now, zero-sum game, éminence grise

The crowd thought I was either crazy or senile. When I spoke of equity markets that had run too far, extreme overvaluation in tech stocks, risk, and how all bubbles eventually burst, they looked at me incredulously. They wondered why I didn’t grasp that technology in general and the Internet in particular had created a new economy in which the old rules no longer applied. Reversion to the mean was a concept for the History Channel.Two and two did not make four; with technology, two and two could make five or six or ten.At the end of my comments, I quoted what Bernard Baruch had written in 1931 as the introduction of a reprint of Charles Mackay’s great classic, Extraordinary Popular Delusions and the Madness of Crowds.

Valuation and overbought technical metrics invariably signal the bust far too early. Bullish sentiment goes from being crazy to euphoric to mad. I have mentioned BusinessWeek covers as a powerful contrary indicator. In the first six months of 2000, as the bubble was peaking, BusinessWeek ran no less than five gushing cover stories on tech and the new economy. Observing market action doesn’t help, either. There were several times in the late 1990s when it appeared the mania had finally peaked and the meltdown was under way. I remember April 1999. It seemed as though things couldn’t get crazier.The Internet index (IIX) had soared 340% in eight months.


pages: 386 words: 122,595

Naked Economics: Undressing the Dismal Science (Fully Revised and Updated) by Charles Wheelan

affirmative action, Alan Greenspan, Albert Einstein, Andrei Shleifer, barriers to entry, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Boeing 747, Bretton Woods, business cycle, buy and hold, capital controls, carbon tax, Cass Sunstein, central bank independence, classic study, clean water, collapse of Lehman Brothers, congestion charging, creative destruction, Credit Default Swap, crony capitalism, currency manipulation / currency intervention, currency risk, Daniel Kahneman / Amos Tversky, David Brooks, demographic transition, diversified portfolio, Doha Development Round, Exxon Valdez, financial innovation, fixed income, floating exchange rates, George Akerlof, Gini coefficient, Gordon Gekko, Great Leap Forward, greed is good, happiness index / gross national happiness, Hernando de Soto, income inequality, index fund, interest rate swap, invisible hand, job automation, John Markoff, Joseph Schumpeter, junk bonds, Kenneth Rogoff, libertarian paternalism, low interest rates, low skilled workers, Malacca Straits, managed futures, market bubble, microcredit, money market fund, money: store of value / unit of account / medium of exchange, Network effects, new economy, open economy, presumed consent, price discrimination, price stability, principal–agent problem, profit maximization, profit motive, purchasing power parity, race to the bottom, RAND corporation, random walk, rent control, Richard Thaler, rising living standards, Robert Gordon, Robert Shiller, Robert Solow, Ronald Coase, Ronald Reagan, Sam Peltzman, school vouchers, seminal paper, Silicon Valley, Silicon Valley startup, South China Sea, Steve Jobs, tech worker, The Market for Lemons, the rule of 72, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, transaction costs, transcontinental railway, trickle-down economics, urban sprawl, Washington Consensus, Yogi Berra, young professional, zero-sum game

Says Bad Government Is Often the Cause of Poverty,” New York Times, April 5, 2000, p. A11. 9. John G. Fernald, “Roads to Prosperity? Assessing the Link Between Public Capital and Productivity,” American Economics Review, vol. 89, no. 3 (June 1999), pp. 619–38. 10. Jerry L. Jordan, “How to Keep Growing ‘New Economies,’” Economic Commentary, Federal Reserve Bank of Cleveland, August 15, 2000. 11. Barry Bearak, “In India, the Wheels of Justice Hardly Move,” New York Times, June 1, 2000. 12. Thomas L. Friedman, “I Love D.C.,” New York Times, November 7, 2000, p. A29. 13. Amartya Sen, Development as Freedom (New York: Alfred A.

Bruce Bartlett, “How Supply-Side Economics Trickled Down,” New York Times, April 6, 2007. 15. Greg Mankiw’s blog, March 11, 2007. 16. Rebecca M. Blank, “Fighting Poverty: Lessons from Recent U.S. History,” Journal of Economic Perspectives, vol. 14, no. 2 (Spring 2000). 17. Jerry L. Jordan, “How to Keep Growing ‘New Economies,’” Economic Commentary, Federal Reserve Bank of Cleveland, August 15, 2000. CHAPTER 5. ECONOMICS OF INFORMATION 1. Gary Becker, The Economics of Discrimination (Chicago: University of Chicago Press, 1971). 2. Harry Holzer, Steven Raphael, and Michael Stoll, “Perceived Criminality, Criminal Background Checks, and the Racial Hiring Practices of Employers,” Journal of Law and Economics, vol.


pages: 497 words: 123,718

A Game as Old as Empire: The Secret World of Economic Hit Men and the Web of Global Corruption by Steven Hiatt; John Perkins

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "World Economic Forum" Davos, accelerated depreciation, addicted to oil, airline deregulation, Andrei Shleifer, Asian financial crisis, Berlin Wall, big-box store, Bob Geldof, book value, Bretton Woods, British Empire, capital controls, centre right, clean water, colonial rule, corporate governance, corporate personhood, deglobalization, deindustrialization, disinformation, Doha Development Round, energy security, European colonialism, export processing zone, financial deregulation, financial independence, full employment, global village, high net worth, land bank, land reform, large denomination, liberal capitalism, Long Term Capital Management, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, military-industrial complex, moral hazard, Naomi Klein, new economy, North Sea oil, offshore financial centre, oil shock, Ponzi scheme, race to the bottom, reserve currency, Ronald Reagan, Scramble for Africa, Seymour Hersh, statistical model, structural adjustment programs, Suez crisis 1956, Tax Reform Act of 1986, too big to fail, trade liberalization, transatlantic slave trade, transfer pricing, union organizing, Washington Consensus, working-age population, Yom Kippur War

Dependent on aid, loan reschedulings, and debt rollovers to survive—never mind actually develop—they have been forced to restructure their economies and rewrite their laws to meet conditions laid down in IMF structural adjustment programs and World Bank conditionalities. Unlike the U.S., they do not control the world’s reserve currency, and so cannot live beyond their means for long without financial crisis. As Doug Henwood, author of After the New Economy, points out: The United States would right now be a prime candidate for structural adjustment if this were an ordinary country. We are living way beyond our means, we have massive and constantly growing foreign debts, a gigantic currency account deficit, and a government that shows no interest in doing anything about it….

The Anti-Development State: The Political Economy of Permanent Crisis in the Philippines. London: Zed, 2006. Danaher, Kevin. 10 Reasons to Abolish the IMF and World Bank, 2nd edn. New York: Seven Stories, 2004. Danaher, Kevin, ed. Fifty Years Is Enough: The Case Against the World Bank and the International Monetary Fund. Boston: South End, 1994. Henwood, Doug. After the New Economy. New York: New Press, 2003. Peet, Richard. Unholy Trinity: The IMF, World Bank and WTO. London: Zed, 2003. Woods, Nqaire. The Globalizers: The IMF, the World Bank, and Their Borrowers. Ithaca, N.Y.: Cornell University Press, 2006. Action for Economic Reforms. Founded in 1996, AER is an independent public interest organization that conducts policy analysis and advocacy on key economic issues.


pages: 482 words: 125,973

Competition Demystified by Bruce C. Greenwald

additive manufacturing, airline deregulation, AltaVista, AOL-Time Warner, asset allocation, barriers to entry, book value, business cycle, creative destruction, cross-subsidies, deindustrialization, discounted cash flows, diversified portfolio, Do you want to sell sugared water for the rest of your life?, Everything should be made as simple as possible, fault tolerance, intangible asset, John Nash: game theory, Nash equilibrium, Network effects, new economy, oil shock, packet switching, PalmPilot, Pepsi Challenge, pets.com, price discrimination, price stability, revenue passenger mile, search costs, selective serotonin reuptake inhibitor (SSRI), shareholder value, Silicon Valley, six sigma, Steve Jobs, transaction costs, vertical integration, warehouse automation, yield management, zero-sum game

One of the articles of faith that drove the Internet mania during the last half of the 1990s was that this new medium would transform the way consumers bought books, computers, DVDs, groceries, pet supplies, drugs, banking services, fine art, and virtually everything else. Any traditional retailer that did not completely revise its business model was going to end up as roadkill on the information superhighway. The dominant merchants in this new economy would be dot-coms like Amazon, Webvan, Pets.com, Drugstore.com, and Wingspanbank.com, leaving Wal-Mart, Kroger, and Citibank in their wake. After the mania subsided, it became obvious how excessive those predictions were about the rate at which online commerce would supplant traditional shopping.

The expectation that the newly hatched, Internet-only retailers would displace their brick-and-mortar competitors also proved mistaken. The bankruptcy courts were soon littered with the remaining assets of failed B-to-C (business-to-consumer) innovators. There were some significant survivors, Amazon most prominent among them, but their path to profitability proved considerably longer than the proponents of the new economy thesis had anticipated. The imbalance between many bankruptcies only partially offset by a few roaring successes does not mean that the Internet is insignificant as a medium of retail commerce. It takes little courage to predict that over time, more people will buy more goods and more services online, and that online transactions will encroach on old-fashioned shopping, banking, and other services.


pages: 490 words: 153,455

Work Won't Love You Back: How Devotion to Our Jobs Keeps Us Exploited, Exhausted, and Alone by Sarah Jaffe

Ada Lovelace, air traffic controllers' union, Amazon Mechanical Turk, antiwork, barriers to entry, basic income, Bernie Sanders, Big Tech, big-box store, Black Lives Matter, blue-collar work, Boris Johnson, call centre, capitalist realism, Charles Babbage, collective bargaining, coronavirus, COVID-19, deindustrialization, delayed gratification, dematerialisation, desegregation, deskilling, do what you love, Donald Trump, Elon Musk, emotional labour, feminist movement, Ferguson, Missouri, financial independence, Frederick Winslow Taylor, fulfillment center, future of work, gamification, gender pay gap, gentrification, George Floyd, gig economy, global pandemic, Grace Hopper, green new deal, hiring and firing, illegal immigration, immigration reform, informal economy, job automation, job satisfaction, job-hopping, knowledge economy, knowledge worker, late capitalism, lockdown, lone genius, Lyft, Mark Zuckerberg, market fundamentalism, mass incarceration, means of production, mini-job, minimum wage unemployment, move fast and break things, Naomi Klein, new economy, oil shock, Peter Thiel, post-Fordism, post-work, precariat, profit motive, Rana Plaza, Richard Florida, Ronald Reagan, Rosa Parks, school choice, Silicon Valley, social distancing, Steve Jobs, TaskRabbit, tech billionaire, tech worker, traumatic brain injury, uber lyft, union organizing, universal basic income, unpaid internship, W. E. B. Du Bois, wages for housework, War on Poverty, WeWork, women in the workforce, work culture , workplace surveillance , Works Progress Administration

The Clinton administration largely built on the privatization and deregulation of the Reagan-Bush years, but gave them a veneer of cool, and the dot-coms epitomized this trend. During this period, sociologist Andrew Ross was studying the workers of New York’s “Silicon Alley” to understand these new workplace trends, which he dubbed “no-collar.” In the brave New Economy, workers embraced a certain antiauthoritarian perspective, trading in the old status markers of power suits and briefcases for hoodies and T-shirts. The workers adopted the work styles of the bohemian artist, bringing their expectations of creative labor to their new jobs in tech. They also brought a willingness to work in lousier environments in return for deferred financial gain (stock options, in many cases) as long as the work itself was stimulating, creative, “work you just couldn’t help doing.”

H1-B workers are tethered to a particular job; if they quit or get fired, they have to leave the country, which makes them spectacularly compliant as well as cheaper to hire. 38 All of this means that tech workers might have more in common with the industrial workers of midcentury than they might think. Silicon Valley touts itself as the “New Economy,” but it still relies on products that have to be built somewhere, and the tactics of offering perks on the job don’t work quite as well on them. Elon Musk promised free frozen yogurt and a roller coaster to disgruntled employees at his Fremont, California, Tesla car factory—but the workers were complaining of injuries on the job because of the pace of production, and they didn’t want frozen yogurt to soothe their pains.


pages: 1,205 words: 308,891

Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey

"Friedman doctrine" OR "shareholder theory", Airbnb, Akira Okazaki, antiwork, behavioural economics, big-box store, Black Swan, book scanning, British Empire, business cycle, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, classic study, clean water, Columbian Exchange, conceptual framework, correlation does not imply causation, Costa Concordia, creative destruction, critique of consumerism, crony capitalism, dark matter, Dava Sobel, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, Deng Xiaoping, do well by doing good, Donald Trump, double entry bookkeeping, electricity market, en.wikipedia.org, epigenetics, Erik Brynjolfsson, experimental economics, Ferguson, Missouri, food desert, Ford Model T, fundamental attribution error, Garrett Hardin, Georg Cantor, George Akerlof, George Gilder, germ theory of disease, Gini coefficient, God and Mammon, Great Leap Forward, greed is good, Gunnar Myrdal, Hans Rosling, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, immigration reform, income inequality, interchangeable parts, invention of agriculture, invention of writing, invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, John Harrison: Longitude, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labor-force participation, lake wobegon effect, land reform, liberation theology, lone genius, Lyft, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, means of production, middle-income trap, military-industrial complex, Naomi Klein, new economy, Nick Bostrom, North Sea oil, Occupy movement, open economy, out of africa, Pareto efficiency, Paul Samuelson, Pax Mongolica, Peace of Westphalia, peak oil, Peter Singer: altruism, Philip Mirowski, Pier Paolo Pasolini, pink-collar, plutocrats, positional goods, profit maximization, profit motive, public intellectual, purchasing power parity, race to the bottom, refrigerator car, rent control, rent-seeking, Republic of Letters, road to serfdom, Robert Gordon, Robert Shiller, Ronald Coase, Scientific racism, Scramble for Africa, Second Machine Age, secular stagnation, seminal paper, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, spinning jenny, stakhanovite, Steve Jobs, tacit knowledge, TED Talk, the Cathedral and the Bazaar, The Chicago School, The Market for Lemons, the rule of 72, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, total factor productivity, Toyota Production System, Tragedy of the Commons, transaction costs, transatlantic slave trade, Tyler Cowen, Tyler Cowen: Great Stagnation, uber lyft, union organizing, very high income, wage slave, Washington Consensus, working poor, Yogi Berra

Do the math, then, of total production. We humans now produce and consume seventy—7 × 10—times more goods and services worldwide than in 1800. Some people view this figure with alarm and speak of environmental degradation. But the news is mainly good. With seventy times more production, no wonder we can cultivate new economies of scale and reap their benefits through free trade. And no wonder we can harness the ingenuity of the larger population to get better antibiotics and better automobiles. No wonder we can clean up the air and the water, and turn forests into nature preserves. In the best-run countries, such as France or Japan or Finland, all of which not so long ago were $3-a-day poor, real income per person, conventionally measured, has by now increased to roughly $100 a day.

Yet Mokyr would agree that usefulness, too, needs a trading test, and that sheer innovation without the test is worse than useless, novelty without betterment—backyard blast furnaces, say. The crux is the test in trade. Are people willing to pay for it? The phrase “trade-tested innovation” occurs in a few other contexts, such as Barbara Jones and Bob Miller, Innovation Diffusion in the New Economy: The Tacit Component (at p. 83). The procedures of a company called Jump Start promise “a trade-tested innovation to your team for ongoing management,” while another, ISOKO, “promotes action-driven, market tested innovation” in Africa.2 The closest to my use is in Clayton, Dal Borgo, and Hasekl (2009), which uses the exact phrase on page 11 and, more to the point, criticizes other definitions of innovation precisely for not thinking in terms of a trade test.

In any case, surely, we do not want lofty disdain for the bourgeoisie and their betterments, or ignorant hatred of their liberal defenders, to be preordained by the rhetoric since Marx of the very word “capitalism,” or by the various agreed fables about it and about its defenders. 12 “Accumulate, Accumulate” Is Not What Happened in History The new economy of betterment that started to take hold in seventeenth-century Holland and eighteenth-century England and early nineteenth-century Belgium, northern France, and the United States was not mere accumulation, which as I’ve noted is as ancient as the fashioning of the Acheulean hand axes in bulk by Homo erectus and earlier by Homo habilis (that is, “tool-making human”) from a little after 2 million years BCE.


The Half Has Never Been Told: Slavery and the Making of American Capitalism by Edward E. Baptist

banks create money, barriers to entry, book value, British Empire, California gold rush, Cass Sunstein, colonial rule, cotton gin, creative destruction, desegregation, double helix, financial innovation, Joseph Schumpeter, manufacturing employment, Monroe Doctrine, moral hazard, mortgage debt, new economy, public intellectual, Ralph Waldo Emerson, scientific management, Scientific racism, Silicon Valley, South Sea Bubble, Thomas Malthus, trade route, transatlantic slave trade, transcontinental railway, vertical integration, Works Progress Administration

He was communicating with a man rated the First in France—Napoleon Bonaparte, first consul of the Republic, another charismatic man who had risen from obscure origins. Napoleon, an entrepreneur in the world of politics and war, rather than business, used his military victories to destroy old ways of doing things. Then he tried to create new ones: a new international order, a new economy, a new set of laws, a new Europe—and a new empire. But after he concluded the Peace of Amiens with Britain in 1800, the ostensible republican became monarchical. He set his sights on a new goal: restoring the imperial crown’s finest jewel, the lost Saint-Domingue. In 1801, he sent the largest invasion fleet that ever crossed the Atlantic, some 50,000 men, to the island under the leadership of his brother-in-law Charles LeClerc.

In 1815, waiting for prices to rise, John Richards offered the Bank of the State of Mississippi a note to ensure that he would not yet have to sell “the cotton that I now have in hand.” Individual promises-to-pay that drew upon credit with other merchants were “notes of hand.”26 Few parts of the body have a more intimate and direct connection to the mind than the hands, and when entrepreneurs used words to grasp the control ropes of the new economy, they described the sensation as if the new world’s powers were held in their own like puppet strings. They produced concrete results at distance, using words that their hands wrote on pieces of paper. The fingers at the end of the writer’s arm might not actually hold the material thing—the bales of cotton, the stacks of coin, the ship whose captain and crew were directed to carry them—that the figurative language of trade said it grasped.

Professional slave-buyers traveled up and down every road and canal, peering into every courthouse town. Slave-selling financed the remaking of the Old Dominion’s political economy: Francis Rives reinvested profits from his Alabama slave-trading journeys in a coal-dealing firm that eventually supplied early railroads and factories with fuel. Thus the market for human flesh funded a new economy that was to be less dependent on plantation-style production, although newly dug canals kept bringing boats from the foothills of the mountains to the slave market in Richmond.16 Well-supplied with tempting cash by profit-savvy southeastern banks, slave-buyers in the 1820s and onward disciplined sellers to bring in exactly the kind of people the southwestern market sought.


Saving America's Cities: Ed Logue and the Struggle to Renew Urban America in the Suburban Age by Lizabeth Cohen

activist lawyer, affirmative action, Albert Einstein, anti-communist, benefit corporation, British Empire, Buckminster Fuller, car-free, charter city, deindustrialization, desegregation, Edward Glaeser, garden city movement, General Motors Futurama, gentrification, ghettoisation, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, hiring and firing, housing crisis, income inequality, indoor plumbing, Jane Jacobs, land reform, Lewis Mumford, megastructure, new economy, New Urbanism, Peter Eisenman, postindustrial economy, race to the bottom, rent control, Robert Gordon, rolodex, Ronald Reagan, subprime mortgage crisis, tech worker, the built environment, The Death and Life of Great American Cities, union organizing, upwardly mobile, urban decay, urban planning, urban renewal, Victor Gruen, Vilfredo Pareto, walkable city, War on Poverty, white flight, white picket fence, young professional

But he also became less and less sanguine about how to make it happen: “I scoured just about every inch of the city—and came to love it. But it was also easy to see that the problems were tremendous.” Most disturbing, he felt, Boston was “a city without confidence in itself,” despite its potential to seed a new economy built around technology and ideas. Logue decided that he could do the job only under the right conditions: “If this was going to be my show, it had to be pretty much my way.”49 But as he wrote to a professional colleague, housing reformer Catherine Bauer Wurster, in mid-June, “At this point I am not the slightest bit optimistic that the right set of conditions can be created.”50 His most important demand was to replicate the authority over planning and redevelopment that Mayor Dick Lee had given to him in New Haven.

At the national level, the United States was undergoing a major reorientation from domestic manufacturing to more globalized production and a postindustrial economy built around finance, insurance, and real estate (FIRE) and other service and corporate employment. Eventually prosperity would come to those cities—like New York—that headquartered this new economy. But many American communities would never make the shift, and even those that did underwent a difficult transition during the 1970s. New York City, for example, lost more than five hundred thousand jobs, many in industry, from 1969 to 1976; by mid-1975, the unemployment rate had reached 12 percent.

Although Logue lived to see Boston and New York City benefiting from growth in private investment, and even the South Bronx turning the corner, New Haven continued to struggle. Like other deindustrialized cities in the United States, it was largely ignored by investors and the young talent who flocked to places with vibrant, new economies. But in all his cities, prosperous or not, affordable housing—as it was now universally called rather than “public,” “low-income,” or “subsidized”—was in devastatingly short supply. Today Logue would be deeply disturbed to observe the years-long wait lists in almost every American city for affordable rental units, apartments in aging public housing, and Section 8 vouchers—now officially named Housing Choice vouchers—that recipients theoretically could take into the private rental market.21 In the urban policy regime of market-based solutions with few direct government provisions that prevailed by the end of Logue’s career and still persists, there are two major tools for making housing more affordable: housing vouchers and the Low-Income Housing Tax Credits (LIHTC) program, which arrived on the scene in 1986, a year after Logue departed the South Bronx.22 LIHTC, the predominant method today of financing subsidized housing in the United States, established a more expansive and efficient way than was available to Logue’s SBDO of mobilizing the private sector’s investment in affordable housing.


Magical Urbanism: Latinos Reinvent the US City by Mike Davis

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", affirmative action, Berlin Wall, business cycle, clean water, collective bargaining, company town, deindustrialization, desegregation, digital divide, edge city, illegal immigration, immigration reform, Internet Archive, invisible hand, job automation, longitudinal study, manufacturing employment, market bubble, mass immigration, new economy, occupational segregation, postnationalism / post nation state, Ronald Reagan, Silicon Valley, strikebreaker, The Turner Diaries, union organizing, upwardly mobile, urban renewal, War on Poverty, white flight, white picket fence, women in the workforce, working poor

Apple, Sun, Adobe, Netscape and Oracle, like 11, employees. official Three of the or manager. have meet largest firms lacked even "It is pretty clear," says UC Santa Cruz's Manuel Pastor, "that there's ethnic and occupation segregation going on in Silicon Valley." Locked out of the "New Economy," it is not surprising that Latinos are also the least likely to profit individually or through group membership from the fin de siecle stock market bubble. According to a January 2000 Federal Reserve fifth ally study, the bottom of Americans, as a result of exploding household debt, actu- had fewer to real estate assets and than in 1995.^^° White median wealth, thanks Dow Jones, is Latinos: $45,700 versus $4700.)^^^ now almost ten times that of 10 THE PUERTO RICAN TRAGEDY In the worst-case scenario, many of today's Mexican, Central American and Dominican immigrants may recapitulate the bitter experience of the Puerto Rican diaspora.


pages: 161 words: 44,488

The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology by William Mougayar

Airbnb, airport security, Albert Einstein, altcoin, Amazon Web Services, bitcoin, Black Swan, blockchain, business logic, business process, centralized clearinghouse, Clayton Christensen, cloud computing, cryptocurrency, decentralized internet, disintermediation, distributed ledger, Edward Snowden, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, fixed income, Ford Model T, global value chain, Innovator's Dilemma, Internet of things, Kevin Kelly, Kickstarter, market clearing, Network effects, new economy, peer-to-peer, peer-to-peer lending, prediction markets, pull request, QR code, ride hailing / ride sharing, Satoshi Nakamoto, sharing economy, smart contracts, social web, software as a service, too big to fail, Turing complete, Vitalik Buterin, web application, Yochai Benkler

They run on a blockchain, can multiply and grow without central control, and they are fueled by cryptocurrency. The cryptocurrency is like fuel; it’s collected in part as toll, in part as earnout by the participating users and those that provide these services. You can start to see how cryptocurrency is generated out of crypto-services to instigate a new economy of wealth creation. Over time, there will be a critical mass of users with significant cryptocurrency balances in their accounts, and further network effects benefits will ensue. Only then can the crypto economy claim to have made potential dents in the current financial system in contrast to the “one nation-one sovereign currency” paradigm.


pages: 193 words: 46,052

Modern China: A Very Short Introduction by Rana Mitter

banking crisis, British Empire, corporate social responsibility, credit crunch, Deng Xiaoping, global reserve currency, Great Leap Forward, invention of gunpowder, land reform, Mahatma Gandhi, Mikhail Gorbachev, Nelson Mandela, new economy, purchasing power parity, reserve currency, South China Sea, special economic zone, stem cell, urban planning

Mao’s China It has become conventional to condemn Mao’s China as an economic failure, which ultimately forced the reform era of the 1980s on the government. While there is real substance to this argument, it is worth noting that there were developments during the Maoist period that provide favourable conditions for the eventual economic takeoff after 1978. Despite an initial accommodation with capitalists, the new economy of Mao’s China was established by 1952. Mao’s China was always going to have a socialist command economy. Emerging as it did at the start of the Cold War as an ally of the USSR, there was little ideological possibility of China following a different economic model. In addition, the new People’s Republic of China (PRC) became part of a post-war Soviet-driven system of economic cooperation, signing trade agreements with most of the newly communist Eastern European countries, and benefiting from Soviet technical assistance.


pages: 416 words: 129,308

The One Device: The Secret History of the iPhone by Brian Merchant

Airbnb, animal electricity, Apollo Guidance Computer, Apple II, Apple's 1984 Super Bowl advert, Black Lives Matter, Charles Babbage, citizen journalism, Citizen Lab, Claude Shannon: information theory, computer vision, Computing Machinery and Intelligence, conceptual framework, cotton gin, deep learning, DeepMind, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, Ford paid five dollars a day, Frank Gehry, gigafactory, global supply chain, Google Earth, Google Hangouts, Higgs boson, Huaqiangbei: the electronics market of Shenzhen, China, information security, Internet of things, Jacquard loom, John Gruber, John Markoff, Jony Ive, Large Hadron Collider, Lyft, M-Pesa, MITM: man-in-the-middle, more computing power than Apollo, Mother of all demos, natural language processing, new economy, New Journalism, Norbert Wiener, offshore financial centre, oil shock, pattern recognition, peak oil, pirate software, profit motive, QWERTY keyboard, reality distortion field, ride hailing / ride sharing, rolodex, Shenzhen special economic zone , Silicon Valley, Silicon Valley startup, skeuomorphism, skunkworks, Skype, Snapchat, special economic zone, speech recognition, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, TED Talk, Tim Cook: Apple, Tony Fadell, TSMC, Turing test, uber lyft, Upton Sinclair, Vannevar Bush, zero day

Clearly, most of the breakout early apps weren’t so lowbrow—many early successes were games, like Tap Tap Revenge, Super Monkey Ball, and a Texas Hold’Em poker app, and many were truly exciting, like Pandora Radio and Shazam, which continue to be successful today. “Of course, now, everyone’s writing fart apps, but he was the original,” Grignon says. “Apple had minted this new economy. And the early gold diggers won big.” This new economy, now colloquially known as the app economy, has evolved into a multibillion-dollar market segment dominated by nouveau-riche Silicon Valley companies like Uber, Facebook, Snapchat, and Airbnb. The App Store is a vast universe, housing hopeful start-ups, time-wasting games, media platforms, spam clones, old businesses, art projects, and experiments with new interfaces.


pages: 675 words: 141,667

Open Standards and the Digital Age: History, Ideology, and Networks (Cambridge Studies in the Emergence of Global Enterprise) by Andrew L. Russell

Aaron Swartz, American ideology, animal electricity, barriers to entry, borderless world, Californian Ideology, Charles Babbage, Chelsea Manning, Compatible Time-Sharing System, computer age, Computer Lib, creative destruction, digital divide, disruptive innovation, Donald Davies, Dr. Strangelove, Edward Snowden, Evgeny Morozov, Frederick Winslow Taylor, Hacker Ethic, Herbert Marcuse, Howard Rheingold, Hush-A-Phone, interchangeable parts, invisible hand, Ivan Sutherland, John Markoff, John Perry Barlow, Joseph Schumpeter, Leonard Kleinrock, Lewis Mumford, means of production, Menlo Park, Network effects, new economy, Norbert Wiener, open economy, OSI model, packet switching, pre–internet, radical decentralization, RAND corporation, RFC: Request For Comment, Richard Stallman, Ronald Coase, Ronald Reagan, scientific management, Silicon Valley, Steve Crocker, Steven Levy, Stewart Brand, systems thinking, technological determinism, technoutopianism, Ted Nelson, The Nature of the Firm, Thomas L Friedman, Thorstein Veblen, transaction costs, vertical integration, web of trust, work culture

In these strategic decisions, we can see Gherardi and his colleagues wrestling with practical questions that we now, with the wisdom of hindsight, can see in theoretical terms: When faced with diverse and complex purchasing needs, what did managers decide to purchase through market relations, what did they decide to build within corporate hierarchies, and what arrangements – hybrids of markets and hierarchies – did they pursue? Gherardi’s organizational responses to the two central problems of the “engineering of the present” – standardization within the Bell System and standardization across the boundaries of the Bell System – were, over the short term and medium term, extraordinarily successful. They generated new economies of scale and scope for the Bell System, and helped engineers extend their control over aspects of the telephone business that had proved to be elusive. Over the long term, however, Gherardi’s solutions worked too well and contributed to the Bell System’s ultimate demise. In this sense, there is a deep irony that the thorough program of standardization in the Bell System attracted the attention of American regulators in the Department of Justice and Federal Communications Commission beginning in the 1930s.

In the early 1960s, IBM executives responded to these problems with a strategy that replaced all existing models of IBM machines by centralizing design and production around a single family of computers: System/360.25 The chief architectural innovation of System/360 was its interchangeable components, including peripherals (such as storage devices, printers, and terminals) and software that customers could mix and match in order to meet their individual needs. From the standpoint of IBM executives and managers, the modular design of System/360 streamlined the design and manufacturing processes, which generated new economies of scale and scope through the reduction of variety and incompatibility. Standardization within the firm led to unprecedented success for IBM in the marketplace: the company received more than a thousand orders within a month of the System/360 announcement in April 1964, and IBM’s gross income more than doubled between 1965 and 1970.


pages: 442 words: 135,006

ZeroZeroZero by Roberto Saviano

Berlin Wall, Bernie Madoff, call centre, credit crunch, double entry bookkeeping, Fall of the Berlin Wall, illegal immigration, Julian Assange, Kinder Surprise, London Interbank Offered Rate, Mikhail Gorbachev, new economy, open borders, planetary scale, Ponzi scheme, Ronald Reagan, Skype, Steve Jobs, uranium enrichment, WikiLeaks

Locatelli wants to carefully study this girl who has made her way into his Colombian partners’ good graces. Maria realizes what he’s up to, and for a moment she feels naked, but then she summons up all her coolness. She talks about taxes and interest rates, stocks, investment funds. She discusses the risks and potential of betting on the new economy and suggests a couple of profitable transactions involving currency exchange. It works. The boss believes she’s the real thing; the flow of money to the Antilles bank can continue. And yet the moments of terror are hardly over. The day Maria receives a briefcase containing $2 million she realizes that she’s being followed.

No business in the world is so dynamic, so relentlessly innovative, so loyal to the pure free market spirit as the global cocaine business. This is the reason cocaine became the merchandise par excellence at a time when markets began being dominated by stocks that were inflated with empty numbers, or securities as intangible as those driven by the new economy, which sold communication and make-believe. But cocaine is tangible. It uses the imaginary, bends it, invades it, fills it with itself. Every seemingly insurmountable limit is about to fall. The new mutation has already arrived, and it’s called liquid cocaine. Liquid cocaine can make its way inside any hollow object, can impregnate any saturatable material, can dissolve in any drink, any creamy or liquid product, practically without adding any telltale weight.


Stocks for the Long Run, 4th Edition: The Definitive Guide to Financial Market Returns & Long Term Investment Strategies by Jeremy J. Siegel

addicted to oil, Alan Greenspan, asset allocation, backtesting, behavioural economics, Black-Scholes formula, book value, Bretton Woods, business cycle, buy and hold, buy low sell high, California gold rush, capital asset pricing model, cognitive dissonance, compound rate of return, correlation coefficient, currency risk, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, dividend-yielding stocks, dogs of the Dow, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, Everybody Ought to Be Rich, fixed income, German hyperinflation, implied volatility, index arbitrage, index fund, Isaac Newton, it's over 9,000, John Bogle, joint-stock company, Long Term Capital Management, loss aversion, machine readable, market bubble, mental accounting, Money creation, Myron Scholes, new economy, oil shock, passive investing, Paul Samuelson, popular capitalism, prediction markets, price anchoring, price stability, proprietary trading, purchasing power parity, random walk, Richard Thaler, risk free rate, risk tolerance, risk/return, Robert Shiller, Ronald Reagan, shareholder value, short selling, South Sea Bubble, stock buybacks, stocks for the long run, subprime mortgage crisis, survivorship bias, technology bubble, The Great Moderation, The Wisdom of Crowds, transaction costs, tulip mania, uptick rule, Vanguard fund, vertical integration

Furthermore, the dramatic fall in transactions costs combined with the increase in macroeconomic stability may also change the P-E ratio of stock prices to valuation metrics. How these events will impact future stock returns will be discussed in the next chapter. This page intentionally left blank 8 CHAPTER THE IMPACT OF ECONOMIC GROWTH ON MARKET VALUATION AND THE COMING AGE WAVE The term “new economy” has become, beginning in 2000, a fad in itself. It appears suddenly as a new name for our hopes and for economic progress due to recent technological advances, notably the Internet, and for our reasons to think that the future growth prospects are ever so brilliant. ROBERT SHILLER, 20011 What are the most important macrotrends in the economy that influence future stock market returns?

He said the experts think the Internet is the wave of the future. I’m selling some of our stocks that just aren’t moving and getting into the Internet stocks like Amazon, Yahoo!, and Inktomi. Jennifer: I’ve heard that those stocks are very speculative. Are you sure you know what you’re doing? Dave: Allan says that we are entering a “New Economy,” spurred by a communications revolution that is going to completely change the way we do business. Those stocks that we owned are Old Economy stocks. They had their time, but we should be investing for the future. I know these Internet stocks are volatile, and I’ll watch them very carefully so we won’t lose money.


pages: 515 words: 126,820

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World by Don Tapscott, Alex Tapscott

"World Economic Forum" Davos, Airbnb, altcoin, Alvin Toffler, asset-backed security, autonomous vehicles, barriers to entry, behavioural economics, bitcoin, Bitcoin Ponzi scheme, blockchain, Blythe Masters, Bretton Woods, business logic, business process, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon footprint, clean water, cloud computing, cognitive dissonance, commoditize, commons-based peer production, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crowdsourcing, cryptocurrency, currency risk, decentralized internet, digital capitalism, disintermediation, disruptive innovation, distributed ledger, do well by doing good, Donald Trump, double entry bookkeeping, driverless car, Edward Snowden, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, failed state, fiat currency, financial innovation, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, Future Shock, Galaxy Zoo, general purpose technology, George Gilder, glass ceiling, Google bus, GPS: selective availability, Hacker News, Hernando de Soto, Higgs boson, holacracy, income inequality, independent contractor, informal economy, information asymmetry, information security, intangible asset, interest rate swap, Internet of things, Jeff Bezos, jimmy wales, Kickstarter, knowledge worker, Kodak vs Instagram, Lean Startup, litecoin, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, microcredit, mobile money, money market fund, Neal Stephenson, Network effects, new economy, Oculus Rift, off grid, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, performance metric, Peter Thiel, planetary scale, Ponzi scheme, prediction markets, price mechanism, Productivity paradox, QR code, quantitative easing, radical decentralization, ransomware, Ray Kurzweil, renewable energy credits, rent-seeking, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Salesforce, Satoshi Nakamoto, search costs, Second Machine Age, seigniorage, self-driving car, sharing economy, Silicon Valley, Skype, smart contracts, smart grid, Snow Crash, social graph, social intelligence, social software, standardized shipping container, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, supply-chain management, systems thinking, TaskRabbit, TED Talk, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, The Soul of a New Machine, The Wisdom of Crowds, transaction costs, Turing complete, Turing test, Tyler Cowen, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, unorthodox policies, vertical integration, Vitalik Buterin, wealth creators, X Prize, Y2K, Yochai Benkler, Zipcar

Hernando de Soto, “The Capitalist Cure for Terrorism,” The Wall Street Journal, October 10, 2014; www.wsj.com/articles/the-capitalist-cure-for-terrorism-1412973796, accessed November 27, 2015. 18. Interview with Hernando de Soto, November 27, 2015. 19. Interview with Carlos Moreira, September 3, 2015. 20. Melanie Swan, Blockchain: Blueprint for a New Economy (Sebastopol, Calif.: O’Reilly Media, January 2015), 45. 21. Emily Spaven, “UK Government Exploring Use of Blockchain Recordkeeping,” CoinDesk, September 1, 2015; www.coindesk.com/uk-government-exploring-use-of-blockchain-recordkeeping/. 22. J. P. Buntinx, “‘Blockchain Technology’ Is Bringing Bitcoin to the Mainstream,” Bitcoinist.net, August 29, 2015; http://bitcoinist.net/blockchain-technology-bringing-bitcoin-mainstream/. 23.

See full report and recommendations here, including a description of models worldwide: www.judiciary.gov.uk/reviews/online-dispute-resolution/. 60. http://blog.counter-strike.net/index.php/overwatch/. 61. Environmental Defense Fund, www.edf.org/climate/how-cap-and-trade-works. 62. Swan, Blockchain: Blueprint for a New Economy. 63. Interview with Andreas Antonopoulos, July 20, 2015. Chapter 9: Freeing Culture on the Blockchain: Music to Our Ears 1. “2015 Women in Music Honours Announced,” M Online, PRS for Music, October 22, 2015; www.m-magazine.co.uk/news/2015-women-in-music-honours-announced/, accessed November 21, 2015. 2.


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The Grid: The Fraying Wires Between Americans and Our Energy Future by Gretchen Bakke

addicted to oil, Any sufficiently advanced technology is indistinguishable from magic, autonomous vehicles, back-to-the-land, big-box store, Buckminster Fuller, demand response, dematerialisation, distributed generation, electricity market, energy security, energy transition, full employment, Gabriella Coleman, illegal immigration, indoor plumbing, Internet of things, Kickstarter, laissez-faire capitalism, Menlo Park, Neal Stephenson, Negawatt, new economy, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, off grid, off-the-grid, post-oil, profit motive, rolling blackouts, Ronald Reagan, self-driving car, Silicon Valley, smart grid, smart meter, the built environment, too big to fail, Twitter Arab Spring, vertical integration, washing machines reduced drudgery, Whole Earth Catalog

Enron was not alone in exploiting the loopholes of California’s poorly made deregulation bill; smaller companies in San Francisco were doing the same or very similar kinds of transactions. But Enron’s relative size in concert with its broad organizational commitment to making money by whatever means possible lent a monstrousness to its undertakings that other new economy companies could only but aspire to. It has also been useful for the historical record that Enron collapsed, and criminally so, opening their internal workings in 2002 to intense public and legal scrutiny. Enron’s collapse was not the direct result of malfeasance in the manipulation of electricity markets; rather, it was a consequence of their poor management of debt, greed, and risk.

In California these consequences included the near bankruptcy of its two largest investor-owned utilities, the consumption of an $8 billion state budget surplus, and almost nine months in 2000–2001 of uncertain electricity supply as power plants were taken offline for “repairs” or the lines necessary to carry essential current between the northern and southern halves of the state were “overbooked.” As rolling blackouts became the rule, many new economy businesses, like Apple and Cisco Systems, as well as other electricity-dependent undertakings such as military bases and prisons, began to think about ways they might detach themselves from grid-provided power. Institutional grid defection in the wake of 2000–2001 became a sign not of radicalism but the inverse: wise organizations engineered ways to use the grid as a backup power system rather than as something upon which they must rely regardless of how poorly it was managed or how sporadically its product was delivered.


pages: 476 words: 132,042

What Technology Wants by Kevin Kelly

Albert Einstein, Alfred Russel Wallace, Apollo 13, Boeing 747, Buckminster Fuller, c2.com, carbon-based life, Cass Sunstein, charter city, classic study, Clayton Christensen, cloud computing, computer vision, cotton gin, Danny Hillis, dematerialisation, demographic transition, digital divide, double entry bookkeeping, Douglas Engelbart, Edward Jenner, en.wikipedia.org, Exxon Valdez, Fairchild Semiconductor, Ford Model T, George Gilder, gravity well, Great Leap Forward, Gregor Mendel, hive mind, Howard Rheingold, interchangeable parts, invention of air conditioning, invention of writing, Isaac Newton, Jaron Lanier, Joan Didion, John Conway, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, Lao Tzu, life extension, Louis Daguerre, Marshall McLuhan, megacity, meta-analysis, new economy, off grid, off-the-grid, out of africa, Paradox of Choice, performance metric, personalized medicine, phenotype, Picturephone, planetary scale, precautionary principle, quantum entanglement, RAND corporation, random walk, Ray Kurzweil, recommendation engine, refrigerator car, rewilding, Richard Florida, Rubik’s Cube, Silicon Valley, silicon-based life, skeuomorphism, Skype, speech recognition, Stephen Hawking, Steve Jobs, Stewart Brand, Stuart Kauffman, technological determinism, Ted Kaczynski, the built environment, the long tail, the scientific method, Thomas Malthus, Vernor Vinge, wealth creators, Whole Earth Catalog, Y2K, yottabyte

Table of Contents Title Page Copyright Page Chapter 1 - My Question PART ONE - ORIGINS Chapter 2 - Inventing Ourselves Chapter 3 - History of the Seventh Kingdom Chapter 4 - The Rise of Exotropy PART TWO - IMPERATIVES Chapter 5 - Deep Progress Chapter 6 - Ordained Becoming Chapter 7 - Convergence Chapter 8 - Listen to the Technology Chapter 9 - Choosing the Inevitable PART THREE - CHOICES Chapter 10 - The Unabomber Was Right Chapter 11 - Lessons of Amish Hackers Chapter 12 - Seeking Conviviality PART FOUR - DIRECTIONS Chapter 13 - Technology’s Trajectories Chapter 14 - Playing the Infinite Game Acknowledgements Annotated Reading List Source Notes Index ALSO BY KEVIN KELLY Out of Control: The New Biology of Machines, Social Systems, and the Economic World New Rules for the New Economy: 10 Radical Strategies for a Connected World Asia Grace VIKING Published by the Penguin Group Penguin Group (USA) Inc., 375 Hudson Street, New York, New York 10014, U.S.A. Penguin Group (Canada), 90 Eglinton Avenue East, Suite 700, Toronto, Ontario, Canada M4P 2Y3 (a division of Pearson Penguin Canada Inc.)

That is why we don’t see a Moore’s Law type of progress at work when scaling up: energy requirements scale up just as fast, and energy is a major limiting constraint, unlike information, which can be duplicated freely. This is also why we don’t see exponential progress in the performance of solar panels (only linear progress) or batteries—because they generate or store lots of energy. So our entire new economy is built around technologies that need little energy and scale down well—photons, electrons, bits, pixels, frequencies, and genes. As these inventions miniaturize, they reach closer to bare atoms, raw bits, and the essence of the immaterial. And so the fixed and inevitable path of their progress derives from this elemental essence.


pages: 441 words: 135,176

The Edifice Complex: How the Rich and Powerful--And Their Architects--Shape the World by Deyan Sudjic

Ayatollah Khomeini, Berlin Wall, bread and circuses, British Empire, call centre, colonial rule, Columbine, cuban missile crisis, dematerialisation, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, Frank Gehry, glass ceiling, Great Leap Forward, Guggenheim Bilbao, haute couture, haute cuisine, megastructure, Mikhail Gorbachev, Neil Armstrong, new economy, New Urbanism, oil shock, Peter Eisenman, Ronald Reagan, Socratic dialogue, urban planning, urban renewal, V2 rocket, Victor Gruen

What made the Gehry show at the Guggenheim so revealing was the way that you could pick away below the surface and find traces of just about all of the preoccupations of a particularly gaudy decade congealed within it, just as the landscape which had brought them into being was about to be transformed for ever. The show appeared to be about architecture, but it was really about the excess, egotism and greed of the 1990s. Here was a selection of the urban icons pursued with quixotic abandon by ambitious cities all over the world. Here were the trophy houses of the egotistical robber barons of the new economy. And here was the awkward relationship between architecture and art at its most raw and painfully exposed. No wonder that Richard Serra was getting so uncomfortable about the way that Gehry, his former friend and collaborator, was being talked about as much as an artist as an architect. ‘We are in a time now when the architect kind of rules,’ he said at the time on TV.

‘Enron shares Mr Gehry’s ongoing search for the moment of truth, the moment when the functional approach to a problem becomes infused with the artistry that produces a truly innovative solution. This is the search Enron embarks on every day, by questioning the conventional to change business paradigms and create new markets that will shape the New Economy. It is this shared sense of challenge that we admire most in Frank Gehry. We hope it will bring you as much inspiration as it has brought us.’ Skilling, along with several of his executives, eventually faced his own prolonged moment of truth when he surrendered to justice in Houston, having destroyed the jobs of thousands of employees and robbed countless shareholders of their savings.


pages: 421 words: 128,094

King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone by David Carey

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, asset allocation, banking crisis, Bear Stearns, Bonfire of the Vanities, business cycle, Carl Icahn, carried interest, collateralized debt obligation, corporate governance, corporate raider, credit crunch, deal flow, diversification, diversified portfolio, financial engineering, fixed income, Future Shock, Gordon Gekko, independent contractor, junk bonds, low interest rates, margin call, Menlo Park, Michael Milken, mortgage debt, new economy, Northern Rock, risk tolerance, Rod Stewart played at Stephen Schwarzman birthday party, Sand Hill Road, Savings and loan crisis, sealed-bid auction, Silicon Valley, sovereign wealth fund, Teledyne, The Predators' Ball, éminence grise

The prosaic, cash-generating businesses that traditionally had been the bread and butter of the private equity business—short-line railroads like Transtar, graphite makers like UCAR, and auto-parts makers like Collins & Aikman and American Axle—had fallen out of fashion. The “old economy” of boring, profitable, but slow-and-steady companies was being eclipsed by the high-tech “new economy.” The IPO of Netscape Communications in April 1995 is usually pegged as the turning point. At the time the Internet was still in its infancy. For most people, it meant e-mail and perhaps some America Online chat rooms. Netscape’s browser, which the company gave away free, enabled a new generation of websites loaded with photos and snappy typefaces and introduced a generation to what many still called by its formal name, the World Wide Web.

Blackstone couldn’t help but feel the pressure to jump on the bandwagon. Bret Pearlman, who became a partner in 2000, and other younger deal makers were lobbying to invest more in the tech sphere, and junior employees were clamoring to be paid partly in Internet company stocks, the preferred currency of New Economy workers. The firm was hearing it from some investors, too. When Schwarzman hit the road in 1999 to raise money for Blackstone’s new mezzanine debt fund, which would lend money to midsized businesses, one potential investor who preferred venture funds just scoffed. “I make more money in a month than you make in a year in your mezz fund if things go well,” he told Schwarzman.


pages: 515 words: 132,295

Makers and Takers: The Rise of Finance and the Fall of American Business by Rana Foroohar

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, additive manufacturing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Roth, Asian financial crisis, asset allocation, bank run, Basel III, Bear Stearns, behavioural economics, Big Tech, bonus culture, Bretton Woods, British Empire, business cycle, buy and hold, call centre, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Carmen Reinhart, carried interest, centralized clearinghouse, clean water, collateralized debt obligation, commoditize, computerized trading, corporate governance, corporate raider, corporate social responsibility, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, crowdsourcing, data science, David Graeber, deskilling, Detroit bankruptcy, diversification, Double Irish / Dutch Sandwich, electricity market, Emanuel Derman, Eugene Fama: efficient market hypothesis, financial deregulation, financial engineering, financial intermediation, Ford Model T, Frederick Winslow Taylor, George Akerlof, gig economy, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, Greenspan put, guns versus butter model, High speed trading, Home mortgage interest deduction, housing crisis, Howard Rheingold, Hyman Minsky, income inequality, index fund, information asymmetry, interest rate derivative, interest rate swap, Internet of things, invisible hand, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", John Bogle, John Markoff, joint-stock company, joint-stock limited liability company, Kenneth Rogoff, Kickstarter, knowledge economy, labor-force participation, London Whale, Long Term Capital Management, low interest rates, manufacturing employment, market design, Martin Wolf, money market fund, moral hazard, mortgage debt, mortgage tax deduction, new economy, non-tariff barriers, offshore financial centre, oil shock, passive investing, Paul Samuelson, pensions crisis, Ponzi scheme, principal–agent problem, proprietary trading, quantitative easing, quantitative trading / quantitative finance, race to the bottom, Ralph Nader, Rana Plaza, RAND corporation, random walk, rent control, Robert Shiller, Ronald Reagan, Satyajit Das, Savings and loan crisis, scientific management, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Snapchat, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Steve Jobs, stock buybacks, subprime mortgage crisis, technology bubble, TED Talk, The Chicago School, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, too big to fail, Tragedy of the Commons, trickle-down economics, Tyler Cowen: Great Stagnation, Vanguard fund, vertical integration, zero-sum game

Indeed, Clinton-era legislation that favored the markets over the real economy, and that was often a result of the revolving door between Wall Street and Washington, was a key means of turning the markets into the casino that they have become. Stock compensation and buybacks have been rising since the 1980s, but they really took a leap in the 1990s, when “new economy” tech firms began lobbying against efforts to introduce new accounting standards that would have forced companies to mark down the value of stock options on their books. One of the reasons that buybacks have burgeoned is that firms have been letting C-suite executives “buy company stock at below-market prices—and then pretending that nothing of value had changed hands,” as Stiglitz once pointedly remarked.

Cambridge, MA: Harvard University Press, 2011. Krugman, Paul. End This Depression Now! New York: W. W. Norton & Company, 2012. Lack, Simon. The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True. Hoboken, NJ: John Wiley & Sons, 2012. Lazonick, William. Sustainable Prosperity in the New Economy? Business Organization and High-Tech Employment in the United States. Kalamazoo, MI: W. E. Upjohn Institute for Employment Research, 2009. Lewis, Michael. Boomerang: Travels in the New Third World. New York: W. W. Norton & Company, 2011. ———. Liar’s Poker: Rising Through the Wreckage on Wall Street. 25th anniversary ed.


pages: 464 words: 127,283

Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia by Anthony M. Townsend

1960s counterculture, 4chan, A Pattern Language, Adam Curtis, air gap, Airbnb, Amazon Web Services, anti-communist, Apple II, Bay Area Rapid Transit, Big Tech, bike sharing, Boeing 747, Burning Man, business process, call centre, carbon footprint, charter city, chief data officer, clean tech, clean water, cloud computing, company town, computer age, congestion charging, congestion pricing, connected car, crack epidemic, crowdsourcing, DARPA: Urban Challenge, data acquisition, Deng Xiaoping, digital divide, digital map, Donald Davies, East Village, Edward Glaeser, Evgeny Morozov, food desert, game design, garden city movement, General Motors Futurama, gentrification, Geoffrey West, Santa Fe Institute, George Gilder, ghettoisation, global supply chain, Grace Hopper, Haight Ashbury, Hedy Lamarr / George Antheil, Herman Kahn, hive mind, Howard Rheingold, interchangeable parts, Internet Archive, Internet of things, Jacquard loom, Jane Jacobs, Jevons paradox, jitney, John Snow's cholera map, Joi Ito, Khan Academy, Kibera, Kickstarter, knowledge worker, Lewis Mumford, load shedding, lolcat, M-Pesa, machine readable, Mark Zuckerberg, megacity, megaproject, messenger bag, mobile money, mutually assured destruction, new economy, New Urbanism, Norbert Wiener, Occupy movement, off grid, One Laptop per Child (OLPC), openstreetmap, packet switching, PalmPilot, Panopticon Jeremy Bentham, Parag Khanna, patent troll, Pearl River Delta, place-making, planetary scale, popular electronics, power law, RFC: Request For Comment, RFID, ride hailing / ride sharing, Robert Gordon, scientific management, self-driving car, sharing economy, Shenzhen special economic zone , Silicon Valley, SimCity, Skype, smart cities, smart grid, smart meter, social graph, social software, social web, SpaceShipOne, special economic zone, Steve Jobs, Steve Wozniak, Stuxnet, supply-chain management, technoutopianism, Ted Kaczynski, telepresence, The Death and Life of Great American Cities, too big to fail, trade route, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, undersea cable, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban renewal, Vannevar Bush, working poor, working-age population, X Prize, Y2K, zero day, Zipcar

The idea was first proposed in 1964.80 The fourth way things could go wrong is economic stagnation. If the malaise of the developing world is too much growth, for the rich cities of the global north it may be too little. If smart technology doesn’t improve our productivity, we might not be able to pay for further improvements in energy efficiency. Many hope for a return to the “New Economy” of the late 1990s, when the United States experienced a historic period of rapid increases in productivity driven, we thought, by advances in information technology. But recent research has questioned this explanation. Robert Gordon at Northwestern University notes that the greatest productivity gains from information technology during that expansion were in manufacturing of durable goods, and that it was small in historical terms.

,” The Guardian Sustainable Business Energy Efficiency Hub, blog, June 1, 2001, http://www.guardian.co.uk/sustainable-business/amsterdam-smart-cities-work. 78Blake Alcott, “Jevons’ Paradox,” Ecological Economics 45, no. 1 (2005): 9-21. 79Robert Cervero, The Transit Metropolis (Washington, DC: Island Press, 1998), 169. 80Michele Dix, “The Central London Congestion Charging Scheme—From Conception to Implementation,” 2002, http://www.imprint-eu.org/public/Papers/imprint_Dix.pdf, 2. 81Robert J. Gordon, “Does the ‘New Economy’ Measure up to the Great Inventions of the Past?” (Cambridge, MA: National Bureau of Economic Research, 2000), http://www.nber.org/papers/w7833. Chapter 10. A New Civics for a Smart Century 1Oscar Wilde, The Soul of Man under Socialism (Portland, ME: Thomas B. Mosher, 1905), 39. Reprinted from The Fortnightly Review, Feburary 1, 1891, accessed through Internet Archive, http://archive.org/details/soulmanundersoc00wildgoog. 2Helen Meller, Patrick Geddes: Social Evolutionist and City Planner (New York: Routledge, 1990), 143. 3From “voices to voices, lip to lip.”


pages: 520 words: 129,887

Power Hungry: The Myths of "Green" Energy and the Real Fuels of the Future by Robert Bryce

Abraham Maslow, addicted to oil, An Inconvenient Truth, Apollo 11, Bernie Madoff, carbon credits, carbon footprint, carbon tax, Cesare Marchetti: Marchetti’s constant, clean tech, collateralized debt obligation, corporate raider, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, decarbonisation, Deng Xiaoping, disinformation, electricity market, en.wikipedia.org, energy security, energy transition, flex fuel, Ford Model T, Glass-Steagall Act, greed is good, Hernando de Soto, hydraulic fracturing, hydrogen economy, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, James Watt: steam engine, Jevons paradox, Menlo Park, Michael Shellenberger, new economy, offshore financial centre, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, purchasing power parity, RAND corporation, Ronald Reagan, Silicon Valley, smart grid, Stewart Brand, Ted Nordhaus, Thomas L Friedman, uranium enrichment, Whole Earth Catalog, WikiLeaks

Boone Pickens Talks Natural Gas, Energy Independence, Peak Oil and Swift Boating with Katie Couric,” July 15, 2008, http://www.treehugger.com/files/2008/07/t-boone-pickens-talks-with-katie-couric.php. 4 Steve Hargreaves, “Pickens’ Wind Plan Hits a Snag,” CNNMoney.com, November 12, 2008, http://money.cnn.com/2008/11/12/news/economy/pickens/index.htm. 5 PickensPlan.com, http://www.pickensplan.com/media/. 6 Facebook, http://www.facebook.com/Pickensplan?ref=s. 7 Pickens Plan e-mail, August 16, 2009. 8 Forbes.com, “The 400 Richest Americans,” September 17, 2008, http://www.forbes.com/lists/2008/54/400list08_The-400-Richest-Americans_NameProper_12.html. 9 Gregory Zuckerman, “Pickens Funds Down About $1 Billion,” Wall Street Journal, September 24, 2008, http://online.wsj.com/article/SB 122221505732769415.html. 10 Elizabeth Souder, “Pickens Paring Down Wind Farm Project,” Dallas Morning News, July 6, 2009, http://www.dallasnews.com/sharedcontent/dws/bus/industries/energy/stories/DN-pickenswind_05bus.State.Edition1.19e1daf.html. 11 Ibid. 12 Energy Information Administration, “Natural Gas Navigator,” http://tonto.eia.doe.gov/dnav/ng/hist/n3045us2a.htm. 13 International Energy Agency, “Natural Gas Market Review 2009,” 109. 14 PickensPlan.com, n.d., http://www.pickensplan.com/theplan/. 15 Energy Information Administration, “Imports by Area of Entry,” http://tonto.eia.doe.gov/dnav/pet/pet_move_imp_dc_NUS-Z00_mbblpd_a.htm. 16 NGVAmerica.org, http://www.ngvamerica.org/media_ctr/fact_ngv.html. 17 NGVAmerica.org, “Fact Sheet: Potential Contribution of NGVs to Displacing 35 Billion Gallons of Non-Petroleum Fuels by 2017,” n.d., http://www.ngvamerica.org/pdfs/PotentialNGVs.pdf.

S. electricity needs by 2030 would “displace 50% of electricity generated from natural gas and 18% of that generated from coal.” DOE Study on 20% Wind, 2008, 16, http://www1.eere.energy.gov/windandhydro/pdfs/41869.pdf. 33 Steve Hargreaves, “Pickens’ wind plan hits a snag,” CNNMoney.com, November 12, 2008, http://money.cnn.com/2008/11/12/news/economy/pickens/index.htm. 34 http://www.boonepickens.com/media_summary/030510.pdf. 35 http://www.bloomberg.com/markets/commodities/energy-prices. 36 http://blogs.barrons.com/stockstowatchtoday/2010/09/13/exxon-deutsche-cuts-to-hold-natural-gas-glut-through-2015. 37 Rebecca Smith, “The New Nukes,” Wall Street Journal, September 8, 2009, 3, http://online.wsj.com/article/SB10001424052970204409904574350342705855178.html.


pages: 311 words: 130,761

Framing Class: Media Representations of Wealth and Poverty in America by Diana Elizabeth Kendall

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", AOL-Time Warner, Bernie Madoff, blue-collar work, Bonfire of the Vanities, call centre, content marketing, Cornelius Vanderbilt, David Brooks, declining real wages, Donald Trump, employer provided health coverage, ending welfare as we know it, fixed income, framing effect, gentrification, Georg Cantor, Gordon Gekko, greed is good, haute couture, housing crisis, illegal immigration, income inequality, junk bonds, Michael Milken, mortgage tax deduction, new economy, payday loans, Ponzi scheme, Ray Oldenburg, Richard Florida, Ronald Reagan, San Francisco homelessness, Saturday Night Live, systems thinking, telemarketer, The Great Good Place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, trickle-down economics, union organizing, upwardly mobile, urban planning, vertical integration, work culture , working poor

Quoted in Blumenthal, “As Levi’s Work Is Exported, Stress Stays Home,” A14. 114. Lydia Polgreen, “As Jobs Vanish, the Sweet Talk Could Turn Tough,” New York Times, October 12, 2003, A26. 115. Chris Isidore, “7.9 Million Jobs Lost—Many Forever,” CNNMoney.com, July 2, 2010, http://www.money.cnn.com/2010/07/02/news/economy/jobs_gone_for ever/index.htm (accessed July 27, 2010). 116. Lorrie Grant, “Retail Giant Wal-Mart Faces Challenges on Many Fronts: Protests, Allegations Are Price of Success, CEO Says,” USA Today, November 11, 2003, B1; Amy Tsao, “The Two Faces of Wal-Mart,” Businessweek, January 28, 2004, http://www.businessweek.com/bwdaily/dnflash/jan2004/nf20040128_6990_db014 .html (accessed February 2, 2004); “Wal-Mart Settles Illegal Immigrant Case for $11 M,” Fox News, March 19, 2005, http://www.foxnews.com/story/0,2933,150846,00 .html (accessed July 27, 2010). 117.

Journal of Black Studies 25 (1995): 692–711. “Inside the Middle Class: Bad Times Hit the Good Life.” Pew Social Trends. April 9, 2008. http://pewsocialtrends.org/pubs/706/middle-class-poll (accessed July 29, 2010). Isidore, Chris. “7.9 Million Jobs Lost—Many Forever.” CNNMoney.com. July 2, 2010. www.money.cnn.com/2010/07/02/news/economy/jobs_gone_forever/index .htm (accessed July 27, 2010). “It Would Never Work Out . . .” (cartoon). New Yorker, March 25, 2002, 75. Iyengar, Shanto. “Framing Responsibility for Political Issues: The Case of Poverty.” Political Behavior 12 (March 1990): 19–40. ———. Is Anyone Responsible? How Television Frames Political Issues.


Off the Books by Sudhir Alladi Venkatesh

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", business climate, gentrification, glass ceiling, hiring and firing, independent contractor, informal economy, Jane Jacobs, labor-force participation, low-wage service sector, new economy, refrigerator car, The Death and Life of Great American Cities, urban renewal, working poor, Y2K

Robert Sampson has developed the notion of "collective efficacy"—the "working trust and shared willingness of residents to intervene in sharing social control. The concept of collective efficacy captures the link between cohesion—especially working trust—and shared expectations for action." See Sampson, "Neighborhood and Community: Collective Efficacy and Community Safety," The New Economy 11: 106-113, quote at 108. This inquiry may be seen as an empirical examination of a style of collectively efficacious practice that has emerged in contemporary inner cities. 15. Susan Saegert, "Unlikely Leaders, Extreme Circumstances: Older Black Women Building Community Households," American Journal of Community Psychology 17, no. 3 (1989): 295-316. 16.

We could extend this line of thinking further by considering the impact on cities, regions, and nation-states, as a number of scholars have done. See Saskia Sassen, The Global City: New York, London, Tokyo (Princeton: Princeton University Press, 2000); Barbara Ehrenreich and Arlie Hochshild, eds, Global Woman: Nannies, Maids, and Sex Workers in the New Economy (New York: Henry Holt, 2003); Bruno Dallago, The Irregular Economy: The "Underground" Economy and the "Black" Labour Market (Brookfield, Vt.: Dartmouth Publishing Co., 1990); J. J. Thomas, Informal Economic Activity (London: Harvester Wheatsheaf, 1992); Alejandro Fortes, Manuel Castells, and Lauren Benton, "Conclusion: The Policy Implications of Informality," in The Informal Economy: Studies in Advances and Less Developed Countries, ed.


Virtual Competition by Ariel Ezrachi, Maurice E. Stucke

"World Economic Forum" Davos, Airbnb, Alan Greenspan, Albert Einstein, algorithmic management, algorithmic trading, Arthur D. Levinson, barriers to entry, behavioural economics, cloud computing, collaborative economy, commoditize, confounding variable, corporate governance, crony capitalism, crowdsourcing, Daniel Kahneman / Amos Tversky, David Graeber, deep learning, demand response, Didi Chuxing, digital capitalism, disintermediation, disruptive innovation, double helix, Downton Abbey, driverless car, electricity market, Erik Brynjolfsson, Evgeny Morozov, experimental economics, Firefox, framing effect, Google Chrome, independent contractor, index arbitrage, information asymmetry, interest rate derivative, Internet of things, invisible hand, Jean Tirole, John Markoff, Joseph Schumpeter, Kenneth Arrow, light touch regulation, linked data, loss aversion, Lyft, Mark Zuckerberg, market clearing, market friction, Milgram experiment, multi-sided market, natural language processing, Network effects, new economy, nowcasting, offshore financial centre, pattern recognition, power law, prediction markets, price discrimination, price elasticity of demand, price stability, profit maximization, profit motive, race to the bottom, rent-seeking, Richard Thaler, ride hailing / ride sharing, road to serfdom, Robert Bork, Ronald Reagan, search costs, self-driving car, sharing economy, Silicon Valley, Skype, smart cities, smart meter, Snapchat, social graph, Steve Jobs, sunk-cost fallacy, supply-chain management, telemarketer, The Chicago School, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, Travis Kalanick, turn-by-turn navigation, two-sided market, Uber and Lyft, Uber for X, uber lyft, vertical integration, Watson beat the top human players on Jeopardy!, women in the workforce, yield management

Thus, it is argued that most online markets should not possess the characteristics that make antitrust intervention (or regulation) necessary. Any claims for antitrust or regulatory intervention should be treated with suspicion. The intervention will likely be unnecessary and harm consumers, as its aim will be to protect firms in the old economy from the new economy. While the algorithm-driven economy may herald the decline of “traditional” competition, the era of machine learning fueled by Big Data will unleash greater efficiencies that improve our welfare. Of course, we accept and acknowledge these benefits. But once we look beyond the shiny outer layer, the emerging online markets reveal several significant dangers.

., 147 F.3d 935, 948 (D.C. Cir. 1998) (“Antitrust scholars have long recognized the undesirability of having courts oversee product design, and any dampening of technological innovation would be at cross-purposes with antitrust law”); compare John M. Newman, “Anticompetitive Product Design in the New Economy,” Florida State University Law Review 39 (2012): 681, proposing a structured, efficient, and rational method for analyzing design-related conduct in tech markets. 17. Maureen K. Ohlhausen, A Smarter Section 5 (Washington DC: U.S. Federal Trade Commission, September 25, 2015), 12, https://www.ftc.gov/system/fi les /documents/public _ statements/804511/150925smartersection5.pdf. 18.


pages: 468 words: 137,055

Crypto: How the Code Rebels Beat the Government Saving Privacy in the Digital Age by Steven Levy

Albert Einstein, Bletchley Park, Claude Shannon: information theory, cognitive dissonance, Compatible Time-Sharing System, computer age, disinformation, Donald Knuth, Eratosthenes, Extropian, Fairchild Semiconductor, information security, invention of the telegraph, Jim Simons, John Gilmore, John Markoff, John Perry Barlow, Kevin Kelly, knapsack problem, Marc Andreessen, Mitch Kapor, MITM: man-in-the-middle, Mondo 2000, Network effects, new economy, NP-complete, quantum cryptography, Ronald Reagan, Saturday Night Live, Silicon Valley, Simon Singh, Stephen Hawking, Steven Levy, Watson beat the top human players on Jeopardy!, web of trust, Whole Earth Catalog, zero-sum game, Zimmermann PGP, éminence grise

So she asked the people at Microsoft who had been working with her—Nathan Myhrvold and company counsel Bill Neukom—if they could convince the world’s most famous techno-geek to lobby her colleagues on the matter. I’m out on a political limb here, she pleaded. Without publicity, she had Bill Gates address the intelligence committee. The National Security stooges started to explain to the billionaire how important the export laws were, but the icon of the New Economy had little patience for being lectured. Gates let them know that was a bullshit reason. The committee members didn’t get offended—it was kind of a kick, getting snapped at by the world’s richest guy. You certainly had to take him seriously when he talked about what was good for business. Cantwell dug in her heels with the White House, too.

And they cleverly identified the legislators who would promote procrypto bills, not so much in anticipation of actually passing them, but to increase the already considerable pressure for strong-crypto détente. The lobbyists’ prize converts were a conservative Republican from Virginia, Robert Goodlatte, and a new-economy Democrat representing Silicon Valley, Zoe Lofgren. Goodlatte in particular was a firebrand on the issue, a newly born crypto head in pinstripes. “The first thing we did was have him spend time with the NSA on this, so he could hear the point of view from the other side,” says Heiman. After being inoculated by a full-contact classified briefing, Goodlatte then was served the alternative reality: crypto was already abroad, industry was in danger of losing billions, and so on.


pages: 506 words: 133,134

The Lonely Century: How Isolation Imperils Our Future by Noreena Hertz

"Friedman doctrine" OR "shareholder theory", Airbnb, airport security, algorithmic bias, Asian financial crisis, autism spectrum disorder, Bernie Sanders, Big Tech, big-box store, Broken windows theory, call centre, Capital in the Twenty-First Century by Thomas Piketty, car-free, Cass Sunstein, centre right, conceptual framework, Copley Medal, coronavirus, correlation does not imply causation, COVID-19, dark matter, deindustrialization, Diane Coyle, digital divide, disinformation, Donald Trump, driverless car, emotional labour, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, Fellow of the Royal Society, future of work, gender pay gap, gentrification, gig economy, Gordon Gekko, greed is good, Greta Thunberg, happiness index / gross national happiness, housing crisis, illegal immigration, independent contractor, industrial robot, Jane Jacobs, Jeff Bezos, Jeremy Corbyn, Jessica Bruder, job automation, job satisfaction, karōshi / gwarosa / guolaosi, Kevin Roose, knowledge economy, labor-force participation, lockdown, longitudinal study, low interest rates, low skilled workers, Lyft, Mark Zuckerberg, mass immigration, means of production, megacity, meta-analysis, move fast and break things, Network effects, new economy, Pepto Bismol, QWERTY keyboard, Ray Oldenburg, remote working, rent control, RFID, robo advisor, Ronald Reagan, Salesforce, San Francisco homelessness, Second Machine Age, Shoshana Zuboff, side hustle, Silicon Valley, Skype, Snapchat, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, Steve Jobs, surveillance capitalism, TaskRabbit, tech worker, The Death and Life of Great American Cities, The Future of Employment, The Great Good Place, the long tail, The Wealth of Nations by Adam Smith, TikTok, Tim Cook: Apple, Uber and Lyft, uber lyft, urban planning, Wall-E, warehouse automation, warehouse robotics, WeWork, work culture , working poor, workplace surveillance

They should also consider imposing a robot tax – something Bill Gates has championed.101 This makes even more sense when you consider the fact that by not taxing robots as we do human labour, we’re essentially subsidising automation by making it cheaper for companies to use robots than humans, whether they are more efficient or not.102 To be clear, I’m not suggesting a blanket tax on any object deemed to be a robot: its application should be more specific, such as limiting the deductions that companies can take on investments in automation, or introducing the equivalent of payroll taxes for robots hired to replace human workers. Such moves would allow governments to slow the advancement of automation whilst, at the same time, enable them to build a war chest. This could be used to help fund initiatives to up-skill workers for the jobs that do exist in the new economy, as well as cover the significant additional costs governments will incur if they are to provide decent levels of income support to those no longer able to find traditional paid employment. Despite its potential, the European Parliament dismissed a robot tax proposal in 2017 on the grounds that it would disadvantage European robot developers and manufacturers in the global market.

See, for instance, Shoshana Zuboff, In the Age of the Smart Machine: The Future of Work and Power (Basic Books, 1988); Barbara Garson, The Electronic Sweatshop: How Computers Are Turning the Office of the Future into the Factory of the Past (Simon & Schuster, 1988); Michael Wallace, ‘Brave New Workplace: Technology and Work in the New Economy’, Work and Occupations 16, no. 4 (1989), 363–92. 41 Ivan Manokha, ‘New Means of Workplace Surveillance: From the Gaze of the Supervisor to the Digitalization of Employees’, Monthly Review, 1 February 2019, https://monthlyreview.org/2019/02/01/new-means-of-workplace-surveillance/. 42 In 1985, 30% of OECD workers were unionized; by 2019 this had fallen to 16%.


Stacy Mitchell by Big-Box Swindle The True Cost of Mega-Retailers, the Fight for America's Independent Businesses (2006)

accelerated depreciation, big-box store, business climate, business cycle, clean water, collective bargaining, corporate personhood, drop ship, European colonialism, Haight Ashbury, income inequality, independent contractor, inventory management, invisible hand, Jane Jacobs, low skilled workers, Maui Hawaii, Menlo Park, new economy, New Urbanism, price discrimination, race to the bottom, Ray Oldenburg, RFID, Ronald Reagan, The Chicago School, The Death and Life of Great American Cities, The Great Good Place, the long tail, union organizing, urban planning, women in the workforce, zero-sum game

Seidman, “Smart Growth and Economic Development: Evidence and Lessons for the Future of Massachusetts,” report to the Boston Society of Architects’ Civic Initiative for Smart Growth, 2004, 17–19; David Salvesen and Henry Renski, “The Importance of Quality of Life in the Location Decisions of New Economy Firms” (University of North Carolina Center for Urban and Regional Studies, January 2003); Collaborative Economics, “Linking the New Economy to the Livable Community” (white paper sponsored by the James Irvine Foundation, 1998); John L. Crompton and Lisa L. Love, “The Role of Quality of Life in Business (Re)location Decisions,” Journal of Business Research (Mar. 1999); Local Government Commission, “The Economic Benefits of Walkable Communities” (undated report); Growth in the Heartland: Challenges and Opportunities (Washington, D.C.: Brookings Institution, Dec. 6, 2002), 50–51; David Bollier, How Smart Growth Can Stop NOTES 273 Sprawl (Washington, D.C.: Essential Books, 1998); John Crompton, Parks and Economic Development (Chicago: APA Planning Advisory Service, 2001); Angus King, speech given at the Smart Growth Summit in Augusta, Maine, Dec. 10, 2004.


The Hour of Fate by Susan Berfield

bank run, buy and hold, capital controls, collective bargaining, company town, Cornelius Vanderbilt, death from overwork, friendly fire, Howard Zinn, Ida Tarbell, income inequality, new economy, plutocrats, Ralph Waldo Emerson, Simon Kuznets, strikebreaker, the market place, transcontinental railway, wage slave, working poor

A few specifically banned trusts altogether. Sherman took a different approach. He used the broad language of the common law, old and well-established principles, to assure conservative senators that they weren’t creating new rules but merely enabling the federal courts to apply existing standards to the new economy. The Sherman Antitrust Act declared illegal every contract, combination of companies, or conspiracy that restrained or monopolized interstate trade or commerce. And then, as the state laws did, it imposed criminal penalties: Those found guilty of forming such combinations were subject to fines of up to five thousand dollars and a year in jail.

But in tone and substance Roosevelt’s speech was, as one paper, noted “more devoted to business48 and fruitful, practical suggestions on every-day affairs than we have ever seen in a President’s message.” Roosevelt promised the working class, and signaled to big business, that the government would not be a spectator in the new economy. The audience in the gallery cheered. Roosevelt, in the family’s quarters at the White House, clapped when he learned of the response. Investors, reacting only to Roosevelt’s praise of industrialization and already familiar with his plans to seek more disclosure, sent the stock market soaring.


pages: 563 words: 136,190

The Next Shift: The Fall of Industry and the Rise of Health Care in Rust Belt America by Gabriel Winant

affirmative action, Affordable Care Act / Obamacare, anti-communist, antiwork, blue-collar work, business cycle, Capital in the Twenty-First Century by Thomas Piketty, classic study, clean water, collective bargaining, company town, coronavirus, COVID-19, creative destruction, deindustrialization, desegregation, deskilling, emotional labour, employer provided health coverage, Erik Brynjolfsson, Ford paid five dollars a day, full employment, future of work, ghettoisation, independent contractor, invisible hand, Kitchen Debate, labor-force participation, longitudinal study, low skilled workers, mandatory minimum, manufacturing employment, mass incarceration, MITM: man-in-the-middle, moral hazard, new economy, New Urbanism, obamacare, opioid epidemic / opioid crisis, pink-collar, post-industrial society, post-work, postindustrial economy, price stability, RAND corporation, Ronald Reagan, Second Machine Age, secular stagnation, the built environment, union organizing, upwardly mobile, urban renewal, vertical integration, War on Poverty, white flight, Wolfgang Streeck, women in the workforce, work culture , working poor

“The decline of manufacturing employment was accompanied by a steady increase of employment in service industries,” observed a RAND Corporation study. “For many, the loss of manufacturing jobs meant unemployment or lower-paying jobs in new occupations.” In this typical analysis, the relationship between the two processes appeared to be coincidental.3 The rapid growth in the late 1970s of the largest “new economy” sector, health care, resulted from the interaction between the existing institutions of the welfare state and the broad effects of industrial decline. As growing numbers of people fell out of the net of economic security provided by industrial employment and the social institutions that surrounded it, people turned to their health care coverage to meet their changing social needs.

Despite some ambivalence, he grasped the reality of deindustrialization, which many in the ranks of labor continued to ignore, and he searched for egalitarian possibilities within it. He managed to identify a relationship between the displacement of industrial workers and the growth of the new service economy, although, like most observers, he did not yet apprehend just how little that new economy would provide for his working-class brothers and sisters. The rank-and-file organizations that formed Sadlowski’s grassroots base remained important sources of working-class solidarity, fighting for safety, nondiscrimination, and democracy on the job. They captured the leadership of Local 1397 at Homestead Works and turned it into a regional base of working-class radicalism in steel’s final decade.


Principles of Corporate Finance by Richard A. Brealey, Stewart C. Myers, Franklin Allen

3Com Palm IPO, accelerated depreciation, accounting loophole / creative accounting, Airbus A320, Alan Greenspan, AOL-Time Warner, Asian financial crisis, asset allocation, asset-backed security, banking crisis, Bear Stearns, Bernie Madoff, big-box store, Black Monday: stock market crash in 1987, Black-Scholes formula, Boeing 747, book value, break the buck, Brownian motion, business cycle, buy and hold, buy low sell high, California energy crisis, capital asset pricing model, capital controls, Carl Icahn, Carmen Reinhart, carried interest, collateralized debt obligation, compound rate of return, computerized trading, conceptual framework, corporate governance, correlation coefficient, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cross-border payments, cross-subsidies, currency risk, discounted cash flows, disintermediation, diversified portfolio, Dutch auction, equity premium, equity risk premium, eurozone crisis, fear index, financial engineering, financial innovation, financial intermediation, fixed income, frictionless, fudge factor, German hyperinflation, implied volatility, index fund, information asymmetry, intangible asset, interest rate swap, inventory management, Iridium satellite, James Webb Space Telescope, junk bonds, Kenneth Rogoff, Larry Ellison, law of one price, linear programming, Livingstone, I presume, London Interbank Offered Rate, Long Term Capital Management, loss aversion, Louis Bachelier, low interest rates, market bubble, market friction, money market fund, moral hazard, Myron Scholes, new economy, Nick Leeson, Northern Rock, offshore financial centre, PalmPilot, Ponzi scheme, prediction markets, price discrimination, principal–agent problem, profit maximization, purchasing power parity, QR code, quantitative trading / quantitative finance, random walk, Real Time Gross Settlement, risk free rate, risk tolerance, risk/return, Robert Shiller, Scaled Composites, shareholder value, Sharpe ratio, short selling, short squeeze, Silicon Valley, Skype, SpaceShipOne, Steve Jobs, subprime mortgage crisis, sunk-cost fallacy, systematic bias, Tax Reform Act of 1986, The Nature of the Firm, the payments system, the rule of 72, time value of money, too big to fail, transaction costs, University of East Anglia, urban renewal, VA Linux, value at risk, Vanguard fund, vertical integration, yield curve, zero-coupon bond, zero-sum game, Zipcar

Prepare a forecast showing how NPV changes if the mine reopening is delayed to year 1, 2, 3, 4 or 5. Assume that the price of silver will appreciate at 4% per year. When should you invest if the cost of capital is 14%? What if the cost of capital is 20%? MINI-CASE ● ● ● ● ● New Economy Transport (A) The New Economy Transport Company (NETCO) was formed in 1959 to carry cargo and passengers between ports in the Pacific Northwest and Alaska. By 2012 its fleet had grown to four vessels, including a small dry-cargo vessel, the Vital Spark. The Vital Spark is 25 years old and badly in need of an overhaul.

/ The Verdict on IRR 5-4 Choosing Capital Investments When Resources Are Limited An Easy Problem in Capital Rationing/Uses of Capital Rationing Models Summary Further Reading Problem Sets Mini-Case: Vegetron’s CFO Calls Again 6 Making Investment Decisions with the Net Present Value Rule 6-1 Applying the Net Present Value Rule Rule 1: Only Cash Flow Is Relevant/Rule 2: Estimate Cash Flows on an Incremental Basis/Rule 3: Treat Inflation Consistently/Rule 4: Separate Investment and Financing Decisions 6-2 Example—IM&C’s Fertilizer Project Separating Investment and Financing Decisions/Investments in Working Capital/A Further Note on Depreciation/A Final Comment on Taxes/Project Analysis/Calculating NPV in Other Countries and Currencies 6-3 Using the NPV Rule to Choose among Projects Problem 1: The Investment Timing Decision/Problem 2: The Choice between Long- and Short-Lived Equipment/Problem 3: When to Replace an Old Machine/Problem 4: Cost of Excess Capacity Summary Problem Sets Mini-Case: New Economy Transport (A) and (B) Part Two: Risk 7 Introduction to Risk and Return 7-1 Over a Century of Capital Market History in One Easy Lesson Arithmetic Averages and Compound Annual Returns/Using Historical Evidence to Evaluate Today’s Cost of Capital/Dividend Yields and the Risk Premium 7-2 Measuring Portfolio Risk Variance and Standard Deviation/Measuring Variability/How Diversification Reduces Risk 7-3 Calculating Portfolio Risk General Formula for Computing Portfolio Risk/Limits to Diversification 7-4 How Individual Securities Affect Portfolio Risk Market Risk Is Measured by Beta/Why Security Betas Determine Portfolio Risk 7-5 Diversification and Value Additivity Summary Further Reading Problem Sets Finance on the Web 8 Portfolio Theory and the Capital Asset Pricing Model 8-1 Harry Markowitz and the Birth of Portfolio Theory Combining Stocks into Portfolios/We Introduce Borrowing and Lending 8-2 The Relationship Between Risk and Return Some Estimates of Expected Returns/Review of the Capital Asset Pricing Model/What If a Stock Did Not Lie on the Security Market Line?

Calculate the NPV of the proposed overhaul of the Vital Spark, with and without the new engine and control system. To do the calculation, you will have to prepare a spreadsheet table showing all costs after taxes over the vessel’s remaining economic life. Take special care with your assumptions about depreciation tax shields and inflation. New Economy Transport (B) There is no question that the Vital Spark needs an overhaul soon. However, Mr. Handy feels it unwise to proceed without also considering the purchase of a new vessel. Cohn and Doyle, Inc., a Wisconsin shipyard, has approached NETCO with a design incorporating a Kort nozzle, extensively automated navigation and power control systems, and much more comfortable accommodations for the crew.


Power Systems: Conversations on Global Democratic Uprisings and the New Challenges to U.S. Empire by Noam Chomsky, David Barsamian

"World Economic Forum" Davos, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, American ideology, Chelsea Manning, collective bargaining, colonial rule, corporate personhood, David Brooks, discovery of DNA, double helix, drone strike, failed state, Great Leap Forward, Herbert Marcuse, high-speed rail, Howard Zinn, hydraulic fracturing, income inequality, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), Julian Assange, land reform, language acquisition, Martin Wolf, Mohammed Bouazizi, Naomi Klein, Nelson Mandela, new economy, no-fly zone, obamacare, Occupy movement, oil shale / tar sands, pattern recognition, Powell Memorandum, public intellectual, quantitative easing, Ralph Nader, Ralph Waldo Emerson, single-payer health, sovereign wealth fund, The Wealth of Nations by Adam Smith, theory of mind, Tobin tax, union organizing, Upton Sinclair, uranium enrichment, WikiLeaks

L. Doctorow, Ragtime (New York: Plume, 1997). 5. Mohammed Hanif, A Case of Exploding Mangoes (New York: Alfred A. Knopf, 2008). 6. James Rainey, “Wikipedia to Go Offline to Protest Anti-Piracy Legislation,” Los Angeles Times, 17 January 2012. 7. Jonathan Weisman, “In Fight over Piracy Bills, New Economy Rises Against Old,” New York Times, 18 January 2012. 8. Dean Baker, Financing Drug Research: What Are the Issues? (Washington, DC: Center for Economic and Policy Research, September 2004). 9. Dean Baker, “The Surefire Way to End Online Piracy: End Copyright,” Truthout.org, 23 January 2012. 10.


pages: 197 words: 49,240

Melting Pot or Civil War?: A Son of Immigrants Makes the Case Against Open Borders by Reihan Salam

Affordable Care Act / Obamacare, Bonfire of the Vanities, charter city, delayed gratification, Donald Trump, driverless car, Edward Glaeser, gentrification, ghettoisation, guest worker program, illegal immigration, immigration reform, income inequality, income per capita, industrial robot, interchangeable parts, job automation, low skilled workers, low-wage service sector, mass immigration, megacity, new economy, obamacare, open borders, open immigration, race to the bottom, self-driving car, Shenzhen special economic zone , Silicon Valley, special economic zone, two tier labour market, upwardly mobile, urban decay, working poor

“A new generation of anti-gentrification radicals are on the march in Los Angeles—and around the country.” Yahoo News, March 5, 2018. www.yahoo.com/news/new-generation-anti-gentrification-radicals-march-los-angeles-around-country-100000522.html. 10. Vega, Tanzina. “Why the racial wealth gap won’t go away.” CNN Money, January 26, 2016. money.cnn.com/2016/01/25/news/economy/racial-wealth-gap/index.html. 11. Romano, Andrew and Garance Frankie-Ruta. “A New Generation Of Anti-Gentrification Radicals Are On The March In Los Angeles—And Around The Country.” HuffPost. https://www.huffingtonpost.com/entry/a-new-generation-of-anti-gentrification-radicals-are-on-the-march-in-los-angeles-and-around-the-country-us_5a9d6c45e4b0479c0255adec. 12.


pages: 140 words: 91,067

Money, Real Quick: The Story of M-PESA by Tonny K. Omwansa, Nicholas P. Sullivan, The Guardian

Blue Ocean Strategy, BRICs, business process, business process outsourcing, call centre, cashless society, cloud computing, creative destruction, crowdsourcing, delayed gratification, dematerialisation, democratizing finance, digital divide, disruptive innovation, end-to-end encryption, financial exclusion, financial innovation, financial intermediation, income per capita, Kibera, Kickstarter, M-Pesa, microcredit, mobile money, Network effects, new economy, reserve currency, Salesforce, Silicon Valley, software as a service, tontine, transaction costs

“What are the lessons of Kenya’s ICT revolution for the broader economy of Kenya and for other countries? First, this revolution is not just for the young tech-savvy programmers that huddle at iHub. ICT is no longer a niche sector of the economy. It has become mainstream and affects virtually every actor and every sector of the economy. It’s misleading to talk about a so-called “new economy” because it has in fact changed the way the old economy is operating. Over the next years, the biggest innovations will probably come from the incubation of technology in “traditional” sectors. The financial sector is already in the midst of this transformation, with mobile money as the most visible sign.


pages: 236 words: 50,763

The Golden Ticket: P, NP, and the Search for the Impossible by Lance Fortnow

Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, Andrew Wiles, Claude Shannon: information theory, cloud computing, complexity theory, Donald Knuth, Erdős number, four colour theorem, Gerolamo Cardano, Isaac Newton, James Webb Space Telescope, Johannes Kepler, John von Neumann, Large Hadron Collider, linear programming, new economy, NP-complete, Occam's razor, P = NP, Paul Erdős, quantum cryptography, quantum entanglement, Richard Feynman, Rubik’s Cube, seminal paper, smart grid, Stephen Hawking, traveling salesman, Turing machine, Turing test, Watson beat the top human players on Jeopardy!, William of Occam

Universities are creating new courses in “Urbana optimization” that show how to take any problem and find the quickest and simplest way to use the Urbana algorithm to solve it. The algorithm will create far more jobs than were lost. Still, many feel anger against the algorithm on behalf of those people who lost their jobs and can’t fit into the new economy. Governments continue to pass laws to protect people from many of the consequences of the Urbana algorithm, but you can’t put technology back in the bottle. Humanity has quickly adapted, and only a few outspoken people in polls would be willing to turn back the clock and go back to that ancient world of 2012, before an algorithm gave them the beautiful world.


pages: 193 words: 48,066

The European Union by John Pinder, Simon Usherwood

Berlin Wall, BRICs, central bank independence, centre right, collective bargaining, Doha Development Round, eurozone crisis, failed state, illegal immigration, labour market flexibility, mass immigration, Neil Kinnock, Nelson Mandela, new economy, non-tariff barriers, open borders, price stability, trade liberalization, zero-sum game

Cooperation based on the powers and instruments of member states can be useful, but would not achieve much without the hard core of common powers and instruments. The single market legislation provides a framework for economic strength and prosperity, even if it remains incomplete in some significant sectors and will need further development to cater adequately for the new economy including e-commerce and information technology; and, for member states that have adopted the euro, the single currency completes the single market in the monetary domain. The budget has transferred resources to sectors deemed to require support, originally to agriculture but increasingly to less-developed regions and member states.


pages: 976 words: 235,576

The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite by Daniel Markovits

8-hour work day, activist fund / activist shareholder / activist investor, affirmative action, algorithmic management, Amazon Robotics, Anton Chekhov, asset-backed security, assortative mating, basic income, Bernie Sanders, big-box store, business cycle, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, carried interest, collateralized debt obligation, collective bargaining, compensation consultant, computer age, corporate governance, corporate raider, crony capitalism, David Brooks, deskilling, Detroit bankruptcy, disruptive innovation, Donald Trump, Edward Glaeser, Emanuel Derman, equity premium, European colonialism, everywhere but in the productivity statistics, fear of failure, financial engineering, financial innovation, financial intermediation, fixed income, Ford paid five dollars a day, Frederick Winslow Taylor, fulfillment center, full employment, future of work, gender pay gap, gentrification, George Akerlof, Gini coefficient, glass ceiling, Glass-Steagall Act, Greenspan put, helicopter parent, Herbert Marcuse, high net worth, hiring and firing, income inequality, industrial robot, interchangeable parts, invention of agriculture, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kevin Roose, Kiva Systems, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, Larry Ellison, longitudinal study, low interest rates, low skilled workers, machine readable, manufacturing employment, Mark Zuckerberg, Martin Wolf, mass incarceration, medical residency, meritocracy, minimum wage unemployment, Myron Scholes, Nate Silver, New Economic Geography, new economy, offshore financial centre, opioid epidemic / opioid crisis, Paul Samuelson, payday loans, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, purchasing power parity, rent-seeking, Richard Florida, Robert Gordon, Robert Shiller, Robert Solow, Ronald Reagan, Rutger Bregman, savings glut, school choice, shareholder value, Silicon Valley, Simon Kuznets, six sigma, Skype, stakhanovite, stem cell, Stephen Fry, Steve Jobs, stock buybacks, supply-chain management, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Theory of the Leisure Class by Thorstein Veblen, Thomas Davenport, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, traveling salesman, universal basic income, unpaid internship, Vanguard fund, War on Poverty, warehouse robotics, Winter of Discontent, women in the workforce, work culture , working poor, Yochai Benkler, young professional, zero-sum game

lower rate than his secretary: See Warren Buffett, “Stop Coddling the Super-Rich,” New York Times, August 14, 2011, accessed July 23, 2018, www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html?_r=0, and Chris Isidore, “Buffett Says He’s Still Paying Lower Tax Rate Than His Secretary,” CNN Money, March 4, 2013, accessed July 23, 2018, https://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/index.html. become effectively flat: When the payroll taxes that fund Social Security and Medicare and also state and local taxes are taken into account, the average overall tax rates in the United States today are almost totally flat. In a typical recent year, the bottom fifth of earners receive 3 percent of income and pay 2 percent of taxes; the middle fifth receive 11 percent and pay 10 percent; and the top 1 percent receive 21 percent and pay 22 percent.

In one detailed study from the telecommunications sector in the mid-1990s, for example, 93 percent of middle managers reported increased workloads following restructuring. See Rosemary Batt, “From Bureaucracy to Enterprise? The Changing Jobs and Careers of Managers in Telecommunications Service,” in Paul Osterman, ed., Broken Ladders: Managerial Careers in the New Economy (Oxford: Oxford University Press, 1996), 73. See also Peter Cappelli, The New Deal at Work: Managing the Market-Driven Workforce (Boston: Harvard Business School Press, 1999), 129–30. Hereafter cited as Cappelli, The New Deal at Work. Managers’ hours grew steadily: Daniel Feldman, “Managers’ Propensity to Work Long Hours: A Multilevel Analysis,” Human Resource Management Review 12 (2002): 339.

Goldstein adds that Icahn attributed Japan’s then-greater manufacturing productivity growth to “our lack of managerial talent and the strangling bureaucracy that exists in most of corporate America.” from 1:5 to 1:30: See Rosemary Batt, “From Bureaucracy to Enterprise? The Changing Jobs and Careers of Managers in Telecommunications Service,” in Broken Ladders: Managerial Careers in the New Economy, ed. Paul Osterman (New York: Oxford University Press, 1996), 55–80; Goldstein, “Revenge of the Managers,” 273. twice the rate of nonmanagerial workers: Managerial displacement rates roughly doubled over these decades (even as displacement rates for nonmanagerial workers declined). See Jennifer Gardner, “Worker Displacement: A Decade of Change,” Monthly Labor Review 118 (1995): 45–57; Goldstein, “Revenge of the Managers,” 273.


The First Tycoon by T.J. Stiles

book value, British Empire, business cycle, business logic, buttonwood tree, buy and hold, buy low sell high, California gold rush, Cornelius Vanderbilt, credit crunch, Edward Glaeser, gentleman farmer, informal economy, invisible hand, Isaac Newton, James Watt: steam engine, joint-stock company, margin call, Monroe Doctrine, new economy, public intellectual, risk free rate, short selling, Snow Crash, strikebreaker, The Wealth of Nations by Adam Smith, three-masted sailing ship, tontine, transatlantic slave trade, transcontinental railway, vertical integration, working poor

Even at the half century, the notion of dividing a company into shares, treating each share as property, and then allowing its value to fluctuate, just seemed wrong, even immoral to them.11 The rabble and their rousers were not the only Americans who had difficulty grasping the abstractions of the new economy. Most of those merchants and lawyers who paid New Year's calls on Fifth Avenue—not to mention the businessmen in smaller towns and villages around the country—still worked in personal enterprises, owned by single proprietors or small partnerships. Corporations remained so few that the stock exchange traded shares—and bonds—one at a time.

The age of unspecialized merchants and skilled artisans began to fade as mills, factories, banks, and railroads rose in their place. Most Americans still worked on their own farms, in their own shops, or for small partnerships or personal businesses, but New York (and New England) presaged a future of industrialization and incorporation, of stockholders, managers, and wage workers. Unquestionably the new economy worked wonders, creating a highly productive, exceedingly wealthy society; but in 1857 the great self-directed orchestra of New York threatened to break apart into cacophony and chaos. In the middle of June, New York's policemen divided into two camps: the Metropolitan Police, organized by the Republican-controlled state legislature, and the Municipal Police, under the control of Mayor Wood.

Aspinwall replied that this demand was a “new feature,” that he could not possibly speak for the stockholders as individuals. “It is a great pity,” Vanderbilt concluded.89 This argument reveals the culture of American business in a moment of transition. On the eve of 1860, after decades of experience with—indeed, mastery of—the abstractions of the new economy, Vanderbilt and his ring still saw little distinction between the corporation and its stockholders. Theirs was not an elaborately worked-out philosophical position; rather, it was the product of a long tradition of controlling competition with formal and informal agreements—as well as raw self-interest.


The Corporation: The Pathological Pursuit of Profit and Power by Joel Bakan

"World Economic Forum" Davos, Alan Greenspan, benefit corporation, Berlin Wall, business logic, Cass Sunstein, corporate governance, corporate personhood, corporate social responsibility, creative destruction, electricity market, energy security, Exxon Valdez, Ford Model T, IBM and the Holocaust, joint-stock company, laissez-faire capitalism, market fundamentalism, Naomi Klein, new economy, precautionary principle, race to the bottom, Ralph Nader, Ronald Reagan, shareholder value, South Sea Bubble, The Wealth of Nations by Adam Smith, Triangle Shirtwaist Factory, urban sprawl

"The internal politics of Nazi Germany 'should not be considered the business of the management of General Motors,' Sloan explained in a letter to a concerned shareholder dated April 6, 1939. 'We must conduct ourselves [in Germany] as a German organization.... We have no right to shut down the plant.' " 7. According to David Jessup, executive director of New Economy Information Service, an organization whose survey data found a disturbing trend by U.S. corporations to invest in authoritarian countries, "I doubt that the issue of democracy-or-no-democracy is on businessmen's minds when they make an investment decision. But maybe it's an unconscious preference [for authoritarian countries]."


pages: 196 words: 54,339

Team Human by Douglas Rushkoff

1960s counterculture, Abraham Maslow, Adam Curtis, autonomous vehicles, basic income, Berlin Wall, big-box store, bitcoin, blockchain, Burning Man, carbon footprint, circular economy, clean water, clockwork universe, cloud computing, collective bargaining, Computing Machinery and Intelligence, corporate personhood, digital capitalism, disintermediation, Donald Trump, drone strike, European colonialism, fake news, Filter Bubble, full employment, future of work, game design, gamification, gig economy, Google bus, Gödel, Escher, Bach, hockey-stick growth, Internet of things, invention of the printing press, invention of writing, invisible hand, iterative process, John Perry Barlow, Kevin Kelly, Kevin Roose, knowledge economy, Larry Ellison, Lewis Mumford, life extension, lifelogging, Mark Zuckerberg, Marshall McLuhan, means of production, mirror neurons, multilevel marketing, new economy, patient HM, pattern recognition, peer-to-peer, Peter Thiel, planned obsolescence, power law, prosperity theology / prosperity gospel / gospel of success, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Ronald Reagan, Ronald Reagan: Tear down this wall, shareholder value, sharing economy, Silicon Valley, Silicon Valley billionaire, social intelligence, sovereign wealth fund, Steve Jobs, Steven Pinker, Stewart Brand, tech billionaire, technoutopianism, TED Talk, theory of mind, trade route, Travis Kalanick, Turing test, universal basic income, Vannevar Bush, We are as Gods, winner-take-all economy, zero-sum game

the New York Stock Exchange was actually purchased by its derivatives exchange in 2013 Nina Mehta and Nandini Sukumar, “Intercontinental Exchange to Acquire NYSE for $8.2 Billion,” Bloomberg, December 20, 2012. 47. digital technology came to the rescue, providing virtual territory for capital’s expansion Joel Hyatt, Peter Leyden, and Peter Schwartz, The Long Boom: A Vision for the Coming Age of Prosperity (New York: Basic Books, 2000). Kevin Kelly, New Rules for a New Economy (London: Penguin, 1999). corporate returns on assets have been steadily declining for over seventy-five years John Hagel et al., foreword, The Shift Index 2013: The 2013 Shift Index Series (New York: Deloitte, 2013). 48. One or two superstars get all the plays, and everyone else sells almost nothing M.


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One Click: Jeff Bezos and the Rise of Amazon.com by Richard L. Brandt

Amazon Web Services, automated trading system, big-box store, call centre, cloud computing, deal flow, drop ship, Dynabook, Elon Musk, Free Software Foundation, inventory management, Jeff Bezos, Kevin Kelly, Kickstarter, Larry Ellison, Marc Andreessen, new economy, Pershing Square Capital Management, science of happiness, search inside the book, Silicon Valley, Silicon Valley startup, skunkworks, software patent, Steve Jobs, Stewart Brand, Tony Hsieh, two-pizza team, Whole Earth Catalog, Y2K

(When Google announced its bookselling business in 2010, privacy advocates even complained that would give the company too much information about what books people are buying, seemingly having forgotten about Amazon’s database altogether.) Still, throughout 1999, Amazon’s stock price continued to soar like Icarus trying out new wings. Wall Street analysts and others who kept warning about the company’s lack of profitability were dismissed as old economy pessimists who didn’t understand the new economy of the Internet. In April 1998, Keith Benjamin, an Internet analyst with BancAmerica Robertson Stephens in San Francisco, enthusiastically called Amazon “the poster child of Internet commerce.” Amazon was also the poster child for Henry Blodget, an Internet analyst with Merrill Lynch, who became famous for his seemingly uncanny projections of the amazing growth of Amazon and other Internet stocks.


pages: 271 words: 52,814

Blockchain: Blueprint for a New Economy by Melanie Swan

23andMe, Airbnb, altcoin, Amazon Web Services, asset allocation, banking crisis, basic income, bioinformatics, bitcoin, blockchain, capital controls, cellular automata, central bank independence, clean water, cloud computing, collaborative editing, Conway's Game of Life, crowdsourcing, cryptocurrency, data science, digital divide, disintermediation, Dogecoin, Edward Snowden, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, financial innovation, Firefox, friendly AI, Hernando de Soto, information security, intangible asset, Internet Archive, Internet of things, Khan Academy, Kickstarter, Large Hadron Collider, lifelogging, litecoin, Lyft, M-Pesa, microbiome, Neal Stephenson, Network effects, new economy, operational security, peer-to-peer, peer-to-peer lending, peer-to-peer model, personalized medicine, post scarcity, power law, prediction markets, QR code, ride hailing / ride sharing, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, SETI@home, sharing economy, Skype, smart cities, smart contracts, smart grid, Snow Crash, software as a service, synthetic biology, technological singularity, the long tail, Turing complete, uber lyft, unbanked and underbanked, underbanked, Vitalik Buterin, Wayback Machine, web application, WikiLeaks

Conclusion The Blockchain Is an Information Technology Blockchain AI: Consensus as the Mechanism to Foster “Friendly” AI Large Possibility Space for Intelligence Only Friendly AIs Are Able to Get Their Transactions Executed Smart Contract Advocates on Behalf of Digital Intelligence Blockchain Consensus Increases the Information Resolution of the Universe A. Cryptocurrency Basics Public/Private-Key Cryptography 101 B. Ledra Capital Mega Master Blockchain List Endnotes and References Index Blockchain Blueprint for a New Economy Melanie Swan Blockchain by Melanie Swan Copyright © 2015 Melanie Swan. All rights reserved. Printed in the United States of America. Published by O’Reilly Media, Inc., 1005 Gravenstein Highway North, Sebastopol, CA 95472. O’Reilly books may be purchased for educational, business, or sales promotional use.


pages: 169 words: 52,744

Big Capital: Who Is London For? by Anna Minton

"there is no alternative" (TINA), Airbnb, Berlin Wall, Big bang: deregulation of the City of London, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, Donald Trump, eurozone crisis, Fall of the Berlin Wall, Frank Gehry, gentrification, high net worth, high-speed rail, housing crisis, illegal immigration, Kickstarter, land bank, land value tax, market design, new economy, New Urbanism, offshore financial centre, payday loans, post-truth, quantitative easing, rent control, rent gap, Right to Buy, Russell Brand, sovereign wealth fund, the built environment, The Wealth of Nations by Adam Smith, urban renewal, working poor

The bedroom tax presents a mirror image of Airbnb. In a society where the ideal of public housing has collapsed, a financial penalty is imposed on people in social housing with a spare room, while those who are lucky enough to own a house with one find themselves with an additional source of revenue. Another feature of the new economy in private renting is property guardianship, where developers offer lower rents to people prepared to live in properties due to be redeveloped. Often these are in edgy locations such as Goldfinger’s Balfron Tower in East London, and the community of artists who move in briefly also brings a cachet which adds to the appealing nature of an area in the throes of change.


The Great Turning: From Empire to Earth Community by David C. Korten

Abraham Maslow, Albert Einstein, banks create money, big-box store, Bretton Woods, British Empire, business cycle, clean water, colonial rule, Community Supported Agriculture, death of newspapers, declining real wages, different worldview, digital divide, European colonialism, Francisco Pizarro, full employment, George Gilder, global supply chain, global village, God and Mammon, Hernando de Soto, Howard Zinn, informal economy, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, joint-stock company, land reform, market bubble, market fundamentalism, Monroe Doctrine, Naomi Klein, neoliberal agenda, new economy, peak oil, planetary scale, plutocrats, Project for a New American Century, Ronald Reagan, Rosa Parks, sexual politics, shared worldview, social intelligence, source of truth, South Sea Bubble, stem cell, structural adjustment programs, The Chicago School, trade route, Washington Consensus, wealth creators, World Values Survey

To draw on the butterfly metaphor, we might think of them as the imaginal buds of the new culture. With time, individual communities of congruence reach out to form alliances with others to create larger cultural spaces, such as a farmers’ market or food co-op; these create the imaginal buds of a new economy and allow participants to live more authentic and fulfilling lives. Gradually they build the power to transform or displace the institutions of the dominant culture. The Opportunity 85 Such communities and alliances formed in significant numbers during the latter half of the twentieth century to bring forth great social movements for national independence, human and civil rights, women’s rights, peace, environmental protection, and economic justice.

Where local production is not practical, BALLE chapters promote trading relationships between local-economy enterprises in different localities and countries. Innovative graduate business schools, such as the Bainbridge Graduate Institute, are creating curricula geared to preparing managers for a new economy whose defining goals are social and environmental health. Co-op America supports the marketing efforts of independent green businesses. The American Independent Business Alliance and the New Rules Project of the Institute for Local Self-Reliance help communities develop policy frameworks supportive of local independent businesses.4 These are only a few of many organizations dedicated to supporting the emergence of locally rooted, life-serving economies in the United States.


pages: 353 words: 148,895

Triumph of the Optimists: 101 Years of Global Investment Returns by Elroy Dimson, Paul Marsh, Mike Staunton

asset allocation, banking crisis, Berlin Wall, Black Monday: stock market crash in 1987, book value, Bretton Woods, British Empire, buy and hold, capital asset pricing model, capital controls, central bank independence, classic study, colonial rule, corporate governance, correlation coefficient, cuban missile crisis, currency risk, discounted cash flows, diversification, diversified portfolio, dividend-yielding stocks, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, European colonialism, fixed income, floating exchange rates, German hyperinflation, index fund, information asymmetry, joint-stock company, junk bonds, negative equity, new economy, oil shock, passive investing, purchasing power parity, random walk, risk free rate, risk tolerance, risk/return, selection bias, shareholder value, Sharpe ratio, stocks for the long run, survivorship bias, Tax Reform Act of 1986, technology bubble, transaction costs, yield curve

Germany and Japan remain heavily weighted in the three key manufacturing sectors, basic industries, general industrials, and cyclical consumer goods, with these sectors making up around a third of their equity markets—three times higher than in the United States, and six times higher than the United Kingdom. At end-2000, information technology stocks made up nearly a quarter of the value of the US market—twice as much as in Japan and five times higher than the United Kingdom. However, the United Kingdom had the highest weightings in the other “new economy” sectors, media and telecommunications. Pharmaceuticals had an 11 percent weighting in both the US and UK markets, over twice as much as in Japan and six times more than in Germany. The UK weighting in oils was twice that of the United States, and 18 times higher than Japan’s, while Germany had zero weight.

Ironically, the latter may be misinterpreted as an increase in the cost of capital, and may contribute to a vicious circle of continuing loss of shareholder value. Corporate investment is not automatically a “good thing.” To add value, investment must be in worthwhile projects that cover the cost of capital, rather than in expansion, acquisition, or upgrading activities that fail to do so. After the “new economy” bubble burst, and during the setbacks that followed the terrorist outrages of September 11, 2001, many companies have not had sufficient appealing projects to allow them to benefit from today’s lower cost of capital. In the fall and winter of 2001, they may also have perceived an upward shock in required risk premia, though this is likely to be transitory.


pages: 523 words: 148,929

Physics of the Future: How Science Will Shape Human Destiny and Our Daily Lives by the Year 2100 by Michio Kaku

agricultural Revolution, AI winter, Albert Einstein, Alvin Toffler, Apollo 11, Asilomar, augmented reality, Bill Joy: nanobots, bioinformatics, blue-collar work, British Empire, Brownian motion, caloric restriction, caloric restriction, cloud computing, Colonization of Mars, DARPA: Urban Challenge, data science, delayed gratification, digital divide, double helix, Douglas Hofstadter, driverless car, en.wikipedia.org, Ford Model T, friendly AI, Gödel, Escher, Bach, Hans Moravec, hydrogen economy, I think there is a world market for maybe five computers, industrial robot, Intergovernmental Panel on Climate Change (IPCC), invention of movable type, invention of the telescope, Isaac Newton, John Markoff, John von Neumann, Large Hadron Collider, life extension, Louis Pasteur, Mahatma Gandhi, Mars Rover, Mars Society, mass immigration, megacity, Mitch Kapor, Murray Gell-Mann, Neil Armstrong, new economy, Nick Bostrom, oil shale / tar sands, optical character recognition, pattern recognition, planetary scale, postindustrial economy, Ray Kurzweil, refrigerator car, Richard Feynman, Rodney Brooks, Ronald Reagan, Search for Extraterrestrial Intelligence, Silicon Valley, Simon Singh, social intelligence, SpaceShipOne, speech recognition, stem cell, Stephen Hawking, Steve Jobs, synthetic biology, telepresence, The future is already here, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade route, Turing machine, uranium enrichment, Vernor Vinge, Virgin Galactic, Wall-E, Walter Mischel, Whole Earth Review, world market for maybe five computers, X Prize

Friedman, “Green the Bailout,” New York Times, September 28, 2008, p. WK11, www.­nytimes.­com/­2008/­09/­28/­opinion/­28friedman.­html. ­ ­6 From 1900 to 1925, the number of automobile start-up companies: Steve Lohr, “New Economy; Despite Its Epochal Name, the Clicks-and-Mortar Age May Be Quietly Assimilated,” New York Times, October 8, 2001, www.­nytimes.­com/­2001/­10/­08/­business/­new-­economy-­despite-­its-­epochal-­name-­clicks-­mortar-­age-­may-­be-­quietly.­html­?scp=30&­sq=automobile&­st=nyt. ­ ­7 “The early 21st century saw a boom”: Ibid. ­ ­8 “The do-it-yourself model”: Charles Gasparino, “Merrill Lynch to Offer Online Trading,” ZDNet News, June 1, 1999, www.­zdnet.­com/­news/­merrill-­lynch-­to-­offer-­online-­trading/­95883. ­ ­9 “Rarely in history has the leader in an industry”: Ibid. 10 “In practice, the vast bulk of this ‘information’ ”: McRae, p. 175. 11 “Today, knowledge and skills”: Thurow, p. 68. 12 “With everything else dropping out of the competitive equation”: Thurow, p. 74. 13 “in 1991 Britain became”: McRae, p. 12. 14 “After correcting for general inflation”: Thurow, p. 67. 15 “The prolonged migration”: James Grant, “Sometimes the Economy Needs a Setback,” New York Times, September 9, 2001, www.­nytimes.­com/­2001/­09/­09/­opinion/­sometimes-­the-­economy-­needs-­a-­setback.­html. 16 “Success or failure depends”: Thurow, p. 72. 17 “The old motors of growth”: McRae, pp. 12–13. 18 “we are told by the World Bank that nearly 2.8 billion people”: Toffler, p. 288. 8.


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Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole by Benjamin R. Barber

"World Economic Forum" Davos, Abraham Maslow, addicted to oil, AltaVista, American ideology, An Inconvenient Truth, AOL-Time Warner, Berlin Wall, Bertrand Russell: In Praise of Idleness, Bill Gates: Altair 8800, bread and circuses, business cycle, Celebration, Florida, collective bargaining, creative destruction, David Brooks, delayed gratification, digital divide, do well by doing good, Donald Trump, double entry bookkeeping, Dr. Strangelove, G4S, game design, George Gilder, Gordon Gekko, greed is good, Herbert Marcuse, Hernando de Soto, illegal immigration, informal economy, invisible hand, John Perry Barlow, Joseph Schumpeter, laissez-faire capitalism, late capitalism, liberal capitalism, Marc Andreessen, McJob, microcredit, Naomi Klein, new economy, New Journalism, Norbert Wiener, nuclear winter, Panopticon Jeremy Bentham, Paradox of Choice, pattern recognition, presumed consent, profit motive, race to the bottom, Ralph Nader, retail therapy, road to serfdom, Robert Bork, Ronald Reagan, Saturday Night Live, Silicon Valley, SimCity, spice trade, Steve Jobs, telemarketer, The Fortune at the Bottom of the Pyramid, the market place, The Wisdom of Crowds, Thomas L Friedman, Thorstein Veblen, trade route, Tyler Cowen, vertical integration, Virgin Galactic, X Prize

And selling takes on a new dimension when you put it in the context of a relationship.”8 Marc Gobé, in his own version of emotional marketing also called Emotional Branding, is not quite Max Weber, but he does offer a snippet of eye-opening social theory in which he distinguishes the “old economy” from the “new economy.” The old economy is “factory based” and “capabilities-driven” and hence “production-focused” on manufacturing actual products, while the new economy is “consumer based” and “consumer-focused” and hence concerned not with manufacturing products but “creating brands.”9 Brand identities need not be consistent in every detail across international frontiers as long as the brand relationship is preserved: McDonald’s is low end and hence directed at the lower middle class and the poor in the United States, but upscale and trendy in Russia, while comfortably bourgeois in Japan.


pages: 482 words: 161,169

Corporate Warriors: The Rise of the Privatized Military Industry by Peter Warren Singer

Apollo 13, barriers to entry, Berlin Wall, blood diamond, borderless world, British Empire, colonial rule, conceptual framework, disinformation, failed state, Fall of the Berlin Wall, financial independence, full employment, Global Witness, Jean Tirole, joint-stock company, Machinery of Freedom by David Friedman, market friction, military-industrial complex, moral hazard, Nelson Mandela, new economy, no-fly zone, offshore financial centre, Peace of Westphalia, principal–agent problem, prisoner's dilemma, private military company, profit maximization, profit motive, RAND corporation, risk/return, rolodex, Ronald Coase, Ronald Reagan, Scramble for Africa, South China Sea, supply-chain management, The Nature of the Firm, The Wealth of Nations by Adam Smith, vertical integration

The ultimate inflection point of this change were the Napoleonic wars starting at the end of the eighteenth century. Although hired troops were present through the 1700s, this period saw the wars of kings finally evolve into the wars of people. Although individual combat skill had mattered more than numbers in the earlier periods, the level of warfare began to increase, in order to take advantage of new economies of scale on the battlefield. The basic cause was that continued technological development of firearms provided a major reduction in the required length of training. Whereas weapons such as crossbows and the early handguns and arquebus needed years of preparation, an gO THE RISE individual could become an effective musketeer after a fairly short period of training.l9 Thus, large numbers of soldiers could be more readily acquired by the conscription of citizenry than by outside hiring.

Outsourcing soon became a dominant business strategy and a huge industry in and of itself. Global outsourcing expenditures topped $1 trillion worldwide by 2001, doubling in just the three years between 1998 and 200i.12/ Furthering the popularity was the fact that many of the most successful businesses of the new economy used the strategy. Of the 500 largest international companies, 93 percent outsourced some function.128 Many defense leaders directly pointed to general industry's success and advocated the emulation of business practices by the military. Initially, this was begun in areas where the military was simply repeating what was already available in the private sectors, such as data processing or health services.129 Over time, however, the feeling grew that in the search for efficiency, no area should be discounted.130 Domestic Corollaries: Private Security In many ways, the privatization of the military is just a more aggressive aspect of a larger trend of privatization.


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The Fissured Workplace by David Weil

"Friedman doctrine" OR "shareholder theory", accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, banking crisis, barriers to entry, behavioural economics, business cycle, business process, buy and hold, call centre, Carmen Reinhart, Cass Sunstein, Clayton Christensen, clean water, collective bargaining, commoditize, company town, corporate governance, corporate raider, Corrections Corporation of America, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, declining real wages, employer provided health coverage, Frank Levy and Richard Murnane: The New Division of Labor, George Akerlof, global supply chain, global value chain, hiring and firing, income inequality, independent contractor, information asymmetry, intermodal, inventory management, Jane Jacobs, Kenneth Rogoff, law of one price, long term incentive plan, loss aversion, low skilled workers, minimum wage unemployment, moral hazard, Network effects, new economy, occupational segregation, Paul Samuelson, performance metric, pre–internet, price discrimination, principal–agent problem, Rana Plaza, Richard Florida, Richard Thaler, Ronald Coase, seminal paper, shareholder value, Silicon Valley, statistical model, Steve Jobs, supply-chain management, The Death and Life of Great American Cities, The Nature of the Firm, transaction costs, Triangle Shirtwaist Factory, ultimatum game, union organizing, vertical integration, women in the workforce, yield management

“The Right to Know: An Argument for Informing Employees of Their Rights under the National Labor Relations Act.” Harvard Journal on Legislation 32: 431–471. Dey, Matthew, Susan Houseman, and Anne Polivka. 2010. “What Do We Know about Contracting Out in the United States? Evidence from Household and Establishment Surveys.” In Essay in Labor in the New Economy, edited by Katherine Abraham, James Spletzer, and Michael Harper. Chicago: University of Chicago Press, 267–304. Dobbin, Frank, and Erin Kelly. 2007. “How to Stop Harassment: Professional Construction of Legal Compliance in Organizations.” American Journal of Sociology 112, no. 4: 1203–1243. Dobbin, Frank, and John Sutton. 1998.

Journal of Labor Economics 29, no. 4: 659–695. Hirsch, Barry, David Macpherson, and Michael DuMond. 1997. “Workers’ Compensation Recipiency in Union and Nonunion Workplaces.” Industrial and Labor Relations Review 50, no. 2: 213–236. Hollister, Matissa. 2004. “Does Firm Size Matter Anymore? The New Economy and Firm Size Wage Effect.” American Sociological Review 69, no. 5: 659–676. Houseman, Susan. 2001. “Why Employers Use Flexible Staffing Arrangements: Evidence from an Establishment Survey.” Industrial and Labor Relations Review 55, no. 1: 149–170. Hsiao, H. I., R. G. M. Kemp, J. G. A. J. van der Vorst, and S.


pages: 467 words: 154,960

Trend Following: How Great Traders Make Millions in Up or Down Markets by Michael W. Covel

Albert Einstein, Alvin Toffler, Atul Gawande, backtesting, Bear Stearns, beat the dealer, Bernie Madoff, Black Swan, buy and hold, buy low sell high, California energy crisis, capital asset pricing model, Carl Icahn, Clayton Christensen, commodity trading advisor, computerized trading, correlation coefficient, Daniel Kahneman / Amos Tversky, delayed gratification, deliberate practice, diversification, diversified portfolio, Edward Thorp, Elliott wave, Emanuel Derman, Eugene Fama: efficient market hypothesis, Everything should be made as simple as possible, fiat currency, fixed income, Future Shock, game design, global macro, hindsight bias, housing crisis, index fund, Isaac Newton, Jim Simons, John Bogle, John Meriwether, John Nash: game theory, linear programming, Long Term Capital Management, managed futures, mandelbrot fractal, margin call, market bubble, market fundamentalism, market microstructure, Market Wizards by Jack D. Schwager, mental accounting, money market fund, Myron Scholes, Nash equilibrium, new economy, Nick Leeson, Ponzi scheme, prediction markets, random walk, Reminiscences of a Stock Operator, Renaissance Technologies, Richard Feynman, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, shareholder value, Sharpe ratio, short selling, South Sea Bubble, Stephen Hawking, survivorship bias, systematic trading, Teledyne, the scientific method, Thomas L Friedman, too big to fail, transaction costs, upwardly mobile, value at risk, Vanguard fund, William of Occam, zero-sum game

By monitoring “fundamentals” for a particular market, one can supposedly predict a change in market direction before that change has been reflected in the price of the market with the belief that you can then make money from that knowledge. The vast majority of Wall Street uses fundamental analysis alone. They are the academics, brokers, and analysts who spoke highly of the new economy during the dot-com craze. These same Wall Street players brought millions of players into the real estate and credit bubbles of 2008. Millions bought into their rosy fundamental projections and rode bubbles straight up with no clue how to exit when those bubbles finally burst. Consider an exchange between a questioner and President Bush at a December 17, 2007 press conference: Q: “I wanted to ask you [Mr.

They may have a little relevance for the next 25 years. But there is no one in the year 2000 that you can convince to jettison the belief that 200 years of performance will not cause stocks to grow to the sky. Right now people believe in data that supports the inevitable growth in prices of stocks within a new landscape or new economy. What will be new to them is an inevitable bear market.”40 For all his talk about avoiding predictions, Henry is making one here. He is predicting that stocks can’t go up forever because eventually trends reverse themselves. He is also pointing out that as a trend follower, he will be prepared whenever they do to take action and potentially profit (which he did to great profit during the market crash of October 2008).


pages: 566 words: 155,428

After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead by Alan S. Blinder

Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, banking crisis, banks create money, Bear Stearns, book value, break the buck, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, currency risk, Detroit bankruptcy, diversification, double entry bookkeeping, eurozone crisis, facts on the ground, financial engineering, financial innovation, fixed income, friendly fire, full employment, Glass-Steagall Act, hiring and firing, housing crisis, Hyman Minsky, illegal immigration, inflation targeting, interest rate swap, Isaac Newton, junk bonds, Kenneth Rogoff, liquidity trap, London Interbank Offered Rate, Long Term Capital Management, low interest rates, market bubble, market clearing, market fundamentalism, McMansion, Minsky moment, money market fund, moral hazard, naked short selling, new economy, Nick Leeson, Northern Rock, Occupy movement, offshore financial centre, Paul Volcker talking about ATMs, price mechanism, proprietary trading, quantitative easing, Ralph Waldo Emerson, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, South Sea Bubble, statistical model, the payments system, time value of money, too big to fail, vertical integration, working-age population, yield curve, Yogi Berra

The upshot is that reasonable people can and do disagree over what portion of any asset-price increase constitutes a bubble and what portion reflects improved fundamentals. During a bubble, we often hear stories about how some grand new era makes previous valuation standards obsolete. Remember how the Internet was going to create a whole New Economy with different rules that made eyeballs more important than profits? It didn’t. The Housing Bubble All that said, there can be little doubt that the United States experienced a pretty gigantic housing bubble that blew up and then burst with disastrous consequences in, roughly, the years 2000–2009.

“How’s Geithner’s Home Holding Up?” Bloomberg Businessweek, May 20, 2010. Lowenstein, Roger. When Genius Failed: The Rise and Fall of Long-Term Capital Management. New York: Random House, 2000. Luhby, Tami. “FDIC’s Bair Pushes Aggressive Mortgage Plan.” CNN Money, November 14, 2008. http://money.cnn.com/2008/11/14/news/economy/fdic_bair/index.htm. Mallaby, Sebastian. More Money Than God. New York: Penguin Press, 2010. McHugh, David. “Draghi: ECB to Do ‘Whatever It Takes’ to Save Euro.” Associated Press, July 26, 2012. http://bigstory.ap.org/article/draghi-ecb-do-whatever-it-takes-save-euro. Meltzer, Allan H. “Policy Principles: Lessons from the Fed’s Past,” in The Road Ahead for the Fed.


The Cigarette: A Political History by Sarah Milov

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

.; Nan Enstad, “To Know Tobacco: Southern Identity in China in the Jim Crow Era,” Southern Cultures 13, No. 4 (2007): 6–23. 37. Emily Rosenberg, Spreading the American Dream: American Economic and Cultural Expansion (New York: Macmillan, 1982). 38. Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900–1933 (Cambridge, MA: Harvard University Press, 1990), 23. 39. William Leuchtenberg, The American President: From Teddy Roosevelt to Bill Clinton (New York: Oxford University Press, 2015), 23. 40. Keller, Regulating a New Economy, 27–28. 41. Robert Wiebe, The Search for Order, 1877–1920 (New York: Hill and Wang, 1967). 42. United States. Department of Justice, The United States of America, appellant, v. the American tobacco company and others: The American tobacco company and others, appellants, v. the United States of America … Brief for the United States (Washington, D.C.: Government Printing Office, 1910). 43.


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Good Economics for Hard Times: Better Answers to Our Biggest Problems by Abhijit V. Banerjee, Esther Duflo

3D printing, accelerated depreciation, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, Airbnb, basic income, behavioural economics, Bernie Sanders, Big Tech, business cycle, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon tax, Cass Sunstein, charter city, company town, congestion pricing, correlation does not imply causation, creative destruction, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, decarbonisation, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, endowment effect, energy transition, Erik Brynjolfsson, experimental economics, experimental subject, facts on the ground, fake news, fear of failure, financial innovation, flying shuttle, gentrification, George Akerlof, Great Leap Forward, green new deal, high net worth, immigration reform, income inequality, Indoor air pollution, industrial cluster, industrial robot, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jean Tirole, Jeff Bezos, job automation, Joseph Schumpeter, junk bonds, Kevin Roose, labor-force participation, land reform, Les Trente Glorieuses, loss aversion, low skilled workers, manufacturing employment, Mark Zuckerberg, mass immigration, middle-income trap, Network effects, new economy, New Urbanism, no-fly zone, non-tariff barriers, obamacare, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open economy, Paul Samuelson, place-making, post-truth, price stability, profit maximization, purchasing power parity, race to the bottom, RAND corporation, randomized controlled trial, restrictive zoning, Richard Thaler, ride hailing / ride sharing, Robert Gordon, Robert Solow, Ronald Reagan, Savings and loan crisis, school choice, Second Machine Age, secular stagnation, self-driving car, shareholder value, short selling, Silicon Valley, smart meter, social graph, spinning jenny, Steve Jobs, systematic bias, Tax Reform Act of 1986, tech worker, technology bubble, The Chicago School, The Future of Employment, The Market for Lemons, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, total factor productivity, trade liberalization, transaction costs, trickle-down economics, Twitter Arab Spring, universal basic income, urban sprawl, very high income, War on Poverty, women in the workforce, working-age population, Y2K

But how could there be all this innovation without any sign of economic growth? The debate has revolved around two questions. First, will sustained fast productivity growth eventually return? Second, is the measurement of GDP, at best a bit of an exercise in guesswork, somehow missing all the joy and happiness the new economy is bringing us? IS GROWTH OVER? Two economic historians at Chicago’s Northwestern University are at the center of this discussion. Robert Gordon takes the view that the era of high growth is unlikely to come back. We have only met Gordon once. He gives the appearance of being quite reserved; his book, however, is anything but.

There is no difference in earnings between the two groups, perhaps consistent with everything we have seen until now.49 But would a UBI really make the left-behind people feel that much less angry? Many proponents of UBI, but not the poor, seem to see it as a way to buy off those who will be made unproductive by the new economy and won’t be able to find work. If they had the UBI, they would be content to stop looking for work and do something else instead. But everything we know so far seems to say this is very unlikely. We asked those who responded to our survey this question: “Do you think that if there was a universal basic income of $13,000 a year (with no strings attached) you would stop working or stop looking for work?”


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Scots and Catalans: Union and Disunion by J. H. Elliott

active measures, agricultural Revolution, banking crisis, British Empire, centre right, land tenure, mass immigration, mobile money, new economy, North Sea oil, Red Clydeside, sharing economy, The Wealth of Nations by Adam Smith, urban renewal, work culture

It was not only the development of the offshore oil industry that was opening up new vistas of prosperity after the long years of struggle. An economy dependent on dying or dead traditional manufacturing industries was being replaced by a more modern and varied economy, more attractive to foreign investors and better attuned to the requirements of international markets. The new economy was led by a growing service sector, and was based on electronics and petrochemicals, banking and insurance, and the developing tourist industry. Where the share of this service sector stood at 24 per cent in 1951, it had risen to 33 per cent by 1971 and would be up to 70 per cent by the turn of the century – a growth that has been described as ‘the greatest single identifiable motor of social change in Scotland since 1945’. 32 Such profound economic and social changes, while producing losers as well as winners, seemed likely to benefit a Scottish Labour Party which, while far from nationalist in outlook, was now firmly identified with devolution, rather than benefiting an SNP which had formally adopted the cause of Scottish independence.

., abbot of Montserrat, (i) España, Carlos, Count of, (i) Espartero, General Baldomero, (i) , (ii) Esquerra Republicana de Catalunya (ERC), (i) , (ii) , (iii) , (iv) , (v) Estates: Scotland, (i) , (ii) , (iii) ; Catalonia, (i) , (ii) Estatut, (i) ; see also Autonomy, Statutes of ETA (Basque movement), (i) European Commission: bars unilateral secession, (i) European Union ( formerly Community): promotes liberal democracy, (i) ; Spain joins, (i) ; Scottish policy on, (i) ; attitude to breakaway states, (i) ; and British referendum, (i) ; Britain votes to leave, (i) ; danger of independent Catalonia losing membership, (i) ; member states fear internal separatist movements, (i) ; Puigdemont supporters denounce, (i) Ewing, Winifred, (i) Exclusion Crisis (England, 1679–81), (i) ‘exempt provinces’, (i) , (ii) , (iii) exhibitions: Barcelona, (i) , (ii) ; Glasgow, (i) ; Paris (1937), (i) Faculty of Advocates (Scottish), (i) , (ii) fadristerns , (i) , (ii) ; see also mas (farmstead) fascism, (i) , (ii) federalism, (i) , (ii) , (iii) , (iv) felipistas , (i) , (ii) Feliu de la Peña, Narciso, (i) , (ii) , (iii) , (iv) ; Fénix de Cataluña , (i) Ferdinand of Antequera, (i) Ferdinand (the Catholic), King of Aragon and of Spain: marriage and rule, (i) , (ii) , (iii) ; death, (i) , (ii) ; as king of Aragon after Isabella’s death, (i) ; and Sentence of Guadalupe, (i) ; captures Granada, (i) Ferdinand VII, King of Spain ( earlier Prince of Asturias), (i) , (ii) , (iii) , (iv) , (v) , (vi) Ferguson, Adam, (i) Feria, Lorenzo Suárez de Figueroa y Córdoba, 2nd Duke of, (i) Ferrer i Guárdia, Francesc, (i) Ferro, Víctor, (i) feudalism, (i) , (ii) , (iii) First World War see Great War (1914–18) fiscal-military state, (i) , (ii) flags: Scottish, (i) ; British (union flag), (i) , (ii) ; Spanish, (i) , (ii) ; Catalan, (i) , (ii) Flanders, (i) Fletcher, Andrew, of Saltoun, (i) Flodden Field, battle of (1513), (i) foral law (Catalonia), (i) , (ii) Forcadell, Carme, (i) France: ‘auld alliance’ with Scotland, (i) ; rescues and supports Mary Queen of Scots, (i) ; wars with England, (i) ; Catalonia becomes protectorate of, (i) , (ii) ; war with Spain (1635–59), (i) , (ii) ; Franco-Spanish frontier redrawn (1659), (i) ; French immigrants in Catalonia, (i) ; French invasion (1695–7), (i) ; Catalan hostility to, (i) , (ii) ; supports Stuart pretender to English throne, (i) ; war with Spain (1793–5), (i) ; French invasion and Spanish resistance (1808), (i) , (ii) ; occupies Catalonia in Napoleonic Wars, (i) Francis II, King of France, (i) Franco, General Francisco, (i) , (ii) , (iii) , (iv) , (v) Franks, (i) , (ii) Free Church of Scotland, (i) , (ii) French Revolution (1789), (i) , (ii) fueros (Aragonese and Valencian): Aragon’s revolt over defence of, (i) ; abolished by Philip V, (i) , (ii) , (iii) ; ‘exempt provinces’, (i) , (ii) ; desire for recovery, (i) ; see also Constitutions, Catalan Gaelic see language Galicia, (i) , (ii) , (iii) Galileo Galilei, (i) Ganivet, Ángel: Idearium español , (i) Garbett, Samuel, (i) Gaudí, Antoni, (i) Gaythelos (Greek prince), (i) Generalitat: role and function, (i) ; revived (1931), (i) , (ii) , (iii) ; re-established (1977), (i) , (ii) ; Pujol’s presidency, (i) , (ii) , (iii) ; Constitutional Tribunal discusses, (i) ; educational and cultural programmes, (i) ; anger at Supreme Constitutional Tribunal’s ruling, (i) ; policy on independence, (i) , (ii) ; overspending, (i) ; economic management, (i) ; see also Diputació; Govern Genoa, Treaty of (1705), (i) Geoffrey of Monmouth: History of the Kings of England , (i) , (ii) George I, King of Great Britain, (i) , (ii) George II, King of Great Britain, (i) George III, King of Great Britain, (i) George IV, King of Great Britain, (i) Gibbs, James, (i) Gibraltar: captured by Allies (1704), (i) Gil, Pere, (i) Gil Robles, José María, (i) Gilmour, Sir John, (i) Girona: established as province, (i) ; under French occupation, (i) ; sieges of (1684), (i) ; (1808), (i) Gladstone, William Ewart, (i) , (ii) n.4 Glasgow: riots over proposed union (1706), (i) ; Malt Tax riots (1725), (i) ; population increase, (i) ; and Atlantic trade, (i) ; Literary Society, (i) ; compared with Barcelona, (i) ; mercantile elite, (i) ; university, (i) , (ii) n. 130; unrest and riots (1819), (i) ; (1848), (i) ; industrial growth and dominance, (i) , (ii) ; Kelvingrove Park exhibitions (1880 and 1901), (i) ; contribution to Great War, (i) ; rent strike, (i) ; see also Clydeside Glasgow General Assembly (1638), (i) Glencairn, William Cunningham, 9th Earl of, (i) Glencoe, Massacre of (1692), (i) Glendower, Owen, (i) , (ii) Glenfinnan, (i) globalization, (i) Glorious Revolution (1688–9), (i) , (ii) Gloucester, William, Duke of: death (1700), (i) ‘God Save the King’: as British national anthem, (i) , (ii) Goded, General Manuel, (i) Godoy, Manuel, (i) Good Friday Agreement (Ireland, 1998), (i) Goschen, George, 1st Viscount, (i) Goths, (i) Govern, (i) , (ii) , (iii) , (iv) Goya, Francisco, (i) Granada: as Moorish kingdom, (i) ; captured by Ferdinand and Isabella, (i) Grant, Alexander, (i) Great Britain: and Scottish independence movement, (i) ; formed by James VI/I’s joint monarchy, (i) ; mythical origins, (i) ; and dynastic union (1603), (i) ; as term, (i) , (ii) ; and nationality, (i) ; formally created (1707), (i) , (ii) ; reordered after Union, (i) ; victories in Seven Years War, (i) ; as fiscal-military state, (i) ; impact of French Revolution and Napoleonic Wars, (i) , (ii) ; Spain sees as enemy, (i) ; wars with Spain (1796–1802, 1804–8), (i) ; growing power, (i) ; patriotism, (i) ; as united nation-state, (i) ; union by association and imitation, (i) ; 19th-century stability and prosperity, (i) ; proposed federalism, (i) ; regional aspirations, (i) ; patriotism in Great War, (i) ; sense of unity in Second World War, (i) ; welfare state established, (i) , (ii) ; post-war GDP, (i) ; votes to leave EU, (i) ; see also England Great Depression (1929–1930s), (i) Great Reform Bill (and Act, 1832), (i) , (ii) , (iii) , (iv) Great War (1914–18): and collapse of Austro-Hungarian Empire, (i) ; suspends British home rule movements, (i) , (ii) ; and social-political change, (i) ; Spain’s neutrality in, (i) , (ii) ; effect on British sense of community, (i) Guadalupe, Sentence of, (i) Guardia Civil: created (1844), (i) Güell family, (i) Guipúzcoa, (i) Habsburg dynasty: and Spanish royal succession, (i) , (ii) , (iii) Haig, Douglas, 1st Earl, (i) Hamilton, James, 3rd Marquis ( later 1st Duke) of, (i) Hamilton, James Douglas, 4th Duke of (and Duke of Brandon), (i) , (ii) Hamilton, James, 7th Duke of, (i) Hamilton by-election (1967), (i) Hampden, John, (i) Hanover, House of: and succession to British throne, (i) , (ii) harvest: failures in Scotland (1695–9), (i) ; in Spain (1790s), (i) Hastings, Warren, (i) Heath, Ted, (i) Hebrides, (i) Henry II, King of England, (i) Henry VII, King of England, (i) , (ii) Henry VIII, King of England, (i) , (ii) , (iii) , (iv) Henry II, King of France, (i) heraldry: Catalan, (i) Heritable Jurisdictions Act (1747), (i) , (ii) Hesse-Darmstadt, George, Prince of, (i) Highlands (Scottish): character, (i) ; lawlessness and banditry in, (i) , (ii) , (iii) , (iv) ; Glencairn’s rising (1653), (i) ; Monck subdues, (i) ; as recruiting ground for Jacobites, (i) ; Anglicization, (i) , (ii) ; land tenure, (i) ; Wade’s road-building programme, (i) ; and Jacobite rebellion (1745), (i) ; farming difficulties, (i) ; provides troops for British Army, (i) ; migration to America, (i) ; and national identity, (i) ; in romanticized history, (i) , (ii) , (iii) ; clearances, (i) , (ii) Hispania: as myth, (i) , (ii) , (iii) , (iv) ; as term, (i) historiography, (i) , (ii) , (iii) ; see also myths Holland, Henry Richard Vassall-Fox, 3rd Baron, (i) Holyroodhouse, Palace of, (i) home rule: Catalan, (i) , (ii) ; Spain and, (i) ; Irish, (i) , (ii) ; Scottish, (i) , (ii) , (iii) , (iv) ; devolution accepted by major British political parties, (i) , (ii) , (iii) ; critics of, (i) , (ii) ; see also independence Horne, Sir Robert, (i) Huguenots: persecuted in France, (i) Hume, David, (i) Hundred Thousand Sons of St Louis, (i) Hutcheson, Francis, (i) ‘Hymn of the Grenadiers’ (Spanish national anthem), (i) Iberian Peninsula: union of regions, (i) , (ii) ; localism, (i) ; see also federalism; Hispania; Spain Ilay, Archibald Campbell, Earl of ( later 3rd Duke of Argyll), (i) , (ii) , (iii) , (iv) ‘improvement’: English origins, (i) , (ii) ; in Scotland, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; in Catalonia, (i) , (ii) , (iii) , (iv) independence movements: Catalan, (i) , (ii) ; independent republic (1641) (i) ; (1713), (i) ; criticized by Balmes, (i) ; (1934) (i) ; (since 2010), (i) , (ii) , (iii) , (iv) , (v) ; Scottish, (i) , (ii) , (iii) , (iv) ; overseas imperial territories, (i) , (ii) ; Cuba, (i) , (ii) ; see also home rule; secession and separatism India: Scots in, (i) Indies see empires, Spanish industrialization: Catalan, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) ; Scottish, (i) , (ii) , (iii) , (iv) ; European, (i) , (ii) ; see also ‘improvement’; textiles Innes, Thomas, (i) Inquisition, Spanish, (i) Institute of San Isidro, (i) intermarriage: Scots-English, (i) , (ii) , (iii) ; in Spanish Monarchy, (i) Ireland: treaty with Britain (1921) and creation of Irish Free State (1922), (i) , (ii) ; conquered by English, (i) , (ii) ; Henry VIII proclaimed King of (1541) and English rule, (i) , (ii) ; relations with western Scotland and Scottish settlers in, (i) , (ii) , (iii) , (iv) ; Ulster plantation, (i) ; rebellion (1641), (i) , (ii) , (iii) ; support for James II and reconquered by William III, (i) ; keeps parliament, (i) ; manpower resources, (i) ; 1798 rebellion, (i) , (ii) ; incorporating union (1801) and inclusion in British parliament, (i) , (ii) , (iii) ; Church disestablished (1869), (i) ; nationalism and Home Rule movement, (i) , (ii) ; Easter Rising (1916), (i) , (ii) ; Irish immigrants in Scotland, (i) ; see also Northern Ireland; Ulster Isabel II, Queen of Spain, (i) Isabella I of Castile, Queen of Spain, (i) , (ii) , (iii) , (iv) , (v) , (vi) Italy: fascism in, (i) ; see also Mazzini Jacobites and Jacobitism: (i) , (ii) , (iii) , (iv) , (v) ; rebellions (1715), (i) , (ii) ; (1745), (i) , (ii) ; Jacobitism and Scottish history, (i) ; see also Charles Edward Stuart; James Francis Edward Stuart Jamància (pastry-cooks’ revolt, 1842), (i) James II, King of Great Britain ( earlier Duke of York): proposed as viceroy in Scotland, (i) ; Edinburgh court (1679–82), (i) ; accession (1685) and religious policy, (i) ; flight to France and exile, (i) ; death (1701), (i) James III, King of Scotland, (i) James IV, King of Scotland, (i) , (ii) James V, King of Scotland, (i) James VI, King of Scotland (James I of England): succeeds to English throne (1603), (i) , (ii) , (iii) ; as ruler of composite monarchy, (i) , (ii) , (iii) , (iv) , (v) ; crowned king of Scotland, (i) ; adopts style ‘Great Britain’, (i) ; compatriots follow to English court, (i) , (ii) , (iii) ; advocates perfect union, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) ; and nationality question, (i) ; on intermarriage of nobility, (i) ; attempts to pacify Borders, (i) ; death (1625), (i) James Francis Edward Stuart, Prince (‘the Old Pretender’; ‘James III/VIII’): and succession, (i) ; rising (1715), (i) , (ii) ; exile and plotting, (i) ; see also Jacobites Jaume I, Count-King (‘the Conqueror’), (i) Jefferson, Thomas, (i) Jeffreys, George, 1st Baron, (i) Jenkins’s Ear, War of (1739–48), (i) Jesuits, (i) , (ii) Jocs Florals , (i) , (ii) John of Fordun, (i) John II, King of Aragon, (i) John II, King of Catalonia, (i) John IV, King of Portugal ( formerly Duke of Braganza), (i) Johnson, Samuel, (i) Johnston, Tom, (i) Johnstone family, (i) Johnstone, George, (i) Joseph I, Holy Roman Emperor, (i) Joseph Bonaparte, King of Spain, (i) , (ii) Juan Carlos, King of Spain, (i) , (ii) , (iii) Juan José de Austria, Don, (i) , (ii) , (iii) Junqueras, Oriol, (i) , (ii) , (iii) Junta de Comercio (Barcelona), (i) Junta Superior (Catalonia, 1808), (i) , (ii) Junts per Catalunya (JpC), (i) , (ii) Justices of the Peace: in Scotland, (i) Kames, Henry Home, Lord, (i) Killiecrankie, battle of (1689), (i) Kirk: General Assembly, (i) , (ii) , (iii) , (iv) ; unease at James VI/I’s religious policies, (i) ; gifts of property revoked, (i) ; Charles I’s liturgical reforms resisted, (i) ; fails to extend church government to England, (i) ; vulnerability after 1707 settlement, (i) ; welcomes Hanoverian succession, (i) ; opposes Gaelic language, (i) ; Moderates acquire control, (i) ; and national sentiment, (i) ; diminishing influence, (i) ; see also Church of Scotland; Disruptionists; Presbyterianism Kirk o’ Field, Edinburgh, (i) Knox, John, (i) , (ii) , (iii) ; see also Covenant Labour Party (British), (i) , (ii) , (iii) , (iv) , (v) , (vi) Labour Party (Scottish), (i) , (ii) , (iii) , (iv) , (v) , (vi) labour (workers): in Scotland and Catalonia, (i) , (ii) ; and industrial unrest, (i) ; organized, (i) , (ii) ; indifference to Catalan autonomy, (i) ; see also anarchism; trade unions lairds, (i) , (ii) , (iii) , (iv) , (v) , (vi) language: Castilian, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; Catalan, (i) , (ii) , (iii) ; nineteenth-century revival, (i) , (ii) ; prohibitions under Franco, (i) ; official status in 1978 Constitution, (i) ; Generalitat’s promotion of, (i) , (ii) , (iii) ; English, (i) ; Gaelic, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; Scottish, (i) , (ii) , (iii) Laud, William, Archbishop of Canterbury, (i) Lauderdale, John Maitland, 1st Duke of, (i) , (ii) law: English–Scottish differences, (i) ; English Common, (i) , (ii) , (iii) ; Scottish, (i) , (ii) , (iii) , (iv) , (v) ; Catalan, (i) , (ii) León: united with Castile, (i) ; foundation myth, (i) Leopold I, Holy Roman Emperor, (i) Leovigild, Visigothic king, (i) Lérida see Lleida Lerroux, Alejandro, (i) , (ii) Leslie, General Alexander, 1st Earl of Leven, (i) Liberal Democrats (Britain): coalition with Conservatives (2010), (i) ; decline in Scotland, (i) Liberal Party (British), (i) , (ii) Liberal Party (Spanish), (i) ; factional divisions, (i) Liberal Unionists (Scottish), (i) , (ii) liberalism: ideology, (i) , (ii) ; in Cortes of Cadiz, (i) , (ii) , (iii) ; in Spain, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; liberal triennium (1820–3) (i) , (ii) , (iii) ; in Catalonia, (i) , (ii) ; in Scotland, (i) Lithuania: union with Poland, (i) Lleida (Lérida), (i) , (ii) Lliga Regionalista ( later Catalana), (i) , (ii) , (iii) , (iv) , (v) Llivia, (i) Llorens i Barba, Xavier, (i) Lloyd George, David, (i) London Corresponding Society, (i) Lord Advocate (Scotland), (i) , (ii) Lords of the Articles (Scotland), (i) , (ii) Lords, House of: Scottish peers in, (i) , (ii) , (iii) ; as ultimate court of appeal, (i) ; Irish peers in, (i) Lothian, William Kerr, 3rd Earl of, (i) Louis I (the Pious), Carolingian Emperor, (i) Louis XIII, King of France, (i) , (ii) Louis XIV, King of France, (i) , (ii) ; and Spanish succession, (i) , (ii) , (iii) , (iv) Louis XVI, King of France, (i) Lublin, Union of (1569), (i) McCormick, John, (i) McCrone, David: Understanding Scotland , (i) MacDiarmid, Hugh, (i) MacDonald, Ramsay, (i) Macià, Colonel Francesc, (i) , (ii) Macmillan, Harold, (i) Macpherson, James, (i) Madrid: Archduke Charles captures, (i) , (ii) ; population increase, (i) ; uprising against French invaders ( dos de mayo , 1808), (i) ; urban elite, (i) ; lacks manufacturing, (i) ; political and administrative power, (i) , (ii) ; as national capital, (i) , (ii) ; University, (i) ; see also Castile; Spain Magna Carta (1215), (i) Mair, John: Historia Maioris Britanniae , (i) Major, John, (i) , (ii) Malcolm III, King of Scotland, (i) Malcontents , (i) Mallorca: Jaume I captures from Moors, (i) ; and Indies, (i) ; language, (i) , (ii) ; and Nueva Planta, (i) Malt Tax, (i) ; riots (Glasgow, 1725), (i) Man, Isle of, (i) Mancomunitat, (i) , (ii) , (iii) Manresa, (i) , (ii) Mar, John Erskine, 22nd or 6th Earl of, (i) , (ii) , (iii) , (iv) Maragall, Pasqual, (i) , (ii) Margaret (‘Maid of Norway’): death, (i) , (ii) Margaret, Queen of Alexander III of Scotland, (i) Margaret, St, Queen of Malcolm III of Scotland, (i) Margaret Tudor, Queen of James IV of Scotland, (i) Margarit i Pau, Joan, Cardinal, (i) María Cristina de Borbón, Queen of Ferdinand VII, (i) María Cristina de Austria, Queen of Alfonso XII, (i) Martin the Humane, Count of Barcelona, (i) Martínez Marina, Francisco, (i) ; Theory of the Cortes , (i) Mary of Guise, Queen of James V of Scotland, (i) , (ii) Mary I (Tudor), Queen of England, (i) Mary II (Stuart), Queen of Great Britain, (i) Mary Queen of Scots, (i) , (ii) Mas, Artur, (i) , (ii) , (iii) , (iv) mas (farmstead), (i) , (ii) , (iii) ; see also fadristerns Mataró, (i) Maura, Antonio, (i) , (ii) May, Theresa, (i) Mazzini, Giuseppe, (i) ‘Memorandum of Grievances’ ( Memorial de Greuges ), (i) Menéndez y Pelayo, Marcelino, (i) Menorca, (i) Millar, John, (i) miquelets , (i) , (ii) Miralles, Enric, (i) Miró, Joan: Segador (mural), (i) modernista movement, (i) Mon, Alejandro, (i) monarchy: as unifying force, (i) ; ‘vertical’ and ‘horizontal’, (i) , (ii) ; restored in Spain (1874), (i) ; ceremonial activities in Europe, (i) ; as centre of stability in Spain, (i) ; styling in Britain, (i) monarquia española (Spanish Monarchy), (i) , (ii) , (iii) ; see also empires, Spanish Monck, General George (1st Duke of Albemarle), (i) , (ii) Monmouth, James Scott, Duke of: rebellion (1685), (i) Montjuïc, battle of (1641), (i) ; World Fair site (1929), (i) Montrose, James Graham, 5th Earl and 1st Marquis of, (i) , (ii) Montserrat: Santa Maria abbey, (i) , (ii) Moors (Muslims): invade and settle southern Spain, (i) ; conflict with Christians, (i) ; Barcelona recaptured from, (i) Morocco: Spain’s wars in, (i) , (ii) , (iii) Mossos d’Esquadra, (i) , (ii) , (iii) , (iv) Muir, Edwin, (i) Muirhead, Roland, (i) Muntañola, Pere, (i) Murat, General Joachim, (i) Mussolini, Benito, (i) myths: and national identity, (i) , (ii) ; and foundation of Britain and Spain, (i) , (ii) , (iii) ; and foundation of Catalonia, (i) , (ii) ; Scottish, (i) , (ii) , (iii) , (iv) , (v) ; see also historiography; Romantic movement Nairn, Tom, (i) Naples: Alfonso V conquers, (i) ; and composite monarchy, (i) Napoleon I (Bonaparte), Emperor of the French, (i) , (ii) Napoleonic Wars: impact on Britain and Spain, (i) , (ii) Narváez, General Ramón Maria, 1st Duke of Valencia, (i) Naseby, battle of (1645), (i) nation: concept and meaning, (i) , (ii) ‘nation-state’: as political formation, (i) ; (i) ; (i) ; Pi i Margall on, (i) ; Prat de la Riba on, (i) national anthems, (i) , (ii) National Assembly of Catalonia (ANC), (i) National Party of Scotland, (i) nationalism: rise of, (i) , (ii) ; Scottish, (i) , (ii) , (iii) , (iv) , (v) ; linguistic, (i) ; English, (i) , (ii) ; Spanish, (i) , (ii) ; British, (i) , (ii) , (iii) ; Catalan, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; in post–Great War Europe, (i) ; resurgence, (i) , (ii) ; changes with circumstances, (i) ; see also patria , patriotism; unionist nationalism nationality, (i) ; difficulties over definition, (i) nationalization, (i) NATO (North Atlantic Treaty Organization), (i) Navarre, kingdom of: status in Spain, (i) ; Castilian conquest and incorporation (1515), (i) ; under Bourbon administration, (i) , (ii) , (iii) ; see also ‘exempt provinces’ Navigation Acts (English), (i) , (ii) Negrín, Juan, (i) Netherlands see Dutch Republic, Flanders New Lanark, (i) New Model Army (English), (i) Newcastle, Thomas Pelham-Holles, 1st Duke of, (i) newspapers, (i) , (ii) Newton, Sir Isaac: Principia Mathematica , (i) Nifo, Francisco Mariano, (i) Nine Years War (1688–97), (i) , (ii) nobility: Scottish, (i) , (ii) , (iii) ; intermarriage in Britain and Spain, (i) , (ii) , (iii) , (iv) ; see also Lords, House of Normans: expansion in Britain, (i) North America Act (Britain, 1867), (i) North Sea oil, (i) , (ii) , (iii) , (iv) , (v) Northern Ireland: Good Friday Agreement (1998), (i) ; see also Ulster Norway: contends for dominion over Scotland, (i) Nottingham, Daniel Finch, 2nd Earl of, (i) Nueva Planta: as incorporating union, (i) , (ii) ; and system of government and administration, (i) , (ii) , (iii) , (iv) , (v) Numancia, (i) , (ii) Núria Statute, (i) ‘October Revolution’ (1934), (i) O’Donnell, General Leopoldo, (i) Olivares, Gaspar de Guzmán, Count-Duke of: administration and reforms, (i) , (ii) , (iii) ; and war with France (1635), (i) ; and Catalans, (i) , (ii) ; opposition and downfall, (i) ; see also Union of Arms Oliver, Frederick Scott, (i) , (ii) Omnium Cultural (organization), (i) Organic Laws (1978 Constitution), (i) , (ii) n. 41 Orkney, (i) Ortega y Gasset, José, (i) Orwell, George, (i) Ossian, (i) Oswald, Richard, (i) Oxford, Robert Harley, 1st Earl of, (i) , (ii) Paisley: riots (1819), (i) Paris International Exhibition (1937), (i) Parliament British: composition, (i) ; and peripheral countries’ representation, (i) ; sovereignty, (i) ; see also Great Reform Bill (1832); Lords, House of Catalan, (i) , (ii) , (iii) , (iv) English: and union with Scotland, (i) ; Short (1640), (i) ; Long (1640–60), (i) ; Rump (1648), (i) ; as counterpart to Scottish parliament, (i) ; Convention (1689), (i) ; historical legacy, (i) Irish, (i) , (ii) , (iii) Scottish: devolved, (i) , (ii) , (iii) , (iv) ; defers to monarch, (i) ; ratifies National Covenant, (i) ; and Triennial Act, (i) , (ii) ; and rebellion (1640s), (i) ; Covenanter, (i) ; dissolved, (i) ; post-Restoration status, (i) ; relations with English parliament, (i) ; activities, (i) ; passes Succession Act favouring James II, (i) ; revival under William III, (i) ; history of, (i) Spanish see Cortes; Corts parliamentary democracy: European disillusionment with, (i) Partido Popular (PP), (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) Paterson, William, (i) Patiño, José, (i) , (ii) patria , patriotism: Catalan image of, (i) ; and Scottish and Catalan rebellions, (i) ; dual patriotism, (i) , (ii) , (iii) , (iv) ; in Cortes of Cadiz, (i) ; and struggle for liberty, (i) ; and a federal Spain, (i) ; and state, (i) ; Primo de Rivera and Spanish, (i) Patronage Act (British, 1712), (i) peasantry, Catalan: (i) , (ii) , (iii) , (iv) , (v) , (vi) peers (Scottish): in House of Lords, (i) , (ii) , (iii) ; apply for English titles, (i) Pelayo, Don (legendary figure), (i) , (ii) , (iii) Penedès region, (i) Peninsular War, (i) , (ii) , (iii) Perpinyà (Perpignan), (i) Perth, Five Articles of (1618–21), (i) , (ii) , (iii) Peterborough, Admiral Charles Mordaunt, 3rd Earl of, (i) Peterloo Massacre (Manchester, 1819), (i) Petronilla, wife of Ramon Berenguer, (i) Philip II, King of Spain, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) Philip III, King of Spain, (i) , (ii) Philip IV, King of Spain: accession (1621), (i) ; early encounters with Catalans, (i) ; and Olivares’s administration, (i) , see also Olivares; and Catalan rebellion (1640–52), (i) , (ii) ; rule without minister-favourite, (i) Philip V, King of Spain ( earlier Duke of Anjou): contends for succession, (i) , (ii) , (iii) , (iv) , (v) , (vi) ; and Catalan Corts (1702), (i) , (ii) , (iii) ; Nueva Planta, (i) , (ii) , (iii) , (iv) ; aims to recover lost Italian territories, (i) ; war with Charles VI ends, (i) Philip VI, King of Spain, (i) , (ii) Philippines, (i) , (ii) Philosophical Society of Edinburgh, (i) Pi i Margall, Francesc, (i) , (ii) ; Las nacionalidades , (i) Picasso, Pablo: Guernica (painting), (i) Picts, (i) Pitt, William the Younger, (i) PNV (Partido Nacionalista Vasco, Basque Nationalist Party), (i) Poland: union with Lithuania, (i) political culture: English, (i) , (ii) ; Catalan, (i) ; Spanish, (i) ; Scottish, (i) , (ii) population: Castile, (i) ; Catalonia, (i) , (ii) , (iii) ; Crown of Aragon, (i) ; Scotland, (i) , (ii) , (iii) , (iv) ; England and Wales, (i) , (ii) Popular Front, (i) Porteous Riots (Edinburgh, 1736), (i) Portugal, kingdom of: (i) ; dynastic marriages, (i) ; and Ferdinand and Isabella’s title, (i) ; union with Spain (1580), (i) ; citizens declared foreigners in Castile, (i) ; customs barriers with Castile, (i) ; recovers independence (1640), (i) , (ii) ; in War of Spanish Succession, (i) ; French invade (1807), (i) ; and proposed federation with Spain, (i) , (ii) POUM (Partido Obrero de Unificación Marxista), (i) Prat de la Riba, Enric, (i) , (ii) , (iii) , (iv) , (v) ; Compendium of Catalanist Doctrines (with Muntañola), (i) ; La nacionalitat catalana , (i) prayer book: in Scotland, (i) Presbyterianism: (i) , (ii) , (iii) , (iv) ; restored (1690), (i) , (ii) ; and Scottish national identity, (i) ; internal dissent, (i) ; relations with state, (i) ; see also Church of Scotland; Covenant; Kirk; Knox, John Preston, battle of (1648), (i) Prim, General Joan, (i) prime ministers (British): Scottish origins of, (i) , (ii) n. 4 Primo de Rivera, General Miguel, (i) , (ii) , (iii) , (iv) Privy Council, British (post-Union), (i) , (ii) Privy Council, English, (i) , (ii) Privy Council, Scottish, (i) , (ii) , (iii) , (iv) , (v) , (vi) pronunciamientos , (i) , (ii) proportional representation: in Scotland, (i) , (ii) protectionism, (i) Protestantism: adopted in England and Scotland, (i) ; and Scottish working-class culture, (i) ‘province’: differing interpretations, (i) PSOE (Partido Socialista Obrero Español; Socialist Party), (i) , (ii) , (iii) , (iv) , (v) Puerto Rico, (i) , (ii) Puig, Tomàs, (i) Puigdemont, Carles, (i) , (ii) , (iii) , (iv) Pujol, Jordi, (i) , (ii) , (iii) , (iv) , (v) , (vi) Pyrenees, Peace of the (1659), (i) Quadruple Alliance (Britain–France–Austria–Netherlands), (i) Quebec, (i) rabassaires , (i) , (ii) ; see also viticulture Radical Republican Party, (i) radicalism, (i) Rajoy, Mariano, (i) , (ii) , (iii) , (iv) , (v) , (vi) Ramon Berenguer IV, Count, (i) rauxa , (i) rebellions: Aragon (1590–1), (i) , (ii) barretines (1687), (i) Carlist, (i) , (ii) , (iii) , (iv) Catalonia: (1640), (i) , (ii) ; (1705), (i) ; (1719), (i) ; (1822), (i) Ireland: (1641), (i) , (ii) ; (1798), (i) , (ii) Jacobite: (1715), (i) , (ii) ; (1745), (i) , (ii) , (iii) Madrid (1808), (i) Monmouth’s (1685), (i) Riego’s (1820), (i) , (ii) Scotland: (1638), (i) ; (1640s), (i) see also wars, civil Recaredo, Visigothic king, (i) , (ii) referendums Canada (1980, 1995), (i) Catalan (2017), (i) , (ii) , (iii) Scotland: (1979), (i) ; (1997), (i) ; (2014), (i) , (ii) , (iii) Spain (1978), (i) Wales (1979), (i) Reformation (Protestant): effect on Anglo-Scottish relations, (i) , (ii) ; exacerbates religious differences, (i) regidores , (i) , (ii) regionalism: in Spain, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) , (ix) , (x) , (xi) ; in Catalonia, (i) , (ii) , (iii) , (iv) ; see also Home Rule; Lliga regionalista religion: resurgence, (i) ; see also Church of England; Church of Rome; Church of Scotland Renaixença , (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) resistance, right of, (i) , (ii) , (iii) Revocation, Act of (1625), (i) revolutions of 1848, (i) , (ii) Richard III, King of England, (i) Richelieu, Cardinal Armand du Plessis, Duc de, (i) , (ii) Riego, Colonel Rafael de, (i) , (ii) rights (civil): and independence movements, (i) Ripon, Treaty of (1640), (i) Rius i Taulet, Francesc, (i) Rivera, Albert, (i) Robertson, William, (i) ; The History of America , (i) Robres, Agustín López de Mendoza y Pons, Count of, (i) Roebuck, John, (i) Romanones, Alvaro de Figueroa, Count of, (i) Romantic movement: influence, (i) , (ii) ; and historiography, (i) , (ii) , (iii) ; and revival of Catalan language, (i) Rome: Fascist march on (1922), (i) Ross, Willie, (i) Rosselló ( comtat ), (i) ‘rough wooing’ (Henry VIII’s), (i) Royal Academy of History, Madrid, (i) Royal Commission on the Constitution (1969), (i) Royal Company of Barcelona, (i) Rubió i Ors, Joaquim, (i) Ryswick, Treaty of (1697), (i) Sabadell, (i) Sagasta, Práxades, (i) Salisbury, Robert Arthur Talbot Gascoyne-Cecil, 3rd Marquis of, (i) , (ii) , (iii) Salmond, Alex, (i) , (ii) , (iii) , (iv) , (v) San Sebastián, Pact of (1930), (i) Sànchez, Jordi, (i) Sanjurjo, General José, (i) Sanpere i Miquel, Salvador, (i) Santa Coloma, Dalmau de Queralt, Count of, (i) , (ii) Sardana (dance form), (i) Scone, Scotland: as site of royal enthronement, (i) , (ii) ; stone of, (i) , (ii) Scota (mythical Scottish queen), (i) Scotia: as term, (i) Scotland: recent independence movement, (i) ; as nation without state, (i) ; devolved parliament (Assembly), (i) , (ii) ; dynastic union with England (1603), (i) , (ii) , (iii) ; Edward I invades and subdues, (i) ; geographical character, (i) ; colonised and settled, (i) ; influence of sea on, (i) ; Scots dominate, (i) ; early claims to sovereignty, (i) , (ii) ; land ownership and transfers, (i) ; close relations with Ireland, (i) , (ii) , (iii) ; local powers and chieftains, (i) ; territorial consolidation and expansion, (i) , (ii) ; slow state-building, (i) ; Wars of Independence, (i) , (ii) ; ‘auld alliance’ with France (1295), (i) ; population changes, (i) , (ii) , (iii) , (iv) ; foundation myth, (i) , (ii) , (iii) ; Protestantism, (i) , (ii) ; union settlement debated, (i) , (ii) , (iii) , (iv) ; administrative system after union, (i) ; intermarriage with English, (i) , (ii) , (iii) ; and nationality question, (i) ; customs barriers with England, (i) ; transatlantic trade and colonization (i) , (ii) ; incorporating union with England, (i) , (ii) , (iii) , (iv) , (v) ; innovation and reform under Charles I, (i) ; revenue raising under Charles I, (i) ; Estates, (i) , (ii) , (iii) ; rebellion against England (1640s), (i) ; defeated by Cromwell (1650), (i) ; army threat to England, (i) ; army strength, (i) ; seeks confederal union with England, (i) ; role and fortunes in English Civil War, (i) , (ii) ; rift with England over execution of Charles I, (i) ; improvement in, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) , (ix) ; post–Civil War settlement and government reforms, (i) ; Episcopacy reimposed (1661), (i) ; rejects office of viceroy, (i) ; clan conflict, (i) ; church government (Presbyterian) in, (i) , (ii) ; and succession question (to Charles II), (i) ; divisions in, (i) ; cross-border trade, (i) , (ii) ; economic hardship and population loss, (i) , (ii) ; migration to America, (i) , (ii) ; William III’s indifference to, (i) ; and succession to William III and Anne, (i) ; opposes Catholic monarch, (i) ; as prospective province of Dutch Republic, (i) ; government and constitution under Union, (i) ; fear of anglicization after Treaty of Union, (i) ; constituencies reduced, (i) ; post-Union administrative and political part-autonomy, (i) , (ii) , (iii) ; coinage, (i) ; sacrifices sovereignty, (i) ; shares economy with England, (i) ; delayed economic development, (i) ; Secretary of State for Scotland office revived under Oxford, (i) ; unable to participate in overseas trade, (i) ; administrative reforms under Walpole, (i) ; riots against English government, (i) ; resents English governance, (i) ; feudal jurisdictions abolished (1748), (i) ; social and economic changes (18th century), (i) , (ii) ; commercial networks disrupted by wars, (i) ; surplus food production and exports, (i) ; access to British market and overseas trade, (i) ; industrialization, (i) , (ii) , (iii) , (iv) ; textile and weaving industry, (i) , (ii) ; gains access to overseas trade, (i) , (ii) ; military service abroad, (i) ; shipbuilding, (i) ; manpower resources, (i) ; taxation levels, (i) ; administrators in India and colonies, (i) ; rise of English hostility to (1760s), (i) ; national identity and culture, (i) , (ii) , (iii) ; Enlightenment, (i) ; dual patriotism in, (i) ; and romanticized history, (i) , (ii) , (iii) , (iv) ; dissent and riots in, (i) ; Lords Lieutenant introduced, (i) ; national militia question, (i) ; representation in British parliament, (i) ; national debt, (i) ; ‘radical war’ (1820), (i) ; contribution to British Empire, (i) , (ii) , (iii) ; agricultural revolution, (i) ; employment and labour, (i) ; landed aristocracy, (i) ; cotton spinners’ strike (1837), (i) ; parliamentary reform, (i) ; laissez-faire government in mid-19th century, (i) ; peripheral role in British economic development, (i) ; semi-independence, (i) ; feudalism survives, (i) ; historiography, (i) ; nineteenth-century renaissance, (i) ; grievances, (i) , (ii) , (iii) ; provides British prime ministers, (i) , (ii) n. 4; education, (i) ; demands separate Department of State, (i) ; home rule movement, (i) , (ii) , (iii) , (iv) , (v) , (vi) ; close ties with England, (i) ; in Great War, (i) ; effect of Irish developments in, (i) ; Labour party ascendancy in, (i) ; political parties established in British system, (i) ; Unionism, (i) , (ii) ; devolution proposals, (i) ; in Great Depression, (i) ; ‘Renaissance’ (1930s), (i) ; contribution to Second World War, (i) ; state intervention in, (i) ; heavy industries decline, (i) , (ii) ; post–Second World War nationalism, (i) ; referendum on devolution (1979), (i) ; Poll Tax (Community Charge) proposed, (i) ; recession (1980s), (i) ; campaign for legislative assembly, (i) ; parliament opened (July 1999), (i) ; proportional representation in 1999 poll, (i) ; referendum (September 1997), (i) ; economic resources and revival, (i) , (ii) ; renaissance of history as academic subject, (i) ; referendum campaign and vote on independence (2014), (i) , (ii) ; plans second referendum on independence, (i) ; and end of empire, (i) ; sense of Britishness, (i) ; and inadequate dialogue with London government, (i) ; see also Treaty of Union Scotland Act (1998), (i) Scots (people): arrival in Scotland, (i) ; unpopularity in England after union, (i) ; settle in Ulster, (i) Scott, Sir Walter: on Darien scheme, (i) , (ii) ; on development of Scotland, (i) ; popularity in Europe, (i) ; romanticizes Scottish past, (i) ; on Scottish emotionalism, (i) ; The Antiquary , (i) ; Waverley , (i) Scottish Assembly: proposed, (i) Scottish Council: established in London, (i) ; disbanded, (i) Scottish Education Act (1872), (i) Scottish Executive, (i) , (ii) ; title changed to Scottish Government, (i) Scottish Home Rule Association, (i) , (ii) Scottish Militia Act (1796), (i) Scottish National Party (SNP): founded, (i) ; weakness, (i) ; Hamilton by-election victory (1967), (i) ; growing strength, (i) , (ii) ; aims for independence, (i) , (ii) , (iii) ; claims North Sea oil, (i) ; European policy, (i) , (ii) ; and new economy, (i) ; in government, (i) ; success in 2011 election, (i) , (ii) ; gains seats in 2015 general election, (i) ; membership increases after referendum, (i) ; members move to Barcelona to support independence, (i) ; popular appeal, (i) ; efficient rule, (i) Scottish Office: transferred to Edinburgh, (i) Scottish Reform Act (1832), (i) Scottish Society for the Propagation of the Gospel, (i) secession and separatism, (i) , (ii) , (iii) , (iv) ; Catalonia and Portugal (1640), (i) , (ii) , (iii) ; Catalonia (2010–17), (i) , (ii) , (iii) , (iv) ; Scotland (2014), (i) ; see also Cuba; independence movements Second World War (1939–45): and nationalism, (i) ; outbreak, (i) ; effect on British unity, (i) Security, Act of (1703), (i) seny , (i) , (ii) separatism see secession Serrano Suñer, Ramón, (i) Sert, Josep María, (i) Settlement, Act of (1701), (i) Seven Years War (1756–63), (i) , (ii) Sharp, James, Archbishop of St Andrews, (i) Shetland, (i) shipbuilding, (i) , (ii) Sidney, Algernon, (i) Silvela, Francisco, (i) Sinn Fein (Irish party), (i) slave trade, (i) Smith, Adam, (i) , (ii) ; Wealth of Nations , (i) Smith, John, (i) Socialist Party (Catalonia) see PSOE socialists: in Barcelona, (i) , (ii) Societies of Friends of the Country (Amigos del País), (i) Societies of the Friends of the People (Scotland), (i) Society of Barcelona Weavers, (i) Society of Improvers in the Knowledge of Agriculture (Scotland), (i) Solemn League and Covenant (1643), (i) , (ii) Solidaritat Catalana, (i) Sophia, Electress of Hanover, (i) sovereignty: national, (i) , (ii) , (iii) , (iv) , (v) ; Scottish, (i) , (ii) , (iii) , (iv) ; Edward I claims over Scotland, (i) , (ii) , (iii) , (iv) ; Bodin on indivisibility, (i) , (ii) ; embodied in English/British parliament, (i) , (ii) , (iii) ; Catalan claims, (i) , (ii) , (iii) , (iv) , (v) ; Basque claims, (i) Soviet Union: collapse (1989), (i) Spain: and Catalan independence movement, (i) ; dynastic union (Ferdinand and Isabella), (i) , (ii) , (iii) ; mythological origins, (i) ; union with Portugal (1580), (i) ; in Low Countries, (i) ; internal customs, (i) , (ii) , (iii) ; war with France (1635–40), (i) ; post-Olivares government, (i) ; frontier with France defined, (i) ; and the Austrian connection, (i) ; Bourbon administrative intentions, (i) ; sends invasion fleet against Britain (1719), (i) ; population, (i) ; as fiscal-military state, (i) ; migration to Americas, (i) ; taxation, (i) , (ii) ; national identity, (i) , (ii) , (iii) , (iv) , (v) ; resistance to Enlightenment ideas, (i) ; Britain perceived as enemy and rival, (i) ; impact of French Revolution and Napoleonic Wars on, (i) ; allies with France against Britain (1796–1802), (i) ; uprisings against French in Napoleonic wars, (i) , (ii) ; Cortes of Cadiz and constitutional monarchy, (i) , (ii) ; liberal reform, (i) , (ii) , (iii) , (iv) , (v) ; new regional divisions (1833), (i) ; economic development (19th century), (i) ; political instability in 19th century, (i) , (ii) ; tensions with Catalonia over government, (i) ; developed and undeveloped regions, (i) ; civil code, (i) ; Moderates and Progressives, (i) ; centralization, (i) ; Revolutionary Sexennium (1868–74), (i) ; First Republic (1873), (i) , (ii) ; monarchy restored (1874), (i) ; considers home rule for regions and overseas territories, (i) ; varied historic regions and communities, (i) ; proposed federalism, (i) , (ii) ; defeat in war with USA (1898), (i) ; anarchist attacks in, (i) ; war in Morocco, (i) , (ii) , (iii) ; loss of Empire and decline, (i) , (ii) ; regionalism, (i) , (ii) ; neutrality in Great War, (i) , (ii) ; provoked by increasing Catalan nationalism, (i) ; and Primo de Rivera’s nationalism, (i) , (ii) ; Second Republic (1931), (i) , (ii) ; under Franco’s dictatorship, (i) , (ii) ; monarchy restored (1975), (i) ; decentralization under 1978 Constitution, (i) ; membership of European Community and NATO, (i) ; failure to counter Catalan independence propaganda, (i) ; illegality of unilateral secession under Constitution, (i) ; reaction to Catalan referendum and declaration on independence, (i) ; and consequences of Catalan independence decision, (i) ; see also Castile Spanish Civil War see wars, civil Spanish Succession, War of (1700–14), (i) , (ii) , (iii) , (iv) Spanish-American War (1898), (i) , (ii) ‘Squadrone Volante’ (Scotland), (i) , (ii) , (iii) , (iv) , (v) Stair, Sir James Dalrymple, 1st Viscount, (i) ; Institutions of the Laws of Scotland , (i) state, the: and surrender of overseas empires, (i) ; changing meaning, (i) ; fiscal-military, (i) ; and sense of nationality, (i) ; and bureaucracy, (i) ; and pàtria , (i) ; Catalonia as a ‘complete’ state, (i) ; see also ‘nation-state’; nationalism Stevenson, Robert Louis, (i) Stewart see Stuart Strafford, Thomas Wentworth, 1st Earl of, (i) ‘Strategy for Catalanization’ (document), (i) Stuart dynasty, (i) , (ii) Sturgeon, Nicola, (i) , (ii) , (iii) Suárez, Adolfo, (i) , (ii) Supreme Constitutional Tribunal (Spain), (i) , (ii) , (iii) syndicalists, (i) , (ii) ; see also anarchism and anarcho-syndicalism; trade unions tacks (Highland land leases), (i) Tarradellas, Josep, (i) , (ii) , (iii) Tarragona, (i) taxation: in Catalonia (1716), (i) , (ii) ; (2015) (i) ; in Scotland (18th century), (i) ; (since 1888), (i) ; in Spain, (i) , (ii) Terrassa, (i) textiles: Catalan, (i) , (ii) , (iii) , (iv) , (v) ; Scottish, (i) , (ii) Thatcher, Margaret, (i) , (ii) Thirty Years War (1618–48), (i) Three Commons, the see Conferència dels Tres Comuns Times, The , (i) , (ii) tobacco: trade, (i) , (ii) Toleration Acts (England, 1689), (i) , (ii) ; (British, 1712), (i) , (ii) Tories: election victory (1710), (i) , (ii) ; see also Conservative Party Townsend, Joseph, (i) , (ii) Townshend, Charles, (i) trade: Catalan, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) Scottish, (i) , (ii) , (iii) , (iv) , (v) , (vi) ; see also Darien project Spanish Atlantic, (i) , (ii) , (iii) , (iv) , (v) trade unions: Scottish, (i) , (ii) , (iii) ; Spanish, (i) , (ii) , (iii) , (iv) ; see also anarchism and anarcho-syndicalism trading companies, (i) , (ii) , (iii) ; see also individual companies Trastámaras, (i) , (ii) Treaty of Union (Anglo-Scottish, 1707): and Scottish parliament, (i) ; negotiated and ratified, (i) ; as incorporating union, (i) , (ii) ; and Scottish and English law, (i) ; and Scottish religious fears, (i) ; and Scottish representation in British parliament, (i) ; on relations between state and Presbyterian Church, (i) ; see also Anglo-Scottish Union Trevor-Roper, Hugh, (i) Triennial Act (Scotland, 1641), (i) , (ii) Tubal, son of Japhet, (i) , (ii) Tweeddale, John Hay, 4th Marquis of, (i) Tyrconnel, Rory O’Donnell, 1st Earl of, (i) Tyrone, Hugh O’Neill, 2nd Earl of, (i) UGT (Unión General de Trabajadores), (i) , (ii) Ulster: plantation established, (i) ; see also Northern Ireland Ulster Unionists, (i) Union, Anglo-Scottish see Treaty of Union (Anglo-Scottish, 1707) Union Commissioners (English and Scottish), (i) union (forms of): dynastic, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) , (viii) , (ix) ; aeque principaliter , (i) , (ii) ; incorporating, (i) , (ii) ; see also Nueva Planta Union of Rabassaires , (i) , (ii) ; see also viticulture Union of Arms, (i) , (ii) unionist nationalism (‘banal’ nationalism), (i) , (ii) n. 93 Unionist Party (Scotland), (i) , (ii) ; see also Conservative Party United Irishmen, (i) United Kingdom see Great Britain United Kingdom Independence Party (UKIP), (i) United Scotsmen, (i) United States of America: war with Spain (1898), (i) , (ii) Universal Male Suffrage Law (Spain, 1890), (i) , (ii) universities: Catalonia, (i) , (ii) ; Scotland, (i) , (ii) , (iii) , (iv) ; Spain, (i) urbanization: Catalonia, (i) ; Scotland, (i) Utrecht, Treaty of (1713), (i) , (ii) , (iii) , (iv) Vairement, Richard (Veremundus): Gesta Annalia (attrib.), (i) Valencia, kingdom of: Jaume I reconquers, (i) ; economic strength, (i) ; and internal relationships of Crown of Aragon, (i) ; in War of Spanish Succession, (i) ; imposition of Nueva Planta (i) , (ii) , (iii) Vatican Council, Second (1962–5), (i) Velasco, Don Francisco Antonio Fernández de, (i) Versailles: peace settlement and treaties (1919), (i) Vicens Vives, Jaume, (i) ; Noticia de Cataluña , (i) viceroys: title rejected by Scots, (i) , (ii) ; of Catalonia, (i) , (ii) , (iii) , (iv) , (v) , (vi) , (vii) ; of Peru, (i) Villahermosa, Carlos de Aragón de Gurrea de Borja, 9th Duke of, (i) , (ii) Visigoths, (i) , (ii) , (iii) , (iv) viticulture, (i) , (ii) , (iii) ; see also rabassaires Vizcaya, (i) ; see also Basque provinces Wade, General George, (i) Wales: English conquest, (i) ; incorporating union, (i) , (ii) ; referendum on devolved assembly, (i) Wallace, William, (i) , (ii) , (iii) , (iv) Walpole, Sir Robert, (i) , (ii) , (iii) , (iv) War of Spanish Succession see Spanish Succession, War of wars, civil: English (1642–50), (i) ; Spanish (1936–9), (i) ; see also rebellions Wars of the Congregation (Scotland, 1550s), (i) Waterloo, battle of (1815), (i) Watt, James, (i) West Indies (Caribbean): trade with Spain, (i) ; immigration and settlement, (i) West Lothian question, (i) Western Isles: purchased by Alexander III from Norway, (i) Weyler, Valeriano, (i) Whigs: Junto falls (1710), (i) ; return to power under George I, (i) ; and Jacobite rebellion (1715), (i) ; supported by 2nd Duke of Argyll, (i) Whitelaw, Archibald, (i) Wilfred the Hairy, Count of Barcelona, (i) Wilhelm II, Kaiser of Germany, (i) William III (of Orange), King of Great Britain, (i) , (ii) Wilson, Harold, (i) Wilson, Woodrow, (i) wine production (Catalonia) see viticulture woollen industry (Scotland), (i) ; see also textiles workers see labour Young Scots Society, (i) Zapatero, José Luis Rodríguez, (i) , (ii) Zapatero, General Juan, (i) Zaragoza: rising (1591–2), (i) ; resists French invasion, (i)


pages: 566 words: 160,453

Not Working: Where Have All the Good Jobs Gone? by David G. Blanchflower

90 percent rule, active measures, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, bank run, banking crisis, basic income, Bear Stearns, behavioural economics, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Lives Matter, Black Swan, Boris Johnson, Brexit referendum, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clapham omnibus, collective bargaining, correlation does not imply causation, credit crunch, declining real wages, deindustrialization, Donald Trump, driverless car, estate planning, fake news, Fall of the Berlin Wall, full employment, George Akerlof, gig economy, Gini coefficient, Growth in a Time of Debt, high-speed rail, illegal immigration, income inequality, independent contractor, indoor plumbing, inflation targeting, Jeremy Corbyn, job satisfaction, John Bercow, Kenneth Rogoff, labor-force participation, liquidationism / Banker’s doctrine / the Treasury view, longitudinal study, low interest rates, low skilled workers, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, mass incarceration, meta-analysis, moral hazard, Nate Silver, negative equity, new economy, Northern Rock, obamacare, oil shock, open borders, opioid epidemic / opioid crisis, Own Your Own Home, p-value, Panamax, pension reform, Phillips curve, plutocrats, post-materialism, price stability, prisoner's dilemma, quantitative easing, rent control, Richard Thaler, Robert Shiller, Ronald Coase, selection bias, selective serotonin reuptake inhibitor (SSRI), Silicon Valley, South Sea Bubble, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, trade liberalization, universal basic income, University of East Anglia, urban planning, working poor, working-age population, yield curve

. … Younger voters, who have grown up and prospered in a more mobile and interconnected world, tend to have weaker attachments to their nation of birth, a thinner and more instrumental sense of what national identity means, a greater openness to immigration, and a greater acceptance of ethnic diversity. (2014, 156) The Left-Behinds Voted for Le Pen In an intriguing essay, Christopher Caldwell suggests that for those cut off from France’s new-economy citadels, the misfortunes are serious. He claims they’re stuck economically. He points out that three years after finishing their studies, three-quarters of French university graduates are living on their own; by contrast, three-quarters of their contemporaries without university degrees still live with their parents.

Patrick Greenfield, “Airbus Plans UK Job Cuts amid Fears of Hard Brexit Impact,” Guardian, June 19, 2018. 15. Aditya Chakrabortty, “Airbus Has Delivered a Body Blow to Brexit Britain: It Won’t Be the Last,” Guardian, June 22, 2018. 16. Peter Campbell, “Jaguar Land Rover Says Hard Brexit Will Cost It £1.2bn a Year,” Financial Times, July 4, 2018. 17. Ibid. 18. https://money.cnn.com/interactive/news/economy/brexit-jobs-tracker/. 19. Leo Lewis, “Japanese Drugmaker Moves European HQ from London over Brexit,” Financial Times, March 11, 2019. 20. Ian Ayres, “Man vs. Machine—Grape Expectations: The Price of Wine,” Financial Times, September 1, 2007. 21. I even had a hat made for them saying “Myth and Measurement” to go with our “Wage Curve” hats. 22.


The State and the Stork: The Population Debate and Policy Making in US History by Derek S. Hoff

affirmative action, Alan Greenspan, Alfred Russel Wallace, back-to-the-land, British Empire, business cycle, classic study, clean water, creative destruction, David Ricardo: comparative advantage, demographic transition, desegregation, Edward Glaeser, feminist movement, full employment, garden city movement, Garrett Hardin, George Gilder, Gregor Mendel, Gunnar Myrdal, guns versus butter model, Herman Kahn, immigration reform, income inequality, income per capita, invisible hand, It's morning again in America, Jane Jacobs, John Maynard Keynes: technological unemployment, Joseph Schumpeter, labor-force participation, Lewis Mumford, manufacturing employment, mass immigration, New Economic Geography, new economy, old age dependency ratio, open immigration, Paul Samuelson, peak oil, pensions crisis, profit motive, public intellectual, Ralph Waldo Emerson, road to serfdom, Robert Solow, Ronald Reagan, scientific management, Scientific racism, secular stagnation, Simon Kuznets, The Chicago School, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, Tragedy of the Commons, trickle-down economics, urban planning, urban sprawl, W. E. B. Du Bois, wage slave, War on Poverty, white flight, zero-sum game

Fairchild wrote mass-market books extolling “limited socialism” and consumptionist economics, and he illuminates the links between the population-policy community, mainstream economic debates, and middlebrow economic discussion.83 He argued in People (1939), “Overpopulation has been the chronic and virtually universal state of human societies from time immemorial.”84 Fairchild also articulated a vision of a new economy freed from the outdated populationist doctrine of “industrial barons and overlords,” as he wrote in Survey Graphic magazine.85 Fairchild continued: First there was the assumption [among industrialists] that prosperity depended on large production, and that this in turn required an abundant labor force.

Seeing the earth as a closed system—he used the analogy of an hourglass—Georgescu-Roegen urged the reorientation of economic activity toward sustainability.57 Better known today is Kenneth Boulding, president of the American Economic Association in 1968, who began the 1960s as an orthodox economist at the University of Michigan, though one who had identified planetary limits in an introduction to Malthus’s Essay on Population.58 Boulding’s classic 1966 essay, “The Economics of the Coming Spaceship Earth,” pleaded for a transition from a reckless “cowboy economy” to a “spaceman economy.”59 This new economy would recognize that “the earth has become a single space- 176 chapter 6 ship, without unlimited reservoirs of anything, either for extraction or pollution, and in which, therefore, man must find his place in a cyclical ecological system which is capable of continuous reproduction of material form even though it cannot escape having inputs of energy.”60 A spaceman economy would emphasize the total stock of resources, not current consumption (called “throughput” by environmental economists).


pages: 542 words: 145,022

In Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest by Andrew W. Lo, Stephen R. Foerster

Alan Greenspan, Albert Einstein, AOL-Time Warner, asset allocation, backtesting, behavioural economics, Benoit Mandelbrot, Black Monday: stock market crash in 1987, Black-Scholes formula, Bretton Woods, Brownian motion, business cycle, buy and hold, capital asset pricing model, Charles Babbage, Charles Lindbergh, compound rate of return, corporate governance, COVID-19, credit crunch, currency risk, Daniel Kahneman / Amos Tversky, diversification, diversified portfolio, Donald Trump, Edward Glaeser, equity premium, equity risk premium, estate planning, Eugene Fama: efficient market hypothesis, fake news, family office, fear index, fiat currency, financial engineering, financial innovation, financial intermediation, fixed income, hiring and firing, Hyman Minsky, implied volatility, index fund, interest rate swap, Internet Archive, invention of the wheel, Isaac Newton, Jim Simons, John Bogle, John Meriwether, John von Neumann, joint-stock company, junk bonds, Kenneth Arrow, linear programming, Long Term Capital Management, loss aversion, Louis Bachelier, low interest rates, managed futures, mandelbrot fractal, margin call, market bubble, market clearing, mental accounting, money market fund, money: store of value / unit of account / medium of exchange, Myron Scholes, new economy, New Journalism, Own Your Own Home, passive investing, Paul Samuelson, Performance of Mutual Funds in the Period, prediction markets, price stability, profit maximization, quantitative trading / quantitative finance, RAND corporation, random walk, Richard Thaler, risk free rate, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, selection bias, seminal paper, shareholder value, Sharpe ratio, short selling, South Sea Bubble, stochastic process, stocks for the long run, survivorship bias, tail risk, Thales and the olive presses, Thales of Miletus, The Myth of the Rational Market, The Wisdom of Crowds, Thomas Bayes, time value of money, transaction costs, transfer pricing, tulip mania, Vanguard fund, yield curve, zero-coupon bond, zero-sum game

and “What will happen to my portfolio when the Baby Boomers retire and begin liquidating their portfolios?” To answer these questions, Siegel coined the new term “growth traps” and discussed the global solution to the upcoming “age wave.” To address the question of long-run stock returns, Siegel compared an old-economy company, Standard Oil of New Jersey (which became ExxonMobil), with a new-economy company, IBM, and asked the question: Back in 1950, which stock would you buy and hold for the next fifty years (reinvesting all cash dividends into more stock)? He also provided investors with a crystal ball of sorts to assist in the decision-making process, giving them information on actual revenue, dividends, earnings, and sector growth.

If you do invest in individual stocks for your Perfect Portfolio, Siegel suggests you buy ones with sustainable cash flows that pay dividends. Consider stocks from China, India, and the rest of the world beyond the United States, Europe, and Japan. However, only consider stocks with reasonable valuations relative to their expected growth, and avoid the hot stocks in the “new economy” and initial public offerings. The long run has a logic of its own. Putting it all together, the recipe for Siegel’s Perfect Portfolio includes an equity holding made up of 50 percent in world index funds: 30 percent U.S.-based and 20 percent outside of the United States. You should allocate the remaining 50 percent to strategies that will enhance your return, such as high-dividend stocks and real estate investment trusts; top global firms (e.g., those in the S&P Global 100 index) and diversified multinationals; sector strategies such as pharmaceuticals, oil, and natural resources, and brand-name consumer staples; and stocks with a low price relative to growth.


pages: 189 words: 57,632

Content: Selected Essays on Technology, Creativity, Copyright, and the Future of the Future by Cory Doctorow

AltaVista, AOL-Time Warner, book scanning, Brewster Kahle, Burning Man, cognitive load, drop ship, en.wikipedia.org, general purpose technology, informal economy, information retrieval, Internet Archive, invention of movable type, Jeff Bezos, John Gilmore, John Perry Barlow, Law of Accelerating Returns, machine readable, Metcalfe's law, mirror neurons, Mitch Kapor, moral panic, mutually assured destruction, Neal Stephenson, new economy, optical character recognition, PalmPilot, patent troll, pattern recognition, peer-to-peer, Ponzi scheme, post scarcity, QWERTY keyboard, Ray Kurzweil, RFID, Sand Hill Road, Skype, slashdot, Snow Crash, social software, speech recognition, Steve Jobs, the long tail, Thomas Bayes, Turing test, Vernor Vinge, Wayback Machine

I blame the "Information Economy." No one really knows what "Information Economy" means, but by the early 90s, we knew it was coming. America deployed her least reliable strategic resource to puzzle out what an "information economy" was and to figure out how to ensure America stayed atop the "new economy" — America sent in the futurists. We make the future in much the same way as we make the past. We don't remember everything that happened to us, just selective details. We weave our memories together on demand, filling in any empty spaces with the present, which is lying around in great abundance.


Small Space Organizing: A Room by Room Guide to Maximizing Your Space by Kathryn Bechen

estate planning, index card, McMansion, new economy, Pepto Bismol

Whether you live in a city, a small town, or the countryside—in an apartment, condo, dorm room, or perhaps a cute little house you fondly refer to as a “cottage”—I’ve lived there too, so I know the challenges and frustrations, as well as the glorious freedoms and blessings, of living in a small space. Economic times have changed drastically both in America and across the world in recent years. Builder magazine’s 2010 “Home for a New Economy” was designed at just 1,700 square feet. And according to the Wall Street Journal in 2009, for the first time in twenty-seven years, home buyers opted for smaller homes. CNN Money reports 7 percent smaller—or one average-sized room. We’re rethinking whether or not we really want a huge home, a big yard, and all the “stuff” that goes with that lifestyle.


pages: 208 words: 57,602

Futureproof: 9 Rules for Humans in the Age of Automation by Kevin Roose

"World Economic Forum" Davos, adjacent possible, Airbnb, Albert Einstein, algorithmic bias, algorithmic management, Alvin Toffler, Amazon Web Services, Atul Gawande, augmented reality, automated trading system, basic income, Bayesian statistics, Big Tech, big-box store, Black Lives Matter, business process, call centre, choice architecture, coronavirus, COVID-19, data science, deep learning, deepfake, DeepMind, disinformation, Elon Musk, Erik Brynjolfsson, factory automation, fake news, fault tolerance, Frederick Winslow Taylor, Freestyle chess, future of work, Future Shock, Geoffrey Hinton, George Floyd, gig economy, Google Hangouts, GPT-3, hiring and firing, hustle culture, hype cycle, income inequality, industrial robot, Jeff Bezos, job automation, John Markoff, Kevin Roose, knowledge worker, Kodak vs Instagram, labor-force participation, lockdown, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, meta-analysis, Narrative Science, new economy, Norbert Wiener, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, off-the-grid, OpenAI, pattern recognition, planetary scale, plutocrats, Productivity paradox, QAnon, recommendation engine, remote working, risk tolerance, robotic process automation, scientific management, Second Machine Age, self-driving car, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social distancing, Steve Jobs, Stuart Kauffman, surveillance capitalism, tech worker, The Future of Employment, The Wealth of Nations by Adam Smith, TikTok, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, warehouse robotics, Watson beat the top human players on Jeopardy!, work culture

It helps prevent burnout and exhaustion, allows us to step back and look at the bigger picture, and helps us step off the hamster wheel of productivity and reconnect with the most human parts of ourselves. And many of us, including me, could use a refresher course. In the old economy, when our value was mostly predicated on our physical labor, midday rest was often seen as an indulgent luxury. But in the new economy, when more creative and human skills are what will differentiate us from machines, we should reframe our attitude toward rest, viewing it as a critical survival skill. The science is quite clear on the link between rest and all kinds of human function. Studies conducted by neuroscientists at the Walter Reed Army Institute of Research and other top institutions have found that chronic sleep deprivation impairs our moral judgment, lowers our emotional intelligence, and harms our interpersonal communication skills.


Global Financial Crisis by Noah Berlatsky

"World Economic Forum" Davos, accounting loophole / creative accounting, Alan Greenspan, asset-backed security, banking crisis, Bear Stearns, Bretton Woods, capital controls, Celtic Tiger, centre right, circulation of elites, collapse of Lehman Brothers, collateralized debt obligation, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, Doha Development Round, energy security, eurozone crisis, financial innovation, Food sovereignty, George Akerlof, Glass-Steagall Act, God and Mammon, Gordon Gekko, housing crisis, illegal immigration, income inequality, low interest rates, market bubble, market fundamentalism, mass immigration, Money creation, moral hazard, new economy, Northern Rock, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, reserve currency, Robert Shiller, Ronald Reagan, Savings and loan crisis, shareholder value, social contagion, South China Sea, structural adjustment programs, subprime mortgage crisis, too big to fail, trade liberalization, transfer pricing, working poor

Without the third factor—the legacy of the “central banker of the century”—the crisis probably would have never occurred. The monetary policy of low interest rates—introduced by Alan Greenspan [chairman of the Federal Reserve from 1987 to 2006] in response to the post-9/11 recession and the collapse of the new economy “bubble” [a speculative bubble involving Internet and tech 56 Causes of the Global Financial Crisis stocks]—injected an enormous amount of liquidity into the global monetary system. This reduced short-term interest rates to 1%—their lowest level in 50 years. What’s more, Greenspan spent the next two years maintaining interest rates at levels significantly below equilibrium.


pages: 230 words: 61,702

The Internet of Us: Knowing More and Understanding Less in the Age of Big Data by Michael P. Lynch

Affordable Care Act / Obamacare, Amazon Mechanical Turk, big data - Walmart - Pop Tarts, bitcoin, Cass Sunstein, Claude Shannon: information theory, cognitive load, crowdsourcing, data science, Edward Snowden, Firefox, Google Glasses, hive mind, income inequality, Internet of things, John von Neumann, meta-analysis, Nate Silver, new economy, Nick Bostrom, Panopticon Jeremy Bentham, patient HM, prediction markets, RFID, sharing economy, Steve Jobs, Steven Levy, the scientific method, The Wisdom of Crowds, Thomas Kuhn: the structure of scientific revolutions, Twitter Arab Spring, WikiLeaks

—Operation Ivy Preface The changes wrought by the Internet are sometimes compared to those brought about by the printing press. In both cases, technological advances led to new ways of distributing information. Knowledge became more widely and cheaply available, which in turn led to mass education, new economies and even social revolution. But in truth, the comparison with the printing press underplays the significance of the changes being brought about by the Internet today. The better comparison is with the written word. Writing is a technology, a tool. Yet its invention wasn’t just a change in how information and knowledge was distributed.


pages: 200 words: 60,314

Beer Money: A Memoir of Privilege and Loss by Frances Stroh

cognitive dissonance, Electric Kool-Aid Acid Test, Ford Model T, Golden Gate Park, imposter syndrome, Kickstarter, new economy, nuclear winter, post-work, South of Market, San Francisco, urban renewal

Now, with the retreat of the automotive industry to the suburbs and abroad, all signs of manufacturing had finally vanished in Detroit, its smokestacks emitting no smoke. In many parts of the city, only footprints of manufacturing plants remained where the buildings themselves had been leveled. Defunct cement silos dotted the riverfront because the city was too broke to take them down. Crack cocaine, the cornerstone of the new economy, was a difficult commodity to tax. Yet all the devastation had given birth to Eminem and the Detroit underground hip-hop scene, the first sign of life in a city that had been dying for decades. It had taken forty years, but Detroit now had its signature music scene again, one that reflected the hopelessness of the times, just as surely as sixties Motown had once mirrored the burgeoning black middle class’s sense of abundance and upward mobility.


pages: 197 words: 60,477

So Good They Can't Ignore You: Why Skills Trump Passion in the Quest for Work You Love by Cal Newport

adjacent possible, Apple II, bounce rate, business cycle, Byte Shop, Cal Newport, capital controls, clean tech, Community Supported Agriculture, deal flow, deliberate practice, do what you love, financial independence, follow your passion, Frank Gehry, information asymmetry, job satisfaction, job-hopping, knowledge worker, Mason jar, medical residency, new economy, passive income, Paul Terrell, popular electronics, renewable energy credits, Results Only Work Environment, Richard Bolles, Richard Feynman, rolodex, Sand Hill Road, side project, Silicon Valley, Skype, Steve Jobs, Steve Wozniak, Stuart Kauffman, TED Talk, web application, winner-take-all economy

Generational Grumbling and the New Life Stage of Emerging Adulthood—Commentary on Trzesniewski & Donnellan (2010),” Perspectives on Psychological Science 5, no. 1 (2010): 89–92. See section titled “Slackers or Seekers of Identity-Based Work?” for the quote and related discussion. 4. Julianne Pepitone, “U.S. job satisfaction hits 22-year low,” CNNMoney.com, January 5, 2010, http://money.cnn.com/2010/01/05/news/economy/job_satisfaction_report/. 5. Alexandra Robbins and Abby Wilner, Quarterlife Crisis: The Unique Challenges of Life in Your Twenties (New York: Tarcher, 2001). 6. Interview with Peter Travers, Roadtrip Nation Online Video Archive, 2006, http://roadtripnation.com/PeterTravers. Chapter 4: The Clarity of the Craftsman 1.


The Chomsky-Foucault Debate: On Human Nature by Noam Chomsky, Michel Foucault

new economy, nuremberg principles, Paul Samuelson, public intellectual, theory of mind

In Discipline and Punish, what I wanted to show was how, from the seventeenth and eighteenth centuries onward, there was a veritable technological take-off in the productivity of power. Not only did the monarchies of the Classical period develop great state apparatuses (the army, the police, and fiscal administration) but, above all, in this period what one might call a new “economy” of power was established, that is to say, procedures that allowed the effects of power to circulate in a manner at once continuous, uninterrupted, adapted, and “individualized” throughout the entire social body. These new techniques are both much more efficient and much less wasteful (less costly economically, less risky in their results, less open to loopholes and resistances) than the techniques previously employed, which were based on a mixture of more or less forced tolerances (from recognized privileges to endemic criminality) and costly ostentation (spectacular and discontinuous interventions of power, the most violent form of which was the “exemplary,” because exceptional, punishment).


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, death from overwork, deindustrialization, Donald Trump, European colonialism, export processing zone, full employment, guest worker program, illegal immigration, immigration reform, informal economy, invisible hand, language acquisition, longitudinal study, low skilled workers, mass immigration, mass incarceration, new economy, open immigration, 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

Temporary Worker Programs: Lessons Learned,” Migration Information Source, March 1, 2004, www.migrationinformation.org/Feature/display.cfm?ID=205. 8. Nancy Folbre, The Invisible Heart: Economics and Family Values (New York: New Press, 2001); Barbara Ehrenreich and Arlie Russell Hochschild, “Introduction,” in Global Woman: Nannies, Maids, and Sex Workers in the New Economy (New York: Metropolitan Books, 2003), 7–9. 9. Bruce Western, Vincent Schiraldi, and Jason Ziedenberg, “Education and Incarceration,” Justice Policy Institute, 2003, www.justicepolicy.org/downloads/EducationandIncarceration1.pdf. See also Ira Glasser, “Drug Busts=Jim Crow,” The Nation, July 10, 2006, 24–26. 10.


pages: 274 words: 60,596

Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School by Andrew Hallam

Albert Einstein, asset allocation, Bernie Madoff, buy and hold, diversified portfolio, financial independence, George Gilder, index fund, John Bogle, junk bonds, Long Term Capital Management, low interest rates, Mary Meeker, new economy, passive investing, Paul Samuelson, Ponzi scheme, pre–internet, price stability, random walk, risk tolerance, Silicon Valley, South China Sea, stocks for the long run, survivorship bias, transaction costs, Vanguard fund, yield curve

Finance, price-to-earnings ratios as of January 20117 You can find tech companies with occasionally lower P/E ratios than older economy companies, but generally people are willing to pay higher prices for the rush of owning tech stocks—even though, as an aggregate, they tend to produce lower returns than old economy stocks when all dividends are reinvested. In Jeremy Siegel’s enlightening book, The Future for Investors—Why the Tried and True Beats the Bold and New, the Wharton business professor concludes an exhaustive search indicating that when investors reinvest their dividends, they’re far better off buying old economy stocks than new economy (tech) stocks. Dividend payouts for old economy stocks tend to be higher, so when reinvested, they can automatically purchase a greater number of new shares. New shares automatically purchased with dividends means that there are now more shares to gift further dividends. The effect snowballs. This is the main reason Siegel found that history’s most profitable stocks over the past 50 years have names such as Exxon Mobil <www.exxonmobil.com/Corporate>, Johnson & Johnson <www.jnj.com>, and Coca-Cola <www.coca-cola.com>, instead of names such as IBM <www.ibm.com> and Texas Instruments <www.ti.com>.8 Most investors don’t realize this.


100 Baggers: Stocks That Return 100-To-1 and How to Find Them by Christopher W Mayer

Alan Greenspan, asset light, bank run, Bear Stearns, Bernie Madoff, book value, business cycle, buy and hold, Carl Icahn, cloud computing, disintermediation, Dissolution of the Soviet Union, dumpster diving, Edward Thorp, Henry Singleton, hindsight bias, housing crisis, index fund, Jeff Bezos, market bubble, Network effects, new economy, oil shock, passive investing, peak oil, Pershing Square Capital Management, shareholder value, Silicon Valley, SimCity, Stanford marshmallow experiment, Steve Jobs, stock buybacks, survivorship bias, Teledyne, The Great Moderation, The Wisdom of Crowds, tontine

Here I borrow from another favorite sage, that corncob-pipe-smoking disheveled man of letters Paul Goodman. “I can’t think abstractly,” he wrote. “I start from concrete experience.” He cracked that because he stuck so close to concrete experience, he “cannot really write fiction.” People take easily, though, to big ideas: The new economy. Peak oil. The Chinese century. The Great Moderation. All of these things are just abstract ideas. They are predictions about how the world might look. But they are far from concrete experience—and hence likely to lead you astray. And each of the abstractions I mentioned has led investors astray.


pages: 190 words: 62,941

Wild Ride: Inside Uber's Quest for World Domination by Adam Lashinsky

"Susan Fowler" uber, "World Economic Forum" Davos, Airbnb, always be closing, Amazon Web Services, asset light, autonomous vehicles, Ayatollah Khomeini, Benchmark Capital, business process, Chuck Templeton: OpenTable:, cognitive dissonance, corporate governance, DARPA: Urban Challenge, Didi Chuxing, Donald Trump, driverless car, Elon Musk, Erlich Bachman, gig economy, Golden Gate Park, Google X / Alphabet X, hustle culture, independent contractor, information retrieval, Jeff Bezos, John Zimmer (Lyft cofounder), Lyft, Marc Andreessen, Mark Zuckerberg, megacity, Menlo Park, multilevel marketing, new economy, pattern recognition, price mechanism, public intellectual, reality distortion field, ride hailing / ride sharing, Salesforce, San Francisco homelessness, Sand Hill Road, self-driving car, side hustle, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Skype, Snapchat, South of Market, San Francisco, sovereign wealth fund, statistical model, Steve Jobs, super pumped, TaskRabbit, tech worker, Tony Hsieh, transportation-network company, Travis Kalanick, turn-by-turn navigation, Uber and Lyft, Uber for X, uber lyft, ubercab, young professional

And he sells advertising space to small-business-oriented vendors who want to reach drivers. These include established players that cater to freelancers, like QuickBooks Self-Employed, the bookkeeping software owned by Silicon Valley giant Intuit. As well, Campbell’s advertisers include a grab bag of vendors that, like his blog, have formed a new economy around Uber and similar companies. San Francisco’s Stride Drive, for example, offers drivers an app to track their mileage as well as expenses like health care, car washes, parking, and tolls. DailyPay is a New York start-up that cashes out drivers on a daily basis. The Rideshare Guy’s steadiest source of revenue is derived from the drumbeat of new drivers for Uber, Lyft, and other services.


pages: 254 words: 61,387

This Could Be Our Future: A Manifesto for a More Generous World by Yancey Strickler

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, accelerated depreciation, Adam Curtis, basic income, benefit corporation, Big Tech, big-box store, business logic, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, cognitive dissonance, corporate governance, Daniel Kahneman / Amos Tversky, data science, David Graeber, Donald Trump, Doomsday Clock, Dutch auction, effective altruism, Elon Musk, financial independence, gender pay gap, gentrification, global supply chain, Hacker News, housing crisis, Ignaz Semmelweis: hand washing, invention of the printing press, invisible hand, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Nash: game theory, Joi Ito, Joseph Schumpeter, Kickstarter, Kōnosuke Matsushita, Larry Ellison, Louis Pasteur, Mark Zuckerberg, medical bankruptcy, Mr. Money Mustache, new economy, Oculus Rift, off grid, offshore financial centre, Parker Conrad, Ralph Nader, RAND corporation, Richard Thaler, Ronald Reagan, Rutger Bregman, self-driving car, shareholder value, Silicon Valley, Simon Kuznets, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Solyndra, stem cell, Steve Jobs, stock buybacks, TechCrunch disrupt, TED Talk, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Travis Kalanick, Tyler Cowen, universal basic income, white flight, Zenefits

This disregard for “how the real world works” let us think a step beyond how things were. It gave us a wider spectrum of what could be possible. Ten years later, billions of dollars have changed hands and tens of millions of people have experienced crowdfunding just the way it was imagined. Through Kickstarter, GoFundMe, and others. A whole new economy based on the generosity of people supporting a fellow human being or idea. The status quo’s view of what’s possible was too limited. It often is. * * * ■ ■ ■ ■ Crowdfunding is far from the only human-made thing we think of as natural. What a piano looks like, why we drink orange juice for breakfast, the shape of the letters you read right now.


The Washington Connection and Third World Fascism by Noam Chomsky

anti-communist, business climate, colonial rule, death from overwork, declining real wages, deliberate practice, disinformation, European colonialism, friendly fire, Gini coefficient, guns versus butter model, income inequality, income per capita, land bank, land reform, land tenure, low interest rates, military-industrial complex, new economy, RAND corporation, Seymour Hersh, strikebreaker, systematic bias, union organizing

In short, a very simpatico country, “with a long tradition of cooperation and good feeling towards the people of the United States.” The vitality of the country was shown after the earthquake that took 30,000 lives and wiped out the capital city. “But immediately its dynamic young President, Anastasio Somoza Debayle, leaped into the ruins, worked alongside the 2.2 million Nicaraguans, and built a new economy—healthier and stronger than ever before.” Somoza “believes in the Free Enterprise System,” and needless to say, runs “a full-time program of improvements in the quality of life of the agriculturalist” and maintains “a calm, secure political climate” with “free elections.” A year later, the calm, secure political climate had reached the point where the New York Times Magazine featured an article entitled “National Mutiny in Nicaragua,” describing how “almost every sector of the country—radicals and conservatives, rich and poor—is rising up against a dynastic dictatorship that can no longer count on the support of the United States” (a fact not uncorrelated with the disaffection among wealthy businessmen, who are so “dismayed by what [their spokesman considers] the brutality and corruption of General Somoza’s dictatorship” that they conducted a two-week work stoppage to try to force his resignation, and this having failed, formed an Opposition Front that includes the guerrillas aimed at the overthrow of General Somoza).265 One reason for what Riding describes as “the ‘betrayal’ of the Somoza family by two of its oldest allies—the wealthy business elite and the United States Government,” is the fantastic corruption.

A year later, the calm, secure political climate had reached the point where the New York Times Magazine featured an article entitled “National Mutiny in Nicaragua,” describing how “almost every sector of the country—radicals and conservatives, rich and poor—is rising up against a dynastic dictatorship that can no longer count on the support of the United States” (a fact not uncorrelated with the disaffection among wealthy businessmen, who are so “dismayed by what [their spokesman considers] the brutality and corruption of General Somoza’s dictatorship” that they conducted a two-week work stoppage to try to force his resignation, and this having failed, formed an Opposition Front that includes the guerrillas aimed at the overthrow of General Somoza).265 One reason for what Riding describes as “the ‘betrayal’ of the Somoza family by two of its oldest allies—the wealthy business elite and the United States Government,” is the fantastic corruption. A case in point was the behavior of the dynamic young president who “leaped into the ruins” to build a new economy after the Managua earthquake. In fact, relief supplies were stolen by Somoza’s cronies and the National Guardsmen who constitute his “private army.” But “while scandalous, the looting of emergency supplies was modest compared to the way the Somoza family and its associates seized ‘reconstruction’ as an opportunity for further enrichment,” relocating the “new” Managua on some land that happened to belong to—or was quickly bought up by—the Somoza family.


pages: 596 words: 163,682

The Third Pillar: How Markets and the State Leave the Community Behind by Raghuram Rajan

"Friedman doctrine" OR "shareholder theory", activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, airline deregulation, Albert Einstein, Andrei Shleifer, banking crisis, barriers to entry, basic income, battle of ideas, Bernie Sanders, blockchain, borderless world, Bretton Woods, British Empire, Build a better mousetrap, business cycle, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, central bank independence, computer vision, conceptual framework, corporate governance, corporate raider, corporate social responsibility, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, currency manipulation / currency intervention, data acquisition, David Brooks, Deng Xiaoping, desegregation, deskilling, disinformation, disruptive innovation, Donald Trump, driverless car, Edward Glaeser, facts on the ground, financial innovation, financial repression, full employment, future of work, Glass-Steagall Act, global supply chain, Great Leap Forward, high net worth, household responsibility system, housing crisis, Ida Tarbell, illegal immigration, income inequality, industrial cluster, intangible asset, invention of the steam engine, invisible hand, Jaron Lanier, job automation, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, labor-force participation, Les Trente Glorieuses, low interest rates, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, means of production, Money creation, moral hazard, Network effects, new economy, Nicholas Carr, obamacare, opioid epidemic / opioid crisis, Productivity paradox, profit maximization, race to the bottom, Richard Thaler, Robert Bork, Robert Gordon, Ronald Reagan, Sam Peltzman, shareholder value, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, SoftBank, South China Sea, South Sea Bubble, Stanford marshmallow experiment, Steve Jobs, superstar cities, The Future of Employment, The Wealth of Nations by Adam Smith, trade liberalization, trade route, transaction costs, transfer pricing, Travis Kalanick, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, Upton Sinclair, Walter Mischel, War on Poverty, women in the workforce, working-age population, World Values Survey, Yom Kippur War, zero-sum game

So Europe remains an important, potentially valuable idea, but with only modest popular support. CONCLUSION A decade after the crisis, the world economy has recovered, in part by pumping up debt once again. Even as financial vulnerabilities build again, technology progresses further, and many people are still unprepared for the new economy. Society needs to rebalance. Both the state and community pillars have to give people the support they need to engage in global markets. Only then will they resist the urge to balkanize it with specific protections. Unfortunately, far too many people now distrust the elite. The policies of openness that served the world well after the Second World War are now being questioned, and it is hard for the mainstream politician to explain in simple words why they still are relevant when confronted by the simplistic but more direct arguments of the populist.

Instead of a company merging with all competitors who produce a product, ostensibly to obtain economies of scale, we could instead retain many competitors who cooperate on specific projects through alliances whenever the economies of scale of doing so are really significant. Put differently, corporations will adapt to effective antitrust enforcement, and given the improvements in contracting and communications, we will likely get both competition and productive efficiency at the same time. INTELLECTUAL PROPERTY AS A SOURCE OF MARKET POWER In the new economy being created by the ICT revolution, information, knowledge, creative works, and ideas—broadly termed intellectual property—are the key assets. Such intangible assets are nonrival—if I sing or listen to a song, it does not preclude you from singing or listening to that same song. If a song could be sung by anybody, the songwriter could never benefit monetarily from her creativity; without legal protection, intellectual property, especially property that needs to be used publicly, would have no value.


pages: 780 words: 168,782

Strange Rebels: 1979 and the Birth of the 21st Century by Christian Caryl

Alvin Toffler, anti-communist, Ayatollah Khomeini, Berlin Wall, Boeing 747, Bretton Woods, British Empire, colonial rule, Deng Xiaoping, disinformation, export processing zone, financial deregulation, financial independence, friendly fire, full employment, Future Shock, Great Leap Forward, household responsibility system, income inequality, industrial robot, Internet Archive, Kickstarter, land reform, land tenure, Les Trente Glorieuses, liberal capitalism, liberation theology, Mahatma Gandhi, means of production, Mikhail Gorbachev, Mohammed Bouazizi, Mont Pelerin Society, Neil Kinnock, new economy, New Urbanism, oil shock, open borders, open economy, Pearl River Delta, plutocrats, price stability, rent control, road to serfdom, Ronald Reagan, Shenzhen special economic zone , single-payer health, special economic zone, The Chicago School, union organizing, upwardly mobile, Winter of Discontent, Xiaogang Anhui farmers, Yom Kippur War

Ironically, potential foreign investors shared their appreciation; to them, Deng’s enclave strategy offered a vital degree of protection against political backlash from the Maoists. To be sure, the SEZs needed time to show results, but that was not a problem. Reform in China was supposed to be slow; the country had experienced tumult enough. The main thing was that the keystones of a new economy—one driven by efficiency rather than ideological correctness—had been laid. The new revolution—in its own cautious way—could begin. No one embodied that revolution better than Rong Zhiren. The restaurant that he opened in that spring of 1979 proved a big success. Three years later, by now an affluent Guangzhou entrepreneur, he received the privilege of meeting Deng Xiaoping at a social event for Guangdong Province luminaries.

The rising prosperity of the industrial areas along the coasts attracted huge numbers of job-seeking immigrants from the interior, setting off what would ultimately become the largest peacetime migration in history. The rise of a new class of business owners and managers transformed the social hierarchy. The Communist Party was at first unsure whether to welcome them into its ranks or to hold them at arm’s length. In keeping with the demands of a new economy, the country’s legal system had to be completely reengineered. Growing numbers of foreigners appeared on the streets, and knowledge of the outside world proliferated. Blue and gray Mao suits gave way to a diverse global wardrobe. Western fast food changed eating habits. Until the end of the 1970s, the average Chinese had dreamed of the Four Big Things: a sewing machine, a bicycle, a wristwatch, and a radio.


pages: 575 words: 171,599

The Billionaire's Apprentice: The Rise of the Indian-American Elite and the Fall of the Galleon Hedge Fund by Anita Raghavan

"World Economic Forum" Davos, airport security, Asian financial crisis, asset allocation, Bear Stearns, Bernie Madoff, Boeing 747, British Empire, business intelligence, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, delayed gratification, estate planning, Etonian, glass ceiling, high net worth, junk bonds, kremlinology, Larry Ellison, locking in a profit, Long Term Capital Management, Marc Andreessen, mass immigration, McMansion, medical residency, Menlo Park, new economy, old-boy network, Ponzi scheme, risk tolerance, rolodex, Ronald Reagan, short selling, Silicon Valley, sovereign wealth fund, stem cell, technology bubble, too big to fail

Few if any of the HBS students descending on Atlanta that weekend had come for recreation or entertainment. They had traveled south to make one of the most important decisions of their lives: whether to join McKinsey after getting an MBA from Harvard Business School or dip their toes in the brave new economy. The group was a cosmopolitan crew, and the big draw was the man whose very appointment to the top job changed the face of McKinsey, quite literally transforming it from a white-shoe consultancy into a multicultural meritocracy. Rajat Gupta had a reputation for applying Indian philosophy to the Western business milieu.

Often his goal-driven American colleagues would challenge him, asking, “If something doesn’t go right, ‘Aren’t you unhappy about it?’” Gupta would offer a philosopher king–like reply entirely uncharacteristic of the operating style of a corporate executive. It was as if he was more new age than new economy. “I think if we judge ourselves by results too much, we’re always out of balance…Either we are far happier than we should be or far sadder.” Gupta again turned to the subject of Hinduism in his speech to the young HBS students. Rightly suspecting that many in the audience did not have a clue about the topic, he laid out the four stages of a man’s life.


pages: 558 words: 175,965

When the Heavens Went on Sale: The Misfits and Geniuses Racing to Put Space Within Reach by Ashlee Vance

"Peter Beck" AND "Rocket Lab", 3D printing, Airbnb, autonomous vehicles, barriers to entry, Biosphere 2, bitcoin, Burning Man, Charles Lindbergh, cloud computing, Colonization of Mars, COVID-19, cryptocurrency, deepfake, disinformation, Elon Musk, Ernest Rutherford, fake it until you make it, Google Earth, hacker house, Hyperloop, intentional community, Iridium satellite, James Webb Space Telescope, Jeff Bezos, Kwajalein Atoll, lockdown, low earth orbit, Maui Hawaii, McMansion, Menlo Park, Mikhail Gorbachev, new economy, off-the-grid, overview effect, Peter Thiel, Planet Labs, private spaceflight, Rainbow Mansion, risk tolerance, Ronald Reagan, self-driving car, side project, Silicon Valley, Silicon Valley startup, skunkworks, SoftBank, South China Sea, South of Market, San Francisco, SpaceX Starlink, Stephen Hawking, Steve Jobs, Steve Jurvetson, Steve Wozniak, Strategic Defense Initiative, synthetic biology, tech billionaire, TikTok, Virgin Galactic

It appeared that the rules of engagement were changing—fast—regarding both how we get to space and what we can do upon arriving in orbit. When added together, SpaceX and Planet cemented the belief of those who wanted to believe that private industry could push governments out of the way and come to dominate activity in space. The notion that a new economy was being formed in low Earth orbit felt more real than ever. From 2017 on, billions upon billions of investment dollars began to flow toward space start-ups, with each new company envisioning itself as the next SpaceX or the next Planet. The questions a curious onlooker might have asked around that time were: How did Planet come into existence?

I’ve provided you with a deep look at what it’s like to create an entirely new field of play for capitalism. And I’ve been following the story in near real time. There is a chance that one or more of the companies presented in these pages will no longer exist by the time this work reaches your hands or ears. What’s obvious to me, though, is that some form of this new economy will be built, and it will play a major role in all of our lives. The space internet, the images, and the science emanating from low Earth orbit will be the basis of a new computing infrastructure. The big bet, as I’ve mentioned, is that other effects we cannot yet articulate or fathom will follow.


pages: 257 words: 64,763

The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street by Robert Scheer

Alan Greenspan, banking crisis, Bear Stearns, Bernie Madoff, Bernie Sanders, business cycle, California energy crisis, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, do well by doing good, facts on the ground, financial deregulation, fixed income, Glass-Steagall Act, housing crisis, invisible hand, Long Term Capital Management, low interest rates, mega-rich, mortgage debt, new economy, old-boy network, Ponzi scheme, profit motive, Ralph Nader, rolling blackouts, Ronald Reagan, Savings and loan crisis, too big to fail, trickle-down economics

., On the Brink: Inside the Race to Stop the Collapse of the Global Financial System (New York: Hachette, 2010), 861-867, Kindle2 2. 1 “It was a humbling question”: Ibid. 2 “perfect storm”: Evan Thomas and Michael Hirsch, “Rubin’s Detail Deficit,” Newsweek, December 8, 2008. 11 “irrational exuberance”: Alan Greenspan, remarks at the Annual Dinner and Francis Boyer Lecture of the American Enterprise Institute for Public Policy Research, Washington, DC, December 5, 1996, www.federalreserve.gov/boardDocs/speeches/1996/19961205.htm. 16 “I don’t think the worst is over”: Chrystia Freeland, “Lunch with the FT: Larry Summers,” Financial Times, July 10, 2009, www.ft.com/cms/s/2/6ac06592-6ce0 -11de-af56-00144feabdc0.html. 16 “In a recession this deep”: Robert Reich, Robert Reich’s Blog, July 2009, robertreich.blogspot.com/2009/07/when-will-recovery-begin-never.html . 16 “Until consumers start spending again”: Ibid. 18 “The American experiment has worked in large part because”: Remarks of Senator Barack Obama, “Renewing the American Economy,” Cooper Union, New York, March 27, 2008. 20 Fortune magazine was headlined “Robert Rubin”: Katie Benner, “Robert Rubin: What Meltdown?” CNN-Money. com, January 31, 2008, money.cnn.com/2008/01/31/news/economy/rubin_benner.fortune/index.htm?postversion=2008013113 . 21 “A lending catastrophe”: Ibid. 22 “This loss has not happened by accident”: Obama, “Renewing the American Economy.” 23 “Unfortunately, instead of establishing a 21st century”: Ibid. 24 “the $300 million lobbying”: Ibid. 2. THE HIGH PRIESTESS OF THE REAGAN REVOLUTION 26 “called her ‘The Margaret Thatcher of financial regulation’”: Wendy Gramm, Mercatus Center Distinguished Senior Scholar, Mercatus Center, George Mason University, mercatus.org/wendy-gramm. 27 “Unfortunately, this legislation does not deal”: Ronald Reagan, Remarks on Signing the Garn-St.


pages: 239 words: 69,496

The Wisdom of Finance: Discovering Humanity in the World of Risk and Return by Mihir Desai

activist fund / activist shareholder / activist investor, Albert Einstein, Andrei Shleifer, AOL-Time Warner, assortative mating, Benoit Mandelbrot, book value, Brownian motion, capital asset pricing model, Carl Icahn, carried interest, Charles Lindbergh, collective bargaining, corporate governance, corporate raider, discounted cash flows, diversified portfolio, Eugene Fama: efficient market hypothesis, financial engineering, financial innovation, follow your passion, George Akerlof, Gordon Gekko, greed is good, housing crisis, income inequality, information asymmetry, Isaac Newton, Jony Ive, Kenneth Rogoff, longitudinal study, Louis Bachelier, low interest rates, Monty Hall problem, moral hazard, Myron Scholes, new economy, out of africa, Paul Samuelson, Pierre-Simon Laplace, principal–agent problem, Ralph Waldo Emerson, random walk, risk/return, Robert Shiller, Ronald Coase, short squeeze, Silicon Valley, Steve Jobs, Thales and the olive presses, Thales of Miletus, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, Tim Cook: Apple, tontine, transaction costs, vertical integration, zero-sum game

Robert Morris’s Folly: The Architectural and Financial Failures of an American Founder. New Haven, CT: Yale University Press, 2014; Rappleye, Charles. Robert Morris: Financier of the American Revolution. New York: Simon & Schuster, 2010; and McCraw, Thomas K. The Founders and Finance: How Hamilton, Gallatin, and Other Immigrants Forged a New Economy. Cambridge, MA: Belknap Press of Harvard University Press, 2012. The early evolution of the law around bankruptcy, and Robert Morris’s role in it, are best captured by Mann, Bruce H. Republic of Debtors: Bankruptcy in the Age of American Independence. Cambridge, MA: Harvard University Press, 2002.


Foundation by Isaac Asimov

new economy, the scientific method, trade route

With it we have brought the Four Kingdoms under our control, even at the moment when they would have crushed us. It is the most potent device known with which to control men and worlds. “The primary reason for the development of trade and traders was to introduce and spread this religion more quickly, and to insure that the introduction of new techniques and a new economy would be subject to our thorough and intimate control.” He paused for breath, and Mallow interjected quietly, “I know the theory. I understand it entirely.” “Do you? It is more than I expected. Then you see, of course, that your attempt at trade for its own sake; at mass production of worthless gadgets, which can only affect a world’s economy superficially; at the subversion of interstellar policy to the god of profits; at the divorce of nuclear power from our controlling religion—can only end with the overthrow and complete negation of the policy that has worked successfully for a century.”


pages: 247 words: 63,208

The Open Organization: Igniting Passion and Performance by Jim Whitehurst

Airbnb, behavioural economics, cloud computing, content marketing, crowdsourcing, digital capitalism, en.wikipedia.org, fail fast, Google Hangouts, Infrastructure as a Service, job satisfaction, Kaizen: continuous improvement, market design, meritocracy, Network effects, new economy, place-making, platform as a service, post-materialism, profit motive, risk tolerance, Salesforce, shareholder value, side project, Silicon Valley, Skype, Snapchat, Steve Jobs, subscription business, TED Talk, The Wisdom of Crowds, Tony Hsieh

After a while, it will become natural. 5.Try to observe the difference in execution of decisions that were made openly, with input, versus those that truly came from the top down. 7 Catalyzing Direction The purpose of the new management model called the open organization is to build an organization capable of thriving in the new economy—an organization that can respond quickly to external changes without relying on running things up the chain of command. An open organization encourages and fosters initiative and creativity among its members rather than, as Andrew McAfee of the MIT Center for Digital Business puts it, running operations based on “HiPPO—the highest-paid person’s opinion.”1 The new model that is evolving also appeals to a new generation of employees whose expectations are vastly different from those of people who preceded them in the workplace.


pages: 222 words: 70,132

Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin

"Friedman doctrine" OR "shareholder theory", "there is no alternative" (TINA), 1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Airbnb, AlphaGo, Amazon Mechanical Turk, American Legislative Exchange Council, AOL-Time Warner, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, Big Tech, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, Cody Wilson, commoditize, content marketing, creative destruction, crony capitalism, crowdsourcing, data is the new oil, data science, David Brooks, David Graeber, decentralized internet, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, Fairchild Semiconductor, fake news, future of journalism, future of work, George Akerlof, George Gilder, Golden age of television, Google bus, Hacker Ethic, Herbert Marcuse, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jacob Silverman, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John Perry Barlow, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, Larry Ellison, life extension, Marc Andreessen, Mark Zuckerberg, Max Levchin, Menlo Park, Metcalfe’s law, military-industrial complex, Mother of all demos, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, PalmPilot, Paul Graham, paypal mafia, Peter Thiel, plutocrats, pre–internet, Ray Kurzweil, reality distortion field, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Ross Ulbricht, Sam Altman, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, Skinner box, smart grid, Snapchat, Social Justice Warrior, software is eating the world, Steve Bannon, Steve Jobs, Stewart Brand, tech billionaire, techno-determinism, technoutopianism, TED Talk, The Chicago School, the long tail, The Market for Lemons, The Rise and Fall of American Growth, Tim Cook: Apple, trade route, Tragedy of the Commons, transfer pricing, Travis Kalanick, trickle-down economics, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, vertical integration, We are as Gods, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator, you are the product

Mark Grief, The Age of the Crisis of Man: Thought and Fiction in America, 1933–1973 (Princeton: Princeton University Press, 2015). Chapter Twelve: The Digital Renaissance Christopher Moyer, “How Google’s AlphaGo Beat Lee Sedol, a Go World Champion,” Atlantic, March 28, 2016, www.theatlantic.com/technology/archive/2016/03/the-invisible-opponent/475611/. Lawrence Summers and J. Bradford DeLong, “The ‘New Economy’: Background, Historical Perspective, Questions, and Speculations,” Federal Reserve Bank of Kansas City, August 2001, www.kansascityfed.org/publicat/sympos/2001/papers/S02delo.pdf. The Warner Music Group filing to the Registrar of Copyrights can be found at www.regulations.gov/document?D=COLC-2015-0013-86022.


pages: 271 words: 62,538

The Best Interface Is No Interface: The Simple Path to Brilliant Technology (Voices That Matter) by Golden Krishna

Airbnb, Bear Stearns, computer vision, crossover SUV, data science, en.wikipedia.org, fear of failure, impulse control, Inbox Zero, Internet Archive, Internet of things, Jeff Bezos, Jony Ive, Kickstarter, lock screen, Mark Zuckerberg, microdosing, new economy, Oculus Rift, off-the-grid, Paradox of Choice, pattern recognition, QR code, RFID, self-driving car, Silicon Valley, skeuomorphism, Skype, Snapchat, Steve Jobs, tech worker, technoutopianism, TED Talk, Tim Cook: Apple, Y Combinator, Y2K

Free—a business strategy that’s the result of many probable factors, among them: being unable to motivate customers with an immediate need to pay, creating a valuable service in a business sector that has traditionally been free, or making an effort to massively and rapidly grow the size and impact of technological products. These things glue many for-profits who build interfaces to the idea of giving it all away in order to survive the brutal, ultracompetitive electronic marketplace. And despite popular new economy writings like Chris Anderson’s book Free—which contains a variety of case studies and methods—tech’s big players have largely fallen on a single way to provide free: ads, ads, and more ads. Although sometimes cloaked as sponsored stories, promoted posts, native advertising, or advertorials . . . they’re ads.


pages: 228 words: 65,953

The Six-Figure Second Income: How to Start and Grow a Successful Online Business Without Quitting Your Day Job by David Lindahl, Jonathan Rozek

bounce rate, California gold rush, Charles Lindbergh, financial independence, Ford Model T, Google Earth, multilevel marketing, new economy, speech recognition, There's no reason for any individual to have a computer in his home - Ken Olsen

So if you’re discussing insect bites, show a nasty red mosquito bite. You could either take those pictures yourself, or simply go to one of the stock-photo agencies on the web to buy them. You don’t know about microstock agencies, as they’re known? Oh, let me digress. Here’s another great example of people making money in this new economy. The lousy old way of getting photos for your products was to hire a professional or you had to go to a big, arrogant stock-photo agency. They would charge you hundreds or even thousands of dollars for a single solitary photograph. And they wouldn’t stop there—they then would require you to pay them a royalty every time that photo was published!


pages: 238 words: 46

When Things Start to Think by Neil A. Gershenfeld

3D printing, Ada Lovelace, Bretton Woods, cellular automata, Charles Babbage, Claude Shannon: information theory, Computing Machinery and Intelligence, disinformation, Dynabook, Hedy Lamarr / George Antheil, I think there is a world market for maybe five computers, information security, invention of movable type, Iridium satellite, Isaac Newton, Jacquard loom, Johannes Kepler, John von Neumann, low earth orbit, means of production, new economy, Nick Leeson, packet switching, RFID, speech recognition, Stephen Hawking, Steve Jobs, telemarketer, the medium is the message, Turing machine, Turing test, Vannevar Bush, world market for maybe five computers

People, and countries, that don't have access to bit-dollars are increasingly being left behind, unable to compete in the digitally accelerated economy. The corner grocer has to move a lifetime of milk to match the resources committed by a few keystrokes on any trader's keyboard. And people who can participate in the new economy are seeing bigger and faster swings between spectacular riches and ruin because normal economic fluctuations can be magnified almost impossibly large. Just as it was once thought that printed dollars needed to be backed up by a gold standard, we now assume that bit-dollars must be interchangeable with atom-dollars.


pages: 222 words: 74,587

Paper Machines: About Cards & Catalogs, 1548-1929 by Markus Krajewski, Peter Krapp

Apollo 11, business process, Charles Babbage, continuation of politics by other means, double entry bookkeeping, Frederick Winslow Taylor, Gödel, Escher, Bach, index card, Index librorum prohibitorum, information retrieval, invention of movable type, invention of the printing press, Jacques de Vaucanson, Johann Wolfgang von Goethe, Joseph-Marie Jacquard, knowledge worker, means of production, new economy, paper trading, Turing machine, work culture

“The technical core of Gutenberg’s invention consists in dissolving the articulated sequence of words and letters into their components so as to deploy them as isolated single elements over and over again.”29 In contrast to printing with full-page wood carvings (so-called block books), typography owes its potential for recombination to individual precision-cast letters of a special alloy of lead and a little antimony. The typeface turns into a technical element, and its random Temporary Indexing 15 combination and rearrangement turns handwriting into standardized script. This paves the way for a new economy of textual production that overcomes the laborious and error-prone manual copying and lowers production expenses. Henceforth, bookmakers can count on reuse. The types for book and newspaper layout lie in wooden cases with about 110 fields for German and 160 for Roman letters, i.e. Latin, English, French &c.; the larger number is required by accents and capital letters.


pages: 255 words: 68,829

How PowerPoint Makes You Stupid by Franck Frommer

Abraham Maslow, Albert Einstein, An Inconvenient Truth, business continuity plan, cuban missile crisis, dematerialisation, disinformation, hypertext link, invention of writing, inventory management, invisible hand, Just-in-time delivery, knowledge worker, Larry Ellison, Marshall McLuhan, means of production, new economy, oil shock, Ronald Reagan, Silicon Valley, Steve Jobs, Steve Wozniak, union organizing

But the story becomes troubling when one recognizes that the generalization of bullet points paradoxically destroys an element that ought to be at the heart of every presentation: logical sequencing and a smooth argument. In a 2003 article widely circulated on the Web and devoted to Microsoft tools, a pioneer of the new economy, Rafi Haladjian, denounced the illusion of describing the world by means of lists: “instead of arguing, you only have to stack up, count, ‘bullet-list,’ and string out verbs in the infinitive.” The effects are obvious: they give the “illusion of a perfect mastery of the world” and tell a story running in a single direction following an unchangeable thread.18 How can one not admire, for example, the way this company can recount the development of its primary sectors of activity in a few bullet points: • Decline in leather goods on high comparative bases • Slowing of activity in ready-to-wear • Continuation of sustained growth in footwear • Good performance of beauty royalties One can go very far in this register of bullet-point narrative, as indicated by this slide from a presentation titled “The Death of Jesus Christ”: Jesus Is Crucified • Jesus is brought before the court


pages: 229 words: 68,426

Everyware: The Dawning Age of Ubiquitous Computing by Adam Greenfield

"Hurricane Katrina" Superdome, augmented reality, business process, Charles Babbage, defense in depth, demand response, demographic transition, facts on the ground, game design, Howard Rheingold, Internet of things, James Dyson, knowledge worker, late capitalism, machine readable, Marshall McLuhan, new economy, Norbert Wiener, packet switching, pattern recognition, profit motive, QR code, recommendation engine, RFID, seminal paper, Steve Jobs, technoutopianism, the built environment, the scientific method, value engineering

Meanwhile, at the human-machine interface, the plummeting cost of processing resources meant that long-dreamed-of but computationally-intensive ways of interaction, such as gesture recognition and voice recognition, were becoming practical; they would prove irresistible as elements of a technology that was, after all, supposed to be invisible-but-everywhere. And beyond that, there was clearly a ferment at work in many of the fields touching on ubicomp, even through the downturn that followed the crash of the "new economy" in early 2001. It had reached something like a critical mass of thought and innovation by 2005: an upwelling of novelty both intellectual and material, accompanied by a persistent sense, in many quarters, that ubicomp's hour had come 'round at last. Pieces of the puzzle kept coming. By the time I began doing the research for this book, the literature on ubicomp was a daily tide of press releases and new papers that was difficult to stay on top of: papers on wearable computing, augmented reality, locative media, near-field communication, bodyarea networking.


pages: 208 words: 67,582

What About Me?: The Struggle for Identity in a Market-Based Society by Paul Verhaeghe

"there is no alternative" (TINA), Alan Greenspan, autism spectrum disorder, Berlin Wall, call centre, capitalist realism, cognitive dissonance, deskilling, epigenetics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Gregor Mendel, income inequality, invisible hand, jimmy wales, job satisfaction, knowledge economy, knowledge worker, Louis Pasteur, market fundamentalism, meritocracy, Milgram experiment, mirror neurons, new economy, Panopticon Jeremy Bentham, post-industrial society, Richard Feynman, Silicon Valley, Stanford prison experiment, stem cell, The Spirit Level, ultimatum game, working poor

Too much parity is as harmful as too much disparity, and both spark their own brand of aggression and fear. The new labour organisation should preferably be based on a meritocratic system where the focus is on quality, and rewards are not just financial. The same should apply on a larger scale to the new economy, which must shed the idea of quantitative growth as fast as possible in favour of qualitative sustainability.* That notion of ‘growth’ is possibly the most pernicious legacy of the Scala Naturae: ever more, ever higher, exalted above the rest. [* This, of course, relates to the most serious problem confronting us today, which is only obliquely touched upon in this book: the damage that human overpopulation and the economy in its current form have done to the environment.


pages: 233 words: 67,596

Competing on Analytics: The New Science of Winning by Thomas H. Davenport, Jeanne G. Harris

always be closing, Apollo 13, big data - Walmart - Pop Tarts, business intelligence, business logic, business process, call centre, commoditize, data acquisition, digital map, en.wikipedia.org, fulfillment center, global supply chain, Great Leap Forward, high net worth, if you build it, they will come, intangible asset, inventory management, iterative process, Jeff Bezos, job satisfaction, knapsack problem, late fees, linear programming, Moneyball by Michael Lewis explains big data, Netflix Prize, new economy, performance metric, personalized medicine, quantitative hedge fund, quantitative trading / quantitative finance, recommendation engine, RFID, search inside the book, shareholder value, six sigma, statistical model, supply-chain management, text mining, The future is already here, the long tail, the scientific method, traveling salesman, yield management

That dent in his wallet got him thinking: why didn’t video stores work like health clubs, where you paid a flat monthly fee to use the gym as much as you wanted? Because of this experience—and armed with the $750 million he received for selling his software company—Reed Hastings jumped into the frothy sea of the “new economy” and started Netflix, Inc. Pure folly, right? After all, Blockbuster was already drawing in revenues of more than $3 billion per year from its thousands of stores across America and in many other countries—and it wasn’t the only competitor in this space. Would people really order their movies online, wait for the U.S.


Work in the Future The Automation Revolution-Palgrave MacMillan (2019) by Robert Skidelsky Nan Craig

3D printing, Airbnb, algorithmic trading, AlphaGo, Alvin Toffler, Amazon Web Services, anti-work, antiwork, artificial general intelligence, asset light, autonomous vehicles, basic income, behavioural economics, business cycle, cloud computing, collective bargaining, Computing Machinery and Intelligence, correlation does not imply causation, creative destruction, data is the new oil, data science, David Graeber, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, Demis Hassabis, deskilling, disintermediation, do what you love, Donald Trump, driverless car, Erik Brynjolfsson, fake news, feminist movement, Ford Model T, Frederick Winslow Taylor, future of work, Future Shock, general purpose technology, gig economy, global supply chain, income inequality, independent contractor, informal economy, Internet of things, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, job polarisation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, knowledge economy, Loebner Prize, low skilled workers, Lyft, Mark Zuckerberg, means of production, moral panic, Network effects, new economy, Nick Bostrom, off grid, pattern recognition, post-work, Ronald Coase, scientific management, Second Machine Age, self-driving car, sharing economy, SoftBank, Steve Jobs, strong AI, tacit knowledge, technological determinism, technoutopianism, TED Talk, The Chicago School, The Future of Employment, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, Turing test, Uber for X, uber lyft, universal basic income, wealth creators, working poor

Such a consensus is based on a strong sense of justice, and trust in institutions. In the light of a growing perception of social injustice currently observed in many countries, a new consensus and social contract need to be forged for new political choices and institutions that support transition into a new economy and new jobs. In this context, social dialogue plays an important role. This “meta” institution is at the heart of societal learning as it guides, manages, accelerates and sustains the complex process of collective learning and institutional change. It is through the process of trustful and constructive conversations that all partners gain a deep understanding of the challenges, limits and the possible ways forward, and can work towards a consensus on the future we want. 198 I.


Working the Phones: Control and Resistance in Call Centres by Jamie Woodcock

always be closing, anti-work, antiwork, call centre, capitalist realism, cognitive dissonance, collective bargaining, David Graeber, emotional labour, gamification, invention of the telephone, job satisfaction, late capitalism, means of production, millennium bug, new economy, Panopticon Jeremy Bentham, post-Fordism, post-industrial society, post-work, precariat, profit motive, scientific management, social intelligence, stakhanovite, technological determinism, women in the workforce

This was ‘indicative of a trend to de-regulation which accelerated in the 1990s’.28 The continuation of this process into further public utilities in the 1980s saw increasing areas becoming subjected to the pressures of competition.29 It is therefore necessary to understand that, as Ellis and Taylor argue: The explosive growth of the call centre is as much the product of political economic factors; the impact of the policies of deregulation and privatisation, restructuring at the levels of industry and/or firm, the intensification of economy-wide and sectoral competitive pressure, the growth of the ‘new economy’, and underpinning everything the compulsion to maximise profits and reduce costs.30 The 1986 Financial Services and Building Society Acts accelerated the changes taking place. This meant the ‘inter-penetration of the hitherto discrete markets’ of banking, insurance and financial services,31 which led to an increasing level of competition between firms tied up with the continuing advancements of technology.


pages: 247 words: 68,918

The End of the Free Market: Who Wins the War Between States and Corporations? by Ian Bremmer

"World Economic Forum" Davos, affirmative action, Asian financial crisis, banking crisis, Berlin Wall, BRICs, British Empire, centre right, collective bargaining, corporate governance, creative destruction, credit crunch, Credit Default Swap, cuban missile crisis, Deng Xiaoping, diversified portfolio, Doha Development Round, Exxon Valdez, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Glass-Steagall Act, global reserve currency, global supply chain, household responsibility system, invisible hand, joint-stock company, Joseph Schumpeter, Kickstarter, laissez-faire capitalism, low skilled workers, mass immigration, means of production, megacity, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Naomi Klein, Nelson Mandela, new economy, offshore financial centre, open economy, race to the bottom, reserve currency, risk tolerance, Savings and loan crisis, shareholder value, Shenzhen special economic zone , South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, trade route, tulip mania, uranium enrichment, Washington Consensus, Yom Kippur War, zero-sum game

Once Marxism gained a real-world foothold following the creation of the Soviet Union in 1922, this debate began to get ugly. Liebknecht was long dead by the 1920s, but the argument gained new force among some within the Bolshevik elite. “We waged revolution on behalf of the working class,” they argued. “If the state is now to run the new economy, hasn’t the working class simply inherited new masters?” Thus was born the first common use of the phrase state capitalism, a term of abuse favored by those who worried that leading Bolsheviks weren’t communist enough. As early as 1922, Austrian economist Ludwig von Mises, a later hero of the libertarian movement, identified and attacked this usage:The Socialist movement takes great pains to circulate frequently new labels for its ideally constructed state.


pages: 212 words: 69,846

The Nation City: Why Mayors Are Now Running the World by Rahm Emanuel

Affordable Care Act / Obamacare, Airbnb, Big Tech, bike sharing, blockchain, carbon footprint, clean water, data science, deindustrialization, disinformation, Donald Trump, Edward Glaeser, Enrique Peñalosa, Filter Bubble, food desert, gentrification, high-speed rail, income inequality, informal economy, Jane Jacobs, Kickstarter, Lyft, megacity, military-industrial complex, new economy, New Urbanism, offshore financial centre, opioid epidemic / opioid crisis, payday loans, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, Silicon Valley, The Death and Life of Great American Cities, the High Line, transcontinental railway, Uber and Lyft, uber lyft, urban planning, War on Poverty, white flight, working poor

” * * * “In a globalized world, protectionist reflexes can only separate us and spread fear,” says Anne Hidalgo, the decidedly outward-facing mayor of Paris. Under her leadership, the birthplace of the Age of Enlightenment has remained true to its heritage, with innovative ideas and programs involving immigration, climate change, and the new economy. Hidalgo became the city’s first female mayor after serving for thirteen years as the deputy mayor. She’s had her work cut out for her. Like many major cities in Europe, Paris has been on the front line of the flow of refugees, men and women and children fleeing war, persecution, and poverty who have put their lives at risk and who have sometimes lost everything in order to stay alive and try to find a better life for themselves.


pages: 232 words: 70,361

The Triumph of Injustice: How the Rich Dodge Taxes and How to Make Them Pay by Emmanuel Saez, Gabriel Zucman

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, behavioural economics, Berlin Wall, book value, business cycle, carbon tax, Cass Sunstein, classic study, collective bargaining, Cornelius Vanderbilt, corporate governance, cross-border payments, Donald Trump, financial deregulation, government statistician, income inequality, income per capita, independent contractor, informal economy, intangible asset, Jeff Bezos, labor-force participation, Lyft, Mark Zuckerberg, market fundamentalism, Mont Pelerin Society, mortgage debt, mortgage tax deduction, new economy, offshore financial centre, oil shock, patent troll, profit maximization, purchasing power parity, race to the bottom, rent-seeking, ride hailing / ride sharing, Ronald Reagan, shareholder value, Silicon Valley, single-payer health, Skype, Steve Jobs, Tax Reform Act of 1986, The Wealth of Nations by Adam Smith, transfer pricing, trickle-down economics, uber lyft, very high income, We are the 99%

These knottier questions have led some observers to suggest that national account statistics (and therefore our distributional national accounts) underestimate growth. More or less everyone who’s been involved at a high level in economic policymaking over the last decades, or an influential figure in the new economy, says it. Martin Feldstein, chair of President Reagan’s Council of Economic Advisers: “the official data understate the changes of real output and productivity.”9 Bill Gates: “GDP understates growth even in rich countries.”10 The line of argument is a favorite of Silicon Valley–linked economists: “There is a lack of appreciation for what’s happening in Silicon Valley, because we don’t have a good way to measure it,” according to Google’s chief economist Hal Varian.11 All of these comments suggest there’s a hidden growth miracle acting on the economy, if only we can find a way to measure it.


pages: 242 words: 71,943

Strong Towns: A Bottom-Up Revolution to Rebuild American Prosperity by Charles L. Marohn, Jr.

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, A Pattern Language, American Society of Civil Engineers: Report Card, anti-fragile, bank run, big-box store, Black Swan, bread and circuses, Bretton Woods, British Empire, business cycle, call centre, cognitive dissonance, complexity theory, corporate governance, Detroit bankruptcy, Donald Trump, en.wikipedia.org, facts on the ground, Ferguson, Missouri, gentrification, global reserve currency, high-speed rail, housing crisis, index fund, it is difficult to get a man to understand something, when his salary depends on his not understanding it, Jane Jacobs, Jeff Bezos, low interest rates, low skilled workers, mass immigration, megaproject, Modern Monetary Theory, mortgage debt, Network effects, new economy, New Urbanism, paradox of thrift, Paul Samuelson, pensions crisis, Ponzi scheme, quantitative easing, reserve currency, restrictive zoning, Savings and loan crisis, the built environment, The Death and Life of Great American Cities, trickle-down economics, Upton Sinclair, urban planning, urban renewal, walkable city, white flight, women in the workforce, yield curve, zero-sum game

Louis Fed, https://fred.stlouisfed.org/series/FEDFUNDS. 7 https://www.strongtowns.org/journal/2015/9/14/lafayette-pipes-and-hydrants. 8 Jane Jacobs, Cities and the Wealth of Nations: Principles of Economic Life (New York: Random House, 1985). 9 https://money.cnn.com/2005/07/12/markets/bondcenter/bond_yields/. 10 http://futures.tradingcharts.com/historical/DJ/2005/0/continuous.html. 11 https://money.cnn.com/2005/08/09/news/economy/fed_rates/index .htm?cnn=yes. 12 “The Macroeconomic and Budgetary Effects of Hurricanes Katrina and Rita: An Update” (Washington, DC: Congressional Budget Office, September 29, 2005). 13 Tomas Sedlacek, The Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street (New York: Oxford University Press, 2011). 6 Rational Responses Our cities made decades of bad investments, sacrificing their stable wealth in exchange for new growth as part of a continent-wide experiment.


ECOVILLAGE: 1001 ways to heal the planet by Ecovillage 1001 Ways to Heal the Planet-Triarchy Press Ltd (2015)

Berlin Wall, carbon footprint, Community Supported Agriculture, do what you love, Fall of the Berlin Wall, Food sovereignty, intentional community, land tenure, low interest rates, Nelson Mandela, new economy, New Urbanism, Occupy movement, off grid, off-the-grid, Ronald Reagan, systems thinking, young professional

The Economic Dimension Fair, just, in solidarity, transparent, regenerative and interest-free — these are the hallmarks of a sustainable way of conducting business. Regional and local economic cycles need a corresponding finance system that retains value in the region. Residents of ecovillages are conscious consumers, producers and traders — mainly of local goods. Within their community and in the region, they are establishing models for a new economy. Here small-scale economic experiments can take place, on the basis of trust and pioneering spirit: from communal savings cooperatives to regional currencies, from barter trade circles to community banks and gift economies. There are many questions when it comes to the economic design of communities.


pages: 238 words: 67,971

The Minimalist Home: A Room-By-Room Guide to a Decluttered, Refocused Life by Joshua Becker

Albert Einstein, car-free, collaborative consumption, do what you love, endowment effect, estate planning, Lao Tzu, Mark Zuckerberg, mortgage debt, new economy, Paradox of Choice, side hustle, Steve Jobs

“Major Domestic Appliances Unit Sales Worldwide from 2006 to 2016 (in Millions),” Statista, www.statista.com/statistics/539974/major-domestic-appliances-unit-sales-worldwide/. 4. Heather Long, “23% of American Homes Have Two (Or More) Fridges,” CNN Money, May 27, 2016, http://money.cnn.com/2016/05/27/news/economy/23-percent-of-american-homes-have-2-fridges/index.html. 5. Larisa Brown, “Revealed, Kitchen Gadgets That We Never End Up Using: Every Toastie and Coffee We Make Costs Us £10.68,” Daily Mail (UK), February 6, 2013, www.dailymail.co.uk/news/article-2274770/Revealed-kitchen-gadgets-end-using-Every-toastie-coffee-make-costs-10-68.html. 6. 


pages: 586 words: 186,548

Architects of Intelligence by Martin Ford

3D printing, agricultural Revolution, AI winter, algorithmic bias, Alignment Problem, AlphaGo, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, backpropagation, barriers to entry, basic income, Baxter: Rethink Robotics, Bayesian statistics, Big Tech, bitcoin, Boeing 747, Boston Dynamics, business intelligence, business process, call centre, Cambridge Analytica, cloud computing, cognitive bias, Colonization of Mars, computer vision, Computing Machinery and Intelligence, correlation does not imply causation, CRISPR, crowdsourcing, DARPA: Urban Challenge, data science, deep learning, DeepMind, Demis Hassabis, deskilling, disruptive innovation, Donald Trump, Douglas Hofstadter, driverless car, Elon Musk, Erik Brynjolfsson, Ernest Rutherford, fake news, Fellow of the Royal Society, Flash crash, future of work, general purpose technology, Geoffrey Hinton, gig economy, Google X / Alphabet X, Gödel, Escher, Bach, Hans Moravec, Hans Rosling, hype cycle, ImageNet competition, income inequality, industrial research laboratory, industrial robot, information retrieval, job automation, John von Neumann, Large Hadron Collider, Law of Accelerating Returns, life extension, Loebner Prize, machine translation, Mark Zuckerberg, Mars Rover, means of production, Mitch Kapor, Mustafa Suleyman, natural language processing, new economy, Nick Bostrom, OpenAI, opioid epidemic / opioid crisis, optical character recognition, paperclip maximiser, pattern recognition, phenotype, Productivity paradox, radical life extension, Ray Kurzweil, recommendation engine, Robert Gordon, Rodney Brooks, Sam Altman, self-driving car, seminal paper, sensor fusion, sentiment analysis, Silicon Valley, smart cities, social intelligence, sparse data, speech recognition, statistical model, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Pinker, strong AI, superintelligent machines, synthetic biology, systems thinking, Ted Kaczynski, TED Talk, The Rise and Fall of American Growth, theory of mind, Thomas Bayes, Travis Kalanick, Turing test, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, women in the workforce, working-age population, workplace surveillance , zero-sum game, Zipcar

They say this is something on the scale of electricity, the steam engine, or the electric motor. One thing I’m worried about, and this was before talking to the economists, is the problem of technological unemployment. The idea that technology progresses rapidly and the skills that are required by the new economy are not matched by the skills of the population. A whole proportion of the population suddenly doesn’t have the right skills, and it’s left behind. You would think that as technological progress accelerates, there’d be more and more people left behind, but what the economists say is that the speed at which a piece of technology disseminates in the economy is actually limited by the proportion of people who are not trained to use it.

(https://www.wired.com/story/workers-displaced-by-automation-should-try-a-new-job-caregiver/) In that Wired paper, I said some of the most vulnerable workers, in this economic situation that we’re discussing here, are people who don’t have a high-school degree or those who don’t have a college degree. I don’t think it’s likely that we’re going to be successful in the principle of coal miners to data miners, that we’re going to give these people technical retraining, and that they’ll somehow become part of the new economy very easily. I think that’s a major challenge. I also don’t think that universal basic income, at least given the current climate, where we can’t even achieve universal health care, or universal housing, is going to be easy either. MARTIN FORD: It seems pretty clear that any viable solution to this problem will be a huge political challenge.


pages: 7,371 words: 186,208

The Long Twentieth Century: Money, Power, and the Origins of Our Times by Giovanni Arrighi

anti-communist, Asian financial crisis, barriers to entry, Bretton Woods, British Empire, business climate, business logic, business process, classic study, colonial rule, commoditize, Corn Laws, creative destruction, cuban missile crisis, David Ricardo: comparative advantage, declining real wages, deindustrialization, double entry bookkeeping, European colonialism, Fairchild Semiconductor, financial independence, financial intermediation, floating exchange rates, gentrification, Glass-Steagall Act, Great Leap Forward, income inequality, informal economy, invisible hand, joint-stock company, Joseph Schumpeter, Kōnosuke Matsushita, late capitalism, London Interbank Offered Rate, means of production, Meghnad Desai, military-industrial complex, Money creation, money: store of value / unit of account / medium of exchange, new economy, offshore financial centre, oil shock, Peace of Westphalia, post-Fordism, profit maximization, Project for a New American Century, RAND corporation, reserve currency, scientific management, spice trade, Strategic Defense Initiative, Suez canal 1869, the market place, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade liberalization, trade route, transaction costs, transatlantic slave trade, transcontinental railway, upwardly mobile, vertical integration, Yom Kippur War

Thus, we can expect social contradictions to play a far more decisive role than ever before in shaping both the unfolding transition and whatever new world order eventually emerges out of the impending systemic chaos. (Arrighi and Silver 1999: 289) One year after this was written, the US-centered “new economy” bubble burst. Shortly afterwards came the shock of September 11, 2001. For a brief moment, it seemed that the United States could preserve its hegemonic role by mobilizing a vast array of governmental and non-governmental forces in the War on Terror. Soon, however, the United States found itself almost completely isolated in waging a war on Iraq that was generally perceived as having little to do with the War on Terror, while defying generally-accepted rules and norms of interstate relations.

Indeed, to a far greater extent than in previous hegemonic transitions, the terminal crisis of US hegemony — if that is what we are observing, as I think we are — has been a case of great power “suicide” (Arrighi 2007: 161-5, 178-210). Even before the financial meltdown of 2008, I thus interpreted the bursting of the “new economy” bubble in 2000-01, in combination with the failure of the neoconservative response to September 11, as marking the terminal crisis of US hegemony. The meltdown of 2008 simply confirmed the validity of this interpretation. It is not clear what the Obama administration can do to slow down, let alone reverse, the crisis.


pages: 302 words: 73,581

Platform Scale: How an Emerging Business Model Helps Startups Build Large Empires With Minimum Investment by Sangeet Paul Choudary

3D printing, Airbnb, Amazon Web Services, barriers to entry, bitcoin, blockchain, business logic, business process, Chuck Templeton: OpenTable:, Clayton Christensen, collaborative economy, commoditize, crowdsourcing, cryptocurrency, data acquisition, data science, fake it until you make it, frictionless, game design, gamification, growth hacking, Hacker News, hive mind, hockey-stick growth, Internet of things, invisible hand, Kickstarter, Lean Startup, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, means of production, multi-sided market, Network effects, new economy, Paul Graham, recommendation engine, ride hailing / ride sharing, Salesforce, search costs, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social bookmarking, social graph, social software, software as a service, software is eating the world, Spread Networks laid a new fibre optics cable between New York and Chicago, TaskRabbit, the long tail, the payments system, too big to fail, transport as a service, two-sided market, Uber and Lyft, Uber for X, uber lyft, vertical integration, Wave and Pay

On Twitter, who you follow is the critical filter. Relevance is almost entirely dictated by it. On Facebook, who you are connected to and how often you interact with them strengthen the newsfeed filter. On Quora, users may follow other users, topics, and even questions. All of these, in turn, act as filters. The new economy runs on data. Platforms use data to match value units with filters. PLATFORM SCALE IMPERATIVE The core value unit is the fuel that powers the platform. At any given point, a platform is only as useful as its ability to match these units to consumers’ filters. In its steady state, a platform is an engine that works on the following heuristic, three things are required to make this happen: 1.Value units must be created 2.Filters need to be structured 3.The platform needs good data about units as well as filters to ensure that the right units pass through the right filters Platform scale relies on the coordination of distributed production and personalized filtering. 2.6 THE CORE INTERACTION How Flappy Bird And Super Mario Bros.


pages: 294 words: 77,356

Automating Inequality by Virginia Eubanks

autonomous vehicles, basic income, Black Lives Matter, business process, call centre, cognitive dissonance, collective bargaining, correlation does not imply causation, data science, deindustrialization, digital divide, disruptive innovation, Donald Trump, driverless car, Elon Musk, ending welfare as we know it, experimental subject, fake news, gentrification, housing crisis, Housing First, IBM and the Holocaust, income inequality, job automation, mandatory minimum, Mark Zuckerberg, mass incarceration, minimum wage unemployment, mortgage tax deduction, new economy, New Urbanism, payday loans, performance metric, Ronald Reagan, San Francisco homelessness, self-driving car, sparse data, statistical model, strikebreaker, underbanked, universal basic income, urban renewal, W. E. B. Du Bois, War on Poverty, warehouse automation, working poor, Works Progress Administration, young professional, zero-sum game

Boston: Houghton Mifflin Harcourt, 2015. Garza, Alicia. “A Herstory of the #Blacklivesmatter Movement.” http://blacklivesmatter.com/herstory/. [Accessed June 28, 2017.] Gillespie, Sarah. “Mark Zuckerberg Supports Universal Basic Income. What Is It?” CNN Money, May 26, 2017. http://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html. [Accessed June 28, 2017.] Hiltzik, Michael. “Conservatives, Liberals, Techies, and Social Activists All Love Universal Basic Income: Has Its Time Come?” Los Angeles Times, June 22, 2017. http://www.latimes.com/business/hiltzik/la-fi-hiltzik-ubi-20170625-story.html.


pages: 233 words: 75,712

In Defense of Global Capitalism by Johan Norberg

anti-globalists, Asian financial crisis, capital controls, clean water, correlation does not imply causation, creative destruction, Deng Xiaoping, Edward Glaeser, export processing zone, Gini coefficient, Great Leap Forward, half of the world's population has never made a phone call, Hernando de Soto, illegal immigration, income inequality, income per capita, informal economy, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", Joseph Schumpeter, Kenneth Rogoff, land reform, Lao Tzu, liberal capitalism, market fundamentalism, Mexican peso crisis / tequila crisis, Naomi Klein, new economy, open economy, prediction markets, profit motive, race to the bottom, rising living standards, Silicon Valley, Simon Kuznets, structural adjustment programs, The Wealth of Nations by Adam Smith, Tobin tax, trade liberalization, trade route, transaction costs, trickle-down economics, Tyler Cowen, union organizing, zero-sum game

The top priority for crisis avoidance is for the government to have control of its finances and inflation. Galloping budget deficits and high inflation were not the problem during the Asian crisis, but they are definitely the fastest and most common ways of ruining confidence in an economy. The most important long-term commitments for new economies are reforms of legal and financial institutions. Countries should liberalize their domestic financial markets and their trade policy before opening up to foreign capital. Otherwise, capital will not be channeled in harmony with the wider market, leading to malinvestment. Supervision and regulation of the financial sector have to be reformed, and competition must be permitted.


pages: 252 words: 72,473

Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy by Cathy O'Neil

Affordable Care Act / Obamacare, Alan Greenspan, algorithmic bias, Bernie Madoff, big data - Walmart - Pop Tarts, call centre, Cambridge Analytica, carried interest, cloud computing, collateralized debt obligation, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, crowdsourcing, data science, disinformation, electronic logging device, Emanuel Derman, financial engineering, Financial Modelers Manifesto, Glass-Steagall Act, housing crisis, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, Ida Tarbell, illegal immigration, Internet of things, late fees, low interest rates, machine readable, mass incarceration, medical bankruptcy, Moneyball by Michael Lewis explains big data, new economy, obamacare, Occupy movement, offshore financial centre, payday loans, peer-to-peer lending, Peter Thiel, Ponzi scheme, prediction markets, price discrimination, quantitative hedge fund, Ralph Nader, RAND corporation, real-name policy, recommendation engine, Rubik’s Cube, Salesforce, Sharpe ratio, statistical model, tech worker, Tim Cook: Apple, too big to fail, Unsafe at Any Speed, Upton Sinclair, Watson beat the top human players on Jeopardy!, working poor

the single biggest cause of bankruptcies: Christina LaMontagne, “NerdWallet Health Finds Medical Bankruptcy Accounts for Majority of Personal Bankruptcies,” NerdWallet, March 26, 2014, www.​nerdwallet.​com/​blog/​health/​medical-​costs/​medical-​bankruptcy/. white households held on average: Tami Luhby, “The Black-White Economic Divide in 5 Charts,” CNN Money, November 25, 2015, http://​money.​cnn.​com/​2015/​11/​24/​news/​economy/​blacks-​whites-​inequality/. only 15 percent of whites: Rakesh Kochhar, Richard Fry, and Paul Taylor, “Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics: Twenty-to-One,” Pew Research Center, July 26, 2011, www.​pewsocialtrends.​org/​2011/​07/​26/​wealth-​gaps-​rise-​to-​record-​highs-​between-​whites-​blacks-​hispanics/.


pages: 258 words: 73,109

The (Honest) Truth About Dishonesty: How We Lie to Everyone, Especially Ourselves by Dan Ariely

accounting loophole / creative accounting, Albert Einstein, behavioural economics, Bernie Madoff, Broken windows theory, cashless society, clean water, cognitive dissonance, cognitive load, Credit Default Swap, Donald Trump, fake it until you make it, financial engineering, fudge factor, John Perry Barlow, new economy, operational security, Richard Feynman, Schrödinger's Cat, Shai Danziger, shareholder value, social contagion, Steve Jobs, Tragedy of the Commons, Walter Mischel

While I was talking to John, I was especially interested in his description of his own wishful blindness. Even though he consulted for Enron while the company was rapidly spinning out of control, he said he hadn’t seen anything sinister going on. In fact, he had fully bought into the worldview that Enron was an innovative leader of the new economy right up until the moment the story was all over the headlines. Even more surprising, he also told me that once the information was out, he could not believe that he failed to see the signs all along. That gave me pause. Before talking to John, I assumed that the Enron disaster had basically been caused by its three sinister C-level architects (Jeffrey Skilling, Kenneth Lay, and Andrew Fastow), who together had planned and executed a large-scale accounting scheme.


pages: 282 words: 26,931

The Five-Year Party: How Colleges Have Given Up on Educating Your Child and What You Can Do About It by Craig Brandon

Bernie Madoff, call centre, corporate raider, Donald Trump, en.wikipedia.org, Gordon Gekko, helicopter parent, impulse control, new economy, Ponzi scheme, Ralph Nader

In fact, it’s a stroke of good fortune if they’ll still be on the company phone list two years later.” 210 Today 29 percent of young adults or 18.2 million nineteen-to-thirty-four-year-olds don’t have health insurance, the age group with the lowest percentage of insured .211 “In addition to often working in a benefit-free zone, moving up the wage or career ladder in the new economy is more difficult than it was a generation ago,” she said. “The well-paying middle-management jobs that characterized the workforce up to the late 1970s have been eviscerated.” Instead of permanent jobs, she said, millennials must accept temporary jobs where they are hired for a particular project and then let go.


pages: 300 words: 78,475

Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington

Alan Greenspan, American Society of Civil Engineers: Report Card, Apollo 13, Bear Stearns, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, Cornelius Vanderbilt, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, do what you love, extreme commuting, Exxon Valdez, full employment, Glass-Steagall Act, greed is good, Greenspan put, guns versus butter model, high-speed rail, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, low interest rates, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, military-industrial complex, Neil Armstrong, new economy, New Journalism, offshore financial centre, Ponzi scheme, post-work, proprietary trading, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, Savings and loan crisis, single-payer health, smart grid, The Wealth of Nations by Adam Smith, Timothy McVeigh, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration

If you want you and your family to survive, you’d better learn how to spot the financial land mines buried in your mortgage and credit card contracts, and keep yourself out of harm’s way.” I GET KNOCKED DOWN … BUT I GET UP AGAIN Earlier this year, I was reading Consumer Reports and came across an article offering “10 New Rules for a New Economy.”105 The first seven rules touched on the kind of personal finance tips you’d expect, things such as “assess risk” and “control spending.” But the last three rules caught me by surprise. They were: 8. “Stay healthy. The best investment tip of all is to invest in your health.” 9. “Don’t stress.


pages: 274 words: 75,846

The Filter Bubble: What the Internet Is Hiding From You by Eli Pariser

A Declaration of the Independence of Cyberspace, A Pattern Language, adjacent possible, Amazon Web Services, An Inconvenient Truth, Apple Newton, augmented reality, back-to-the-land, Black Swan, borderless world, Build a better mousetrap, Cass Sunstein, citizen journalism, cloud computing, cognitive dissonance, crowdsourcing, Danny Hillis, data acquisition, disintermediation, don't be evil, Filter Bubble, Flash crash, fundamental attribution error, Gabriella Coleman, global village, Haight Ashbury, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, jimmy wales, John Perry Barlow, Kevin Kelly, knowledge worker, Mark Zuckerberg, Marshall McLuhan, megacity, Metcalfe’s law, Netflix Prize, new economy, PageRank, Paradox of Choice, Patri Friedman, paypal mafia, Peter Thiel, power law, recommendation engine, RFID, Robert Metcalfe, sentiment analysis, shareholder value, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, social graph, social software, social web, speech recognition, Startup school, statistical model, stem cell, Steve Jobs, Steven Levy, Stewart Brand, technoutopianism, Ted Nordhaus, The future is already here, the scientific method, urban planning, We are as Gods, Whole Earth Catalog, WikiLeaks, Y Combinator, Yochai Benkler

Incompetence and aimlessness, corruption and disloyalty, panic and ultimate disaster must come to any people which is denied an assured access to the facts.” If news matters, newspapers matter, because their journalists write most of it. Although the majority of Americans get their news from local and national TV broadcasts, most of the actual reporting and story generation happens in newspaper newsrooms. They’re the core creators of the news economy. Even in 2010, blogs remain incredibly reliant on them: according to Pew Research Center’s Project for Excellence in Journalism, 99 percent of the stories linked to in blog posts come from newspapers and broadcast networks, and the New York Times and Washington Post alone account for nearly 50 percent of all blog links.


The Handbook of Personal Wealth Management by Reuvid, Jonathan.

asset allocation, banking crisis, BRICs, business cycle, buy and hold, carbon credits, collapse of Lehman Brothers, correlation coefficient, credit crunch, cross-subsidies, currency risk, diversification, diversified portfolio, estate planning, financial deregulation, fixed income, global macro, high net worth, income per capita, index fund, interest rate swap, laissez-faire capitalism, land tenure, low interest rates, managed futures, market bubble, merger arbitrage, negative equity, new economy, Northern Rock, pattern recognition, Ponzi scheme, prediction markets, proprietary trading, Right to Buy, risk tolerance, risk-adjusted returns, risk/return, short selling, side project, sovereign wealth fund, statistical arbitrage, systematic trading, transaction costs, yield curve

In the past, higher art price rises were typified by economic booms in Italy and Flanders in the 16th century, Holland in the 17th century, England and France in the 18th and 19th centuries, the United States in the late 19th and 20th centuries, and Japan in the 1980s. In the 21st century, we are seeing the emergence of new economies trading and displaying art. China’s art market is now bigger than France. To match this, over 1,000 new museums are planned there in the next few years. Wealth is now being spread more evenly around the world and in turn benefiting the art market. According to the most recent Cap Gemini/Merrill Lynch World Wealth Report, in 2007 there were 10.1 million people globally with financial assets worth more than US $1 million, representing a 6 per cent increase on the previous year.


pages: 325 words: 73,035

Who's Your City?: How the Creative Economy Is Making Where to Live the Most Important Decision of Your Life by Richard Florida

Abraham Maslow, active measures, assortative mating, back-to-the-city movement, barriers to entry, big-box store, blue-collar work, borderless world, BRICs, business climate, Celebration, Florida, correlation coefficient, creative destruction, dark matter, David Brooks, David Ricardo: comparative advantage, deindustrialization, demographic transition, edge city, Edward Glaeser, epigenetics, extreme commuting, financial engineering, gentrification, Geoffrey West, Santa Fe Institute, happiness index / gross national happiness, high net worth, income inequality, industrial cluster, invention of the telegraph, Jane Jacobs, job satisfaction, Joseph Schumpeter, knowledge economy, knowledge worker, low skilled workers, megacity, new economy, New Urbanism, Peter Calthorpe, place-making, post-work, power law, Richard Florida, risk tolerance, Robert Gordon, Robert Shiller, Seaside, Florida, Silicon Valley, Silicon Valley startup, superstar cities, The Death and Life of Great American Cities, the strength of weak ties, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen, urban planning, World Values Survey, young professional

The Bellows, May 22, 2007. Available at www.ryanavent.com/blog/?p=403. 9 Richard Florida and Charlotta Mellander, “There Goes the Neighborhood: How and Why Artists, Bohemians, and Gays Affect Housing Values,” 2007. Available at creativeclass.com. 10 John D. Landis, Vicki Elmer, and Matthew Zook, “New Economy Housing Markets: Fast and Furious—But Different?” Housing Policy Debate 3, 2, 2002, pp. 233-274. 11 Jennifer Roback, “Wages, Rents, and the Quality of Life,” Journal of Political Economy 90, 6, 1982, pp. 1257-1278. 12 Edward Glaeser, Jed Kolko, and Albert Saiz, “Consumer City,” Journal of Economic Geography 1, 1, 2001, pp. 27-50; also Glaeser and Joshua Gottlieb, “Urban Resurgence and the Consumer City,” Urban Studies 43, 8, 2006, pp. 1275-1299. 13 Maya Roney, “Bohemian Today, High-Rent Tomorrow,” Business Week, February 26, 2007. 14 Ann Markusen and Greg Schrock, “The Artistic Specialization and Economic Development Implications,” Urban Studies 43, 10, 2006, pp. 1661-1686. 15 Tim Harford, “Undercover Economist: On the Move,” Financial Times, March 9, 2007. 16 Andrew Oswald with David Blanchflower and Peter Sanfey, “Wages, Profits, and Rent-Sharing,” Quarterly Journal of Economics 111, 1, February 1996, pp. 227-252.


pages: 242 words: 73,728

Give People Money by Annie Lowrey

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, airport security, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, bitcoin, Black Lives Matter, carbon tax, clean water, collective bargaining, computer age, crowdsourcing, cryptocurrency, deindustrialization, desegregation, Donald Trump, driverless car, Edward Glaeser, Elon Musk, ending welfare as we know it, everywhere but in the productivity statistics, full employment, gender pay gap, gentrification, gig economy, Google Earth, Home mortgage interest deduction, income inequality, indoor plumbing, information asymmetry, Jaron Lanier, jitney, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, Kodak vs Instagram, labor-force participation, late capitalism, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, mass incarceration, McMansion, Menlo Park, mobile money, Modern Monetary Theory, mortgage tax deduction, multilevel marketing, new economy, obamacare, opioid epidemic / opioid crisis, Overton Window, Peter Thiel, post scarcity, post-work, Potemkin village, precariat, public intellectual, randomized controlled trial, ride hailing / ride sharing, Robert Bork, Robert Solow, Ronald Reagan, Rutger Bregman, Sam Altman, self-driving car, Silicon Valley, single-payer health, Steve Jobs, TaskRabbit, tech billionaire, The future is already here, The Future of Employment, theory of mind, total factor productivity, Turing test, two tier labour market, Uber and Lyft, uber lyft, universal basic income, uranium enrichment, War on Poverty, warehouse robotics, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, women in the workforce, working poor, World Values Survey, Y Combinator

What would it feel like to lose your $60,000-a-year job as a truck driver or $24,000-a-year job as a fast-food worker or $10,000 a year in Uber money picked up in the evenings, and to be told to be happy with a check from the government? What would it feel like to be deemed unproductive by the new economy, your livelihood wrecked by technological marvels and propped up by government policies? Is our American sense of work compatible with a UBI? CHAPTER THREE A Sense of Purpose Covering the labor-market carnage left by the Great Recession, I spent years interviewing and writing about the fate of the so-called 99ers.


pages: 230 words: 71,834

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

"World Economic Forum" Davos, active transport: walking or cycling, ASML, autonomous vehicles, bike sharing, car-free, crowdsourcing, en.wikipedia.org, fixed-gear, Frank Gehry, Guggenheim Bilbao, intermodal, Jones Act, Loma Prieta earthquake, megacity, new economy, oil shale / tar sands, safety bicycle, side project, Silicon Valley, Skype, smart cities, starchitect, Stop de Kindermoord, the built environment, the High Line, transit-oriented development, urban planning, urban renewal, wikimedia commons

Calgary’s pilot is a persuasive example of how temporary installations can change hearts and minds, but most notably, it is now cited as a reason companies and talent are relocating to the city. After a downturn in the local economy due to the deflated price of oil, and a downtown vacancy rate hovering between 25 and 30 percent, continued investments in walking, cycling, public transit, and infrastructure such as the Peace Bridge will be integral in attracting new economies to this sprawling city. As Farrell points out, “If we want to attract new industries to Calgary, we need to first build a city that’s worth moving to.” While her illustrious career is by no means at an end—she was elected to a sixth term in 2017—when Farrell reflects on her time on council, she is proud of how far her city has come.


pages: 317 words: 79,633

Buzz: The Nature and Necessity of Bees by Thor Hanson

airport security, Albert Einstein, Alfred Russel Wallace, British Empire, Columbine, Gregor Mendel, Honoré de Balzac, if you build it, they will come, Nelson Mandela, new economy, out of africa, wikimedia commons

Stingless bees in applied pollination: Practice and perspectives. Apidologie 37: 293–315. Sladen, F. W. L. 1912. The Humble-Bee: Its Life-History and How to Domesticate It. London: Macmillan. Smith, A. 2012. Cash-strapped farmers feed candy to cows. CNN Money, http://money.cnn.com/2012/10/10/news/economy/farmers-cows-candy-feed/index.html. Somanathan, H., A. Kelber, R. M. Borges, R. Wallén, et al. 2009. Visual ecology of Indian carpenter bees II: Adaptations of eyes and ocelli to nocturnal and diurnal lifestyles. Journal of Comparative Physiology A 195: 571–583. Sparrman, A. 1777. An account of a journey into Africa from the Cape of Good-Hope, and a description of a new species of cuckow.


pages: 290 words: 73,000

Algorithms of Oppression: How Search Engines Reinforce Racism by Safiya Umoja Noble

A Declaration of the Independence of Cyberspace, affirmative action, Airbnb, algorithmic bias, Alvin Toffler, Black Lives Matter, borderless world, cloud computing, conceptual framework, critical race theory, crowdsourcing, data science, desegregation, digital divide, disinformation, Donald Trump, Edward Snowden, fake news, Filter Bubble, Firefox, Future Shock, Gabriella Coleman, gamification, Google Earth, Google Glasses, housing crisis, illegal immigration, immigration reform, information retrieval, information security, Internet Archive, Jaron Lanier, John Perry Barlow, military-industrial complex, Mitch Kapor, Naomi Klein, new economy, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, PageRank, performance metric, phenotype, profit motive, Silicon Valley, Silicon Valley ideology, Snapchat, the long tail, Tim Cook: Apple, union organizing, women in the workforce, work culture , yellow journalism

Retrieved from www.theguardian.com. Harding, S. (1987). Feminism and Methodology. Buckingham, UK: Open University Press. Hargittai, E. (2000). Open Portals or Closed Gates? Channeling Content on the World Wide Web. Poetics, 27, 233–253. Hargittai, E. (2003). The Digital Divide and What to Do about It. In D. C. Jones (Ed.), New Economy Handbook, 822–839. San Diego, CA: Academic Press. Harris, C. (1995). Whiteness as Property. In K. Crenshaw, B. Gotanda, G. Peller, and K. Thomas (Eds.), Critical Race Theory: The Key Writings That Informed the Movement. New York: New Press. Harris-Perry, M. V. (2011). Sister Citizen: Shame, Stereotypes, and Black Women in America.


pages: 280 words: 74,559

Fully Automated Luxury Communism by Aaron Bastani

"Peter Beck" AND "Rocket Lab", Alan Greenspan, Anthropocene, autonomous vehicles, banking crisis, basic income, Berlin Wall, Bernie Sanders, Boston Dynamics, Bretton Woods, Brexit referendum, capital controls, capitalist realism, cashless society, central bank independence, collapse of Lehman Brothers, computer age, computer vision, CRISPR, David Ricardo: comparative advantage, decarbonisation, deep learning, dematerialisation, DIY culture, Donald Trump, double helix, driverless car, electricity market, Elon Musk, energy transition, Erik Brynjolfsson, fake news, financial independence, Francis Fukuyama: the end of history, future of work, Future Shock, G4S, general purpose technology, Geoffrey Hinton, Gregor Mendel, housing crisis, income inequality, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Isaac Newton, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, Jevons paradox, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kuiper Belt, land reform, Leo Hollis, liberal capitalism, low earth orbit, low interest rates, low skilled workers, M-Pesa, market fundamentalism, means of production, mobile money, more computing power than Apollo, new economy, off grid, pattern recognition, Peter H. Diamandis: Planetary Resources, post scarcity, post-work, price mechanism, price stability, private spaceflight, Productivity paradox, profit motive, race to the bottom, rewilding, RFID, rising living standards, Robert Solow, scientific management, Second Machine Age, self-driving car, sensor fusion, shareholder value, Silicon Valley, Simon Kuznets, Slavoj Žižek, SoftBank, stem cell, Stewart Brand, synthetic biology, technological determinism, technoutopianism, the built environment, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, transatlantic slave trade, Travis Kalanick, universal basic income, V2 rocket, Watson beat the top human players on Jeopardy!, We are as Gods, Whole Earth Catalog, working-age population

A Contribution To the Critique of Political Economy. Progress Publishers, 1977. Taylorism and the Productivity Revolution Drucker, Peter. Post-Capitalist Society. Butterworth-Heinemann, 1998. Marx, Karl. Grundrisse. Penguin, 1993. Information Goods Want to Be Free – Really DeLong, J. Bradford and Lawrence Summers. ‘The “New Economy”: Background, Historical Perspective, Questions, and Speculations’. Economic Review, Federal Reserve Bank of Kansas City, 2001. Romer, Paul. ‘Endogenous Technological Change’. Journal of Political Economy, 1990. Part II. New Travellers 4. Full Automation: Post-Scarcity in Labour When Capital Becomes Labour ‘Ford Factory Workers Get 40-Hour Week’.


pages: 244 words: 79,044

Money Mavericks: Confessions of a Hedge Fund Manager by Lars Kroijer

activist fund / activist shareholder / activist investor, Bear Stearns, Bernie Madoff, book value, capital asset pricing model, corporate raider, diversification, diversified portfolio, equity risk premium, family office, fixed income, forensic accounting, Gordon Gekko, hiring and firing, implied volatility, index fund, intangible asset, Jeff Bezos, Just-in-time delivery, Long Term Capital Management, Mary Meeker, merger arbitrage, NetJets, new economy, Ponzi scheme, post-work, proprietary trading, risk free rate, risk-adjusted returns, risk/return, shareholder value, Silicon Valley, six sigma, statistical arbitrage, Vanguard fund, zero-coupon bond

Two years into business school, I felt as if I had met endless private-equity investors, consultants, investment bankers and internet entrepreneurs, and generally had a good idea of the work they did. There were hundreds of job postings in more than enough industries and countries to satisfy any student’s ambitions. With the internet really starting to take off, many ‘bricks and mortar’ companies thought hiring business-school students would help them to meet the challenges of the new economy. Many students juggled four or five job offers. Others were planning to start their own internet-related businesses and it seemed everyone was scouring the campus for people willing to be number two in what would surely be the next Microsoft (this was pre-Google, of course). I remember sitting in a class where Amazon CEO Jeff Bezos came to speak to 70 students to discuss company strategy.


pages: 288 words: 76,343

The Plundered Planet: Why We Must--And How We Can--Manage Nature for Global Prosperity by Paul Collier

agricultural Revolution, Berlin Wall, business climate, carbon tax, Doha Development Round, energy security, food miles, G4S, Global Witness, information asymmetry, Kenneth Arrow, megacity, new economy, offshore financial centre, oil shock, price elasticity of demand, profit maximization, rent-seeking, Ronald Coase, Scramble for Africa, search costs, sovereign wealth fund, stem cell, Stewart Brand, Tragedy of the Commons

We can see this process already being played out on an even grander scale in China, as the population shifts by hundreds of millions from the interior. Within a generation, Lagos, already the largest city in sub-Saharan Africa, will become a global megacity of over 20 million people. Already, it represents half of the entire non-oil economy of Nigeria, so that in the future, as oil runs down and is replaced by a new economy, most of it will be in Lagos and its environs. Lagos has two key advantages. One is that it is a port, and ports are key sites for global manufacturing. Not only does it help to be a port, it helps even more to be a large port. The larger the city is, the more productive the people in it. The rule of thumb is that each time a city doubles in population, the productivity of its workers increases by around 6 percent.


pages: 251 words: 76,128

Borrow: The American Way of Debt by Louis Hyman

Alan Greenspan, asset-backed security, barriers to entry, big-box store, business cycle, cashless society, collateralized debt obligation, credit crunch, deindustrialization, deskilling, diversified portfolio, financial engineering, financial innovation, Ford Model T, Ford paid five dollars a day, Home mortgage interest deduction, housing crisis, income inequality, low interest rates, market bubble, McMansion, mortgage debt, mortgage tax deduction, Network effects, new economy, Paul Samuelson, plutocrats, price stability, Ronald Reagan, Savings and loan crisis, statistical model, Tax Reform Act of 1986, technology bubble, transaction costs, vertical integration, women in the workforce

The celebrated economic pundits pronounced the late 1920s as a New Era forever free of recession. Expansion, made possible by the electrical age and enabled through credit, would continue forever. Another Yale economist, Irving Fisher—much more famous than Noyes for his optimism—pronounced in 1929 that stocks, in this new economy, would never fall again. And then, three days later the world—including Yale—watched slack-jawed as the stock market crashed. CHAPTER THREE FANNIE MAE CAN SAVE AMERICA (1924–1939) If owing money to a bank on a car threatened the yeoman ideal that Henry Ford held so dear, imagine how he felt about home mortgages.


pages: 260 words: 76,223

Ctrl Alt Delete: Reboot Your Business. Reboot Your Life. Your Future Depends on It. by Mitch Joel

3D printing, Amazon Web Services, augmented reality, behavioural economics, call centre, clockwatching, cloud computing, content marketing, digital nomad, do what you love, Firefox, future of work, gamification, ghettoisation, Google Chrome, Google Glasses, Google Hangouts, Khan Academy, Kickstarter, Kodak vs Instagram, Lean Startup, Marc Andreessen, Marc Benioff, Mark Zuckerberg, Network effects, new economy, Occupy movement, place-making, prediction markets, pre–internet, QR code, recommendation engine, Richard Florida, risk tolerance, Salesforce, self-driving car, Silicon Valley, Silicon Valley startup, Skype, social graph, social web, Steve Jobs, Steve Wozniak, TechCrunch disrupt, TED Talk, the long tail, Thomas L Friedman, Tim Cook: Apple, Tony Hsieh, vertical integration, white picket fence, WikiLeaks, zero-sum game

These backers are paying customers—they just happen to be paying for something long before it is ever produced. They are the spirit and embodiment of a direct relationship. In 2004, Chris Anderson (the former editor in chief at Wired magazine) wrote the bestselling business book The Long Tail. The book describes a new economy that has emerged online because we are no longer limited by the physical retail store space and how much inventory can be sold per square foot. Because of online commerce, it now makes sense for companies to sell products that would have been purchased by only a handful of people, because they can make serious money selling these more obscure items online instead of only selling a limited number of more popular items.


pages: 271 words: 77,448

Humans Are Underrated: What High Achievers Know That Brilliant Machines Never Will by Geoff Colvin

Ada Lovelace, autonomous vehicles, Baxter: Rethink Robotics, behavioural economics, Black Swan, call centre, capital asset pricing model, commoditize, computer age, corporate governance, creative destruction, deskilling, driverless car, en.wikipedia.org, flying shuttle, Freestyle chess, future of work, Google Glasses, Grace Hopper, Hans Moravec, industrial cluster, industrial robot, interchangeable parts, job automation, knowledge worker, low skilled workers, Marc Andreessen, meta-analysis, Narrative Science, new economy, rising living standards, self-driving car, sentiment analysis, Silicon Valley, Skype, social intelligence, Steve Jobs, Steve Wozniak, Steven Levy, Steven Pinker, theory of mind, Tim Cook: Apple, transaction costs, Tyler Cowen

The world is turning not away from you, as you’ve been led to believe, but toward you. IDENTIFYING WINNERS AND LOSERS Everyone can get better at the skills that will be most valuable in the changing economy, and it seems logical to see all this as the latest step in a long progression. For centuries people have improved their living standards by mastering new skills that a new economy rewards. But the skills that are becoming most valuable now, the skills of deeply human interaction, are not like those other skills. Learning to be more socially sensitive is not like learning algebra or how to operate a lathe or how to make a well functioning blog in Wordpress. Those skills, and virtually all the skills that ever-changing economies have rewarded in the past, are about what we know.


pages: 263 words: 79,016

The Sport and Prey of Capitalists by Linda McQuaig

anti-communist, Bernie Sanders, carbon footprint, carbon tax, clean water, Cornelius Vanderbilt, diversification, Donald Trump, energy transition, financial innovation, Garrett Hardin, green new deal, Kickstarter, low interest rates, megaproject, Menlo Park, Money creation, Naomi Klein, neoliberal agenda, new economy, offshore financial centre, oil shale / tar sands, Paris climate accords, payday loans, precautionary principle, profit motive, risk/return, Ronald Reagan, Sidewalk Labs, Steve Jobs, strikebreaker, Tragedy of the Commons, union organizing

Quoted in ibid., pp. 75–76. 12. Ibid., p. 76. 13. Bunbury, “The Public Purse and State Finance,” p. 581. 14. Duncan McDowall, Quick to the Frontier: Canada’s Royal Bank (Toronto: McClelland and Stewart, 1993), p. 245. 15. Bob Ascah, Mark Anielski, Alberta’s Public Bank: How ATB Can Help Shape the New Economy (Edmonton: Parkland Institute, August 2018), p. 2. 16. Ibid., p. 3. 17. Ibid., p. 5. 18. Duff Conacher, “Stop Bank Gouging and Abuse,” Release, Democracy Watch, December 20, 2018. 19. John Anderson, It’s Time for a Postal Bank for Everyone: How a Bank in the Post Office Could Help You, research paper prepared for CUPW, 2018, p. 3, www.cupw.ca/en/campaign/resources/its-time-postal-bank-everyone-how-bank-post-office-could-help-you. 20.


pages: 237 words: 74,109

Uncanny Valley: A Memoir by Anna Wiener

autonomous vehicles, back-to-the-land, basic income, behavioural economics, Blitzscaling, blockchain, blood diamond, Burning Man, call centre, charter city, cloud computing, cognitive bias, cognitive dissonance, commoditize, crowdsourcing, cryptocurrency, dark triade / dark tetrad, data science, digital divide, digital nomad, digital rights, end-to-end encryption, Extropian, functional programming, future of work, gentrification, Golden Gate Park, growth hacking, guns versus butter model, housing crisis, Jane Jacobs, job automation, knowledge worker, Lean Startup, means of production, medical residency, microaggression, microapartment, microdosing, new economy, New Urbanism, Overton Window, passive income, Plato's cave, pull request, rent control, ride hailing / ride sharing, San Francisco homelessness, Sand Hill Road, self-driving car, sharing economy, Shenzhen special economic zone , side project, Silicon Valley, Silicon Valley startup, Social Justice Warrior, social web, South of Market, San Francisco, special economic zone, subprime mortgage crisis, systems thinking, tech bro, tech worker, technoutopianism, telepresence, telepresence robot, union organizing, universal basic income, unpaid internship, urban planning, urban renewal, warehouse robotics, women in the workforce, work culture , Y2K, young professional

I thought about the sweep of history, the improbability of convergence. Nothing seemed impossible. I had moved to California to accelerate my career, and now I was living through a historical inflection point, I effused—we were living through a historical inflection point. Ian had put on sweatpants and was stretching, happily, in front of a mirror. This was the new economy, the new way to live, I said—we were on the glimmering edge of a brand-new world, and we were among the people building it. Well, he was among the people building it. But I was helping. I didn’t know if I believed everything I was saying, but it felt so good to say it. “Very inspiring,” Ian said, beaming.


pages: 312 words: 78,053

Generation A by Douglas Coupland

Burning Man, call centre, Drosophila, Higgs boson, hive mind, index card, Large Hadron Collider, Live Aid, Magellanic Cloud, McJob, Neil Armstrong, new economy, post-work, Ronald Reagan, Silicon Valley, stem cell, Stephen Hawking

I had my four plasmas on 1) the NFL, 2) some whacked-out Korean game show where people dress in animal costumes to win prizes that look like inflatable vinyl alphabet letters, 3) the DEA real-time satellite view of my farm and 4) a two-way satellite link to an insomniac freak named Charles, who works in the satellite TV media-buying wing of BBDO in Singapore. Charles pays a hundred bucks an hour to watch me work nude in my cab. Did I forget to mention that? Welcome to the new economy. If I can make an extra buck by getting off some Twinkie in another hemisphere, you know what? I’m in. Charles, you unzip your trousers. Zegna trousers, and I know that about you because I read your secret online profile: lions-and-tigers-and-bears@labelwhore.org. In any event, the sexy portion of Charles’s day seemed to have been completed, and the two of us were talking.


pages: 246 words: 74,404

Do Nothing: How to Break Away From Overworking, Overdoing, and Underliving by Celeste Headlee

8-hour work day, agricultural Revolution, airport security, Atul Gawande, Bertrand Russell: In Praise of Idleness, correlation does not imply causation, deliberate practice, Downton Abbey, Dunbar number, Elon Musk, estate planning, financial independence, Ford paid five dollars a day, gamification, hedonic treadmill, helicopter parent, Henri Poincaré, hive mind, income inequality, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge worker, Lyft, new economy, Parkinson's law, performance metric, Ronald Reagan, Silicon Valley, Snapchat, Steve Jobs, tech billionaire, tech worker, TED Talk, The Theory of the Leisure Class by Thorstein Veblen, The Wisdom of Crowds, theory of mind, Thorstein Veblen, Torches of Freedom, trickle-down economics, uber lyft, women in the workforce, work culture

The economist Rick Bookstaber writes, “The Industrial Revolution ultimately increased prosperity, but for a time it made a wide swath of the populace worse off. The period of transition from the domestic to the factory system of industry and from the older to the new agriculture was one of almost unrelieved misery for those who could not integrate into the new economy, whether due to lack of capital or lack of physical or mental adaptability.” The period of transition that Bookstaber refers to lasted for decades. The age of “unrelieved misery” spanned at least a generation. Keep in mind that one of Charles Dickens’s grandsons died in 1962. That’s how recent this history is.


pages: 236 words: 77,546

The Cult of Smart: How Our Broken Education System Perpetuates Social Injustice by Fredrik Deboer

accounting loophole / creative accounting, Affordable Care Act / Obamacare, anti-communist, assortative mating, basic income, Bernie Sanders, collective bargaining, deindustrialization, desegregation, Donald Trump, fiat currency, Flynn Effect, full employment, gentrification, Great Leap Forward, helicopter parent, income inequality, knowledge economy, labor-force participation, liberal capitalism, longitudinal study, meta-analysis, new economy, New Urbanism, obamacare, Own Your Own Home, phenotype, positional goods, profit motive, RAND corporation, randomized controlled trial, Richard Florida, school choice, Scientific racism, selection bias, Silicon Valley, single-payer health, Steven Pinker, survivorship bias, trade route, twin studies, universal basic income, upwardly mobile, winner-take-all economy, young professional, zero-sum game

Bush, spoke with similar insistence about the importance of education, saying, “There’s no greater challenge than to make sure that every child … regardless of where they live, how they’re raised, the income level of their family, every child receive a first-class education in America.”1 The conservative Republican Bush would join hands with liberal Democrat Ted Kennedy to bring the country No Child Left Behind, which we will return to in a moment. Bush’s predecessor, Bill Clinton, said during his presidency that “in the new economy, information, education, and motivation are everything.”2 And his predecessor, George H. W. Bush, said that “education is the key to opportunity. It’s a ticket out of poverty.”3 This is the story that our policy elites want to tell. From both parties comes the clamor for more and better education.


pages: 263 words: 77,786

Tomorrow's Capitalist: My Search for the Soul of Business by Alan Murray

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Airbnb, Alan Greenspan, Alvin Toffler, Berlin Wall, Bernie Sanders, Big Tech, Black Lives Matter, blockchain, Boris Johnson, call centre, carbon footprint, commoditize, coronavirus, corporate governance, corporate raider, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, decarbonisation, digital divide, disinformation, disruptive innovation, do well by doing good, don't be evil, Donald Trump, Ferguson, Missouri, financial innovation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, future of work, gentrification, George Floyd, global pandemic, Greta Thunberg, gun show loophole, impact investing, income inequality, intangible asset, invisible hand, Jeff Bezos, job automation, knowledge worker, lockdown, London Whale, low interest rates, Marc Benioff, Mark Zuckerberg, market fundamentalism, means of production, minimum wage unemployment, natural language processing, new economy, old-boy network, price mechanism, profit maximization, remote working, risk-adjusted returns, Ronald Reagan, Salesforce, scientific management, shareholder value, side hustle, Silicon Valley, social distancing, Social Responsibility of Business Is to Increase Its Profits, The Future of Employment, the payments system, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Washington Consensus, women in the workforce, work culture , working poor, zero-sum game

The first is training workers to take advantage of opportunities supplied by new technologies. The second is delivering a living wage to all workers. And the third is creating a workplace with human values. As I argue throughout this book, the rising tide of technology has not devalued workers; it has enhanced their value—at least those who have the skills demanded by the new economy. Human capital now makes up the most important capital of most companies, and employees have become the most important “stakeholder.” Companies fight for talent. They are forced to recognize their most important assets are not factories or finances or oil in the ground or inventory on the shelves.


pages: 273 words: 85,195

Nomadland: Surviving America in the Twenty-First Century by Jessica Bruder

Affordable Care Act / Obamacare, back-to-the-land, big-box store, Boeing 747, Burning Man, cognitive dissonance, company town, crowdsourcing, fulfillment center, full employment, game design, gender pay gap, gentrification, Gini coefficient, income inequality, independent contractor, Jeff Bezos, Jessica Bruder, job automation, Mars Rover, new economy, Nomadland, off grid, off-the-grid, payday loans, Pepto Bismol, precariat, prosperity theology / prosperity gospel / gospel of success, Ronald Reagan, satellite internet, Saturday Night Live, sharing economy, six sigma, supply-chain management, traumatic brain injury, union organizing, urban sprawl, Wayback Machine, white picket fence, Y2K

Five-dollars-a-day food budget: Teresa Ghilarducci, “Our Ridiculous Approach to Retirement,” The New York Times, July 22, 2012, p. SR5. 67. Former U.S. Senator Alan Simpson on Social Security: Jeanne Sahadi, “Co-Chair of Obama Debt Panel under Fire for Remarks,” CNNMoney.com, August 25, 2010. http://money.cnn.com/2010/08/25/news/economy/alan_simpson_fiscal_commission. CHAPTER FOUR Biographical information on Bob Wells comes from in-person interviews, along with attending his seminars at the Rubber Tramp Rendezvous for three years and reading his website, http://CheapRVLiving.com. (Earlier published versions of the site were accessed via The Wayback Machine, http://archive.org/web/.) 69.


pages: 251 words: 80,243

Nothing Is True and Everything Is Possible: The Surreal Heart of the New Russia by Peter Pomerantsev

Bretton Woods, corporate governance, corporate raider, Julian Assange, mega-rich, megaproject, new economy, Occupy movement, Silicon Valley, WikiLeaks

Over in Bernie Arnaut’s Bulgari Hotel, on the corner of Hyde Park, the most expensive hotel in London (rooms start at $1,200 a night; the penthouse is $26,000), the floors are black granite and the walls are black glass, with older men and younger women in the blackness hard, scowling, and sparkling. The lost-in-new-wealth world of Moscow rises and blends with the sudden global money from all the emerging, expanding new economies. And the Russians are the pacesetters, the trendsetters. Because they’ve been perfecting this for just a few years longer, because the learning curve was so much harder and faster when their Soviet world disappeared and they were all shot into cold space. They became post-Soviet a breath before the whole world went post-everything.


pages: 254 words: 14,795

Poorly Made in China: An Insider's Account of the Tactics Behind China's Production Game by Paul Midler

barriers to entry, corporate social responsibility, currency peg, deal flow, Deng Xiaoping, disintermediation, full employment, illegal immigration, Kickstarter, language acquisition, new economy, out of africa, price discrimination, unpaid internship, urban planning

While my background should have prepared me for what was happening in export manufacturing, my first real glimpse of the sector, though, suggested that I was in uncharted territory. Exports contributed significantly to the Chinese economic miracle, and yet, none of the courses in business school or informal discussions had been about this interesting and important part of the new economy. My classmates had gone off to pursue traditional careers in investment banking, management consulting, or private equity. Coming from a finance background, I had nearly gone down a similar road myself. I wanted to settle in South China, where manufacturing was concentrated, and I was looking for any excuse to get involved.


pages: 371 words: 78,103

Webbots, Spiders, and Screen Scrapers by Michael Schrenk

Amazon Web Services, corporate governance, digital rights, fault tolerance, Firefox, machine readable, Marc Andreessen, new economy, pre–internet, SpamAssassin, The Hackers Conference, Turing test, web application

Additionally, webbots have the ability to automate anything you do online or notify you when something needs to be done. * * * [6] For example, they can't act on your behalf, filter content for relevance, or perform tasks automatically. What's in It for Developers? Your ability to write a webbot can distinguish you from a pack of lesser developers. Web developers—who've gone from designing the new economy of the late 1990s to falling victim to it during the dot-com crash of 2001—know that today's job market is very competitive. Even today's most talented developers can have trouble finding meaningful work. Knowing how to write webbots will expand your ability as a developer and make you more valuable to your employer or potential employers.


pages: 302 words: 84,428

Mastering the Market Cycle: Getting the Odds on Your Side by Howard Marks

activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, behavioural economics, business cycle, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, financial engineering, financial innovation, fixed income, Glass-Steagall Act, if you build it, they will come, income inequality, Isaac Newton, job automation, junk bonds, Long Term Capital Management, low interest rates, margin call, Michael Milken, money market fund, moral hazard, new economy, profit motive, quantitative easing, race to the bottom, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, risk/return, Robert Shiller, secular stagnation, short selling, South Sea Bubble, stocks for the long run, superstar cities, The Chicago School, The Great Moderation, transaction costs, uptick rule, VA Linux, Y2K, yield curve

More tech stocks were added to equity indices like the S&P 500—meaning index and quasi-index investors had to buy more of them—which made them go up—which attracted still more capital to them. This was a classic “virtuous circle,” and no one could imagine it ending. The absence of earnings at most “new-economy” companies eliminated any requirement that their stocks should sell at reasonable price/earnings ratios. In the latter stages of the bubble, the prices of some dot-com stocks increased several hundred percent on the day of their initial public offerings. To be willing to buy the new stocks at their inflated post-IPO prices, buyers who thought about it would have to have concluded that either (a) the companies’ founders had been happy to sell the stocks at a fraction of their true value or (b) the founders knew less about the stocks’ value than the buyers did.


pages: 336 words: 83,903

The Refusal of Work: The Theory and Practice of Resistance to Work by David Frayne

anti-work, antiwork, basic income, Bertrand Russell: In Praise of Idleness, Californian Ideology, call centre, capitalist realism, classic study, clockwatching, critique of consumerism, David Graeber, deindustrialization, deskilling, emotional labour, Ford Model T, future of work, Herbert Marcuse, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, knowledge economy, knowledge worker, low skilled workers, McJob, means of production, moral panic, new economy, Paradox of Choice, post-work, profit motive, Silicon Valley, Silicon Valley ideology, Skype, unpaid internship, work culture , working poor, young professional

Offe, C. (1985) Disorganised Capitalism, Cambridge: Polity. Ollman, B. (1971) Alienation: Marx’s Conception of Man in Capitalist Society, London, New York: Cambridge University Press. Packard, V. (1957) The Hidden Persuaders, Harmondsworth: Penguin. Perlin, R. (2012) Intern Nation: How to Earn Nothing and Learn Little in the Brave New Economy, London: Verso. Pirsig, R. M. (1974) Zen and the Art of Motorcycle Maintenance, London: Vintage. Ransome, P. (1995) Job Security and Social Stability: The Impact of Mass Unemployment on Expectations of Work, Aldershot: Avebury. Rifkin, J. (2000) The End of Work: The Decline of the Global Work-Force and the Dawn of a Post-Market Era, London: Penguin.


pages: 324 words: 86,056

The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality by Bhaskar Sunkara

Affordable Care Act / Obamacare, agricultural Revolution, Bernie Sanders, British Empire, business climate, business cycle, capital controls, centre right, Charles Lindbergh, collective bargaining, Deng Xiaoping, deskilling, Donald Trump, equal pay for equal work, fake news, false flag, feminist movement, Ferguson, Missouri, Francis Fukuyama: the end of history, full employment, gig economy, Great Leap Forward, Gunnar Myrdal, happiness index / gross national happiness, high-speed rail, Honoré de Balzac, income inequality, inventory management, Jeremy Corbyn, labor-force participation, land reform, land value tax, Mark Zuckerberg, means of production, Meghnad Desai, Mikhail Gorbachev, Neil Kinnock, new economy, Occupy movement, postindustrial economy, precariat, race to the bottom, Ralph Waldo Emerson, self-driving car, Silicon Valley, SimCity, single-payer health, Steve Bannon, telemarketer, The Wealth of Nations by Adam Smith, too big to fail, union organizing, Upton Sinclair, urban renewal, We are all Keynesians now, We are the 99%

An emergent neoliberalism curbed inflation and restored growth, but only through a vicious offensive against the working class. Since then real wages have stagnated, debt has soared, and the prospects for a new generation, still hoping to live better lives than their parents, are bleak. The 1990s technological boom brought about talk of an adaptive “new economy,” something to replace the old Fordist workplace. But it was a far cry from the future promised at the 1939 World’s Fair. With few avenues for collective action available, people behaved as rationally as any Marxist would expect: they kept their heads down and tried to fix what they could. Can’t find a job?


pages: 301 words: 89,076

The Globotics Upheaval: Globalisation, Robotics and the Future of Work by Richard Baldwin

agricultural Revolution, Airbnb, AlphaGo, AltaVista, Amazon Web Services, Apollo 11, augmented reality, autonomous vehicles, basic income, Big Tech, bread and circuses, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, commoditize, computer vision, Corn Laws, correlation does not imply causation, Credit Default Swap, data science, David Ricardo: comparative advantage, declining real wages, deep learning, DeepMind, deindustrialization, deskilling, Donald Trump, Douglas Hofstadter, Downton Abbey, Elon Musk, Erik Brynjolfsson, facts on the ground, Fairchild Semiconductor, future of journalism, future of work, George Gilder, Google Glasses, Google Hangouts, Hans Moravec, hiring and firing, hype cycle, impulse control, income inequality, industrial robot, intangible asset, Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, Kevin Roose, knowledge worker, laissez-faire capitalism, Les Trente Glorieuses, low skilled workers, machine translation, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, Metcalfe’s law, mirror neurons, new economy, optical character recognition, pattern recognition, Ponzi scheme, post-industrial society, post-work, profit motive, remote working, reshoring, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, robotic process automation, Ronald Reagan, Salesforce, San Francisco homelessness, Second Machine Age, self-driving car, side project, Silicon Valley, Skype, Snapchat, social intelligence, sovereign wealth fund, standardized shipping container, statistical model, Stephen Hawking, Steve Jobs, supply-chain management, systems thinking, TaskRabbit, telepresence, telepresence robot, telerobotics, Thomas Malthus, trade liberalization, universal basic income, warehouse automation

Deindustrialization has destroyed communities, and people are reacting as members of threatened communities, not just individuals whose jobs are at risk. People are finding that they cannot afford to a buy a house like the one they grew up in. Many millennials find themselves weighed down by student debt, right when the new economy has meant that a university education is no longer a sure ticket to a middle-class lifestyle. And things are evolving so much faster. Since the changes are more sudden, more individual, more unpredictable, and more uncontrollable than before, economic fragility is back. Once again, job loss can have dire consequences; unemployed Americans risk losing their homes and healthcare.


pages: 297 words: 84,009

Big Business: A Love Letter to an American Anti-Hero by Tyler Cowen

"Friedman doctrine" OR "shareholder theory", 23andMe, Affordable Care Act / Obamacare, augmented reality, barriers to entry, Bernie Sanders, Big Tech, bitcoin, blockchain, Bretton Woods, cloud computing, cognitive dissonance, company town, compensation consultant, corporate governance, corporate social responsibility, correlation coefficient, creative destruction, crony capitalism, cryptocurrency, dark matter, David Brooks, David Graeber, don't be evil, Donald Trump, driverless car, Elon Musk, employer provided health coverage, experimental economics, Fairchild Semiconductor, fake news, Filter Bubble, financial innovation, financial intermediation, gentrification, Glass-Steagall Act, global reserve currency, global supply chain, Google Glasses, income inequality, Internet of things, invisible hand, Jeff Bezos, junk bonds, late fees, Mark Zuckerberg, mobile money, money market fund, mortgage debt, Network effects, new economy, Nicholas Carr, obamacare, offshore financial centre, passive investing, payday loans, peer-to-peer lending, Peter Thiel, pre–internet, price discrimination, profit maximization, profit motive, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, risk tolerance, Ronald Coase, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, The Nature of the Firm, Tim Cook: Apple, too big to fail, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, ultimatum game, WikiLeaks, women in the workforce, World Values Survey, Y Combinator

Dobson DaVanzo & Associates, LLC, May 7, 2009. Davies, Richard, Andrew G. Haldane, Mette Nielsen, and Silvia Pezzini. 2014. “Measuring the Costs of Short-Termism.” Journal of Financial Stability 12: 16–25. Davis, Gerald F. 2016. The Vanishing American Corporation: Navigating the Hazards of a New Economy. Oakland, CA: Berrett-Koehler. Della Volpe, John, and Sonya Jacobs. 2016. “Survey of Young Americans’ Attitudes Toward Politics and Public Service.” Harvard Public Opinion Project, Harvard University Institute of Politics, April 25, 2016. DePaulo, Bella M., Matthew E. Ansfield, Susan E. Kirkendol, and Joseph M.


pages: 309 words: 81,975

Brave New Work: Are You Ready to Reinvent Your Organization? by Aaron Dignan

"Friedman doctrine" OR "shareholder theory", Abraham Maslow, activist fund / activist shareholder / activist investor, adjacent possible, Airbnb, Albert Einstein, autonomous vehicles, basic income, benefit corporation, Bertrand Russell: In Praise of Idleness, bitcoin, Black Lives Matter, Black Swan, blockchain, Buckminster Fuller, Burning Man, butterfly effect, cashless society, Clayton Christensen, clean water, cognitive bias, cognitive dissonance, content marketing, corporate governance, corporate social responsibility, correlation does not imply causation, creative destruction, crony capitalism, crowdsourcing, cryptocurrency, David Heinemeier Hansson, deliberate practice, DevOps, disruptive innovation, don't be evil, Elon Musk, endowment effect, Ethereum, ethereum blockchain, financial engineering, Frederick Winslow Taylor, fulfillment center, future of work, gender pay gap, Geoffrey West, Santa Fe Institute, gig economy, Goodhart's law, Google X / Alphabet X, hiring and firing, hive mind, holacracy, impact investing, income inequality, information asymmetry, Internet of things, Jeff Bezos, job satisfaction, Kanban, Kevin Kelly, Kickstarter, Lean Startup, loose coupling, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, minimum viable product, mirror neurons, new economy, Paul Graham, Quicken Loans, race to the bottom, reality distortion field, remote working, Richard Thaler, Rochdale Principles, Salesforce, scientific management, shareholder value, side hustle, Silicon Valley, single source of truth, six sigma, smart contracts, Social Responsibility of Business Is to Increase Its Profits, software is eating the world, source of truth, Stanford marshmallow experiment, Steve Jobs, subprime mortgage crisis, systems thinking, TaskRabbit, TED Talk, The future is already here, the High Line, too big to fail, Toyota Production System, Tragedy of the Commons, uber lyft, universal basic income, WeWork, Y Combinator, zero-sum game

I’ll suggest guidelines and activities for early meetings and moments in your team’s change process. And I’ll share stories and lessons from transformation efforts that struggled and those that went well beyond our expectations. Finally, we’ll take a moment to imagine a world in which we get this right, and organizations everywhere create fulfillment and abundance. The foundations of a new economy are slowly forming, and I’ll show you where to look to see them taking shape. In the end, you’ll have everything you need to step confidently into the future of work. HOW I GOT HERE In 2007 I was part of the founding team of a company that created digital strategies for some of the biggest brands in the world.


pages: 270 words: 79,992

The End of Big: How the Internet Makes David the New Goliath by Nicco Mele

4chan, A Declaration of the Independence of Cyberspace, Airbnb, Amazon Web Services, Andy Carvin, Any sufficiently advanced technology is indistinguishable from magic, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, bitcoin, bread and circuses, business climate, call centre, Cass Sunstein, centralized clearinghouse, Chelsea Manning, citizen journalism, cloud computing, collaborative consumption, collaborative editing, commoditize, Computer Lib, creative destruction, crony capitalism, cross-subsidies, crowdsourcing, David Brooks, death of newspapers, disruptive innovation, Donald Trump, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, Evgeny Morozov, Exxon Valdez, Fall of the Berlin Wall, Filter Bubble, Firefox, global supply chain, Google Chrome, Gordon Gekko, Hacker Ethic, Ian Bogost, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, John Perry Barlow, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, Lean Startup, lolcat, machine readable, Mark Zuckerberg, military-industrial complex, minimum viable product, Mitch Kapor, Mohammed Bouazizi, Mother of all demos, Narrative Science, new economy, Occupy movement, off-the-grid, old-boy network, One Laptop per Child (OLPC), peer-to-peer, period drama, Peter Thiel, pirate software, public intellectual, publication bias, Robert Metcalfe, Ronald Reagan, Ronald Reagan: Tear down this wall, satellite internet, Seymour Hersh, sharing economy, Silicon Valley, Skype, social web, Steve Jobs, Steve Wozniak, Stewart Brand, Stuxnet, Ted Nelson, Ted Sorensen, Telecommunications Act of 1996, telemarketer, the Cathedral and the Bazaar, the long tail, The Wisdom of Crowds, transaction costs, uranium enrichment, Whole Earth Catalog, WikiLeaks, Zipcar

As two observers have remarked, “The convergence of social networks, a renewed belief in the importance of community, pressing environmental concerns, and cost consciousness are moving us away from the old top-heavy, centralized, and controlled forms of consumerism toward one of sharing, aggregation, openness, and cooperation.”39 Lisa Gansky, one of the pioneer entrepreneurs of the digital eye calls this new economy “the Mesh” because of its networked enabled efficiency. Collaborative consumption might sound idealistic, but it isn’t a passing fad. According to Fast Company, a whole “new generation of businesses” is emerging that enables “the sharing of cars, clothes, couches, apartments, tools, meals, and even skills.


pages: 252 words: 80,636

Bureaucracy by David Graeber

a long time ago in a galaxy far, far away, Affordable Care Act / Obamacare, airport security, Albert Einstein, Alvin Toffler, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, Future Shock, George Gilder, High speed trading, hiring and firing, junk bonds, Kitchen Debate, late capitalism, Lewis Mumford, means of production, music of the spheres, Neal Stephenson, new economy, obamacare, Occupy movement, Oklahoma City bombing, Parkinson's law, Peter Thiel, planetary scale, pneumatic tube, post-work, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, stock buybacks, technological determinism, transcontinental railway, union organizing, urban planning, zero-sum game

William Lazonick has done the most work on documenting this shift, noting that it is a shift in business models—the effects of globalization and offshoring really only took off later, in the late nineties and early 2000s. (See, for example, his “Financial Commitment and Economic Performance: Ownership and Control in the American Industrial Corporation,” Business and Economic History, 2nd series, 17 [1988]: 115–28; “The New Economy Business Model and the Crisis of U.S. Capitalism,” Capitalism and Society [2009], 4, 2, Article 4; or “The Financialization of the U.S. Corporation: What Has Been Lost, and How It Can Be Regained,” INET Research Notes, 2012.) A Marxian approach to the same class realignment can be found in Gérard Duménil and Dominique Lévy’s Capital Resurgent: The Roots of the Neoliberal Revolution (Cambridge, MA: Harvard University Press, 2004), and The Crisis of Neoliberalism (Cambridge, MA: Harvard University Press, 2013).


pages: 262 words: 83,548

The End of Growth by Jeff Rubin

Alan Greenspan, Anthropocene, Ayatollah Khomeini, Bakken shale, banking crisis, Bear Stearns, Berlin Wall, British Empire, business cycle, call centre, carbon credits, carbon footprint, carbon tax, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, deal flow, decarbonisation, deglobalization, Easter island, energy security, eurozone crisis, Exxon Valdez, Eyjafjallajökull, Fall of the Berlin Wall, fiat currency, flex fuel, Ford Model T, full employment, ghettoisation, Glass-Steagall Act, global supply chain, Hans Island, happiness index / gross national happiness, housing crisis, hydraulic fracturing, illegal immigration, income per capita, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Jevons paradox, Kickstarter, low interest rates, McMansion, megaproject, Monroe Doctrine, moral hazard, new economy, Occupy movement, oil shale / tar sands, oil shock, peak oil, Ponzi scheme, proprietary trading, quantitative easing, race to the bottom, reserve currency, rolling blackouts, Ronald Reagan, South China Sea, sovereign wealth fund, subprime mortgage crisis, The Chicago School, The Death and Life of Great American Cities, Thomas Malthus, Thorstein Veblen, too big to fail, traumatic brain injury, uranium enrichment, urban planning, urban sprawl, women in the workforce, working poor, Yom Kippur War, zero-sum game

In chapter 8, we saw how the FIRE sector (finance, insurance and real estate) has doubled in size and now accounts for as much as 20 percent of economic activity in OECD countries. As the FIRE sector shrinks in a static economy, it will mean fewer job openings for stockbrokers, insurance salesmen and real estate agents. Folks currently in those jobs could face some tough times, but it’s not as if they’ll stay unemployed indefinitely. As the contours of the new economy take shape, fresh opportunities will emerge. In a world where distance costs money, our hollowed-out manufacturing sector will fill up again. More of the products we buy will be made locally and sold regionally. If you’re selling mutual funds now, you may soon be selling widgets from a local factory.


pages: 284 words: 85,643

What's the Matter with White People by Joan Walsh

affirmative action, Affordable Care Act / Obamacare, air traffic controllers' union, banking crisis, clean water, collective bargaining, David Brooks, desegregation, Donald Trump, Edward Glaeser, full employment, General Motors Futurama, Glass-Steagall Act, global village, Golden Gate Park, hiring and firing, impulse control, income inequality, invisible hand, It's morning again in America, knowledge worker, labor-force participation, mass immigration, new economy, obamacare, Occupy movement, plutocrats, Ralph Nader, Ronald Reagan, Savings and loan crisis, Triangle Shirtwaist Factory, upwardly mobile, urban decay, W. E. B. Du Bois, War on Poverty, We are the 99%, white flight, women in the workforce, zero-sum game

That girl wasn’t the norm, by any means, but it was impossible not to notice that without jobs or capital to start businesses or student grants for college, welfare was one of the few lifelines to cash in her abandoned neighborhood (the other was drugs). It would be stupid not to play the system. Again, I found myself wondering why we’d ever believed that poor women, especially poor black women, would be supported (however stingily) in raising their children at home, when most mothers were surging to work, because the new economy required an extra paycheck to keep families afloat. I was beginning to believe that “empowering” welfare recipients, the mantra of the constituency groups we heard from, required getting them good jobs, child care, and health care and bringing them out of the economic shadows, where they’d been alone and vulnerable for too long.


pages: 308 words: 84,713

The Glass Cage: Automation and Us by Nicholas Carr

Airbnb, Airbus A320, Andy Kessler, Atul Gawande, autonomous vehicles, Bernard Ziegler, business process, call centre, Captain Sullenberger Hudson, Charles Lindbergh, Checklist Manifesto, cloud computing, cognitive load, computerized trading, David Brooks, deep learning, deliberate practice, deskilling, digital map, Douglas Engelbart, driverless car, drone strike, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, Flash crash, Frank Gehry, Frank Levy and Richard Murnane: The New Division of Labor, Frederick Winslow Taylor, future of work, gamification, global supply chain, Google Glasses, Google Hangouts, High speed trading, human-factors engineering, indoor plumbing, industrial robot, Internet of things, Ivan Sutherland, Jacquard loom, James Watt: steam engine, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, knowledge worker, low interest rates, Lyft, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, natural language processing, new economy, Nicholas Carr, Norbert Wiener, Oculus Rift, pattern recognition, Peter Thiel, place-making, plutocrats, profit motive, Ralph Waldo Emerson, RAND corporation, randomized controlled trial, Ray Kurzweil, recommendation engine, robot derives from the Czech word robota Czech, meaning slave, scientific management, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley ideology, software is eating the world, Stephen Hawking, Steve Jobs, systems thinking, tacit knowledge, TaskRabbit, technological determinism, technological solutionism, technoutopianism, TED Talk, The Wealth of Nations by Adam Smith, turn-by-turn navigation, Tyler Cowen, US Airways Flight 1549, Watson beat the top human players on Jeopardy!, William Langewiesche

There’s an irony here. In shifting the center of the economy from physical goods to data flows, computers brought new status and wealth to information workers during the last decades of the twentieth century. People who made their living by manipulating signs and symbols on screens became the stars of the new economy, even as the factory jobs that had long buttressed the middle class were being transferred overseas or handed off to robots. The dot-com bubble of the late 1990s, when for a few euphoric years riches flooded out of computer networks and into personal brokerage accounts, seemed to herald the start of a golden age of unlimited economic opportunity—what technology boosters dubbed a “long boom.”


pages: 327 words: 84,627

The Green New Deal: Why the Fossil Fuel Civilization Will Collapse by 2028, and the Bold Economic Plan to Save Life on Earth by Jeremy Rifkin

"World Economic Forum" Davos, 1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, American Society of Civil Engineers: Report Card, autonomous vehicles, Bernie Sanders, Big Tech, bike sharing, blockchain, book value, borderless world, business cycle, business process, carbon footprint, carbon tax, circular economy, collective bargaining, corporate governance, corporate social responsibility, creative destruction, decarbonisation, digital rights, do well by doing good, electricity market, en.wikipedia.org, energy transition, failed state, general purpose technology, ghettoisation, green new deal, Greta Thunberg, high-speed rail, hydrogen economy, impact investing, information asymmetry, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, it's over 9,000, Joseph Schumpeter, means of production, megacity, megaproject, military-industrial complex, Network effects, new economy, off grid, off-the-grid, oil shale / tar sands, peak oil, planetary scale, prudent man rule, remunicipalization, renewable energy credits, rewilding, Ronald Reagan, shareholder value, sharing economy, Sidewalk Labs, Silicon Valley, Skype, smart cities, smart grid, sovereign wealth fund, Steven Levy, subprime mortgage crisis, the built environment, The Wealth of Nations by Adam Smith, Tim Cook: Apple, trade route, union organizing, urban planning, vertical integration, warehouse automation, women in the workforce, zero-sum game

Ipsos, “Global Infrastructure Index—Public Satisfaction and Priorities 2018,” 2018, https://www.ipsos.com/en/global-infrastructure-index-public-satisfaction-and-priorities-2018 (accessed February 27, 2019), 5.   8.  Lydia DePillis, “Trump Unveils Infrastructure Plan,” CNN, February 12, 2018, https://money.cnn.com/2018/02/11/news/economy/trump-infrastructure-plan-details/index.html (accessed February 27, 2019).   9.  Ed O’Keefe and Steven Mufson, “Senate Democrats Unveil a Trump-Size Infrastructure Plan,” Washington Post, January 24, 2017, https://www.washingtonpost.com/politics/democrats-set-to-unveil-a-trump-style-infrastructure-plan/2017/01/23/332be2dc-e1b3-11e6-a547-5fb9411d332c_story.html?


pages: 269 words: 83,307

Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits by Kevin Roose

activist fund / activist shareholder / activist investor, Basel III, Bear Stearns, Carl Icahn, cognitive dissonance, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, deal flow, discounted cash flows, Donald Trump, East Village, eat what you kill, eurozone crisis, financial engineering, fixed income, forward guidance, glass ceiling, Goldman Sachs: Vampire Squid, hedonic treadmill, information security, Jane Street, jitney, junk bonds, Kevin Roose, knowledge worker, Michael Milken, new economy, Occupy movement, off-the-grid, plutocrats, proprietary trading, Robert Shiller, selection bias, shareholder value, side project, Silicon Valley, Skype, Steve Jobs, tail risk, The Predators' Ball, too big to fail, two and twenty, urban planning, We are the 99%, work culture , young professional

Trumping them all was the Anheuser-Busch booth near the back of the gym, where Princeton alumni in red track jackets were giving out free, Budweiser-branded sunglasses under a sign that read: “Increase your liquid assets!” The financial firms in attendance were using largely the same vague pitches I’d heard years earlier at Wharton. One bank advertised its “global transaction advisory for the new economy.” Another offered students a chance to “bring your career into focus.” Jane Street Capital, a medium-sized hedge fund, had a banner promising its recruits a “dynamic, challenging environment. Rapid advancement. Idea-driven meritocracy. Informal fun and open atmosphere.” (Oh, and last on the list: “Generous compensation.”)


pages: 295 words: 81,861

Road to Nowhere: What Silicon Valley Gets Wrong About the Future of Transportation by Paris Marx

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, A Declaration of the Independence of Cyberspace, Airbnb, An Inconvenient Truth, autonomous vehicles, back-to-the-land, Berlin Wall, Bernie Sanders, bike sharing, Californian Ideology, car-free, carbon credits, carbon footprint, cashless society, clean tech, cloud computing, colonial exploitation, computer vision, congestion pricing, corporate governance, correlation does not imply causation, COVID-19, DARPA: Urban Challenge, David Graeber, deep learning, degrowth, deindustrialization, deskilling, Didi Chuxing, digital map, digital rights, Donald Shoup, Donald Trump, Douglas Engelbart, Douglas Engelbart, driverless car, Elaine Herzberg, Elon Musk, energy transition, Evgeny Morozov, Extinction Rebellion, extractivism, Fairchild Semiconductor, Ford Model T, frictionless, future of work, General Motors Futurama, gentrification, George Gilder, gig economy, gigafactory, global pandemic, global supply chain, Google Glasses, Google X / Alphabet X, green new deal, Greyball, high-speed rail, Hyperloop, independent contractor, Induced demand, intermodal, Jane Jacobs, Jeff Bezos, jitney, John Perry Barlow, Kevin Kelly, knowledge worker, late capitalism, Leo Hollis, lockdown, low interest rates, Lyft, Marc Benioff, market fundamentalism, minimum viable product, Mother of all demos, move fast and break things, Murray Bookchin, new economy, oil shock, packet switching, Pacto Ecosocial del Sur, Peter Thiel, pre–internet, price mechanism, private spaceflight, quantitative easing, QWERTY keyboard, Ralph Nader, Richard Florida, ride hailing / ride sharing, Ronald Reagan, safety bicycle, Salesforce, School Strike for Climate, self-driving car, Sidewalk Labs, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, smart cities, social distancing, Southern State Parkway, Steve Jobs, Stewart Brand, Stop de Kindermoord, streetcar suburb, tech billionaire, tech worker, techlash, technological determinism, technological solutionism, technoutopianism, the built environment, The Death and Life of Great American Cities, TikTok, transit-oriented development, transportation-network company, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, Unsafe at Any Speed, urban planning, urban renewal, VTOL, walkable city, We are as Gods, We wanted flying cars, instead we got 140 characters, WeWork, Whole Earth Catalog, Whole Earth Review, work culture , Yom Kippur War, young professional

: Public Transit in the Age of Google, Uber, and Elon Musk, Between the Lines Books, 2020, pp. 193–205. 20 Untokening, “Untokening 1.0—Principles of Mobility Justice,” The Untokening (blog), November 11, 2017, Untokening.org. 21 George Monbiot, “Public Luxury for All or Private Luxury for Some: This Is the Choice We Face,” Guardian, May 31, 2017, Theguardian.com. 22 Aaron Vansintjan, “Public Abundance Is the Secret to the Green New Deal,” Green European Journal, May 27, 2020. 23 For specific proposals, see Callum Cant, Riding for Deliveroo: Resistance in the New Economy, Polity Press, 2019; Dan Hind, “The British Digital Cooperative: A New Model Public Sector Institution,” Common Wealth, September 20, 2019, Common-wealth.co.uk; “Our Plan,” Delivering Community Power, n.d., Deliveringcommunitypower.ca; Paris Marx, “Build Socialism Through the Post Office,” Jacobin, April 15, 2020, Jacobinmag.com. 24 See Salomé Viljoen, “Data as Property?


pages: 262 words: 73,439

Roads: An Anthropology of Infrastructure and Expertise (Expertise: Cultures and Technologies of Knowledge) by Penny Harvey, Hannah Knox

BRICs, centre right, classic study, dematerialisation, informal economy, Kickstarter, land reform, new economy, the built environment, The Structural Transformation of the Public Sphere, trade route, urban renewal

Cultural Values 6 (1–2): 65–90. Bowker, G. C., and S. L. Star. 1999. Sorting Things Out: Classification and Its Consequences. Cambridge, MA: MIT Press. Boyer, Dominic. 2006. “Conspiracy, History, and Therapy at a Berlin Stammtisch.” American Ethnologist 33 (3): 327–39. Brennan, T. 2000. Exhausting Modernity: Grounds for a New Economy. New York: Routledge. Brenneis, D., and F. Myers, eds. 1984. Dangerous Words: Language and Politics in the Pacific. Prospect Heights, IL: Waveland Press. Brenner, N., J. Peck, and N. Theodore. 2010. “After Neoliberalization?” Globalizations 7 (3): 327–45. Bricmont, J., and A. D. Sokal. 2001. “Science and Sociology of Science: Beyond War and Peace.”


pages: 285 words: 86,853

What Algorithms Want: Imagination in the Age of Computing by Ed Finn

Airbnb, Albert Einstein, algorithmic bias, algorithmic management, algorithmic trading, AlphaGo, Amazon Mechanical Turk, Amazon Web Services, bitcoin, blockchain, business logic, Charles Babbage, Chuck Templeton: OpenTable:, Claude Shannon: information theory, commoditize, Computing Machinery and Intelligence, Credit Default Swap, crowdsourcing, cryptocurrency, data science, DeepMind, disruptive innovation, Donald Knuth, Donald Shoup, Douglas Engelbart, Douglas Engelbart, Elon Musk, Evgeny Morozov, factory automation, fiat currency, Filter Bubble, Flash crash, game design, gamification, Google Glasses, Google X / Alphabet X, Hacker Conference 1984, High speed trading, hiring and firing, Ian Bogost, industrial research laboratory, invisible hand, Isaac Newton, iterative process, Jaron Lanier, Jeff Bezos, job automation, John Conway, John Markoff, Just-in-time delivery, Kickstarter, Kiva Systems, late fees, lifelogging, Loebner Prize, lolcat, Lyft, machine readable, Mother of all demos, Nate Silver, natural language processing, Neal Stephenson, Netflix Prize, new economy, Nicholas Carr, Nick Bostrom, Norbert Wiener, PageRank, peer-to-peer, Peter Thiel, power law, Ray Kurzweil, recommendation engine, Republic of Letters, ride hailing / ride sharing, Satoshi Nakamoto, self-driving car, sharing economy, Silicon Valley, Silicon Valley billionaire, Silicon Valley ideology, Silicon Valley startup, SimCity, Skinner box, Snow Crash, social graph, software studies, speech recognition, statistical model, Steve Jobs, Steven Levy, Stewart Brand, supply-chain management, tacit knowledge, TaskRabbit, technological singularity, technological solutionism, technoutopianism, the Cathedral and the Bazaar, The Coming Technological Singularity, the scientific method, The Signal and the Noise by Nate Silver, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, traveling salesman, Turing machine, Turing test, Uber and Lyft, Uber for X, uber lyft, urban planning, Vannevar Bush, Vernor Vinge, wage slave

The cofounder of another startup, named Yerdle (dedicated to recycling unwanted consumer goods through a kind of algorithmic swap-bazaar), put it just right: “We want to make people make things better.”35 This altruistic ambition to motivate positive efficiencies through capitalism resonates with Google chief Eric Schmidt’s suggestion that customers “want Google to tell them what they should be doing next.” This is the central labor question at the implementation fault line between algorithmic gamification and the marketplace: who is motivating these changes, and what exactly are we “sharing” in the sharing economy? On the most obvious level, this new economy is about more efficient access to privately owned or atomized goods and services. The rhetoric of companies like Yerdle and Airbnb leans on the mobilization of material resources: cars, apartments, and household objects that are sitting around unused. Share your personal goods to monetize that slack and reduce the overhead of ownership, turning an empty vehicle or room into a profit center and a community resource.


pages: 356 words: 91,157

The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida

affirmative action, Airbnb, back-to-the-city movement, basic income, Bernie Sanders, bike sharing, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, gentrification, Gini coefficient, Google bus, high net worth, high-speed rail, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, megaproject, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, off-the-grid, opioid epidemic / opioid crisis, Paul Graham, plutocrats, RAND corporation, rent control, rent-seeking, restrictive zoning, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, SimCity, sovereign wealth fund, streetcar suburb, superstar cities, tech worker, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Rise and Fall of American Growth, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Tyler Cowen, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional

But what came next was even more unanticipated—and even more frightening: the election of Donald Trump to the presidency of the most powerful country on the planet. Trump rose to power by mobilizing anxious, angry voters in the left-behind places of America. Hillary Clinton took the dense, affluent, knowledge-based cities and close-in suburbs that are the epicenters of the new economy, winning the popular vote by a substantial margin. But Trump took everywhere else—the farther-out exurbs and rural areas—which provided his decisive victory in the Electoral College. All three—Trump, Ford, and Brexit—reflect the deepening fault lines of class and location that define and divide us today.


pages: 353 words: 91,520

Most Likely to Succeed: Preparing Our Kids for the Innovation Era by Tony Wagner, Ted Dintersmith

affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, creative destruction, David Brooks, driverless car, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Joi Ito, Khan Academy, Kickstarter, knowledge economy, knowledge worker, language acquisition, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, One Laptop per Child (OLPC), pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, TED Talk, the scientific method, two and twenty, uber lyft, unpaid internship, Y Combinator

Lifetime employment with a large company is increasingly unlikely; individuals will change jobs, companies, and even professions many times in their lifetime. In today’s world, if you can’t invent (and reinvent) your own job and distinctive competencies, you risk chronic underemployment. In the new economy, some new companies will take off, shape our economic and social landscape, and create jobs and enormous wealth. What will be different, though, is that the new-era companies will be far more productive than last century’s counterparts, and these successful companies will offer little opportunity for the unskilled.


pages: 347 words: 94,701

Don't Trust, Don't Fear, Don't Beg: The Extraordinary Story of the Arctic 30 by Ben Stewart

3D printing, Desert Island Discs, Edward Snowden, imposter syndrome, mega-rich, new economy, oil rush, Skype, WikiLeaks

This detention shows many nations that Greenpeace will not cower in the face of adversity, it will persevere where others fear to tread. This persistence will put negative press at the top of all oil companies’ board meeting agendas. These risk-averse project-monkeys will be forced to look at new energy sources, which will eventually lead to new economies and end the march into the northern wilderness for black gold! Five weeks into their ordeal, with their story making front pages across the globe, the Chronicle has become the Arctic 30’s own in-house newspaper. Every evening the activists would read the Chronicle, tick off their names to say it’s passed through their cell, then pass it on.


pages: 389 words: 87,758

No Ordinary Disruption: The Four Global Forces Breaking All the Trends by Richard Dobbs, James Manyika

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, access to a mobile phone, additive manufacturing, Airbnb, Amazon Mechanical Turk, American Society of Civil Engineers: Report Card, asset light, autonomous vehicles, Bakken shale, barriers to entry, business cycle, business intelligence, carbon tax, Carmen Reinhart, central bank independence, circular economy, cloud computing, corporate governance, creative destruction, crowdsourcing, data science, demographic dividend, deskilling, digital capitalism, disintermediation, disruptive innovation, distributed generation, driverless car, Erik Brynjolfsson, financial innovation, first square of the chessboard, first square of the chessboard / second half of the chessboard, Gini coefficient, global supply chain, global village, high-speed rail, hydraulic fracturing, illegal immigration, income inequality, index fund, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, inventory management, job automation, Just-in-time delivery, Kenneth Rogoff, Kickstarter, knowledge worker, labor-force participation, low interest rates, low skilled workers, Lyft, M-Pesa, machine readable, mass immigration, megacity, megaproject, mobile money, Mohammed Bouazizi, Network effects, new economy, New Urbanism, ocean acidification, oil shale / tar sands, oil shock, old age dependency ratio, openstreetmap, peer-to-peer lending, pension reform, pension time bomb, private sector deleveraging, purchasing power parity, quantitative easing, recommendation engine, Report Card for America’s Infrastructure, RFID, ride hailing / ride sharing, Salesforce, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, Snapchat, sovereign wealth fund, spinning jenny, stem cell, Steve Jobs, subscription business, supply-chain management, synthetic biology, TaskRabbit, The Great Moderation, trade route, transaction costs, Travis Kalanick, uber lyft, urban sprawl, Watson beat the top human players on Jeopardy!, working-age population, Zipcar

TJ McCue, “Manufacturing jobs changing but no severe job skills gap in USA,” Forbes.com, October 18, 2012, www.forbes.com/sites/tjmccue/2012/10/18/manufacturing-jobs-changing-but-no-severe-job-skills-gap-in-usa. 8. Parija Bhatnagar, “Manufacturing boom: Trade school enrollment soars,” CNN Money, July 31, 2012, http://money.cnn.com/2012/07/31/news/economy/manufacturing-trade-schools/?Iid=EL. 9. Mona Mourshed, Diana Farrell, and Dominic Barton, Education to employment: Designing a system that works, McKinsey Center for Government, 2013. 10. Gordon G. Chang, “College grads are jobless in China’s ‘high-growth’ economy,” Forbes.com, May 26, 2013. 11.


pages: 309 words: 95,495

Foolproof: Why Safety Can Be Dangerous and How Danger Makes Us Safe by Greg Ip

Affordable Care Act / Obamacare, Air France Flight 447, air freight, airport security, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, Boeing 747, book value, break the buck, Bretton Woods, business cycle, capital controls, central bank independence, cloud computing, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency peg, Daniel Kahneman / Amos Tversky, diversified portfolio, double helix, endowment effect, Exxon Valdez, Eyjafjallajökull, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, foreign exchange controls, full employment, global supply chain, hindsight bias, Hyman Minsky, Joseph Schumpeter, junk bonds, Kenneth Rogoff, lateral thinking, Lewis Mumford, London Whale, Long Term Capital Management, market bubble, Michael Milken, money market fund, moral hazard, Myron Scholes, Network effects, new economy, offshore financial centre, paradox of thrift, pets.com, Ponzi scheme, proprietary trading, quantitative easing, Ralph Nader, Richard Thaler, risk tolerance, Ronald Reagan, Sam Peltzman, savings glut, scientific management, subprime mortgage crisis, tail risk, technology bubble, TED Talk, The Great Moderation, too big to fail, transaction costs, union organizing, Unsafe at Any Speed, value at risk, William Langewiesche, zero-sum game

Recession Claims Bank of New England as First Big Victim—Federal Regulators Take Over after Company Warned of Large Impending Loss—Depositors Rush to Get Funds,” Wall Street Journal, January 7, 1991. 34 On the morning of Sunday: Powell’s recollections based on my interview with him. 35 Of the $19.1 billion: History of the Eighties—Lessons for the Future, vol. 1, An Examination of the Banking Crises of the 1980s and Early 1990s, Federal Deposit Insurance Corporation, 635, available at https://www.fdic.gov/bank/historical/history/. 36 One prominent columnist labeled: Anatole Kaletsky, Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis (New York: PublicAffairs, 2010), 131. Chapter 9 1 “while the aggregate”: D. R. Jacques, “Society on the Basis of Mutual Life Insurance,” 16 Hunt’s Merchants’ Magazine (1849): 152, 153, quoted in Tom Baker, “On the Genealogy of Moral Hazard,” Texas Law Review 75, no. 2 (1996): 247, available at https://www.law.upenn.edu/fac/thbaker/Tom-Baker-On-the-Genealogy-of-Moral-Hazard.pdf. 2 Thai Life Insurance: It can be viewed here: https://www.youtube.com/watch?


pages: 288 words: 92,175

Rise of the Rocket Girls: The Women Who Propelled Us, From Missiles to the Moon to Mars by Nathalia Holt

Apollo 11, Apollo 13, Bill Gates: Altair 8800, British Empire, computer age, cuban missile crisis, Dennis Tito, desegregation, financial independence, Grace Hopper, Isaac Newton, labor-force participation, low earth orbit, Mars Rover, music of the spheres, Neil Armstrong, new economy, operation paperclip, Richard Feynman, Richard Feynman: Challenger O-ring, space junk, Steve Jobs, Watson beat the top human players on Jeopardy!, women in the workforce, Works Progress Administration, Yogi Berra

Dark clouds of mosquitoes swarmed the wet, marshy land, making the area all but uninhabitable until the advent of DDT in the mid-1940s. Armed with a new weapon against the pests, fishermen and farmers were moving in. The reaction to the new missile range was mixed. On the one hand, it would bring jobs and a new economy, but it would also bring outsiders and dangerous missiles. Some dreamed of selling off their land and homes to the government for a pretty penny while others feared their homes would be forcibly taken away, bulldozed to make room for a launchpad. Back in California, the mood at JPL was dark, with botched rocket launches piling up and now the news that future launches would take place clear across the country.


pages: 351 words: 93,982

Leading From the Emerging Future: From Ego-System to Eco-System Economies by Otto Scharmer, Katrin Kaufer

Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, Asian financial crisis, Basel III, behavioural economics, Berlin Wall, Branko Milanovic, cloud computing, collaborative consumption, collapse of Lehman Brothers, colonial rule, Community Supported Agriculture, creative destruction, crowdsourcing, deep learning, dematerialisation, Deng Xiaoping, do what you love, en.wikipedia.org, European colonialism, Fractional reserve banking, Garrett Hardin, Glass-Steagall Act, global supply chain, happiness index / gross national happiness, high net worth, housing crisis, income inequality, income per capita, intentional community, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Johann Wolfgang von Goethe, Joseph Schumpeter, Kickstarter, market bubble, mass immigration, Mikhail Gorbachev, Mohammed Bouazizi, mutually assured destruction, Naomi Klein, new economy, offshore financial centre, Paradox of Choice, peak oil, ride hailing / ride sharing, Ronald Reagan, Silicon Valley, smart grid, Steve Jobs, systems thinking, technology bubble, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, Tragedy of the Commons, vertical integration, Washington Consensus, working poor, Zipcar

This journey through various economic paradigms can be told as a tale of the movement of human consciousness from traditional (1.0) and ego-system awareness (2.0) to stakeholder (3.0) and eco-system awareness (4.0). Summing up, the evolution of economic thought and our economy follows the evolution of consciousness. The essence of the new economy is to transform economic thought from ego-system awareness to ecosystem awareness. Throughout this chapter, we exemplified this transformation for our eight issue areas or, to use another term, acupuncture points. The story of these acupuncture points is basically a story of going beyond the commodity fiction of land, labor, and capital in order to develop better and more intelligent ways of stewarding the commons and redirecting financial capital into the real sources of individual and collective entrepreneurship, creativity, and well-being.


pages: 400 words: 88,647

Frugal Innovation: How to Do Better With Less by Jaideep Prabhu Navi Radjou

3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, Albert Einstein, barriers to entry, Baxter: Rethink Robotics, behavioural economics, benefit corporation, Bretton Woods, business climate, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, circular economy, cloud computing, collaborative consumption, collaborative economy, Computer Numeric Control, connected car, corporate social responsibility, creative destruction, crowdsourcing, disruptive innovation, driverless car, Elon Musk, fail fast, financial exclusion, financial innovation, gamification, global supply chain, IKEA effect, income inequality, industrial robot, intangible asset, Internet of things, job satisfaction, Khan Academy, Kickstarter, late fees, Lean Startup, low cost airline, M-Pesa, Mahatma Gandhi, Marc Benioff, megacity, minimum viable product, more computing power than Apollo, new economy, payday loans, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, planned obsolescence, precision agriculture, race to the bottom, reshoring, risk tolerance, Ronald Coase, Salesforce, scientific management, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, six sigma, smart grid, smart meter, software as a service, standardized shipping container, Steve Jobs, supply-chain management, tacit knowledge, TaskRabbit, TED Talk, The Fortune at the Bottom of the Pyramid, the long tail, The Nature of the Firm, Tony Fadell, transaction costs, Travis Kalanick, unbanked and underbanked, underbanked, value engineering, vertical integration, women in the workforce, work culture , X Prize, yield management, Zipcar

Diamandis, Founder and Chairman, X PRIZE Foundation ‘Jugaad Innovation throws cold water in the faces of CEOs, reminding them of the immense power of grassroots, do-it-yourself, cheap, quick, simple innovation. This is one of the most important lessons that emerging markets are teaching the West.’ – George F. Colony, CEO, Forrester Research ‘I’ve long argued that the role of business is to make the world a better place. In the new economy, this requires true innovation – bold ideas, gutsy people, and extraordinary actions. Need a new roadmap? Fresh inspiration? Accessible tools? It’s all in this remarkable book, Jugaad Innovation. Get a copy for yourself and every member of your team today.’ – Kevin Roberts, CEO Worldwide, Saatchi & Saatchi; bestselling author, LoveMarks www.hachetteindia.com


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

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

See, for example, Martha Nussbaum, Not for Profit: Why Democracy Needs the Humanities (Princeton: Princeton University Press, 2010); Jonathan R. Cole, The Great American University: Its Rise to Preeminence, Its Indispensable National Role, Why It Must Be Protected (New York: Public Affairs Press, 2009); Sheila Slaughter and Gary Rhoades, Academic Capitalism and the New Economy: 262 notes Markets, State, and Higher Education (Baltimore: Johns Hopkins University Press, 2004); Derek Bok, Universities in the Marketplace: The Commercialization of Higher Education (Princeton: Princeton University Press, 2003); Newfield, Unmaking the Public University, chapter 3; and Geoffrey Harpham, “From Eternity to Here: Shrinkage in American Thinking about Higher Education,” Representations, 116.1 (2011), pp. 42–61. 15.


pages: 344 words: 93,858

The Post-American World: Release 2.0 by Fareed Zakaria

"World Economic Forum" Davos, affirmative action, agricultural Revolution, airport security, Alan Greenspan, anti-communist, Asian financial crisis, battle of ideas, Bear Stearns, Berlin Wall, Bretton Woods, BRICs, British Empire, call centre, capital controls, central bank independence, centre right, collapse of Lehman Brothers, conceptual framework, Credit Default Swap, currency manipulation / currency intervention, delayed gratification, Deng Xiaoping, double entry bookkeeping, failed state, Fall of the Berlin Wall, financial innovation, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, interest rate derivative, Intergovernmental Panel on Climate Change (IPCC), knowledge economy, low interest rates, Mahatma Gandhi, Martin Wolf, mutually assured destruction, National Debt Clock, new economy, no-fly zone, oil shock, open economy, out of africa, Parag Khanna, postindustrial economy, purchasing power parity, race to the bottom, reserve currency, Ronald Reagan, Silicon Valley, Silicon Valley startup, South China Sea, Steven Pinker, Suez crisis 1956, The future is already here, The Great Moderation, Thomas L Friedman, Thomas Malthus, three-masted sailing ship, trade route, Washington Consensus, working-age population, young professional, zero-sum game

(That fact helps explain today’s fractured economy, in which many families struggle with debt and foreclosure while the stock market soars upward, gaining nearly 13 percent in 2010.) More important, the whole concept of “national saving” might be outdated, not reflecting the reality of new modes of production. In the new economy, growth comes from “teams of people creating new goods and services, not from the accumulation of capital,” which was more important in the first half of the twentieth century. Yet we still focus on measuring capital. The national accounts, which include GDP and traditional measures of national saving, were, Cooper writes, “formulated in Britain and the United States in the 1930s, at the height of the industrial age.”19 Economists define saving as the income that, instead of going toward consumption, is invested to make possible consumption in the future.


pages: 318 words: 93,502

The Two-Income Trap: Why Middle-Class Parents Are Going Broke by Elizabeth Warren, Amelia Warren Tyagi

activist fund / activist shareholder / activist investor, business climate, Columbine, declining real wages, equal pay for equal work, feminist movement, financial independence, labor-force participation, late fees, low interest rates, McMansion, mortgage debt, new economy, New Journalism, payday loans, restrictive zoning, Savings and loan crisis, school choice, school vouchers, telemarketer, urban sprawl, women in the workforce

Today, 77 percent of adults say that getting a college education is more important than it was just ten years ago, and 87 percent believe that “a college education has become as important as a high school diploma used to be.”79 Middle-class parents—obeying the dictate that college is essential in the new economy—have found themselves combatants in yet another active bidding war. Once again, supply and demand are out of balance. The number of students aiming for a spot in a decent four-year institution is rising every year, while the number of openings at the major public and private universities stays essentially the same.


pages: 264 words: 90,379

Blink: The Power of Thinking Without Thinking by Malcolm Gladwell

affirmative action, airport security, Albert Einstein, Apollo 13, complexity theory, David Brooks, East Village, fake news, haute couture, Kevin Kelly, lateral thinking, medical malpractice, medical residency, Menlo Park, Nelson Mandela, new economy, pattern recognition, Pepsi Challenge, phenotype, Ronald Reagan, Silicon Valley, Stephen Hawking, theory of mind, young professional

Before long, however, the chair started to attract the attention of some of the very cutting-edge elements of the design community. It won a design of the decade award from the Industrial Designers Society of America. In California and New York, in the advertising world and in Silicon Valley, it became a kind of cult object that matched the stripped-down aesthetic of the new economy. It began to appear in films and television commercials, and from there its profile built and grew and blossomed. By the end of the 1990s, sales were growing 50 to 70 percent annually, and the people at Herman Miller suddenly realized that what they had on their hands was the best-selling chair in the history of the company.


The End of Accounting and the Path Forward for Investors and Managers (Wiley Finance) by Feng Gu

active measures, Affordable Care Act / Obamacare, Alan Greenspan, barriers to entry, book value, business cycle, business process, buy and hold, carbon tax, Claude Shannon: information theory, Clayton Christensen, commoditize, conceptual framework, corporate governance, creative destruction, Daniel Kahneman / Amos Tversky, discounted cash flows, disruptive innovation, diversified portfolio, double entry bookkeeping, Exxon Valdez, financial engineering, financial innovation, fixed income, geopolitical risk, hydraulic fracturing, index fund, information asymmetry, intangible asset, inventory management, Joseph Schumpeter, junk bonds, Kenneth Arrow, knowledge economy, moral hazard, new economy, obamacare, quantitative easing, quantitative trading / quantitative finance, QWERTY keyboard, race to the bottom, risk/return, Robert Shiller, Salesforce, shareholder value, Steve Jobs, tacit knowledge, The Great Moderation, value at risk

However, these circumstances are rather strict and many companies subject to this rule either don’t capitalize these costs at all, or they capitalize relatively small amounts. As to the United States, certain software development costs can be capitalized, but relatively few companies do so. For the spending of over $1 trillion a year, see Carol Corrado, Charles Hulten, and Daniel Sichel, in Measuring Capital in the New Economy, (Chicago: University of Chicago Press, 2005), pp. 11–45. “ . . . our best guesses suggest that business spending on intangibles was about $1.2 trillion annually in the late 1990s, more than 13 percent of GDP” (p. 30). Since Pfizer’s R&D expenses were declining during 2011–2013, the “hit” to current earnings from R&D expensing was lower than in previous years.


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, Cornelius Vanderbilt, 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, Solyndra, 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

Ben Carson with Cecil Murphey, Gifted Hands: The Ben Carson Story (Grand Rapids, MI: Zondervan, 1990), p. 37. 33. Ibid., pp. 63–64. 34. Ibid., p. 103. 35. Ibid., p. 106. 36. Ibid., p. 117. 37. Mike Rowe in interview with Stephen Samaniego, “Cleaning Up ‘Dirty Jobs,’” CNNMoney.com, May 18, 2011, http://money.cnn.com/2011/05/18/news/economy/mike_rowe_dirty_jobs/ (accessed April 28, 2015). 38. Emma Woolley, “How Much Do Plumbers Make?,” Career Bear, April 17, 2012, http://careerbear.com/plumber/article/how-much-do-plumbers-make (accessed May 20, 2015). 39. Katherine S. Newman. Interview by Russ Roberts, “Newman on Low-Wage Workers,” EconTalk, March 8, 2010, http://www.econtalk.org/archives/2010/03/newman_on_low-w.html (accessed May 20, 2015). 40.


pages: 330 words: 91,805

Peers Inc: How People and Platforms Are Inventing the Collaborative Economy and Reinventing Capitalism by Robin Chase

Airbnb, Amazon Web Services, Andy Kessler, Anthropocene, Apollo 13, banking crisis, barriers to entry, basic income, Benevolent Dictator For Life (BDFL), bike sharing, bitcoin, blockchain, Burning Man, business climate, call centre, car-free, carbon tax, circular economy, cloud computing, collaborative consumption, collaborative economy, collective bargaining, commoditize, congestion charging, creative destruction, crowdsourcing, cryptocurrency, data science, deal flow, decarbonisation, different worldview, do-ocracy, don't be evil, Donald Shoup, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Eyjafjallajökull, Ferguson, Missouri, Firefox, Free Software Foundation, frictionless, Gini coefficient, GPS: selective availability, high-speed rail, hive mind, income inequality, independent contractor, index fund, informal economy, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jane Jacobs, Jeff Bezos, jimmy wales, job satisfaction, Kickstarter, Kinder Surprise, language acquisition, Larry Ellison, Lean Startup, low interest rates, Lyft, machine readable, means of production, megacity, Minecraft, minimum viable product, Network effects, new economy, Oculus Rift, off-the-grid, openstreetmap, optical character recognition, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, Post-Keynesian economics, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Salesforce, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, smart cities, smart grid, Snapchat, sovereign wealth fund, Steve Crocker, Steve Jobs, Steven Levy, TaskRabbit, The Death and Life of Great American Cities, The Future of Employment, the long tail, The Nature of the Firm, Tragedy of the Commons, transaction costs, Turing test, turn-by-turn navigation, Uber and Lyft, uber lyft, vertical integration, Zipcar

You are in charge of when, where, and how much you will earn. You don’t have to sit passively waiting for an employer to choose you. You now have multiple ways of making a living. Maybe this is the modern technology-enabled equivalent of a hunter-gatherer economy. I stumbled across a tweet that describes just a subset of the new economy: “Thinking of renting house out on #Airbnb and then putting on my #Uber hat & chauffeuring guests around using #Zipcar.”15 Gretchen, the artist-therapist-mom, sums it up: “Etsy allows people to try out something new with minimal expense. Other new options (Airbnb, for example) allow people to have a little added income while experimenting as well.


pages: 346 words: 90,371

Rethinking the Economics of Land and Housing by Josh Ryan-Collins, Toby Lloyd, Laurie Macfarlane

agricultural Revolution, asset-backed security, balance sheet recession, bank run, banking crisis, barriers to entry, basic income, book value, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, correlation does not imply causation, creative destruction, credit crunch, debt deflation, deindustrialization, falling living standards, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, foreign exchange controls, full employment, garden city movement, George Akerlof, ghettoisation, Gini coefficient, Hernando de Soto, housing crisis, Hyman Minsky, income inequality, information asymmetry, knowledge worker, labour market flexibility, labour mobility, land bank, land reform, land tenure, land value tax, Landlord’s Game, low interest rates, low skilled workers, market bubble, market clearing, Martin Wolf, means of production, Minsky moment, Money creation, money market fund, mortgage debt, negative equity, Network effects, new economy, New Urbanism, Northern Rock, offshore financial centre, Pareto efficiency, place-making, Post-Keynesian economics, price stability, profit maximization, quantitative easing, rent control, rent-seeking, Richard Florida, Right to Buy, rising living standards, risk tolerance, Robert Solow, Second Machine Age, secular stagnation, shareholder value, subprime mortgage crisis, the built environment, The Great Moderation, The Market for Lemons, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, universal basic income, urban planning, urban sprawl, working poor, working-age population

He was previously head of economic analysis at the Water Industry Commission for Scotland and also spent one year working in the markets and economics division at Ofwat. Laurie has written on land and housing reform for the progressive Scottish think tank Common Weal. He has a first class degree in economics from the University of Strathclyde. The New Economics Foundation is the only people-powered think tank. It works to build a new economy where people really take control. RETHINKING THE ECONOMICS OF LAND AND HOUSING Josh Ryan-Collins, Toby Lloyd and Laurie Macfarlane Foreword by John Muellbauer Rethinking the Economics of Land and Housing was first published in 2017 by Zed Books Ltd, The Foundry, 17 Oval Way, London SE11 5RR, UK www.zedbooks.net Copyright © Josh Ryan-Collins, Toby Lloyd and Laurie Macfarlane 2017 The rights of Josh Ryan-Collins, Toby Lloyd and Laurie Macfarlane to be identified as the author of this work have been asserted by them in accordance with the Copyright, Designs and Patents Act, 1988 Typeset in Sabon by seagulls.net Index: Rohan Bolton Cover design: and illustration by David A.


pages: 250 words: 88,762

The Logic of Life: The Rational Economics of an Irrational World by Tim Harford

activist fund / activist shareholder / activist investor, affirmative action, Albert Einstein, Andrei Shleifer, barriers to entry, behavioural economics, Berlin Wall, business cycle, colonial rule, company town, Daniel Kahneman / Amos Tversky, double entry bookkeeping, Dr. Strangelove, Edward Glaeser, en.wikipedia.org, endowment effect, European colonialism, experimental economics, experimental subject, George Akerlof, income per capita, invention of the telephone, Jane Jacobs, John von Neumann, Larry Ellison, law of one price, Martin Wolf, mutually assured destruction, New Economic Geography, new economy, Patri Friedman, plutocrats, Richard Florida, Richard Thaler, Ronald Reagan, Silicon Valley, spinning jenny, Steve Jobs, The Death and Life of Great American Cities, the market place, the strength of weak ties, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Tyler Cowen, women in the workforce, zero-sum game

Almost half of all American pharmaceutical innovations were invented in New Jersey, a state with less than 3 percent of the U.S. population. It’s a spiky world. And it makes sense that the world should be getting even spikier. Contrast two of the world’s leading companies, Exxon and Microsoft. Old-economy Exxon has operations across the planet, drilling, refining, and selling petroleum products. New-economy Microsoft can dominate the global market for software from a campus on the outskirts of Seattle. Most high-tech companies are concentrated in a small number of innovative hot spots. Admittedly, Silicon Valley is not as compact as Manhattan, but Silicon Valley firms are now reaching across the global economy from one small site in a way that even the sugar and garment industries of New York were not able to do.


pages: 336 words: 90,749

How to Fix Copyright by William Patry

A Declaration of the Independence of Cyberspace, barriers to entry, big-box store, borderless world, bread and circuses, business cycle, business intelligence, citizen journalism, cloud computing, commoditize, content marketing, creative destruction, crowdsourcing, death of newspapers, digital divide, en.wikipedia.org, facts on the ground, Frederick Winslow Taylor, George Akerlof, Glass-Steagall Act, Gordon Gekko, haute cuisine, informal economy, invisible hand, John Perry Barlow, Joseph Schumpeter, Kickstarter, knowledge economy, lone genius, means of production, moral panic, new economy, road to serfdom, Ronald Coase, Ronald Reagan, search costs, semantic web, shareholder value, Silicon Valley, The Chicago School, The Wealth of Nations by Adam Smith, trade route, transaction costs, trickle-down economics, Twitter Arab Spring, Tyler Cowen, vertical integration, winner-take-all economy, zero-sum game

In 2006, this syllogism was expressed by the then-EU Commissioner for the Internal Market: “The protection of intellectual and industrial property—copyrights, patents, trademarks or designs— is at the heart of a knowledge-based economy and central to improving Europe’s competitiveness.”156 More recently, in calling for a single market for intellectual property rights, the European Commission made this extraordinary statement: “all forms of IPR are cornerstones of the new knowledge-based economy....IP is the capital that feeds the new economy.”157 This is a novel, and incomprehensible use of the term “capital.”158 While human 128 HOW TO FIX COPYRIGHT development theorists will sometime use the term “individual capital” in referring to inherent personal abilities—in contrast to more traditional economists, who refer to labor as a form of intellectual capital—copyright and patent rights are not capital in either sense: they do not create value and are not based on labor.


pages: 334 words: 93,162

This Is Your Country on Drugs: The Secret History of Getting High in America by Ryan Grim

airport security, Alexander Shulgin, anti-communist, back-to-the-land, Burning Man, crack epidemic, double helix, Douglas Engelbart, Douglas Engelbart, East Village, failed state, Fillmore Auditorium, San Francisco, global supply chain, Haight Ashbury, illegal immigration, John Gilmore, John Markoff, Kickstarter, longitudinal study, mandatory minimum, new economy, New Urbanism, Parents Music Resource Center, PIHKAL and TIHKAL, RAND corporation, Ronald Reagan, Saturday Night Live, Steve Jobs, Tipper Gore, trade route, transatlantic slave trade, union organizing, Upton Sinclair, upwardly mobile, urban decay, women in the workforce

The Reagan Recession, as it became known, hit hard in the summer of 1981 and persisted for the next year and a half. The president’s approval rating bottomed out in the mid-30, and in the 1982 midterm elections, Democrats picked up more than two dozen congressional seats. America was no longer a place where things were made; it was a place where things were shuffled around. Cocaine slotted nicely into the new economy. The Reagan Recession had disproportionately affected urban blacks and Latinos, and American cities were teeming with unemployed men eager to earn a living distributing the drug, cutting it, or defending territory where it was sold. De Jesus describes one of the coke trade’s typical recruits:A childhood friend named Celia was dating one of the city’s rising dealers.


pages: 357 words: 88,412

Hijacking the Runway: How Celebrities Are Stealing the Spotlight From Fashion Designers by Teri Agins

Donald Trump, East Village, haute couture, new economy, planned obsolescence, Saturday Night Live, Silicon Valley, Skype, Steve Jobs, Suez canal 1869, women in the workforce

That meant that people weren’t compelled to shop for new clothes so often, canceling out the built-in obsolescence that had kept fashion dynamic—and profitable—as millions of people moved in lockstep to update their wardrobes every few seasons. Bill Gates, Steve Jobs, and the entrepreneurs at Google and Yahoo! weren’t thinking of fashion when they worked in their garages in T-shirts and flip-flops to create new economic platforms. And that was the point: They created a vast new economy, succeeded beyond anyone’s fantasies of success, dressed like schlubs. And now that they were world-famous multibillionaire moguls, these powerful men had no interest in dressing up in $5,000 Brioni tailored suits and $1,600 John Lobb shoes. Their indifference inadvertently rewrote modern fashion mores, dethroning the business suit as the symbol of financial success and corporate authority.


pages: 322 words: 87,181

Straight Talk on Trade: Ideas for a Sane World Economy by Dani Rodrik

3D printing, airline deregulation, Asian financial crisis, bank run, barriers to entry, behavioural economics, Berlin Wall, Bernie Sanders, blue-collar work, Bretton Woods, BRICs, business cycle, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Carmen Reinhart, carried interest, central bank independence, centre right, collective bargaining, conceptual framework, continuous integration, corporate governance, corporate social responsibility, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Donald Trump, endogenous growth, Eugene Fama: efficient market hypothesis, eurozone crisis, export processing zone, failed state, financial deregulation, financial innovation, financial intermediation, financial repression, floating exchange rates, full employment, future of work, general purpose technology, George Akerlof, global value chain, income inequality, inflation targeting, information asymmetry, investor state dispute settlement, invisible hand, Jean Tirole, Kenneth Rogoff, low interest rates, low skilled workers, manufacturing employment, market clearing, market fundamentalism, meta-analysis, moral hazard, Nelson Mandela, new economy, offshore financial centre, open borders, open economy, open immigration, Pareto efficiency, postindustrial economy, precautionary principle, price stability, public intellectual, pushing on a string, race to the bottom, randomized controlled trial, regulatory arbitrage, rent control, rent-seeking, Richard Thaler, Robert Gordon, Robert Shiller, Ronald Reagan, Sam Peltzman, Silicon Valley, Solyndra, special economic zone, spectrum auction, Steven Pinker, tacit knowledge, The Rise and Fall of American Growth, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, too big to fail, total factor productivity, trade liberalization, transaction costs, Tyler Cowen, unorthodox policies, Washington Consensus, World Values Survey, zero-sum game, éminence grise

It may facilitate the creation of long-distance relationships that cross national boundaries. On the other hand, the increase in complexity and product differentiation, along with the shift from Fordist mass production to new, distributed modes of learning, increases the relative importance of spatially circumscribed relationships. The new economy runs on tacit knowledge, trust, and cooperation—which still depend on personal contact. As Kevin Morgan put it, spatial reach does not equal “social depth.”29 Hence, market segmentation is a natural feature of economic life, even in the absence of jurisdictional discontinuities. Neither economic convergence nor preference homogenization is the inevitable consequence of globalization.


Hothouse Kids: The Dilemma of the Gifted Child by Alissa Quart

affirmative action, Albert Einstein, cognitive dissonance, deliberate practice, Flynn Effect, haute couture, helicopter parent, knowledge worker, longitudinal study, meta-analysis, military-industrial complex, new economy, Norbert Wiener, Ralph Waldo Emerson, Ronald Reagan, Stephen Hawking, The Bell Curve by Richard Herrnstein and Charles Murray, the scientific method, Thomas L Friedman, Two Sigma, War on Poverty

Is there something wrong with the transformation of play into work among child professionals, and with schoolchildren having their recess taken away? Are there long-term psychological and physical ramifications? Is there a danger of exploitation by managers and parents? Or is it a necessary part of the new economy and a more competitive job market? In some cases, what’s wrong with the professionalization of children is all too easy to see, as when a kid is blatantly exploited by adults. Some of the managers get greedy with their golden geese. Texas-based “prodigy” art promoter Ben Valenty has for a decade been selling art buyers on the “Child Picasso” and the “Child Dalí.”


pages: 320 words: 90,526

Squeezed: Why Our Families Can't Afford America by Alissa Quart

Affordable Care Act / Obamacare, Airbnb, Alvin Toffler, antiwork, Automated Insights, autonomous vehicles, barriers to entry, basic income, Bernie Sanders, business intelligence, do what you love, Donald Trump, Downton Abbey, East Village, Elon Musk, emotional labour, full employment, future of work, gentrification, gig economy, glass ceiling, haute couture, income inequality, independent contractor, information security, Jaron Lanier, Jeremy Corbyn, job automation, late capitalism, Lyft, minimum wage unemployment, moral panic, new economy, nuclear winter, obamacare, peak TV, Ponzi scheme, post-work, precariat, price mechanism, rent control, rent stabilization, ride hailing / ride sharing, school choice, sharing economy, Sheryl Sandberg, Silicon Valley, Skype, Snapchat, stop buying avocado toast, surplus humans, TaskRabbit, tech worker, TED Talk, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, union organizing, universal basic income, upwardly mobile, wages for housework, WeWork, women in the workforce, work culture , working poor

It’s increasingly common,” the scholar Kathleen Gerson said. She also pointed out that in disadvantaged families, the aunts, grandmothers, and other extended family members who are often called in to care for kids in a pinch may live in-house. Gerson, a professor of sociology at New York University who specializes in families and the new economy, told me that one of the stumbling blocks to making such cooperative solutions possible is that Americans are wrongly “obsessed with the idea of the nuclear household. Family is not just people related through law or family ties, but those who come together to share care, and provision of economic resources.”


pages: 321 words: 89,109

The New Gold Rush: The Riches of Space Beckon! by Joseph N. Pelton

"World Economic Forum" Davos, 3D printing, Any sufficiently advanced technology is indistinguishable from magic, Biosphere 2, Buckminster Fuller, business logic, Carrington event, Colonization of Mars, Dennis Tito, disruptive innovation, Donald Trump, driverless car, Elon Musk, en.wikipedia.org, full employment, global pandemic, Google Earth, GPS: selective availability, gravity well, Iridium satellite, Jeff Bezos, job automation, Johannes Kepler, John von Neumann, life extension, low earth orbit, Lyft, Mark Shuttleworth, Mark Zuckerberg, megacity, megastructure, new economy, Peter H. Diamandis: Planetary Resources, Planet Labs, post-industrial society, private spaceflight, Ray Kurzweil, Scaled Composites, Silicon Valley, Silicon Valley billionaire, skunkworks, space junk, SpaceShipOne, Stephen Hawking, Steve Jobs, Strategic Defense Initiative, Thomas Malthus, Tim Cook: Apple, Tunguska event, uber lyft, urban planning, urban sprawl, vertical integration, Virgin Galactic, wikimedia commons, X Prize

It is these people that are upending the world of technology and global enterprise at planetary levels who will be prominent in the space business during the twenty-first century. This book is intended to reveal to a broader audience the cornucopia of new enterprises that could be opening up in the next few years. That future may well include clean energy beamed from space 24 h a day. Or it could mean new economies in space services from new types of communication satellites, remote-sensing companies, or other new types of space enterprises. It could well mean robotic mining of asteroids rich in platinum and rare Earth metals. It could mean solar space shields to protect vital Earth infrastructure as the Van Allen belts lose their protective power due to the shift of the magnetic poles.


pages: 333 words: 86,662

Zeitgeist by Bruce Sterling

anti-communist, Ayatollah Khomeini, Berlin Wall, bread and circuses, cotton gin, Frank Gehry, Grace Hopper, informal economy, invisible hand, Iridium satellite, jitney, market bubble, Maui Hawaii, new economy, offshore financial centre, PalmPilot, rolodex, sexual politics, shareholder value, Silicon Valley, Ted Kaczynski, the scientific method, undersea cable, upwardly mobile, urban decay, Y2K

As Starlitz and Ozbey pontificated for them, they had the look of New Guinea tribesmen exposed to video porn. “You see,” Starlitz said loudly, “casinos have a very hot product. Casinos sell people their own greed. ‘Greed’ is one of those way-hip meta-commodities, like ‘access,’ or ‘click-through,’ or ‘bandwidth.’ That’s like this fabulous new-economy thing, and—“ Starlitz stopped short, staring in astonishment. Ozbey rose from his chair. “Here comes Gonca. Late, as usual.” He spoke briefly in Turkish, and air-kissed the actress’s roseate cheeks. Gonca daintily adjusted Ozbey’s white boutonniere. Then she offered Starlitz a paralyzing dark-eyed glance and emitted a bright contralto stream of lilting Turkish.


pages: 423 words: 92,798

No Shortcuts: Organizing for Power in the New Gilded Age by Jane F. McAlevey

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, antiwork, call centre, clean water, collective bargaining, emotional labour, feminist movement, gentrification, hiring and firing, immigration reform, independent contractor, informal economy, Mark Zuckerberg, mass incarceration, Naomi Klein, new economy, no-fly zone, Occupy movement, precariat, Right to Buy, Ronald Reagan, Silicon Valley, Silicon Valley startup, single-payer health, The Chicago School, union organizing, Upton Sinclair, vertical integration, women in the workforce

By contrast, as Chapter 3 illustrates, 1199 unions, even in negotiations with employers to win neutrality deals, bargain across the table, with no ground rules, and all workers are welcome to take part. Worker agency is a prerequisite for organizing and for building powerful structures. Whole Worker Organizing: Restoring the CIO Approach for a New Economy The working class does need more power to win. That is irrefutable. William Foster devotes an entire chapter of Organizing Methods in the Steel Industry to what he calls Special Organizational Work. The chapter is divided into four sections: “Unemployed—WPA”; “Fraternal Organizations”; “Churches”; and “Other Organizations.”


pages: 317 words: 98,745

Black Code: Inside the Battle for Cyberspace by Ronald J. Deibert

4chan, air gap, Any sufficiently advanced technology is indistinguishable from magic, Brian Krebs, call centre, citizen journalism, Citizen Lab, cloud computing, connected car, corporate social responsibility, crowdsourcing, cuban missile crisis, data acquisition, digital divide, disinformation, end-to-end encryption, escalation ladder, Evgeny Morozov, failed state, Firefox, Gabriella Coleman, global supply chain, global village, Google Hangouts, Hacker Ethic, Herman Kahn, informal economy, information security, invention of writing, Iridium satellite, jimmy wales, John Gilmore, John Markoff, Kibera, Kickstarter, knowledge economy, Lewis Mumford, low earth orbit, Marshall McLuhan, military-industrial complex, MITM: man-in-the-middle, mobile money, mutually assured destruction, Naomi Klein, new economy, Occupy movement, off-the-grid, Panopticon Jeremy Bentham, planetary scale, rent-seeking, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Silicon Valley startup, Skype, smart grid, South China Sea, Steven Levy, Streisand effect, Stuxnet, Ted Kaczynski, the medium is the message, Turing test, Twitter Arab Spring, undersea cable, unit 8200, We are Anonymous. We are Legion, WikiLeaks, Yochai Benkler, zero day

Corporation’s Role in Egypt’s Brutal Crackdown,” Huffington Post, January 28, 2011, http​://www.h​uffingto​n-pos​t.com/t​imothy-k​arr/one-u​s-corp​oration​s-role​-_​b_​815​281.html. 4 After thirty-three years of active service: In The Shock Doctrine, Naomi Klein argues that Kenneth Minihan is responsible for implementing the “disaster capitalism complex,” defined as “a fully fledged new economy in homeland security, privatised war and disaster reconstruction tasked with nothing less than building and running a privatised security state, both at home and abroad.” Similarly, in his book Spies for Hire, investigative journalist Tim Shorrock traces the subservience of public to private interests in the intelligence-contracting industry, an industry that specifically “serves the needs of government and its intelligence apparatus.”


pages: 323 words: 90,868

The Wealth of Humans: Work, Power, and Status in the Twenty-First Century by Ryan Avent

3D printing, Airbnb, American energy revolution, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, Big Tech, BRICs, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, currency risk, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, disruptive innovation, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, driverless car, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, financial engineering, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, general purpose technology, gig economy, global supply chain, global value chain, heat death of the universe, hydraulic fracturing, income inequality, independent contractor, indoor plumbing, industrial robot, intangible asset, interchangeable parts, Internet of things, inventory management, invisible hand, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low interest rates, low skilled workers, lump of labour, Lyft, machine translation, manufacturing employment, Marc Andreessen, mass immigration, means of production, new economy, performance metric, pets.com, post-work, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Robert Solow, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, tacit knowledge, TaskRabbit, tech billionaire, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Spirit Level, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, uber lyft, very high income, warehouse robotics, working-age population

Much of the promise of the digital revolution, however, lies in its potential to make these sectors better and more affordable. What that will mean is that a few will do the work that has until now been done, at great cost, by many. The employment trilemma implies that we can have high-employment public sectors in future, but only at the cost of low productivities and very big hospital, tuition and tax bills. NEW ECONOMY, LOW-WAGE FOUNDATIONS Does the world clearly need sources of mass employment for all those who would like to work to have a good job? One might think that the digital revolution offers the possibility of a better sort of work than was available to people with modest skill levels a generation or two ago.


pages: 374 words: 89,725

A More Beautiful Question: The Power of Inquiry to Spark Breakthrough Ideas by Warren Berger

Airbnb, carbon footprint, Clayton Christensen, clean water, disruptive innovation, fail fast, fake it until you make it, fear of failure, food desert, Google X / Alphabet X, Isaac Newton, Jeff Bezos, jimmy wales, Joi Ito, Kickstarter, late fees, Lean Startup, Marc Benioff, Mark Zuckerberg, minimum viable product, new economy, Paul Graham, Peter Thiel, Ray Kurzweil, Salesforce, self-driving car, sharing economy, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley startup, Stanford marshmallow experiment, Stephen Hawking, Steve Jobs, Steven Levy, TED Talk, Thomas L Friedman, Toyota Production System, Watson beat the top human players on Jeopardy!, Y Combinator, Zipcar

This is going on in basements, playgrounds, museums (San Francisco’s Exploratorium recently established a maker space), and, perhaps most surprisingly, libraries. “Libraries are being remade as interesting maker spaces, with the librarian playing more of the role of the teacher of inquiry-based learning,” Brown says. Brown believes that young people may be honing better new-economy skills outside the classroom than in it; they’re learning to create, experiment, build, question, and learn. So it may turn out that in a world of exponential change, “these are the kids who will have the skills to rise to the top.” In a sense, we’re all “makers” now, or, at least, we would do well to think of ourselves that way.


pages: 307 words: 92,165

Fabricated: The New World of 3D Printing by Hod Lipson, Melba Kurman

3D printing, a long time ago in a galaxy far, far away, additive manufacturing, barriers to entry, Berlin Wall, carbon footprint, Charles Babbage, cloud computing, crowdsourcing, DIY culture, dumpster diving, Easter island, en.wikipedia.org, factory automation, Free Software Foundation, game design, global supply chain, invisible hand, James Watt: steam engine, Jeff Bezos, Kickstarter, Lean Startup, lifelogging, Mars Rover, Marshall McLuhan, microcredit, Minecraft, Neal Stephenson, new economy, off grid, personalized medicine, planned obsolescence, printed gun, Ray Kurzweil, Richard Feynman, stem cell, Steve Jobs, technological singularity, TED Talk, the long tail, the market place

The last step: choose a color and material, click “print” and in a few minutes you would become the proud owner of a brand new set of perfect-fit custom handlebar grips. FabApps will offer expert designers of the future a new business model for integrating their design expertise into a growing economy of distributed manufacturing. Like iPhone apps, FabApps will generate a new economy. Small custom printing apps will find their niche in narrow yet complex markets that are too small to attract the attention of big manufacturing companies, yet large enough to offer opportunity to small businesses and individuals. Continuous customization and product variety Why do some technologies shake up our world while others quietly join us without affecting our daily lives very much?


pages: 374 words: 94,508

Infonomics: How to Monetize, Manage, and Measure Information as an Asset for Competitive Advantage by Douglas B. Laney

3D printing, Affordable Care Act / Obamacare, banking crisis, behavioural economics, blockchain, book value, business climate, business intelligence, business logic, business process, call centre, carbon credits, chief data officer, Claude Shannon: information theory, commoditize, conceptual framework, crowdsourcing, dark matter, data acquisition, data science, deep learning, digital rights, digital twin, discounted cash flows, disintermediation, diversification, en.wikipedia.org, endowment effect, Erik Brynjolfsson, full employment, hype cycle, informal economy, information security, intangible asset, Internet of things, it's over 9,000, linked data, Lyft, Nash equilibrium, Neil Armstrong, Network effects, new economy, obamacare, performance metric, profit motive, recommendation engine, RFID, Salesforce, semantic web, single source of truth, smart meter, Snapchat, software as a service, source of truth, supply-chain management, tacit knowledge, technological determinism, text mining, uber lyft, Y2K, yield curve

He wondered aloud about the actual value of several household-name businesses after pointing out outrageous accounting metrics about them, then questioning, “How much is each of these companies worth? The plain truth is that we cannot readily answer that question because our current measurement and reporting systems… do not capture emerging sources of value. The measurements we use don’t reflect all the ways that companies create or destroy value in the New Economy.”3 Samek went on to enumerate the issues this lack of transparency causes, including an inability for business leaders to make informed decisions about the use of resources, an inability of government to track and report on meaningful economic indices, and an inability of the investment community to apply anything more than “guesstimates” (his word) to value companies.


pages: 342 words: 90,734

Mysteries of the Mall: And Other Essays by Witold Rybczynski

"hyperreality Baudrillard"~20 OR "Baudrillard hyperreality", additive manufacturing, airport security, Buckminster Fuller, City Beautiful movement, classic study, edge city, Frank Gehry, gentrification, Guggenheim Bilbao, Herman Kahn, Jane Jacobs, kremlinology, Lewis Mumford, Marshall McLuhan, megaproject, new economy, New Urbanism, Oklahoma City bombing, out of africa, Peter Calthorpe, Peter Eisenman, rent control, Silicon Valley, the High Line, urban renewal, young professional

The corollary to McLuhan’s law is that the attraction of an urban place is in inverse proportion to its actual economic productivity. No one is interested in guided tours of Silicon Valley or Boston’s Route 128; such places may be economic powerhouses, but they are too spread out, too new, too, well, ugly. Paradoxically, many of the very qualities that have contributed to cities’ shaky position in the new economy—their density, their out-of-date buildings, their aging infrastructure, their reliance on mass transit rather than automobiles—heighten their appeal to tourists and short-term visitors. Cities have many resources that complement their new identity: nineteenth-century railroad stations and markets that can be turned into museums and shopping malls; cultural institutions such as symphony orchestras and theater, opera, and ballet companies; magnificent parks; venerable luxury hotels; and historic cultural sites.


pages: 347 words: 91,318

Netflixed: The Epic Battle for America's Eyeballs by Gina Keating

activist fund / activist shareholder / activist investor, AOL-Time Warner, Apollo 13, barriers to entry, Bear Stearns, business intelligence, Carl Icahn, collaborative consumption, company town, corporate raider, digital rights, inventory management, Jeff Bezos, late fees, Mark Zuckerberg, McMansion, Menlo Park, Michael Milken, Netflix Prize, new economy, out of africa, performance metric, Ponzi scheme, pre–internet, price stability, recommendation engine, Saturday Night Live, shareholder value, Silicon Valley, Silicon Valley startup, Steve Jobs, subscription business, Superbowl ad, tech worker, telemarketer, warehouse automation, X Prize

The stock market lost $5 billion in asset value, and many blamed inexperienced, free-spending Internet entrepreneurs and investors’ “irrational exuberance” for sinking the economy. The rate at which new Web sites sprang up dropped to a fraction of the growth of the late 1990s’ go-go years, as the New Economy mantra of “get big fast and never mind profits” was repudiated. Hastings now was on a mission to prove to Wall Street that Netflix’s survival of the dot-com meltdown was more than a fluke. In interviews in early 2001 he confidently predicted that Netflix would reach five hundred thousand paying subscribers and positive cash flow by the end of 2001.


pages: 322 words: 89,523

Ecovillages: Lessons for Sustainable Community by Karen T. Litfin

active transport: walking or cycling, agricultural Revolution, Anthropocene, back-to-the-land, car-free, carbon footprint, clean water, collaborative consumption, Community Supported Agriculture, complexity theory, congestion pricing, corporate social responsibility, degrowth, glass ceiling, global village, hydraulic fracturing, intentional community, megacity, new economy, off grid, oil shale / tar sands, peak oil, planetary scale, publish or perish, Silicon Valley, systems thinking, the built environment, the scientific method, The Spirit Level, urban planning, Zipcar

Terry Patten, co-author (with Ken Wilber, Adam Leonard, and Marco Morelli) of Integral Life Practice In these times of political gridlock and myopia, Karen Litfin’s tremendously engaging and informative exploration of ecovillages around the world points the way to a viable and attractive future very different from the bleak place to which we are now headed. You will enjoy this book! James Gustave Speth, author of America the Possible: Manifesto for a New Economy, former Dean, Yale School of Forestry and Environmental Studies, Yale University Nature teaches us that nothing disappears when it dies; it merely becomes something new. Karen Litfin’s lucid and heartfelt book reveals the new life emerging in the cracks of failing systems. Through her eyes, we meet people everywhere who are building high-joy, low-impact communities.


pages: 328 words: 90,677

Ludicrous: The Unvarnished Story of Tesla Motors by Edward Niedermeyer

autonomous vehicles, barriers to entry, Bear Stearns, bitcoin, business climate, call centre, carbon footprint, Clayton Christensen, clean tech, Colonization of Mars, computer vision, crowdsourcing, disruptive innovation, Donald Trump, driverless car, Elon Musk, en.wikipedia.org, facts on the ground, fake it until you make it, family office, financial engineering, Ford Model T, gigafactory, global supply chain, Google Earth, housing crisis, hype cycle, Hyperloop, junk bonds, Kaizen: continuous improvement, Kanban, Kickstarter, Lyft, Marc Andreessen, Menlo Park, minimum viable product, new economy, off grid, off-the-grid, OpenAI, Paul Graham, peak oil, performance metric, Ponzi scheme, ride hailing / ride sharing, risk tolerance, Sand Hill Road, self-driving car, short selling, short squeeze, side project, Silicon Valley, Silicon Valley startup, Skype, smart cities, Solyndra, stealth mode startup, Steve Jobs, Steve Jurvetson, tail risk, technoutopianism, Tesla Model S, too big to fail, Toyota Production System, Uber and Lyft, uber lyft, union organizing, vertical integration, WeWork, work culture , Zipcar

CHAPTER 5 MAKING CARS IS HARD When the mess gets sorted out, I’d like to have a conversation with whoever’s in charge at the time—the car czar or whoever—and say, “I’d like to run your plants, if you don’t mind.” Elon Musk, June 15, 2009 Today, Tesla’s factory in Fremont, California, looms over the surrounding business parks and subdivisions, its massive white profile framed by the brown hills that form the eastern boundary of Silicon Valley. In this epicenter of a new economy specializing in miniature microchips and ephemeral software, the plant—previously occupied by General Motors and New United Motor Manufacturing, Inc.—stands out as industrial-age atavism, the lone surviving dinosaur in a world of tiny, nimble startups. Its sheer size and the undisguised functionalism of its design are a stark reminder that, no matter how often or insistently Tesla claims it is a “technology company” rather than a traditional automaker, the core of its business is still old-fashioned manufacturing.


pages: 288 words: 89,781

The Classical School by Callum Williams

"Friedman doctrine" OR "shareholder theory", bank run, banking crisis, basic income, Brexit referendum, British Empire, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Charles Babbage, complexity theory, Corn Laws, David Ricardo: comparative advantage, death from overwork, deindustrialization, Donald Trump, double entry bookkeeping, falling living standards, Fellow of the Royal Society, full employment, Gini coefficient, Gordon Gekko, greed is good, helicopter parent, income inequality, invisible hand, Jevons paradox, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, Kenneth Rogoff, land reform, low skilled workers, Mahatma Gandhi, Martin Wolf, means of production, Meghnad Desai, minimum wage unemployment, Modern Monetary Theory, new economy, New Journalism, non-tariff barriers, Paul Samuelson, Post-Keynesian economics, purchasing power parity, Ronald Coase, secular stagnation, Silicon Valley, spinning jenny, The Wealth of Nations by Adam Smith, Thomas Malthus, universal basic income

For a while, they “live like savages, on roots and fruit and fish”. One settler remarks that “fish is very good in its way; but we have had so much lately, that one might fancy it was to be Lent all the year round” (more of those “hopeless” attempts at humour). So they set to work on constructing a new economy, one which will give them variety and plenty. Arnall, the hero, is a snobbish and lazy fellow who does not like work. But in his desperation, he devises a contraption that captures animals. What follows is a spontaneous evolution of the division of labour, Freedgood argues: some people make arrows, others set about preparing the meat.


The Unknowers: How Strategic Ignorance Rules the World by Linsey McGoey

Alan Greenspan, An Inconvenient Truth, anti-globalists, antiwork, battle of ideas, behavioural economics, Big Tech, Black Lives Matter, Branko Milanovic, British Empire, Cambridge Analytica, carbon tax, Cass Sunstein, Clive Stafford Smith, conceptual framework, Corn Laws, corporate governance, corporate raider, Credit Default Swap, David Ricardo: comparative advantage, Donald Trump, drone strike, en.wikipedia.org, European colonialism, fake news, Frances Oldham Kelsey, hiring and firing, Howard Zinn, income inequality, it is difficult to get a man to understand something, when his salary depends on his not understanding it, joint-stock company, junk bonds, knowledge economy, market fundamentalism, mass incarceration, Michael Milken, minimum wage unemployment, Naomi Klein, new economy, Nick Leeson, p-value, Paul Samuelson, Peter Thiel, plutocrats, post-truth, public intellectual, race to the bottom, randomized controlled trial, rent-seeking, road to serfdom, Robert Mercer, Ronald Reagan, Scientific racism, selective serotonin reuptake inhibitor (SSRI), Social Justice Warrior, Steven Pinker, Suez crisis 1956, The Chicago School, The Wealth of Nations by Adam Smith, union organizing, Upton Sinclair, W. E. B. Du Bois, Washington Consensus, wealth creators

Smith was not against state regulation, a point admitted by 20th-century economic liberals like Friedrich Hayek. What Hayek fails to add is that Smith called for exceptional scrutiny of the third order, because of the businessman’s tendency to deceive. He was sceptical of laws and regulations proposed by the third order – the merchant winners in the new economy: any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never to be adopted till having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention. It comes from an order of men, whose interest is never exactly the same with that of the publick, who have generally an interest to deceive and even to oppress the publick, and who accordingly have, upon many occasions both deceived and oppressed it.25 Smith and not Karl Marx first noticed a truth about class conflict: that the dominant often prevail because the law unjustly advantages them: The workmen desire to get as much, the master to give as little as possible … It is not, however, difficult to foresee which of the two parties must, upon all ordinary occasions, have the advantage in the debates, and force the other into compliance with their terms.


pages: 1,544 words: 391,691

Corporate Finance: Theory and Practice by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann le Fur, Antonio Salvi

"Friedman doctrine" OR "shareholder theory", accelerated depreciation, accounting loophole / creative accounting, active measures, activist fund / activist shareholder / activist investor, AOL-Time Warner, ASML, asset light, bank run, barriers to entry, Basel III, Bear Stearns, Benoit Mandelbrot, bitcoin, Black Swan, Black-Scholes formula, blockchain, book value, business climate, business cycle, buy and hold, buy low sell high, capital asset pricing model, carried interest, collective bargaining, conceptual framework, corporate governance, correlation coefficient, credit crunch, Credit Default Swap, currency risk, delta neutral, dematerialisation, discounted cash flows, discrete time, disintermediation, diversification, diversified portfolio, Dutch auction, electricity market, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, eurozone crisis, financial engineering, financial innovation, fixed income, Flash crash, foreign exchange controls, German hyperinflation, Glass-Steagall Act, high net worth, impact investing, implied volatility, information asymmetry, intangible asset, interest rate swap, Internet of things, inventory management, invisible hand, joint-stock company, joint-stock limited liability company, junk bonds, Kickstarter, lateral thinking, London Interbank Offered Rate, low interest rates, mandelbrot fractal, margin call, means of production, money market fund, moral hazard, Myron Scholes, new economy, New Journalism, Northern Rock, performance metric, Potemkin village, quantitative trading / quantitative finance, random walk, Right to Buy, risk free rate, risk/return, shareholder value, short selling, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, Steve Jobs, stocks for the long run, supply-chain management, survivorship bias, The Myth of the Rational Market, time value of money, too big to fail, transaction costs, value at risk, vertical integration, volatility arbitrage, volatility smile, yield curve, zero-coupon bond, zero-sum game

Secondly, should a company’s position start to deteriorate, its top talent will be fairly quick to jump ship after having exercised their stock options before they become worthless. Those that remain on board may fail to grasp what is happening until it is too late, thereby losing precious time. This is what happened to so-called new economy companies, which distributed stock options as a standard form of remuneration. It is an ideal system when everything is going well, but highly dangerous in the event of a crisis because it exacerbates the company’s difficulties. (c) Corporate culture Corporate culture is probably very difficult for an outside observer to assess.

For example, young married couples can borrow to buy a house or people approaching retirement can save to offset future decreases in income. Even a developing nation can obtain resources to finance further development. And when an industrialised country generates more savings than it can absorb, it invests those surpluses through financial systems. In this way, “old economies” use their excess resources to finance “new economies”. 4. A financial system provides tools for managing risk. It is particularly risky for an individual to invest all of his funds in a single company because, if the company goes bankrupt, he loses everything. By creating collective savings vehicles, such as mutual funds, brokers and other intermediaries enable individuals to reduce their risk by diversifying their exposure.

Lastly, we mention options theory, whose applications we will see in Chapter 34. In practice, very few will value equity capital by analogy to a call option on the assets of the company. The concept of real options, however, had its practical heyday in 1999 and 2000 to explain the market values of “new economy” stocks. Needless to say, this method has since fallen out of favour. If you remember the efficient market hypothesis, you are probably asking yourself why market value and discounted present value would ever differ. In this chapter we will take a look at the origin of the difference, and try to understand the reason for it and how long we think it will last.


pages: 850 words: 224,533

The Internationalists: How a Radical Plan to Outlaw War Remade the World by Oona A. Hathaway, Scott J. Shapiro

9 dash line, Albert Einstein, anti-globalists, bank run, Bartolomé de las Casas, battle of ideas, British Empire, clean water, colonial rule, continuation of politics by other means, David Ricardo: comparative advantage, Donald Trump, facts on the ground, failed state, false flag, gentleman farmer, humanitarian revolution, index card, long peace, Monroe Doctrine, new economy, off-the-grid, oil shale / tar sands, open economy, Peace of Westphalia, power law, public intellectual, Ronald Reagan, Scientific racism, Scramble for Africa, South China Sea, spice trade, Steven Pinker, The Wealth of Nations by Adam Smith, trade liberalization, uranium enrichment, zero-sum game

Ivana Kottasava, “Russia Bans More Foreign Foods,” CNN Money, August 13, 2015, http://money.cnn.com/2015/08/12/news/economy/russia-western-food-embargo/. 89. Ibid.; Anastasia Bazenkova, “Fake Cheese Floods Russian Stores,” Moscow Times, October 2, 2015. 90. International Monetary Fund, “Cheaper Oil and Sanctions Weigh on Russia’s Growth Outlook,” IMF Survey, August 3, 2015, http://www.imf.org/external/pubs/ft/survey/so/2015/CAR080315B.htm; Ivana Kottasava, “Russia’s Slump Pushes 3 Million into Poverty,” CNN Money, July 22, 2015, http://money.cnn.com/2015/07/22/news/economy/russia-crisis-poverty-three-million/index.html?iid=EL; “Historic Inflation Russia—CPI Inflation,” Worldwide Inflation Data, accessed January 29, 2016, http://www.inflation.eu/inflation-rates/russia/historic-inflation/cpi-inflation-russia.aspx. 91.


The Age of Turbulence: Adventures in a New World (Hardback) - Common by Alan Greenspan

addicted to oil, air freight, airline deregulation, Alan Greenspan, Albert Einstein, asset-backed security, bank run, Berlin Wall, Black Monday: stock market crash in 1987, Bretton Woods, business cycle, business process, buy and hold, call centre, capital controls, carbon tax, central bank independence, collateralized debt obligation, collective bargaining, compensation consultant, conceptual framework, Corn Laws, corporate governance, corporate raider, correlation coefficient, cotton gin, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, cuban missile crisis, currency peg, currency risk, Deng Xiaoping, Dissolution of the Soviet Union, Doha Development Round, double entry bookkeeping, equity premium, everywhere but in the productivity statistics, Fall of the Berlin Wall, fiat currency, financial innovation, financial intermediation, full employment, Gini coefficient, Glass-Steagall Act, Hernando de Soto, income inequality, income per capita, information security, invisible hand, Joseph Schumpeter, junk bonds, labor-force participation, laissez-faire capitalism, land reform, Long Term Capital Management, low interest rates, Mahatma Gandhi, manufacturing employment, market bubble, means of production, Mikhail Gorbachev, moral hazard, mortgage debt, Myron Scholes, Nelson Mandela, new economy, North Sea oil, oil shock, open economy, open immigration, Pearl River Delta, pets.com, Potemkin village, price mechanism, price stability, Productivity paradox, profit maximization, purchasing power parity, random walk, Reminiscences of a Stock Operator, reserve currency, Right to Buy, risk tolerance, Robert Solow, Ronald Reagan, Savings and loan crisis, shareholder value, short selling, Silicon Valley, special economic zone, stock buybacks, stocks for the long run, Suez crisis 1956, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, Tipper Gore, too big to fail, total factor productivity, trade liberalization, trade route, transaction costs, transcontinental railway, urban renewal, We are all Keynesians now, working-age population, Y2K, zero-sum game

We'd gather at 8:30 a.m. in Bob's office or mine, have breakfast brought in, and then sit for an hour or two, pooling information, crunching numbers, strategizing, and brewing ideas. 160 More ebooks visit: http://www.ccebook.cn ccebook-orginal english ebooks This file was collected by ccebook.cn form the internet, the author keeps the copyright. A DEMOCRAT'S AGENDA I always came out of these breakfasts smarter than when I arrived. They were the best forum I could imagine for puzzling out the so-called New Economy. The dual forces of information technology and globalization were beginning to take hold ; and as President Clinton later put it ; "the rulebooks were out of date." Democrats joyfully labeled the constellation of economic policies "Rubinomics." Looking back in 2003, a New York Times reviewer of Bob's memoir called Rubinomics "the essence of the Clinton presidency."

Bob Rubin was right: you can't tell when a market is overvalued, and you can't fight market forces. As the boom went on—for three more years, it turned out, greatly increasing the nation's paper wealth—we continued to wrestle with big questions of productivity and price stability and other aspects of what people had come to call the New Economy. We looked for other ways to deal with the risk of a bubble. But we did not raise rates any further, and we never tried to rein in stock prices again. A ndrea and I expressed some exuberance of our own by finally getting married that spring. She always jokes that it took me three tries to propose to her, because I kept popping the question in Fedspeak, but that is not true.


pages: 761 words: 231,902

The Singularity Is Near: When Humans Transcend Biology by Ray Kurzweil

additive manufacturing, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, anthropic principle, Any sufficiently advanced technology is indistinguishable from magic, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, backpropagation, Benoit Mandelbrot, Bill Joy: nanobots, bioinformatics, brain emulation, Brewster Kahle, Brownian motion, business cycle, business intelligence, c2.com, call centre, carbon-based life, cellular automata, Charles Babbage, Claude Shannon: information theory, complexity theory, conceptual framework, Conway's Game of Life, coronavirus, cosmological constant, cosmological principle, cuban missile crisis, data acquisition, Dava Sobel, David Brooks, Dean Kamen, digital divide, disintermediation, double helix, Douglas Hofstadter, en.wikipedia.org, epigenetics, factory automation, friendly AI, functional programming, George Gilder, Gödel, Escher, Bach, Hans Moravec, hype cycle, informal economy, information retrieval, information security, invention of the telephone, invention of the telescope, invention of writing, iterative process, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John von Neumann, Kevin Kelly, Law of Accelerating Returns, life extension, lifelogging, linked data, Loebner Prize, Louis Pasteur, mandelbrot fractal, Marshall McLuhan, Mikhail Gorbachev, Mitch Kapor, mouse model, Murray Gell-Mann, mutually assured destruction, natural language processing, Network effects, new economy, Nick Bostrom, Norbert Wiener, oil shale / tar sands, optical character recognition, PalmPilot, pattern recognition, phenotype, power law, precautionary principle, premature optimization, punch-card reader, quantum cryptography, quantum entanglement, radical life extension, randomized controlled trial, Ray Kurzweil, remote working, reversible computing, Richard Feynman, Robert Metcalfe, Rodney Brooks, scientific worldview, Search for Extraterrestrial Intelligence, selection bias, semantic web, seminal paper, Silicon Valley, Singularitarianism, speech recognition, statistical model, stem cell, Stephen Hawking, Stewart Brand, strong AI, Stuart Kauffman, superintelligent machines, technological singularity, Ted Kaczynski, telepresence, The Coming Technological Singularity, Thomas Bayes, transaction costs, Turing machine, Turing test, two and twenty, Vernor Vinge, Y2K, Yogi Berra

Even during the recent high-tech recession (2000–2003), the figure was almost one hundred times greater.79 We would have to repeal capitalism and every vestige of economic competition to stop this progression. It is important to point out that we are progressing toward the "new" knowledge-based economy exponentially but nonetheless gradually.80 When the so-called new economy did not transform business models overnight, many observers were quick to dismiss the idea as inherently flawed. It will be another couple of decades before knowledge dominates the economy, but it will represent a profound transformation when it happens. We saw the same phenomenon in the Internet and telecommunications boom-and-bust cycles.

See also Paul Gompers, "Venture Capital," in B. Espen Eckbo, ed., Handbook of Corporate Finance: Empirical Corporate Finance, in the Handbooks in Finance series (Holland: Elsevier, forthcoming), chapter 11, 2005, http://mba.tuck.dartmouth.edu/pages/faculty/espen.eckbo/PDFs/Handbookpdf/CH11-VentureCapital.pdf. 80. An account of how "new economy" technologies are making important transformations to "old economy" industries: Jonathan Rauch, "The New Old Economy: Oil, Computers, and the Reinvention of the Earth," Atlantic Monthly, January 3, 2001. 81. U.S. Department of Commerce, Bureau of Economic Analysis (http://www.bea.doc.gov), use the following site and select Table 1.1.6: http://www.bea.doc.gov/bealdn/nipaweb/SelectTable.asp?


pages: 869 words: 239,167

The Story of Work: A New History of Humankind by Jan Lucassen

3D printing, 8-hour work day, affirmative action, agricultural Revolution, Albert Einstein, anti-work, antiwork, Asian financial crisis, banking crisis, basic income, Berlin Wall, Black Lives Matter, blue-collar work, bread and circuses, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, Charles Babbage, collective bargaining, Columbian Exchange, commoditize, computer age, coronavirus, COVID-19, demographic transition, deskilling, discovery of the americas, domestication of the camel, Easter island, European colonialism, factory automation, Fall of the Berlin Wall, fixed income, Ford Model T, founder crops, Frederick Winslow Taylor, full employment, future of work, Great Leap Forward, hiring and firing, income inequality, income per capita, informal economy, invisible hand, James Watt: steam engine, joint-stock company, knowledge economy, labour mobility, land tenure, long peace, mass immigration, means of production, megastructure, minimum wage unemployment, money: store of value / unit of account / medium of exchange, new economy, New Urbanism, out of africa, pension reform, phenotype, post-work, precariat, price stability, public intellectual, reshoring, scientific management, Scramble for Africa, Second Machine Age, stakhanovite, tacit knowledge, Thales of Miletus, The Wealth of Nations by Adam Smith, Thorstein Veblen, trade route, transatlantic slave trade, two and twenty, universal basic income, W. E. B. Du Bois, women in the workforce, working poor

In fact, strong labour market politics or even dictatorial measures became widely accepted in view of the new situation. At the Geneva Conference of 1934, Harold Butler, the director of the ILO, saw no problem in saying that Italy, together with the US, the Soviet Union and Germany, was at the forefront of creating a new economy. He praised Italy’s progress ‘in the construction of the corporative system that breaks away with economic theories based on individualism’. This was all the more remarkable since, by that time, unemployment in Italian industry was two-and-a-half times higher than in 1929. Most of the policies of the Italian fascists were not new.

Ogilvie & Markus Cerman (eds), European Proto-Industrialization (Cambridge: CUP, 1996), pp. 155–70. Bellenoit, Hayden J. The Formation of the Colonial State in India: Scribes, Paper and Taxes, 1760–1860 (London & New York: Routledge, 2017). Bellwood, Peter. First Migrants: Ancient Migration in Global Perspective (Chichester: Wiley Blackwell, 2013). Benner, Chris. Work in the New Economy: Flexible Labor Markets in Sillicon Valley (Malden, MA: Blackwell, 2002). Benner, Chris. ‘“Computers in the Wild”: Guilds and Next-Generation Unionism in the Information Revolution’, IRSH, 48 (2003), Supplement, pp. 181–204. Bentley, Alex. ‘Mobility, Specialisation and Community Diversity in the Linearbandkeramik: Isotopic Evidence from the Skeletons’, in Alisdair Whittle and Vicki Cummings (eds), Going Over: The Mesolithic-Neolithic Transition in North-West Europe (Oxford: OUP, 2007), pp. 117–40.


pages: 386 words: 91,913

The Elements of Power: Gadgets, Guns, and the Struggle for a Sustainable Future in the Rare Metal Age by David S. Abraham

"World Economic Forum" Davos, 3D printing, Airbus A320, Boeing 747, carbon footprint, circular economy, Citizen Lab, clean tech, clean water, commoditize, Deng Xiaoping, Elon Musk, en.wikipedia.org, Fairphone, geopolitical risk, gigafactory, glass ceiling, global supply chain, information retrieval, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Large Hadron Collider, new economy, oil shale / tar sands, oil shock, planned obsolescence, reshoring, Robert Metcalfe, Ronald Reagan, Silicon Valley, Solyndra, South China Sea, Steve Ballmer, Steve Jobs, systems thinking, telemarketer, Tesla Model S, thinkpad, upwardly mobile, uranium enrichment, WikiLeaks, Y2K

Bonasia, “CONSUMER ELECTRONICS PlayStation 2 Shortage Reflects Changing Industry,” Investor’s Business Daily, December 28, 2000, news.investors.com/technology/122800-348096-consumer-electronics-playstation-2-shortage-reflects-changing-industry.htm; Doug Bartholomew, “Boeing Scrubs New Jets Takeoff,” eWeek.com, November 8, 2007, www.eweek.com/c/a/Enterprise-Applications/Boeing-Scrubs-New-Jets-Takeoff/; Walter Pohl, Economic Geology: Principles and Practice: Metals, Minerals, Coal and Hydrocarbons—Introduction to Formation and Sustainable Exploitation of Mineral Deposits (Chichester, West Sussex: Wiley-Blackwell, 2011); John Lasker, “The PlayStation War as the West’s Insatiable Appetite for Personal Electronics Continues, So Do Africa’s Resource Wars,” Columbia Free Press, December 19, 2013, columbusfreepress.com/article/playstation-war-west%E2%80%99s-insatiable-appetite-personal-electronics-continues-so-do-africa%E2%80%99s. Coltan jumped nearly tenfold from $40 a pound to $380 and Sony was rumored to have trouble getting its PlayStation to the market because it could not get its hands on the material. Blaine Harden, “A Black Mud from Africa Helps Power the New Economy,” New York Times, August 12, 2001. www.nytimes.com/2001/08/12/magazine/12COLTAN.html; Helen Vesperini, “Congo’s Coltan Rush,” BBC News, August 1, 2001, news.bbc.co.uk/2/hi/africa/1468772.stm. 41. John Smith, interview by David Abraham, Fairfield, CT, January 8, 2013. 42. Kirchain, interview, February 22, 2013. 43.


pages: 374 words: 97,288

The End of Ownership: Personal Property in the Digital Economy by Aaron Perzanowski, Jason Schultz

3D printing, Airbnb, anti-communist, barriers to entry, behavioural economics, bitcoin, blockchain, carbon footprint, cloud computing, conceptual framework, crowdsourcing, cryptocurrency, Donald Trump, Eben Moglen, Edward Snowden, en.wikipedia.org, endowment effect, Firefox, Free Software Foundation, general purpose technology, gentrification, George Akerlof, Hush-A-Phone, independent contractor, information asymmetry, intangible asset, Internet Archive, Internet of things, Isaac Newton, it's over 9,000, loss aversion, Marc Andreessen, means of production, minimum wage unemployment, new economy, Open Library, Paradox of Choice, peer-to-peer, price discrimination, Richard Thaler, ride hailing / ride sharing, rolodex, self-driving car, sharing economy, Silicon Valley, software as a service, software patent, software studies, speech recognition, Steve Jobs, subscription business, telemarketer, the long tail, The Market for Lemons, Tony Fadell, transaction costs, winner-take-all economy

The media we consume is stored in the cloud, not in our hands. Our cars, watches, and clothes—though still physical—incorporate a layer of code that both increases and constrains their functionality. A digital economy structured around interconnected devices and data holds immense promise. But it also entails risks. Perhaps most troublingly, this new economy has the power to redefine or even eliminate the notion of personal property. If we aren’t careful, ownership will become a thing of the past. The loss of ownership puts us all at risk of exploitation. It imposes significant but broadly dispersed costs on society. And it takes decisions about how to live our lives out of our hands and entrusts those choices to a handful of private companies.


pages: 308 words: 99,298

Brexit, No Exit: Why in the End Britain Won't Leave Europe by Denis MacShane

"World Economic Forum" Davos, 3D printing, Alan Greenspan, Alvin Toffler, banking crisis, battle of ideas, Big bang: deregulation of the City of London, Boris Johnson, Bretton Woods, Brexit referendum, British Empire, centre right, Corn Laws, deindustrialization, Doha Development Round, Donald Trump, Etonian, European colonialism, fake news, financial engineering, first-past-the-post, fixed income, Gini coefficient, greed is good, illegal immigration, information security, James Dyson, Jeremy Corbyn, labour mobility, liberal capitalism, low cost airline, low interest rates, Martin Wolf, mass immigration, military-industrial complex, Mont Pelerin Society, negative equity, Neil Kinnock, new economy, non-tariff barriers, offshore financial centre, open borders, open economy, post-truth, price stability, purchasing power parity, quantitative easing, reshoring, road to serfdom, secular stagnation, Silicon Valley, Thales and the olive presses, trade liberalization, transaction costs, women in the workforce

More and more of the evangelists of the deregulated, society-destroying, ‘greed-is-good’ and survival-of-the-fittest economic model are now running around telling us there are real problems with unequal distribution, poverty and the revolt of voters who have lost confidence in traditional parties of government. But moving to a new paradigm demands new forms of political and labour movement organisation. Anatole Kaletsky, former Times and Financial Times columnist and author of Capitalism 4.0: The Birth of a New Economy (2010), argues: That is what happened after 2008. Once the failure of free trade, deregulation, and monetarism came to be seen as leading to a ‘new normal’ of permanent austerity and diminished expectations, rather than just to a temporary banking crisis, the inequalities, job losses, and cultural dislocations of the pre-crisis period could no longer be legitimised – just as the extortionate taxes of the 1950s and 1960s lost their legitimacy in the stagflation of the 1970s.


pages: 317 words: 101,074

The Road Ahead by Bill Gates, Nathan Myhrvold, Peter Rinearson

Albert Einstein, Apple's 1984 Super Bowl advert, Berlin Wall, Bill Gates: Altair 8800, Bob Noyce, Bonfire of the Vanities, business process, California gold rush, Charles Babbage, Claude Shannon: information theory, computer age, Donald Knuth, first square of the chessboard, first square of the chessboard / second half of the chessboard, glass ceiling, global village, informal economy, invention of movable type, invention of the printing press, invention of writing, John von Neumann, knowledge worker, medical malpractice, Mitch Kapor, new economy, packet switching, popular electronics, Richard Feynman, Ronald Reagan, SimCity, speech recognition, Steve Ballmer, Steve Jobs, Steven Pinker, Ted Nelson, telemarketer, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, Turing machine, Turing test, Von Neumann architecture

It will take many years for the highway to be utilized so widely for shopping that there will be significantly fewer middlemen. There is plenty of time to prepare. The jobs those displaced middlemen change to might not even have been thought of yet. We'll have to wait and see what kinds of creative work the new economy devises. But as long as society needs help, there will definitely be plenty for everyone to do. The broad benefits of advancing productivity are no solace for someone whose job is on the line. When a person has been trained for a job that is no longer needed, you can't just suggest he go out and learn something else.


pages: 360 words: 101,038

The Revenge of Analog: Real Things and Why They Matter by David Sax

Airbnb, barriers to entry, big-box store, call centre, cloud computing, creative destruction, death of newspapers, declining real wages, delayed gratification, dematerialisation, deskilling, Detroit bankruptcy, digital capitalism, digital divide, Elon Musk, Erik Brynjolfsson, game design, gentrification, hype cycle, hypertext link, informal economy, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Khan Academy, Kickstarter, knowledge economy, low cost airline, low skilled workers, mandatory minimum, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, military-industrial complex, Minecraft, new economy, Nicholas Carr, off-the-grid, One Laptop per Child (OLPC), PalmPilot, Paradox of Choice, Peter Thiel, Ponzi scheme, quantitative hedge fund, race to the bottom, Rosa Parks, Salesforce, Second Machine Age, self-driving car, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley startup, Skype, Snapchat, Steve Jobs, technoutopianism, TED Talk, the long tail, Travis Kalanick, Tyler Cowen, upwardly mobile, warehouse robotics, Whole Earth Catalog, work culture

Digital work spreads across pretty much every industry, from computer software and hardware companies to divisions within traditionally analog firms that focus on digital tasks, such as e-commerce and information databases. Other terms have been used as synonyms for the digital economy, including the knowledge economy, information economy, Internet economy, and the utopian-sounding new economy. The core idea is that digital technology is a transformative force that can deliver vastly more efficient products and services to consumers at a lower cost, and with greater ease, across time and space, in ways that traditional analog industries cannot compete with. The digital economy is disruptive.


pages: 328 words: 96,141

Rocket Billionaires: Elon Musk, Jeff Bezos, and the New Space Race by Tim Fernholz

Amazon Web Services, Apollo 13, autonomous vehicles, business climate, Charles Lindbergh, Clayton Christensen, cloud computing, Colonization of Mars, corporate governance, corporate social responsibility, deep learning, disruptive innovation, Donald Trump, Elon Musk, fail fast, fulfillment center, Gene Kranz, high net worth, high-speed rail, Iridium satellite, Jeff Bezos, Kickstarter, Kim Stanley Robinson, Kwajalein Atoll, low earth orbit, Marc Andreessen, Mark Zuckerberg, Mars Society, Masayoshi Son, megaproject, military-industrial complex, minimum viable product, multiplanetary species, mutually assured destruction, Neal Stephenson, Neil Armstrong, new economy, no-fly zone, nuclear paranoia, paypal mafia, Peter H. Diamandis: Planetary Resources, Peter Thiel, pets.com, planetary scale, private spaceflight, profit maximization, RAND corporation, Richard Feynman, Richard Feynman: Challenger O-ring, Ronald Reagan, satellite internet, Scaled Composites, shareholder value, Silicon Valley, skunkworks, SoftBank, sovereign wealth fund, space junk, SpaceShipOne, Stephen Hawking, Steve Jobs, Strategic Defense Initiative, trade route, undersea cable, vertical integration, Virgin Galactic, VTOL, We wanted flying cars, instead we got 140 characters, X Prize, Y2K

But Musk and the other members of the so-called PayPal Mafia—many of whom, like the investors Peter Thiel and Luke Nosek, would also back SpaceX—were not deterred. Once they had built their simple tool for exchanging money safely over the emerging consumer web, other entrepreneurs found ways to use it. The ability to exchange money online became the basis for a whole new economy. When the auction site eBay paid $1.5 billion for PayPal in 2002, Musk’s share of the proceeds provided him with the fortune to find new markets—including in space. The Falcon 9 rocket was SpaceX’s first killer app. Like most other orbital rockets, the Falcon 9 is actually two vehicles combined into one.


pages: 357 words: 94,852

No Is Not Enough: Resisting Trump’s Shock Politics and Winning the World We Need by Naomi Klein

"Hurricane Katrina" Superdome, "World Economic Forum" Davos, Airbnb, antiwork, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Black Lives Matter, Brewster Kahle, carbon tax, Carl Icahn, Celebration, Florida, clean water, collective bargaining, Corrections Corporation of America, data science, desegregation, Donald Trump, drone strike, Edward Snowden, Elon Musk, end-to-end encryption, energy transition, extractivism, fake news, financial deregulation, gentrification, Global Witness, greed is good, green transition, high net worth, high-speed rail, Howard Zinn, illegal immigration, impact investing, income inequality, Internet Archive, Kickstarter, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, megaproject, Mikhail Gorbachev, military-industrial complex, moral panic, Naomi Klein, Nate Silver, new economy, Occupy movement, ocean acidification, offshore financial centre, oil shale / tar sands, open borders, Paris climate accords, Patri Friedman, Peter Thiel, plutocrats, private military company, profit motive, race to the bottom, Ralph Nader, Ronald Reagan, Saturday Night Live, sexual politics, sharing economy, Silicon Valley, Steve Bannon, subprime mortgage crisis, tech billionaire, too big to fail, trade liberalization, transatlantic slave trade, Triangle Shirtwaist Factory, trickle-down economics, Upton Sinclair, urban decay, W. E. B. Du Bois, women in the workforce, working poor

Oil prices crash in 2014…and price has hovered at around $55 a barrel since Brent Crude Prices, 2013–2017, Bloomberg.com, accessed April 13, 2017, https://www.bloomberg.com/​quote/​CO1:COM. 170,000 oil and gas workers have lost their jobs Matt Egan, “100,000 Oil Jobs Could Be Coming Back,” CNN.com, July 14, 2016, http://money.cnn.com/​2016/​07/​14/​news/​economy/​oil-jobs-worker-shortage/. Investment in the Alberta tar sands dropped by an estimated 37 percent Government of Alberta, “Capital Investment in Alberta to Decline Again in 2016,” government report, July 8, 2016, https://www.albertacanada.com/​files/​albertacanada/​SP-Commentary_07-08-16.pdf.


pages: 297 words: 103,910

Free culture: how big media uses technology and the law to lock down culture and control creativity by Lawrence Lessig

Brewster Kahle, Cass Sunstein, content marketing, creative destruction, digital divide, Free Software Foundation, future of journalism, George Akerlof, Innovator's Dilemma, Internet Archive, invention of the printing press, Joi Ito, Kenneth Arrow, Kevin Kelly, knowledge economy, Louis Daguerre, machine readable, new economy, prediction markets, prisoner's dilemma, profit motive, rent-seeking, Richard Florida, Richard Stallman, Ronald Coase, Ronald Reagan, Saturday Night Live, Silicon Valley, software patent, synthetic biology, transaction costs

Again, however, this regulation did not eliminate the opportunity for free riding in the sense I've described. See Lessig, Future, 71. See also Picker, "From Edison to the Broadcast Flag," University of Chicago Law Review 70 (2003): 293¬96. [94] Sony Corp. of America v. Universal City Studios, Inc., 464 U.S. 417, (1984). [95] John Schwartz, "New Economy: The Attack on Peer-to-Peer Software Echoes Past Efforts," New York Times, 22 September 2003, C3. [96] Letter from Thomas Jefferson to Isaac McPherson (13 August 1813) in The Writings of Thomas Jefferson, vol. 6 (Andrew A. Lipscomb and Albert Ellery Bergh, eds., 1903), 330, 333-34. [97] As the legal realists taught American law, all property rights are intangible.


pages: 251 words: 88,754

The politics of London: governing an ungovernable city by Tony Travers

active transport: walking or cycling, bread and circuses, congestion charging, Crossrail, first-past-the-post, full employment, job satisfaction, negative equity, Neil Kinnock, new economy, post-Fordism, radical decentralization, urban sprawl, vertical integration

London business broadly got what it wanted. Since becoming mayor, Ken Livingstone has stressed the international nature of the London economy and the need to promote and enhance its ‘competitiveness’. Hence, in his first State of London report: If London is to maintain and expand its prosperity in this new economy it must build globalisation into the very foundations of the city and our thinking. London is already the most internationalised city in the world … the prosperity of every Londoner is completely tied up with the city’s role in the international economy. For this very reason it is impossible to combine the economy of the greatest international city in the world with narrow mindedness and Little Englander attitudes.


pages: 357 words: 100,718

The Limits to Growth: The 30-Year Update by Donella H. Meadows, Jørgen Randers, Dennis L. Meadows

Abraham Maslow, agricultural Revolution, Buckminster Fuller, clean water, Climatic Research Unit, conceptual framework, dematerialisation, demographic transition, digital divide, financial independence, game design, Garrett Hardin, geopolitical risk, Herman Kahn, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), Lewis Mumford, longitudinal study, means of production, new economy, purchasing power parity, Ralph Waldo Emerson, Ronald Reagan, systems thinking, Tragedy of the Commons, University of East Anglia, urban sprawl, Whole Earth Review

When the present economy overshoots, it turns around too quickly and unexpectedly for people or enterprises to retrain, relocate, or readjust. A deliberate transition to sustainability would take place slowly enough, and with enough forewarning, so that people and businesses could find their places in the new economy. There is no reason why a sustainable society need be technically or culturally primitive. Freed from both anxiety and greed, it would have enormous possibilities for human creativity Without the high costs of growth for both society and environment, technology and culture could bloom. John Stuart Mill, one of the first (and last) economists to take seriously the idea of an economy consistent with the limits of the earth, saw that what he called a "stationary state" could support an evolving and improving society.


pages: 353 words: 98,267

The Price of Everything: And the Hidden Logic of Value by Eduardo Porter

Alan Greenspan, Alvin Roth, AOL-Time Warner, Asian financial crisis, Ayatollah Khomeini, banking crisis, barriers to entry, behavioural economics, Berlin Wall, British Empire, capital controls, carbon tax, Carmen Reinhart, Cass Sunstein, clean water, Credit Default Swap, Deng Xiaoping, Easter island, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, financial engineering, flying shuttle, Ford paid five dollars a day, full employment, George Akerlof, Glass-Steagall Act, Gordon Gekko, guest worker program, happiness index / gross national happiness, housing crisis, illegal immigration, immigration reform, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: technological unemployment, Joshua Gans and Andrew Leigh, junk bonds, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, longitudinal study, loss aversion, low skilled workers, Martin Wolf, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Michael Milken, Monkeys Reject Unequal Pay, new economy, New Urbanism, peer-to-peer, pension reform, Peter Singer: altruism, pets.com, placebo effect, precautionary principle, price discrimination, price stability, rent-seeking, Richard Thaler, rising living standards, risk tolerance, Robert Shiller, Ronald Reagan, search costs, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, superstar cities, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, transatlantic slave trade, ultimatum game, unpaid internship, urban planning, Veblen good, women in the workforce, World Values Survey, Yom Kippur War, young professional, zero-sum game

Pumped by the enormous publicity surrounding the album’s release, the subsequent concert tour was a smashing hit. To believers in the transformational potential of the Internet, Radiohead’s experiment suggested that the information economy could revolutionize capitalism by allowing creators to make a living while giving away their creations for free. This new economy might require people to radically change their approach to property. But In Rainbows demonstrated that if creators would free themselves of the capitalistic shackles represented by record labels, Hollywood studios, and other representatives of corporate greed that siphoned off a big slice of their revenues, this new paradigm could work out for everybody.


pages: 281 words: 95,852

The Googlization of Everything: by Siva Vaidhyanathan

"Friedman doctrine" OR "shareholder theory", 1960s counterculture, activist fund / activist shareholder / activist investor, AltaVista, barriers to entry, Berlin Wall, borderless world, Burning Man, Cass Sunstein, choice architecture, cloud computing, commons-based peer production, computer age, corporate social responsibility, correlation does not imply causation, creative destruction, data acquisition, death of newspapers, digital divide, digital rights, don't be evil, Firefox, Francis Fukuyama: the end of history, full text search, global pandemic, global village, Google Earth, Great Leap Forward, Howard Rheingold, Ian Bogost, independent contractor, informal economy, information retrieval, John Markoff, Joseph Schumpeter, Kevin Kelly, knowledge worker, libertarian paternalism, market fundamentalism, Marshall McLuhan, means of production, Mikhail Gorbachev, moral panic, Naomi Klein, Network effects, new economy, Nicholas Carr, PageRank, Panopticon Jeremy Bentham, pirate software, radical decentralization, Ray Kurzweil, Richard Thaler, Ronald Reagan, side project, Silicon Valley, Silicon Valley ideology, single-payer health, Skype, Social Responsibility of Business Is to Increase Its Profits, social web, Steven Levy, Stewart Brand, technological determinism, technoutopianism, the long tail, The Nature of the Firm, The Structural Transformation of the Public Sphere, Thorstein Veblen, Tyler Cowen, urban decay, web application, Yochai Benkler, zero-sum game

For a brief description of the costly dynamic tension between anarchy and oligarchy in the digital world, see Siva Vaidhyanathan, The Anarchist in the 219 220 NOTES TO PAGES xiii–3 Library: How the Clash between Freedom and Control Is Hacking the Real World and Crashing the System (New York: Basic Books, 2004). 5. For examples of simplistic, naive visions of how technology works in the world, see Kevin Kelly, Out of Control: The Rise Of Neo-biological Civilization (Reading, MA: Addison-Wesley, 1994); Kevin Kelly, New Rules for the New Economy: 10 Radical Strategies for a Connected World (New York: Viking, 1998); Nicholas Negroponte, Being Digital (New York: Knopf, 1995); Ray Kurzweil, The Age of Spiritual Machines: When Computers Exceed Human Intelligence (New York: Viking, 1999). 6. For elaborations of unfounded “generational” thinking, see Jeff Gomez, Print Is Dead: Books in Our Digital Age (London: Macmillan, 2008); Neil Howe and William Strauss, Millennials Rising: The Next Great Generation (New York: Vintage, 2000). 7.


pages: 332 words: 100,601

Rebooting India: Realizing a Billion Aspirations by Nandan Nilekani

Airbnb, Atul Gawande, autonomous vehicles, barriers to entry, bitcoin, call centre, carbon credits, cashless society, clean water, cloud computing, collaborative consumption, congestion charging, DARPA: Urban Challenge, data science, dematerialisation, demographic dividend, digital rights, driverless car, Edward Snowden, en.wikipedia.org, energy security, fail fast, financial exclusion, gamification, Google Hangouts, illegal immigration, informal economy, information security, Khan Academy, Kickstarter, knowledge economy, land reform, law of one price, M-Pesa, machine readable, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, mobile money, Mohammed Bouazizi, more computing power than Apollo, Negawatt, Network effects, new economy, off-the-grid, offshore financial centre, price mechanism, price stability, rent-seeking, RFID, Ronald Coase, school choice, school vouchers, self-driving car, sharing economy, Silicon Valley, single source of truth, Skype, smart grid, smart meter, software is eating the world, source of truth, Steve Jobs, systems thinking, The future is already here, The Nature of the Firm, transaction costs, vertical integration, WikiLeaks, work culture

‘India’s dream of borderless trade grinds to a halt at checkpoints’. IBN Live. http://www.ibnlive.com/news/india/indias-dream-of-borderless-trade-grinds-to-a-halt-at-checkpoints-1102758.html 3. Sinha, Varun. 22 November 2014. ‘How GST Will Change the Face of Indian Economy’. NDTV. http://profit.ndtv.com/news/economy/article-how-gst-will-change-the-face-of-indian-economy-701413 4. October 2014. ‘India Development Update: Continue Domestic Reforms and Encourage Investments’. World Bank. http://www.worldbank.org/en/country/india/publication/development-update-domestic-reforms-encourage-investments 5. 16 January 2014.


pages: 261 words: 103,244

Economists and the Powerful by Norbert Haring, Norbert H. Ring, Niall Douglas

accounting loophole / creative accounting, Affordable Care Act / Obamacare, Alan Greenspan, Albert Einstein, asset allocation, bank run, barriers to entry, Basel III, Bear Stearns, Bernie Madoff, book value, British Empire, buy and hold, central bank independence, collective bargaining, commodity trading advisor, compensation consultant, corporate governance, creative destruction, credit crunch, Credit Default Swap, David Ricardo: comparative advantage, diversified portfolio, financial deregulation, George Akerlof, illegal immigration, income inequality, inflation targeting, information asymmetry, Jean Tirole, job satisfaction, Joseph Schumpeter, Kenneth Arrow, knowledge worker, land bank, law of one price, light touch regulation, Long Term Capital Management, low interest rates, low skilled workers, mandatory minimum, market bubble, market clearing, market fundamentalism, means of production, military-industrial complex, minimum wage unemployment, Money creation, moral hazard, new economy, obamacare, old-boy network, open economy, Pareto efficiency, Paul Samuelson, pension reform, Ponzi scheme, price stability, principal–agent problem, profit maximization, purchasing power parity, Renaissance Technologies, Robert Solow, rolodex, Savings and loan crisis, Sergey Aleynikov, shareholder value, short selling, Steve Jobs, The Chicago School, the payments system, The Wealth of Nations by Adam Smith, too big to fail, Tragedy of the Commons, transaction costs, ultimatum game, union organizing, Vilfredo Pareto, working-age population, World Values Survey

Even huge paychecks seemed negligible in comparison to the increases in stock market valuation that the average corporation recorded. It did not matter that no special management skill was required to achieve these increases during the boom years. After the stock market crash of 2001 and the corporate scandals centered around Enron, Worldcom and a number of other new-economy corporations, the premise that financial markets value corporations correctly and that there is no significant difference between short-term and long-term maximization of company valuations lost much of its credit. Spurred on by monetary incentives, top management had done everything to push the prices of already vastly overvalued shares even higher, with no regard for the damage they did to their companies in the longer term.


pages: 364 words: 102,225

Instant City: Life and Death in Karachi by Steve Inskeep

battle of ideas, British Empire, call centre, creative destruction, Edward Glaeser, European colonialism, illegal immigration, informal economy, Jane Jacobs, Khyber Pass, Kibera, knowledge economy, Mahatma Gandhi, mass immigration, McMansion, megacity, new economy, New Urbanism, urban planning, urban renewal

There was room for growth, and he offered office space to international firms that saw the upside too. Executive Tower, the first building to be completed in his interconnected complex, was already home to the Karachi offices of Eli Lilly, Sony Ericsson, American Life, and Bank Islami—pharmaceuticals, cell phones, insurance, and wealth management. The building directory was a summary of the new economy. It had taken Riaz almost two decades to get this far. Around 1990 he approached Tony Tufail and bought the stillborn casino. His company quickly planned a high-rise development, but, he said, “the government wouldn’t allow it.” “Which government?” I asked, but he claimed not to remember. He didn’t like to talk about politics.


pages: 471 words: 97,152

Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism by George A. Akerlof, Robert J. Shiller

affirmative action, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, business cycle, buy and hold, collateralized debt obligation, conceptual framework, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, Daniel Kahneman / Amos Tversky, Deng Xiaoping, Donald Trump, Edward Glaeser, en.wikipedia.org, experimental subject, financial innovation, full employment, Future Shock, George Akerlof, George Santayana, housing crisis, Hyman Minsky, income per capita, inflation targeting, invisible hand, Isaac Newton, Jane Jacobs, Jean Tirole, job satisfaction, Joseph Schumpeter, junk bonds, Long Term Capital Management, loss aversion, market bubble, market clearing, mental accounting, Michael Milken, Mikhail Gorbachev, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, Myron Scholes, new economy, New Urbanism, Paul Samuelson, Phillips curve, plutocrats, Post-Keynesian economics, price stability, profit maximization, public intellectual, purchasing power parity, random walk, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, seminal paper, South Sea Bubble, The Chicago School, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, W. E. B. Du Bois, We are all Keynesians now, working-age population, Y2K, Yom Kippur War

Quarterly Journal of Economics 105(4):1003–15. Blinder, Alan S., Angus Deaton, Robert E. Hall, and R. Glenn Hubbard. 1985. “The Time Series Consumption Function Revisited.” Brookings Papers on Economic Activity 2:465–511. Bond, Stephen R., and Jason G. Cummins. 2000. “The Stock Market and Investment in the New Economy: Some Tangible Facts and Intangible Fictions.” Brookings Papers on Economic Activity 1:61–108. Borio, Claudio. 2003. “Towards a Macroprudential Framework for Financial Regulation.” BIS Working Paper 128, Bank for International Settlements, February. Bowles, Samuel. 1985. “The Production Process in a Competitive Economy: Wal-rasian, Neo-Hobbesian, and Marxian Models.”


pages: 378 words: 102,966

Affluenza: The All-Consuming Epidemic by John de Graaf, David Wann, Thomas H Naylor, David Horsey

Abraham Maslow, big-box store, carbon tax, classic study, Community Supported Agriculture, Corrections Corporation of America, Dennis Tito, disinformation, Donald Trump, Exxon Valdez, financial independence, Ford Model T, Ford paid five dollars a day, full employment, God and Mammon, greed is good, income inequality, informal economy, intentional community, invisible hand, Isaac Newton, It's morning again in America, junk bonds, low interest rates, Mark Shuttleworth, McMansion, medical malpractice, new economy, PalmPilot, Paradox of Choice, Peter Calthorpe, planned obsolescence, Ralph Nader, Ray Oldenburg, Ronald Reagan, Silicon Valley, Simon Kuznets, single-payer health, space junk, SpaceShipOne, systems thinking, The Great Good Place, trade route, upwardly mobile, Yogi Berra, young professional

New York: Random House, 1988. Heloise. Hints for a Healthy Planet. New York: Perigee, 1990. Hendrickson, Mary, et al. “Consolidation in Food Retailing and Dairy: Implications for Farmers and Consumers in a Global Food System,” National Farmers Union, January 8, 2001. Henwood, Doug. After the New Economy. New York: New Press, 2003. Hertsgaard, Mark. Earth Odyssey. New York: Broadway Books, 1998. Hewlett, Sylvia Ann, and Cornell West. The War against Parents. Boston: Houghton Mifflin, 1998. Hochschild, Arlie Russell. The Time Bind. New York: Metropolitan, 1997. Hoffman, Edward. The Right to Be Human: A Biography of Abraham Maslow.


pages: 362 words: 99,063

The Education of Millionaires: It's Not What You Think and It's Not Too Late by Michael Ellsberg

affirmative action, Black Swan, Burning Man, corporate governance, creative destruction, do what you love, financial engineering, financial independence, follow your passion, future of work, hiring and firing, independent contractor, job automation, knowledge worker, lateral thinking, Lean Startup, Mark Zuckerberg, Max Levchin, means of production, mega-rich, meta-analysis, new economy, Norman Mailer, Peter Thiel, profit motive, race to the bottom, Sand Hill Road, shareholder value, side project, Silicon Valley, Silicon Valley billionaire, Skype, social intelligence, solopreneur, Steve Ballmer, survivorship bias, telemarketer, Tony Hsieh

While you may learn many valuable things in college, you won’t learn these things there—yet they are crucial for your success in business and in life. Whether you’re a high school dropout or a graduate of Harvard Law School, you must learn and develop these skills, attitudes, and habits if you want to excel at what you do. In this new economy, the biggest factor in your success will not be abstract, academic learning but whether you develop the real-life success skills evinced by the people on these pages, and how early you do. This is a book about practical education. Street smarts. It’s about what you have to learn in order to be successful in life and how you can go about learning it on your own, outside of traditional schooling.


pages: 364 words: 101,286

The Misbehavior of Markets: A Fractal View of Financial Turbulence by Benoit Mandelbrot, Richard L. Hudson

Alan Greenspan, Albert Einstein, asset allocation, Augustin-Louis Cauchy, behavioural economics, Benoit Mandelbrot, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black-Scholes formula, British Empire, Brownian motion, business cycle, buy and hold, buy low sell high, capital asset pricing model, carbon-based life, discounted cash flows, diversification, double helix, Edward Lorenz: Chaos theory, electricity market, Elliott wave, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, Fellow of the Royal Society, financial engineering, full employment, Georg Cantor, Henri Poincaré, implied volatility, index fund, informal economy, invisible hand, John Meriwether, John von Neumann, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, market bubble, market microstructure, Myron Scholes, new economy, paper trading, passive investing, Paul Lévy, Paul Samuelson, plutocrats, power law, price mechanism, quantitative trading / quantitative finance, Ralph Nelson Elliott, RAND corporation, random walk, risk free rate, risk tolerance, Robert Shiller, short selling, statistical arbitrage, statistical model, Steve Ballmer, stochastic volatility, transfer pricing, value at risk, Vilfredo Pareto, volatility smile

And the longer a company grows, the longer investors will expect it to keep growing. Did not the recipe behind the Internet bubble somehow reflect this effect? Consider Cisco Systems. The company, the biggest man-ufacturer of computers for routing Internet traffic, was viewed as the GM of the Information Age: It made the chassis and engines on which all the rest of the New Economy would drive. It managed an extraordinary record of revenue growth: an average 53 percent annually from 1995 to 2000. And Wall Street came to expect an extraordinary 20 percent profit growth. As investors extrapolated even greater growth, Cisco’s stock price soared an average 101 percent a year throughout the 1990s.


pages: 351 words: 100,791

The World Beyond Your Head: On Becoming an Individual in an Age of Distraction by Matthew B. Crawford

airport security, behavioural economics, Cass Sunstein, choice architecture, collateralized debt obligation, creative destruction, David Brooks, delayed gratification, dematerialisation, deskilling, digital Maoism, Google Glasses, hive mind, index card, informal economy, Jaron Lanier, large denomination, new economy, new new economy, Norman Mailer, online collectivism, Plato's cave, plutocrats, precautionary principle, Richard Thaler, Rodney Brooks, scientific management, self-driving car, Silicon Valley, Silicon Valley ideology, Stanford marshmallow experiment, tacit knowledge, the built environment, the scientific method, The Wisdom of Crowds, theory of mind, Walter Mischel, winner-take-all economy

Design ideas can be turned into real things, and tried out, without huge financial risk. This plays to the strengths of tinkerers and inventors, those erstwhile American types who may become prominent once again. Ironically, a decades-old pipe organ shop in rural Virginia, which is caught up in a conversation with earlier centuries, may offer some guidance for the new “new economy.” TAYLOR AND BOODY Pipe organs were to the Baroque era what the Apollo moon rockets were to the 1960s: enormously complex machines that focused the gaze of a people upward. Pushing the envelope of the engineering arts, a finished organ stood as a monument of knowledge and cooperation. Installed in the spiritual center of a town, a pipe organ mimics the human voice on a more powerful scale, and summons a congregation to join their voices to it.


pages: 359 words: 98,396

Family Trade by Stross, Charles

book value, British Empire, glass ceiling, haute couture, indoor plumbing, junk bonds, land reform, Larry Ellison, new economy, retail therapy, sexual politics, trade route

But traffic was backed up, one of her wiper blades needed replacing, the radio had taken to crackling erratically, and she couldn't stop yawning. Mondays, she thought. My favorite day! Not. At least she had a parking space waiting for her—one of the handful reserved for senior journalists who had to go places and interview thrusting new economy executives. Or money-laundering gangsters, the nouveau riche of the pharmaceutical world. Twenty minutes later she pulled into a crowded lot behind an anonymous office building in Cambridge, just off Somerville Avenue, with satellite dishes on the roof and fat cables snaking down into the basement.


pages: 416 words: 100,130

New Power: How Power Works in Our Hyperconnected World--And How to Make It Work for You by Jeremy Heimans, Henry Timms

"Susan Fowler" uber, "World Economic Forum" Davos, 3D printing, 4chan, Affordable Care Act / Obamacare, Airbnb, algorithmic management, augmented reality, autonomous vehicles, battle of ideas, benefit corporation, Benjamin Mako Hill, Big Tech, bitcoin, Black Lives Matter, blockchain, British Empire, Chris Wanstrath, Columbine, Corn Laws, crowdsourcing, data science, David Attenborough, death from overwork, Donald Trump, driverless car, Elon Musk, fake news, Ferguson, Missouri, future of work, game design, gig economy, hiring and firing, holacracy, hustle culture, IKEA effect, impact investing, income inequality, informal economy, job satisfaction, John Zimmer (Lyft cofounder), Jony Ive, Kevin Roose, Kibera, Kickstarter, Lean Startup, Lyft, Mark Zuckerberg, Minecraft, Network effects, new economy, Nicholas Carr, obamacare, Occupy movement, post-truth, profit motive, race to the bottom, radical decentralization, ride hailing / ride sharing, rolling blackouts, rolodex, Salesforce, Saturday Night Live, sharing economy, side hustle, Silicon Valley, six sigma, Snapchat, social web, subscription business, TaskRabbit, tech billionaire, TED Talk, the scientific method, transaction costs, Travis Kalanick, Uber and Lyft, uber lyft, upwardly mobile, web application, WikiLeaks, Yochai Benkler

Although James Watt claimed, “We’re not going to let the deal go to our heads, but Martin did buy himself a new jumper [sweater],” the deal raises questions about how easily anarchy can live alongside private equity. BrewDog now needs to learn to blend power, getting the best from old and new to keep crowd and investors content (more on that in chapter 10). THE BRAVE NEW ECONOMY: THE BIG IMPLICATIONS OF NEW POWER FUNDING Implication #1: More “bosses” do not equal better governance In early 2015, Chris Roberts disappeared from the Star Citizen horizon and holed up for sixty-six days in a London film studio with Luke Skywalker and X-Files Agent Dana Scully. Some Citizens started to wonder if he had checked out or lost touch with the community he exhorted.


The Orchid Thief: A True Story of Beauty and Obsession by Susan Orlean

Donald Trump, financial independence, index card, Joan Didion, new economy, offshore financial centre, Richard Bolles, Suez canal 1869, traveling salesman, tulip mania

Ward published a magazine article in 1839 describing his Wardian cases; and in 1842 expanded it into a book called On the Growth of Plants in Closely Glazed Cases. Wardian cases were adopted directly by European gardeners. Now instead of only one in a thousand plants surviving a journey, more than nine hundred of a thousand plants would make it alive. The Wardian case made possible a new economy of botany. Profit-making plants like tea trees, tobacco, cork oak, and coffee bushes could be moved from their native continents to another, and from one region of a country to another. Natural boundaries melted; the world shrank to the size of a glass caterpillar jar. Inside a Wardian case, Joseph Paxton could ship an Atnherstia nobilis from India to Chatsworth Hall; Joseph Hooker could send a consignment from Tierra del Fuego to the Royal Botanic Gardens at Kew of full-grown Argentinean trees


Mindf*ck: Cambridge Analytica and the Plot to Break America by Christopher Wylie

4chan, affirmative action, Affordable Care Act / Obamacare, air gap, availability heuristic, Berlin Wall, Bernie Sanders, Big Tech, big-box store, Boris Johnson, Brexit referendum, British Empire, call centre, Cambridge Analytica, Chelsea Manning, chief data officer, cognitive bias, cognitive dissonance, colonial rule, computer vision, conceptual framework, cryptocurrency, Daniel Kahneman / Amos Tversky, dark pattern, dark triade / dark tetrad, data science, deep learning, desegregation, disinformation, Dominic Cummings, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, emotional labour, Etonian, fake news, first-past-the-post, gamification, gentleman farmer, Google Earth, growth hacking, housing crisis, income inequality, indoor plumbing, information asymmetry, Internet of things, Julian Assange, Lyft, Marc Andreessen, Mark Zuckerberg, Menlo Park, move fast and break things, Network effects, new economy, obamacare, Peter Thiel, Potemkin village, recommendation engine, Renaissance Technologies, Robert Mercer, Ronald Reagan, Rosa Parks, Sand Hill Road, Scientific racism, Shoshana Zuboff, side project, Silicon Valley, Skype, Stephen Fry, Steve Bannon, surveillance capitalism, tech bro, uber lyft, unpaid internship, Valery Gerasimov, web application, WikiLeaks, zero-sum game

In the last economic revolution, industrial capitalism sought to exploit the natural world around us. It is only with the advent of climate change that we are now coming to terms with its ecological externalities. But in this next iteration of capitalism, the raw materials are no longer oil or minerals but rather commodified attention and behavior. In this new economy of surveillance capitalism, we are the raw materials. What this means is that there is a new economic incentive to create substantial informational asymmetries between platforms and users. In order to be able to convert user behavior into profit, platforms need to know everything about their users’ behavior, while their users know nothing of the platform’s behavior.


Data and the City by Rob Kitchin,Tracey P. Lauriault,Gavin McArdle

A Declaration of the Independence of Cyberspace, algorithmic management, bike sharing, bitcoin, blockchain, Bretton Woods, Chelsea Manning, citizen journalism, Claude Shannon: information theory, clean water, cloud computing, complexity theory, conceptual framework, corporate governance, correlation does not imply causation, create, read, update, delete, crowdsourcing, cryptocurrency, data science, dematerialisation, digital divide, digital map, digital rights, distributed ledger, Evgeny Morozov, fault tolerance, fiat currency, Filter Bubble, floating exchange rates, folksonomy, functional programming, global value chain, Google Earth, Hacker News, hive mind, information security, Internet of things, Kickstarter, knowledge economy, Lewis Mumford, lifelogging, linked data, loose coupling, machine readable, new economy, New Urbanism, Nicholas Carr, nowcasting, open economy, openstreetmap, OSI model, packet switching, pattern recognition, performance metric, place-making, power law, quantum entanglement, RAND corporation, RFID, Richard Florida, ride hailing / ride sharing, semantic web, sentiment analysis, sharing economy, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart contracts, smart grid, smart meter, social graph, software studies, statistical model, tacit knowledge, TaskRabbit, technological determinism, technological solutionism, text mining, The Chicago School, The Death and Life of Great American Cities, the long tail, the market place, the medium is the message, the scientific method, Toyota Production System, urban planning, urban sprawl, web application

Kogler 46 Leadership and Place Edited by Chris Collinge, John Gibney and Chris Mabey 45 Migration in the 21st Century Rights, outcomes, and policy Kim Korinek and Thomas Maloney 44 The Futures of the City Region Edited by Michael Neuman and Angela Hull 43 The Impacts of Automotive Plant Closures A tale of two cities Edited by Andrew Beer and Holli Evans 42 Manufacturing in the New Urban Economy Willem van Winden, Leo van den Berg, Luis de Carvalho and Erwin van Tuijl 41 Globalizing Regional Development in East Asia Production networks, clusters, and entrepreneurship Edited by Henry Wai-chung Yeung 40 China and Europe The implications of the rise of China as a global economic power for Europe Edited by Klaus Kunzmann, Willy A Schmid and Martina Koll-Schretzenmayr 39 Business Networks in Clusters and Industrial Districts The governance of the global value chain Edited by Fiorenza Belussi and Alessia Sammarra 38 Whither Regional Studies? Edited by Andy Pike 33 Geographies of the New Economy Critical reflections Edited by Peter W. Daniels, Andrew Leyshon, Michael J. Bradshaw and Jonathan Beaverstock 32 The Rise of the English Regions? Edited by Irene Hardill, Paul Benneworth, Mark Baker and Leslie Budd 31 Regional Development in the Knowledge Economy Edited by Philip Cooke and Andrea Piccaluga 30 Regional Competitiveness Edited by Ron Martin, Michael Kitson and Peter Tyler 37 Intelligent Cities and Globalisation of Innovation Networks Nicos Komninos 29 Clusters and Regional Development Critical reflections and explorations Edited by Bjørn Asheim, Philip Cooke and Ron Martin 36 Devolution, Regionalism and Regional Development The UK experience Edited by Jonathan Bradbury 28 Regions, Spatial Strategies and Sustainable Development David Counsell and Graham Haughton 35 Creative Regions Technology, culture and knowledge entrepreneurship Edited by Philip Cooke and Dafna Schwartz 27 Sustainable Cities Graham Haughton and Colin Hunter 34 European Cohesion Policy Willem Molle 26 Geographies of Labour Market Inequality Edited by Ron Martin and Philip S.


Corbyn by Richard Seymour

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

However, its 2015 breakthrough, with 4 million votes, was impossible without adding more working-class voters to the mix. These were disproportionately white, male, and older, and often living in provincial or ‘left-behind’ areas, cut off from the centres of financial, communication, or political power, as well as from the growth of the ‘new economy’, and left for dead by the political class. Politically, their background was heteroclite. The biggest chunk of UKIP voters were ex-Tories, followed by Liberals, and 10 per cent came from Labour. But there were also quite a lot of former non-voters, as right-wing voters who had backed the BNP or the English Democrats.10 UKIP, with the Left still in abeyance, had become the most dynamic political force in England and Wales.


The Pirate's Dilemma by Matt Mason

Albert Einstein, augmented reality, barriers to entry, blood diamond, citizen journalism, creative destruction, digital divide, don't be evil, Donald Trump, Douglas Engelbart, East Village, Firefox, Free Software Foundation, future of work, glass ceiling, global village, Hacker Ethic, haute couture, Howard Rheingold, Internet of things, invisible hand, Isaac Newton, jimmy wales, job satisfaction, John Markoff, John Perry Barlow, Joseph Schumpeter, Kickstarter, Lao Tzu, Marshall McLuhan, means of production, Naomi Klein, new economy, New Urbanism, patent troll, peer-to-peer, prisoner's dilemma, public intellectual, RAND corporation, RFID, Richard Florida, Richard Stallman, SETI@home, side hustle, Silicon Valley, South China Sea, Stephen Hawking, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, the long tail, Tim Cook: Apple, urban sprawl, Whole Earth Catalog

D.I.Y. is changing our labor markets, and creativity is becoming our most valuable currency. 2. Resist Authority Punk resisted authority and saw anarchy as the path to a brighter future. Punk capitalists are resisting authority, too—by leveraging new D.I.Y. technologies and the power of individuals connecting and working together as equals. This twin engine of the new economy is creating new ways all of us can live and work, leaving old systems for dust. Technology + Democracy = Punk Capitalism. 3. Combine Altruism with Self-Interest Punk had high ideals—it looked aggressive and scary, but through its angry critique of society and subversion of it, it sought to change the world for the better.


Calling Bullshit: The Art of Scepticism in a Data-Driven World by Jevin D. West, Carl T. Bergstrom

airport security, algorithmic bias, AlphaGo, Amazon Mechanical Turk, Andrew Wiles, Anthropocene, autism spectrum disorder, bitcoin, Charles Babbage, cloud computing, computer vision, content marketing, correlation coefficient, correlation does not imply causation, crowdsourcing, cryptocurrency, data science, deep learning, deepfake, delayed gratification, disinformation, Dmitri Mendeleev, Donald Trump, Elon Musk, epigenetics, Estimating the Reproducibility of Psychological Science, experimental economics, fake news, Ford Model T, Goodhart's law, Helicobacter pylori, Higgs boson, invention of the printing press, John Markoff, Large Hadron Collider, longitudinal study, Lyft, machine translation, meta-analysis, new economy, nowcasting, opioid epidemic / opioid crisis, p-value, Pluto: dwarf planet, publication bias, RAND corporation, randomized controlled trial, replication crisis, ride hailing / ride sharing, Ronald Reagan, selection bias, self-driving car, Silicon Valley, Silicon Valley startup, social graph, Socratic dialogue, Stanford marshmallow experiment, statistical model, stem cell, superintelligent machines, systematic bias, tech bro, TED Talk, the long tail, the scientific method, theory of mind, Tim Cook: Apple, twin studies, Uber and Lyft, Uber for X, uber lyft, When a measure becomes a target

.*2 Subscribing to a periodical, you embarked on a long-term relationship. You cared about the quality of information a source provided, its accuracy, and its relevance to your daily life. To attract subscribers and keep them, publishers provided novel and well-vetted information. The Internet news economy is driven by clicks. When you click on a link and view a website, your click generates advertising revenue for the site’s owner. The Internet site is not necessarily designed to perpetuate a long-term relationship; it is designed to make you click, now. Quality of information and accuracy are no longer as important as sparkle.


pages: 493 words: 98,982

The Tyranny of Merit: What’s Become of the Common Good? by Michael J. Sandel

affirmative action, Affordable Care Act / Obamacare, anti-communist, Berlin Wall, Bernie Sanders, Boris Johnson, Brexit referendum, Capital in the Twenty-First Century by Thomas Piketty, centre right, coronavirus, COVID-19, Credit Default Swap, Deng Xiaoping, Donald Trump, ending welfare as we know it, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial engineering, financial innovation, global supply chain, helicopter parent, High speed trading, immigration reform, income inequality, Khan Academy, laissez-faire capitalism, meritocracy, meta-analysis, Nate Silver, new economy, obamacare, Occupy movement, open immigration, Paris climate accords, plutocrats, prosperity theology / prosperity gospel / gospel of success, Rishi Sunak, Ronald Reagan, smart grid, social distancing, Steve Jobs, Steven Levy, the market place, The Wealth of Nations by Adam Smith, W. E. B. Du Bois, Washington Consensus, Yochai Benkler

Before they can hope to win back public support, these parties need to reconsider their market-oriented, technocratic approach to governing. They need also to rethink something subtler but no less consequential—the attitudes toward success and failure that have accompanied the growing inequality of recent decades. They need to ask why those who have not flourished in the new economy feel that the winners look down with disdain. THE RHETORIC OF RISING What, then, has incited the resentment against elites felt by many working-class and middle-class voters? The answer begins with the rising inequality of recent decades but does not end there. It has ultimately to do with the changing terms of social recognition and esteem.


pages: 393 words: 91,257

The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", "World Economic Forum" Davos, Admiral Zheng, Alvin Toffler, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, Big Tech, bread and circuses, Brexit referendum, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon credits, carbon footprint, Cass Sunstein, clean water, company town, content marketing, Cornelius Vanderbilt, creative destruction, data science, deindustrialization, demographic transition, deplatforming, don't be evil, Donald Trump, driverless car, edge city, Elon Musk, European colonialism, Evgeny Morozov, financial independence, Francis Fukuyama: the end of history, Future Shock, gentrification, gig economy, Gini coefficient, Google bus, Great Leap Forward, green new deal, guest worker program, Hans Rosling, Herbert Marcuse, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, Jeremy Corbyn, job automation, job polarisation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Marc Benioff, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Michael Shellenberger, Nate Silver, new economy, New Urbanism, Northpointe / Correctional Offender Management Profiling for Alternative Sanctions, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, public intellectual, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Salesforce, Sam Altman, San Francisco homelessness, Satyajit Das, sharing economy, Sidewalk Labs, Silicon Valley, smart cities, Social Justice Warrior, Steve Jobs, Stewart Brand, superstar cities, technological determinism, Ted Nordhaus, The Death and Life of Great American Cities, The future is already here, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, Virgin Galactic, We are the 99%, Wolfgang Streeck, women in the workforce, work culture , working-age population, Y Combinator

Medium, February 26, 2016, https://medium.com/@ferenstein/a-lot-of-billionaires-are-giving-to-democrats-here-s-a-look-at-their-agenda-b5038c2ecb34. 13 Todd Haselton, “Mark Zuckerberg joins Silicon Valley bigwigs in calling for government to give everybody free money,” Yahoo, May 25, 2017, https://finance.yahoo.com/news/mark-zuckerberg-joins-silicon-valley-202800717.html; Patrick Gillespie, “Mark Zuckerberg supports universal basic income. What is it?” CNN, May 6, 2017, https://money.cnn.com/2017/05/26/news/economy/mark-zuckerberg-universal-basic-income/index.html; Chris Weller, “Elon Musk doubles down on universal basic income: ‘It’s going to be necessary,’” Business Insider, February 13, 2017, https://www.businessinsider.com/elon-musk-universal-basic-income-2017-2; Patrick Caughill, “Another Silicon Valley Exec Joins the Ranks of Universal Basic Income Supporters,” Futurism, September 8, 2017, https://futurism.com/another-silicon-valley-exec-joins-the-ranks-of-universal-basic-income-supporters; Sam Altman, “Moving Forward on Basic Income,” Y Combinator, May 31, 2016, https://blog.ycombinator.com/moving-forward-on-basic-income/; Diane Francis, “The Beginning of the End of Work,” American Interest, March 19, 2018, https://www.the-american-interest.com/2018/03/19/beginning-end-work/. 14 “The YIMBY Guide to Bullying and Its Results: SB 827 Goes Down in Committee,” City Watch LA, April 19, 2018, https://www.citywatchla.com/index.php/los-angeles/15298-the-yimby-guide-to-bullying-and-its-results-sb-827-goes-down-in-committee; John Mirisch, “Tech Oligarchs and the California Housing Crisis,” California Political Review, April 15, 2018, http://www.capoliticalreview.com/top-stories/tech-Oligarchs-and-the-california-housing-crisis/; Joel Kotkin, “Giving Common Sense a Chance in California,” City Journal, April 26, 2018, https://www.city-journal.org/html/giving-common-sense-chance-california-15868.html. 15 Thomas Piketty, Capital in the Twenty-First Century, trans.


pages: 349 words: 102,827

The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet With Ethereum by Camila Russo

4chan, Airbnb, Alan Greenspan, algorithmic trading, altcoin, always be closing, Any sufficiently advanced technology is indistinguishable from magic, Asian financial crisis, Benchmark Capital, Big Tech, bitcoin, blockchain, Burning Man, Cambridge Analytica, Cody Wilson, crowdsourcing, cryptocurrency, distributed ledger, diversification, Dogecoin, Donald Trump, East Village, Ethereum, ethereum blockchain, Flash crash, Free Software Foundation, Google Glasses, Google Hangouts, hacker house, information security, initial coin offering, Internet of things, Mark Zuckerberg, Maui Hawaii, mobile money, new economy, non-fungible token, off-the-grid, peer-to-peer, Peter Thiel, pets.com, Ponzi scheme, prediction markets, QR code, reserve currency, RFC: Request For Comment, Richard Stallman, Robert Shiller, Sand Hill Road, Satoshi Nakamoto, semantic web, sharing economy, side project, Silicon Valley, Skype, slashdot, smart contracts, South of Market, San Francisco, the Cathedral and the Bazaar, the payments system, too big to fail, tulip mania, Turing complete, Two Sigma, Uber for X, Vitalik Buterin

Then Fed chairman Alan Greenspan told the Senate Banking Committee that recent economic performance had been so “exceptional” that it might “carry productivity trends nationally and globally to a new higher track.” Technological developments were bringing forth a new system that couldn’t be measured by the standards of the old one. This idea came to be known as the “New Economy” in the 1990s. Similar arguments were made in the Roaring Twenties with the “New Economics,” John Cassidy wrote in Dot.Con, a book about the dot-com bubble. And now we had the same kind of hyperbolic lingo with crypto.4 It wasn’t just crypto heating up. The entire stock market was reaching new highs.


pages: 304 words: 99,836

Why I Left Goldman Sachs: A Wall Street Story by Greg Smith

Alan Greenspan, always be closing, asset allocation, Bear Stearns, Black Swan, bonus culture, break the buck, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, delayed gratification, East Village, fear index, financial engineering, fixed income, Flash crash, glass ceiling, Glass-Steagall Act, Goldman Sachs: Vampire Squid, high net worth, information asymmetry, London Interbank Offered Rate, mega-rich, money market fund, new economy, Nick Leeson, proprietary trading, quantitative hedge fund, Renaissance Technologies, short selling, short squeeze, Silicon Valley, Skype, sovereign wealth fund, Stanford marshmallow experiment, statistical model, technology bubble, too big to fail

The only problem was I wasn’t wearing a tie that day. A bit of background: Salespeople and traders at Goldman Sachs had worn suits and ties up until the late 1990s, but during the tech bubble, Goldman started to compete with Silicon Valley for the best and brightest recruits, and some of the new economy’s customs had rubbed off on old Wall Street. (Goldman was ahead of the curve on this: some banks, such as Lehman Brothers, kept their suit-and-tie policy much longer.) By the time my summer internship started, the firm had changed its dress code from business formal to business casual, and a number of eager interns had gone a bit overboard, with the women wearing short skirts and the guys black disco shirts on the trading floor.


pages: 332 words: 100,245

Mine!: How the Hidden Rules of Ownership Control Our Lives by Michael A. Heller, James Salzman

23andMe, Airbnb, behavioural economics, Berlin Wall, Big Tech, British Empire, Cass Sunstein, clean water, collaborative consumption, Cornelius Vanderbilt, coronavirus, COVID-19, CRISPR, crowdsourcing, Donald Trump, Downton Abbey, Elon Musk, endowment effect, estate planning, facts on the ground, Fall of the Berlin Wall, Firefox, Garrett Hardin, gig economy, Hernando de Soto, Internet of things, land tenure, Mason jar, Neil Armstrong, new economy, North Sea oil, offshore financial centre, oil rush, planetary scale, race to the bottom, recommendation engine, rent control, Richard Thaler, Ronald Coase, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, social distancing, South China Sea, sovereign wealth fund, stem cell, surveillance capitalism, TaskRabbit, The future is already here, Tim Cook: Apple, Tony Fadell, Tragedy of the Commons, you are the product, Zipcar

., “50 Reasons Why NYC Is the Greatest City in the World Right Now,” Time Out, September 18, 2018. In 1990 he became commissioner: Albert Appleton, “How New York City Kept Its Drinking Water Pure—and Saved Billions of Dollars,” On the Commons, October 24, 2012. “A good environment will”: Ibid. “rolling Thanksgiving dinner”: Gretchen Daily and Katherine Ellison, The New Economy of Nature: The Quest to Make Conservation Profitable (Washington, D.C.: Island Press, 2002), 74. ecosystem-services ownership: James Salzman et al., “The Global Status and Trends of Payments for Ecosystem Services,” Nature Sustainability 1 (2018): 136. Clambering around high stacks: “The Scaredest I’ve Been in a Long Time,” Deadliest Catch, May 31, 2016.


pages: 331 words: 95,582

Golden Gates: Fighting for Housing in America by Conor Dougherty

Airbnb, bank run, basic income, Bay Area Rapid Transit, Bernie Sanders, Big Tech, big-box store, business logic, California gold rush, carbon footprint, commoditize, death of newspapers, desegregation, do-ocracy, don't be evil, Donald Trump, edge city, Edward Glaeser, El Camino Real, emotional labour, fixed income, fixed-gear, gentrification, Golden Gate Park, Google bus, Haight Ashbury, Home mortgage interest deduction, housing crisis, illegal immigration, income inequality, Joan Didion, Marc Andreessen, Marc Benioff, mass immigration, new economy, New Urbanism, passive income, Paul Buchheit, Peter Thiel, rent control, rent-seeking, Richard Florida, Ronald Reagan, Salesforce, San Francisco homelessness, self-driving car, sharing economy, side hustle, side project, Silicon Valley, single-payer health, software is eating the world, South of Market, San Francisco, The Rise and Fall of American Growth, universal basic income, urban planning, urban renewal, vertical integration, white flight, winner-take-all economy, working poor, Y Combinator, Yom Kippur War, young professional

But underneath all that is a larger disease, which is a dire shortage of available housing in places where people and companies want to live, along with tectonic changes in how today’s technology-centric economy operates. Unlike in the past, when good-paying manufacturing work spread widely across the country and took middle-class wealth beyond cities into small towns, the new economy is more unequal by nature, and its companies tend to cluster around dense metropolitan areas. This has fueled a resurgence in American downtowns and tons of new jobs for people with a wide range of skill levels, but because U.S. cities don’t accommodate new people or housing nearly as well or as eagerly as they used to, the growth has caused new residents and speculators to bid up prices of the not-enough housing that already exists.


pages: 903 words: 235,753

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

1960s counterculture, 3D printing, 4chan, Ada Lovelace, Adam Curtis, additive manufacturing, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, Amazon Mechanical Turk, Amazon Robotics, Amazon Web Services, Andy Rubin, Anthropocene, augmented reality, autonomous vehicles, basic income, Benevolent Dictator For Life (BDFL), Berlin Wall, bioinformatics, Biosphere 2, bitcoin, blockchain, Buckminster Fuller, Burning Man, call centre, capitalist realism, carbon credits, carbon footprint, carbon tax, carbon-based life, Cass Sunstein, Celebration, Florida, Charles Babbage, charter city, clean water, cloud computing, company town, congestion pricing, connected car, Conway's law, corporate governance, crowdsourcing, cryptocurrency, dark matter, David Graeber, deglobalization, dematerialisation, digital capitalism, digital divide, disintermediation, distributed generation, don't be evil, Douglas Engelbart, Douglas Engelbart, driverless car, Edward Snowden, Elon Musk, en.wikipedia.org, Eratosthenes, Ethereum, ethereum blockchain, Evgeny Morozov, facts on the ground, Flash crash, Frank Gehry, Frederick Winslow Taylor, fulfillment center, functional programming, future of work, Georg Cantor, gig economy, global supply chain, Google Earth, Google Glasses, Guggenheim Bilbao, High speed trading, high-speed rail, Hyperloop, Ian Bogost, illegal immigration, industrial robot, information retrieval, Intergovernmental Panel on Climate Change (IPCC), intermodal, Internet of things, invisible hand, Jacob Appelbaum, James Bridle, Jaron Lanier, Joan Didion, John Markoff, John Perry Barlow, Joi Ito, Jony Ive, Julian Assange, Khan Academy, Kim Stanley Robinson, Kiva Systems, Laura Poitras, liberal capitalism, lifelogging, linked data, lolcat, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, McMansion, means of production, megacity, megaproject, megastructure, Menlo Park, Minecraft, MITM: man-in-the-middle, Monroe Doctrine, Neal Stephenson, Network effects, new economy, Nick Bostrom, ocean acidification, off-the-grid, offshore financial centre, oil shale / tar sands, Oklahoma City bombing, OSI model, packet switching, PageRank, pattern recognition, peak oil, peer-to-peer, performance metric, personalized medicine, Peter Eisenman, Peter Thiel, phenotype, Philip Mirowski, Pierre-Simon Laplace, place-making, planetary scale, pneumatic tube, post-Fordism, precautionary principle, RAND corporation, recommendation engine, reserve currency, rewilding, RFID, Robert Bork, Sand Hill Road, scientific management, self-driving car, semantic web, sharing economy, Silicon Valley, Silicon Valley ideology, skeuomorphism, Slavoj Žižek, smart cities, smart grid, smart meter, Snow Crash, social graph, software studies, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Startup school, statistical arbitrage, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, Superbowl ad, supply-chain management, supply-chain management software, synthetic biology, TaskRabbit, technological determinism, TED Talk, the built environment, The Chicago School, the long tail, the scientific method, Torches of Freedom, transaction costs, Turing complete, Turing machine, Turing test, undersea cable, universal basic income, urban planning, Vernor Vinge, vertical integration, warehouse automation, warehouse robotics, Washington Consensus, web application, Westphalian system, WikiLeaks, working poor, Y Combinator, yottabyte

Even techniques like multiplex polarization will probably not suffice in the long term.27 We may like to think of fiber optics as providing functionally limitless bandwidth, but at a zettabyte order of magnitude, for a planetary Cloud ultimately linking trillions of devices, this is not true. Unless new technologies, such as widespread multicore fiber, are widely deployed in the next decade, the physical limits of how much information can actually pass through a given channel may introduce new economies of bandwidth scarcity, prioritization, and pricing.28 At the same time, newer networks with greater carrying capacity, as well as faster signal throughput, may provide new kinds of Cloud services previously only imagined, such as holodeck-quality virtual environments. Such accomplishments may steer primate evolution toward shared intersubjective experience, introducing fantastic new genres of narrative, design, architecture, poetry, medicine, and music at a planetary scale, or it may allow a select few to watch 8K LOLcat videos from 10 angles at once.

First, although the biggest presumed growth of User population is in South America, Asia, and Africa, it is North America and Europe that control many more addresses than those continents. Second, one whole quadrant (totaling hundreds of millions of addresses) is claimed by private and government actors, such as Apple, Microsoft, Halliburton, the US Department of Defense, the UK Ministry of Defense, Merck, and Lilly. One new economy of scarcity is addressability, and existing solutions to expand the address space are unlikely to be implemented as quickly as they could be. There is hard power in soft addresses as the power of the map is the power to qualify movement, and the top left corner of the IPv4 map is beachfront real estate.31 But ultimately this scarcity is artificial and technologically unnecessary, and it has even distorted the structure of the Internet itself.32 An original vision for the Internet platform was for decentralized “state-full edges” in which every node could peer with any other.


pages: 326 words: 106,053

The Wisdom of Crowds by James Surowiecki

Alan Greenspan, AltaVista, Andrei Shleifer, Apollo 13, asset allocation, behavioural economics, Cass Sunstein, classic study, congestion pricing, coronavirus, Daniel Kahneman / Amos Tversky, experimental economics, Frederick Winslow Taylor, George Akerlof, Great Leap Forward, Gregor Mendel, Howard Rheingold, I think there is a world market for maybe five computers, interchangeable parts, Jeff Bezos, John Bogle, John Meriwether, Joseph Schumpeter, knowledge economy, lone genius, Long Term Capital Management, market bubble, market clearing, market design, Monkeys Reject Unequal Pay, moral hazard, Myron Scholes, new economy, offshore financial centre, Picturephone, prediction markets, profit maximization, Richard Feynman, Richard Feynman: Challenger O-ring, Richard Thaler, Robert Shiller, Ronald Coase, Ronald Reagan, seminal paper, shareholder value, short selling, Silicon Valley, South Sea Bubble, tacit knowledge, The Nature of the Firm, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Toyota Production System, transaction costs, ultimatum game, vertical integration, world market for maybe five computers, Yogi Berra, zero-sum game

But if screws became interchangeable, customers would need the craftsmen less and would worry about the price more. Sellers understood the fear. But he also believed that interchangeable parts and mass production were inevitable, and the screw he designed was meant to be easier, cheaper, and faster to produce than any other. His screws fit the new economy, where a premium was placed on speed, volume, and cost. But because of what was at stake, and because the machinist community was so tight-knit, Sellers understood that connections and influence would shape people’s decisions. So over the next five years, he targeted influential users, like the Pennsylvania Railroad and the U.S.


pages: 385 words: 111,113

Augmented: Life in the Smart Lane by Brett King

23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, agricultural Revolution, Airbnb, Albert Einstein, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, Apollo 11, Apollo Guidance Computer, Apple II, artificial general intelligence, asset allocation, augmented reality, autonomous vehicles, barriers to entry, bitcoin, Bletchley Park, blockchain, Boston Dynamics, business intelligence, business process, call centre, chief data officer, Chris Urmson, Clayton Christensen, clean water, Computing Machinery and Intelligence, congestion charging, CRISPR, crowdsourcing, cryptocurrency, data science, deep learning, DeepMind, deskilling, different worldview, disruptive innovation, distributed generation, distributed ledger, double helix, drone strike, electricity market, Elon Musk, Erik Brynjolfsson, Fellow of the Royal Society, fiat currency, financial exclusion, Flash crash, Flynn Effect, Ford Model T, future of work, gamification, Geoffrey Hinton, gig economy, gigafactory, Google Glasses, Google X / Alphabet X, Hans Lippershey, high-speed rail, Hyperloop, income inequality, industrial robot, information asymmetry, Internet of things, invention of movable type, invention of the printing press, invention of the telephone, invention of the wheel, James Dyson, Jeff Bezos, job automation, job-hopping, John Markoff, John von Neumann, Kevin Kelly, Kickstarter, Kim Stanley Robinson, Kiva Systems, Kodak vs Instagram, Leonard Kleinrock, lifelogging, low earth orbit, low skilled workers, Lyft, M-Pesa, Mark Zuckerberg, Marshall McLuhan, megacity, Metcalfe’s law, Minecraft, mobile money, money market fund, more computing power than Apollo, Neal Stephenson, Neil Armstrong, Network effects, new economy, Nick Bostrom, obamacare, Occupy movement, Oculus Rift, off grid, off-the-grid, packet switching, pattern recognition, peer-to-peer, Ray Kurzweil, retail therapy, RFID, ride hailing / ride sharing, Robert Metcalfe, Salesforce, Satoshi Nakamoto, Second Machine Age, selective serotonin reuptake inhibitor (SSRI), self-driving car, sharing economy, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart transportation, Snapchat, Snow Crash, social graph, software as a service, speech recognition, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, synthetic biology, systems thinking, TaskRabbit, technological singularity, TED Talk, telemarketer, telepresence, telepresence robot, Tesla Model S, The future is already here, The Future of Employment, Tim Cook: Apple, trade route, Travis Kalanick, TSMC, Turing complete, Turing test, Twitter Arab Spring, uber lyft, undersea cable, urban sprawl, V2 rocket, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, white picket fence, WikiLeaks, yottabyte

“Gartner predicts one in three jobs will be converted to software, robots and smart machines by 2025,” said Gartner research director Peter Sondergaard. “New digital businesses require less labor; machines will make sense of data faster than humans can.”10 How we interact with robots will determine how successful we will be in the new economy and society that is coming. Kevin Kelly, former editor of Wired magazine, said, “This is not a race against the machines. If we race against them, we lose. This is a race with the machines. You’ll be paid in the future based on how well you work with robots.”11 Robots will change everything from how we work, play, socialise and care for ourselves.


pages: 391 words: 106,394

Misspent Youth by Peter F. Hamilton

double helix, forensic accounting, illegal immigration, informal economy, it's over 9,000, new economy, private spaceflight, Ronald Reagan

It wasn’t just the straight medical pharmaceutical companies that had benefited from the genome decoding projects of the nineties and noughties. There had been a long period of corporate mergers and buyouts early in the millennium, as pharmaceutical, biochemical, and cosmetic companies fused into the new economy giants that they were today. Successful and worthy genetic treatments to counter and cure appalling diseases by the use of powerful vectoring technology to deliver improved genes directly to individual cells had swiftly been adapted to insert genes that made more subtle cellular improvements. Skin was the first area to come under scrutiny, of course.


pages: 350 words: 110,764

The Problem With Work: Feminism, Marxism, Antiwork Politics, and Postwork Imaginaries by Kathi Weeks

antiwork, basic income, call centre, cognitive dissonance, collective bargaining, conceptual framework, deskilling, feminist movement, financial independence, Ford paid five dollars a day, Francis Fukuyama: the end of history, glass ceiling, Kim Stanley Robinson, late capitalism, low-wage service sector, means of production, Meghnad Desai, moral panic, new economy, New Urbanism, occupational segregation, pink-collar, post-Fordism, post-work, postindustrial economy, profit maximization, Shoshana Zuboff, social intelligence, two tier labour market, union organizing, universal basic income, W. E. B. Du Bois, wages for housework, women in the workforce, work culture , zero-sum game

In Feminist Utopias in a Postmodern Era, edited by Alkeline van Lenning, Marrie Bekker, and Ine Vanwesenbeeck, 45–53. Tilburg, the Netherlands: Tilburg University Press. Schultz, Vicki, and Allison Hoffman. 2006. “The Need for a Reduced Workweek in the United States.” In Precarious Work, Women, and the New Economy: The Challenge to Legal Norms, edited by Judy Fudge and Rosemary Owens, 131–51. Portland, Ore.: Hart. Seidman, Michael. 1991. Workers against Work: Labor in Paris and Barcelona during the Popular Fronts. Berkeley: University of California Press. Shaiken, Harley, Stephen Herzenberg, and Sarah Kuhn. 1986.


pages: 273 words: 34,920

Free Market Missionaries: The Corporate Manipulation of Community Values by Sharon Beder

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Alan Greenspan, anti-communist, battle of ideas, business climate, Cornelius Vanderbilt, corporate governance, electricity market, en.wikipedia.org, full employment, Herbert Marcuse, Ida Tarbell, income inequality, invisible hand, junk bonds, liquidationism / Banker’s doctrine / the Treasury view, minimum wage unemployment, Mont Pelerin Society, new economy, old-boy network, popular capitalism, Powell Memorandum, price mechanism, profit motive, Ralph Nader, rent control, risk/return, road to serfdom, Ronald Reagan, school vouchers, shareholder value, spread of share-ownership, structural adjustment programs, The Chicago School, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, Torches of Freedom, trade liberalization, traveling salesman, trickle-down economics, two and twenty, Upton Sinclair, Washington Consensus, wealth creators, young professional

In a democratic capitalist system that succeeds in giving people access to capital, owners of capital and workers are not different people, but the very same people at different stages of their lives . . . I can’t think of a better way to directly move capital from Wall Street to Main Street, and from the government to the people, than to allow each worker to become a saver, an owner, and indeed, a capitalist – with personal retirement accounts.11 Kemp claims that in the New Economy ‘almost half of all American adults are now participating in the new prosperity as shareholders of stocks and bonds or through their pension funds’. Rather than being the territory of elites, as they once were, he sees ‘record numbers of women and young people and minorities’ involved in the share market: ‘Main Street is taking over Wall Street.


Remix: Making Art and Commerce Thrive in the Hybrid Economy by Lawrence Lessig

Aaron Swartz, Amazon Web Services, Andrew Keen, Benjamin Mako Hill, Berlin Wall, Bernie Sanders, Brewster Kahle, carbon tax, Cass Sunstein, collaborative editing, commoditize, disintermediation, don't be evil, Erik Brynjolfsson, folksonomy, Free Software Foundation, Internet Archive, invisible hand, Jeff Bezos, jimmy wales, John Perry Barlow, Joi Ito, Kevin Kelly, Larry Wall, late fees, Mark Shuttleworth, Netflix Prize, Network effects, new economy, optical character recognition, PageRank, peer-to-peer, recommendation engine, revision control, Richard Stallman, Ronald Coase, Saturday Night Live, search costs, SETI@home, sharing economy, Silicon Valley, Skype, slashdot, Steve Jobs, the long tail, The Nature of the Firm, thinkpad, transaction costs, VA Linux, Wayback Machine, yellow journalism, Yochai Benkler

Yates, “Internet-Related Manager Tops List of Hottest Jobs; Position Is So New and in Such Demand That Candidates’ Lack of Degrees or Advanced Age Are Not Seen as Deterrents,” Sun-Sentinel, February 5, 1996. Robert D. Atkinson and Daniel K. Correa, “The Digital Economy—Internet Domain Names,” The 2007 State New Economy Index (2007): 40, available at link #48. 3. U.S. Census Bureau, “E-Stats-Measuring the Electronic Economy,” available at link #49. 4. Sony Corp. v. Universal City Studios, 464 U.S. 417 (1984). 5. See Julie Niederhoff, “Video Rental Developments and the Supply Chain: Netflix, Inc.,” Washington University, St.


pages: 274 words: 93,758

Phishing for Phools: The Economics of Manipulation and Deception by George A. Akerlof, Robert J. Shiller, Stanley B Resor Professor Of Economics Robert J Shiller

Andrei Shleifer, asset-backed security, Bear Stearns, behavioural economics, Bernie Madoff, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, collapse of Lehman Brothers, compensation consultant, corporate raider, Credit Default Swap, Daniel Kahneman / Amos Tversky, dark matter, David Brooks, desegregation, en.wikipedia.org, endowment effect, equity premium, financial intermediation, financial thriller, fixed income, full employment, George Akerlof, greed is good, income per capita, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, junk bonds, Kenneth Arrow, Kenneth Rogoff, late fees, loss aversion, market bubble, Menlo Park, mental accounting, Michael Milken, Milgram experiment, money market fund, moral hazard, new economy, Pareto efficiency, Paul Samuelson, payday loans, Ponzi scheme, profit motive, publication bias, Ralph Nader, randomized controlled trial, Richard Thaler, Robert Shiller, Robert Solow, Ronald Reagan, Savings and loan crisis, short selling, Silicon Valley, stock buybacks, the new new thing, The Predators' Ball, the scientific method, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, theory of mind, Thorstein Veblen, too big to fail, transaction costs, Unsafe at Any Speed, Upton Sinclair, Vanguard fund, Vilfredo Pareto, wage slave

They thought that those purchasers would have asked the question embodied in a memento that Sidney Weinberg himself kept in his office from a trip as a youth to Niagara Falls: a pebble he purchased for 50 cents in a small sack, from a con man who said that he alone knew how to get diamonds from beneath the falls.37 But if that guy wants to sell me those diamonds from beneath the falls, should I buy them? An important aspect of phishing for phools is the fencing of such embarrassing questions. There was a myth of the new economy that the complex mortgage-backed securities were tailored in such a way that risk had disappeared. The high ratings offered by the ratings agencies fenced the myth. While the myth remained unpunctured, phishing for phools was as profitable as it ever gets. Summary And, as we have demonstrated, it was a phishing equilibrium.


pages: 358 words: 106,729

Fault Lines: How Hidden Fractures Still Threaten the World Economy by Raghuram Rajan

"World Economic Forum" Davos, accounting loophole / creative accounting, Alan Greenspan, Andrei Shleifer, Asian financial crisis, asset-backed security, assortative mating, bank run, barriers to entry, Bear Stearns, behavioural economics, Bernie Madoff, Bretton Woods, business climate, business cycle, carbon tax, Clayton Christensen, clean water, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, currency risk, diversification, Edward Glaeser, financial innovation, fixed income, floating exchange rates, full employment, Glass-Steagall Act, global supply chain, Goldman Sachs: Vampire Squid, Greenspan put, illegal immigration, implied volatility, income inequality, index fund, interest rate swap, Joseph Schumpeter, Kaizen: continuous improvement, Kenneth Rogoff, knowledge worker, labor-force participation, Long Term Capital Management, longitudinal study, low interest rates, machine readable, market bubble, Martin Wolf, medical malpractice, microcredit, money market fund, moral hazard, new economy, Northern Rock, offshore financial centre, open economy, Phillips curve, price stability, profit motive, proprietary trading, Real Time Gross Settlement, Richard Florida, Richard Thaler, risk tolerance, Robert Shiller, Ronald Reagan, Savings and loan crisis, school vouchers, seminal paper, short selling, sovereign wealth fund, tail risk, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, too big to fail, upwardly mobile, Vanguard fund, women in the workforce, World Values Survey

The Newsweek columnist Robert Samuelson has argued that “on the whole, Americans care less about inequality—the precise gap between the rich and the poor—than about opportunity and achievement: are people getting ahead?”22 Yet inequality in education is particularly insidious because it reduces opportunity. Someone who has had an indifferent high school education cannot even dream of getting a range of jobs that the new economy has thrown up. For Americans, many of whom “define political freedom as strict equality but economic freedom as an equal chance to become unequal,” inequality of access to quality education shakes the very foundation of their support for economic freedom, for they no longer have an equal chance.23 If Americans no longer have the chance to be upwardly mobile, they are less likely to be optimistic about the future or to be tolerant of the mobility of others—because the immobile are hurt when others move up.


pages: 387 words: 105,250

The Caryatids by Bruce Sterling

bread and circuses, carbon footprint, clean water, commons-based peer production, failed state, impulse control, machine translation, megaproject, negative equity, new economy, no-fly zone, nuclear winter, precautionary principle, semantic web, sexual politics, social software, space junk, starchitect, stem cell, supervolcano, urban renewal, Whole Earth Review

It’s always much easier for me to travel outside China when the state has the formal documents.” “All right, fine, one small moment here,” said George, “let me use my correlation engine! With this amazing new business tool, I can change your life from right here in my chair! My new network engine is Californian! In ten years the whole Earth will have a new economy!” Sonja’s keen ears heard George busily tapping at keys. “ ‘Scythia’?” George said, almost at once. “Would ‘Scythia’ do for you? Scythia is a poststate disaster region in the middle of Asia. You could go anywhere in Asia and claim you were going to ‘Scythia.’ ” “I know about Scythia. I also need special travel gear, George.


pages: 311 words: 17,232

Living in a Material World: The Commodity Connection by Kevin Morrison

addicted to oil, Alan Greenspan, An Inconvenient Truth, barriers to entry, Berlin Wall, biodiversity loss, carbon credits, carbon footprint, carbon tax, clean water, commoditize, commodity trading advisor, computerized trading, diversified portfolio, Doha Development Round, Elon Musk, energy security, European colonialism, flex fuel, food miles, Ford Model T, Great Grain Robbery, Gregor Mendel, Hernando de Soto, Hugh Fearnley-Whittingstall, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), junk bonds, Kickstarter, Long Term Capital Management, managed futures, Market Wizards by Jack D. Schwager, Michael Milken, new economy, North Sea oil, oil rush, oil shale / tar sands, oil shock, out of africa, Paul Samuelson, peak oil, planned obsolescence, price mechanism, Ronald Coase, Ronald Reagan, Silicon Valley, sovereign wealth fund, the payments system, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, uranium enrichment, vertical integration, young professional

A decade later it has a new electric vehicle – the Concept Chevy Volt, which can run on electricity, petrol, ethanol or biodiesel. This is the spearhead of General Motors’ campaign to catch up with Toyota Motor Company, the maker of the hybrid pioneering car, the Prius. Launched in Japan in 1997, the Prius is a hit in Europe and the US. With ‘green technology’ the new economy of the 21st century, entrepreneurs see an opportunity for electric vehicles including Telsa Motors, founded by internet mogul Elon Musk, as do university research departments at points around the US, the UK, Europe and Japan; all of which will require more copper. Motor vehicles are big polluters; combined with air travel, transport as a whole accounts for 14% of global emissions each year.


pages: 367 words: 108,689

Broke: How to Survive the Middle Class Crisis by David Boyle

anti-communist, AOL-Time Warner, banking crisis, Berlin Wall, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, call centre, collateralized debt obligation, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, deindustrialization, delayed gratification, Desert Island Discs, Eugene Fama: efficient market hypothesis, eurozone crisis, Fall of the Berlin Wall, financial deregulation, financial independence, financial innovation, financial intermediation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, gentrification, Goodhart's law, housing crisis, income inequality, Jane Jacobs, job satisfaction, John Bogle, junk bonds, Kickstarter, knowledge economy, knowledge worker, low interest rates, market fundamentalism, Martin Wolf, Mary Meeker, mega-rich, Money creation, mortgage debt, Neil Kinnock, Nelson Mandela, new economy, Nick Leeson, North Sea oil, Northern Rock, Ocado, Occupy movement, off grid, offshore financial centre, pension reform, pensions crisis, Plutonomy: Buying Luxury, Explaining Global Imbalances, Ponzi scheme, positional goods, precariat, quantitative easing, school choice, scientific management, Slavoj Žižek, social intelligence, subprime mortgage crisis, too big to fail, trickle-down economics, Vanguard fund, Walter Mischel, wealth creators, Winter of Discontent, work culture , working poor

He became, rather reluctantly, part of the intellectual underpinnings of a new kind of deregulated ideal, the one that fell to pieces in the banking crash of 2008. These days, he finds himself in rather different company, and has recently begun a defence of the embattled American middle classes.[23] What he described as ‘happy talk about the wonders of the knowledge economy’, hailing a new economy based exclusively on service and finance, was actually a ‘gauzy veil placed over the hard facts of deindustrialization’. The rewards of technological and financial innovation go overwhelmingly to a very narrow group of people, he warned, explaining that: Americans may today benefit from cheap cell phones, inexpensive clothing, and Facebook, but they increasingly cannot afford their own homes, or health insurance, or comfortable pensions when they retire.


pages: 565 words: 122,605

The Human City: Urbanism for the Rest of Us by Joel Kotkin

"World Economic Forum" Davos, Alvin Toffler, autonomous vehicles, birth tourism , blue-collar work, British Empire, carbon footprint, Celebration, Florida, citizen journalism, colonial rule, crony capitalism, deindustrialization, demographic winter, Deng Xiaoping, Downton Abbey, edge city, Edward Glaeser, financial engineering, financial independence, Frank Gehry, gentrification, Gini coefficient, Google bus, housing crisis, illegal immigration, income inequality, informal economy, intentional community, Jane Jacobs, labor-force participation, land reform, Lewis Mumford, life extension, market bubble, mass immigration, McMansion, megacity, megaproject, microapartment, new economy, New Urbanism, Own Your Own Home, peak oil, pensions crisis, Peter Calthorpe, post-industrial society, RAND corporation, Richard Florida, rising living standards, Ronald Reagan, Salesforce, Seaside, Florida, self-driving car, Shenzhen was a fishing village, Silicon Valley, starchitect, Stewart Brand, streetcar suburb, Ted Nelson, the built environment, trade route, transit-oriented development, upwardly mobile, urban planning, urban renewal, urban sprawl, Victor Gruen, Whole Earth Catalog, women in the workforce, young professional

In his book, Pilot cites a 2012 survey of 3,000 millennial-generation business owners, which found that 82 percent believe many businesses will be built entirely with virtual teams of online workers by 2022.156 Millennials, in particular, may be attracted to the environmental savings that can result from reduced office energy consumption, roadway repairs, urban heating, office construction, business travel, and paper usage (as electronic documents replace paper).157 Overall, according to a 2007 survey, greater use of telecommuting in the United States alone could save 1 billion tons of emissions over 10 years.158 Yet for most, the real benefit of telework is smashing the great barrier between work and home life. We may well be on the verge of the home-centered urban paradigm first envisioned by futurist Alvin Toffler more than four decades ago. In his vision, the house becomes “the electronic cottage,” the center of a new economy, with benefits not only for the environment but also for families, partly from allowing mothers and fathers to work while being active parents.159 The implication for housing forms is fairly obvious: as people use houses for work, they are likely to look for larger—not smaller—and more comfortable places to live.


pages: 398 words: 105,917

Bean Counters: The Triumph of the Accountants and How They Broke Capitalism by Richard Brooks

"World Economic Forum" Davos, accounting loophole / creative accounting, Alan Greenspan, asset-backed security, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, blockchain, BRICs, British Empire, business process, Charles Babbage, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Strachan, Deng Xiaoping, Donald Trump, double entry bookkeeping, Double Irish / Dutch Sandwich, energy security, Etonian, eurozone crisis, financial deregulation, financial engineering, Ford Model T, forensic accounting, Frederick Winslow Taylor, G4S, Glass-Steagall Act, high-speed rail, information security, intangible asset, Internet of things, James Watt: steam engine, Jeremy Corbyn, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, junk bonds, light touch regulation, Long Term Capital Management, low cost airline, new economy, Northern Rock, offshore financial centre, oil shale / tar sands, On the Economy of Machinery and Manufactures, Ponzi scheme, post-oil, principal–agent problem, profit motive, race to the bottom, railway mania, regulatory arbitrage, risk/return, Ronald Reagan, Savings and loan crisis, savings glut, scientific management, short selling, Silicon Valley, South Sea Bubble, statistical model, supply-chain management, The Chicago School, too big to fail, transaction costs, transfer pricing, Upton Sinclair, WikiLeaks

‘In the zeal to satisfy consensus earnings estimates and project a smooth earnings path, wishful thinking may be winning the day over faithful representation . . . Managing may be giving way to manipulation; integrity may be losing out to illusion.’22 Levitt outlined the more common accounting scams. ‘Merger magic’ deceptions, along the lines of the old pooling-of-interests profit-boosting techniques, were particularly popular for acquisitions of ‘new economy’ companies with barely any income but sky-high valuations. Other companies were restructuring and creating excessive reserves for future expenditure. Wall Street ignored the cost of doing so as one-off ‘exceptional’ items but didn’t object later when the costs didn’t turn out so large and the reduction in the reserves boosted profits.


pages: 362 words: 108,359

The Accidental Investment Banker: Inside the Decade That Transformed Wall Street by Jonathan A. Knee

AOL-Time Warner, barriers to entry, Bear Stearns, book value, Boycotts of Israel, business logic, call centre, cognitive dissonance, commoditize, corporate governance, Corrections Corporation of America, deal flow, discounted cash flows, fear of failure, fixed income, Glass-Steagall Act, greed is good, if you build it, they will come, iterative process, junk bonds, low interest rates, market bubble, market clearing, Mary Meeker, Menlo Park, Michael Milken, new economy, Ponzi scheme, pre–internet, proprietary trading, risk/return, Ronald Reagan, shareholder value, Silicon Valley, SoftBank, technology bubble, young professional, éminence grise

The problem at Morgan was that Mary held that any company even tangentially related to the Internet required her personal approval before the firm could sponsor it regardless of whether she actually covered it. As more and more companies were trying to reposition themselves as Internet businesses, this exponentially expanded Mary’s potential reach. And given her unique place in the new economy, no one, it seemed, was willing to say “no” to Mary Meeker. In my world, media, the problem this created became quite acute, as it seemed every client we had was trying to recharacterize themselves as some kind of Internet play. We came up with the bright idea of organizing an “Internet Media Conference” in part to satisfy our clients whom we could never actually get invited to Mary’s “real” Internet conference—one of the street’s hottest tickets—but also as a subtle way to credentialize our traditional media analysts as having all-important Web savvy.


pages: 440 words: 108,137

The Meritocracy Myth by Stephen J. McNamee

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, American ideology, antiwork, Bernie Madoff, British Empire, business cycle, classic study, collective bargaining, computer age, conceptual framework, corporate governance, deindustrialization, delayed gratification, demographic transition, desegregation, deskilling, Dr. Strangelove, equal pay for equal work, estate planning, failed state, fixed income, food desert, Gary Kildall, gender pay gap, Gini coefficient, glass ceiling, helicopter parent, income inequality, informal economy, invisible hand, job automation, joint-stock company, junk bonds, labor-force participation, longitudinal study, low-wage service sector, marginal employment, Mark Zuckerberg, meritocracy, Michael Milken, mortgage debt, mortgage tax deduction, new economy, New Urbanism, obamacare, occupational segregation, old-boy network, pink-collar, plutocrats, Ponzi scheme, post-industrial society, prediction markets, profit motive, race to the bottom, random walk, Savings and loan crisis, school choice, Scientific racism, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, the strength of weak ties, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, upwardly mobile, We are the 99%, white flight, young professional

The idea of rugged pioneers setting out against all the odds to stake their own claims and conquer the West became a deep and abiding image in the American psyche. Self-employment also fit well with the principles of free-market capitalism. Economic self-interest, individual ownership, and unbridled competition became the cornerstones of the new economy. Self-employment resonated with the experience of the new nation. Americans were on their way to “doing it my way.” Since those early days, however, economic conditions have changed dramatically. Large bureaucratically organized corporations now dominate the American economic landscape. Despite these colossal shifts in the economy, many Americans continue to cling to the romantic image of the lone inventor and the individual entrepreneur as backbones of the American economy.


pages: 519 words: 104,396

Priceless: The Myth of Fair Value (And How to Take Advantage of It) by William Poundstone

availability heuristic, behavioural economics, book value, Cass Sunstein, collective bargaining, Daniel Kahneman / Amos Tversky, delayed gratification, Donald Trump, Dr. Strangelove, East Village, en.wikipedia.org, endowment effect, equal pay for equal work, experimental economics, experimental subject, feminist movement, game design, German hyperinflation, Henri Poincaré, high net worth, index card, invisible hand, John von Neumann, Kenneth Arrow, laissez-faire capitalism, Landlord’s Game, Linda problem, loss aversion, market bubble, McDonald's hot coffee lawsuit, mental accounting, meta-analysis, Nash equilibrium, new economy, no-fly zone, Paul Samuelson, payday loans, Philip Mirowski, Potemkin village, power law, price anchoring, price discrimination, psychological pricing, Ralph Waldo Emerson, RAND corporation, random walk, RFID, Richard Thaler, risk tolerance, Robert Shiller, rolodex, social intelligence, starchitect, Steve Jobs, The Chicago School, The Wealth of Nations by Adam Smith, three-martini lunch, ultimatum game, working poor

In any case, a shopper wouldn’t notice the shrinkage unless she archived old Puffs tissues and measured them. This ruse can go on only so long. Cereal boxes would collapse to cardboard envelopes; jars would become plastic voids. Eventually there arrives a point at which the manufacturer must make a bold move everyone will notice. It introduces a new, economy-size package. In size, shape, or other design features, the new package (and its price) is difficult to compare to the old. The consumer is flummoxed, unable to tell whether the new package is a good deal or not. So she tosses it into the cart. The cycle of shrinking packages repeats, ad infinitum.


pages: 350 words: 109,220

In FED We Trust: Ben Bernanke's War on the Great Panic by David Wessel

Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, Bear Stearns, Berlin Wall, Black Swan, break the buck, business cycle, central bank independence, credit crunch, Credit Default Swap, crony capitalism, debt deflation, Fall of the Berlin Wall, financial engineering, financial innovation, financial intermediation, fixed income, full employment, George Akerlof, Glass-Steagall Act, Greenspan put, housing crisis, inflation targeting, information asymmetry, junk bonds, London Interbank Offered Rate, Long Term Capital Management, low interest rates, market bubble, Michael Milken, money market fund, moral hazard, mortgage debt, new economy, Northern Rock, price stability, quantitative easing, Robert Shiller, Ronald Reagan, Saturday Night Live, Savings and loan crisis, savings glut, Socratic dialogue, too big to fail

Bernanke, who was still fighting off a financial crisis a year and a half after it began, would later complain good-naturedly that Greenspan had it easy. Greenspan cemented his status as a guru with unique foresight in the mid-1990s with an intellectually courageous call that the Internet-based New Economy was so fundamentally changing the U.S. economy that the Fed could permit the economy to grow faster than most inflation-fearing economists thought prudent. The result was lower unemployment without higher inflation — and a technology stock market bubble for which Greenspan got substantial blame.


pages: 357 words: 110,017

Money: The Unauthorized Biography by Felix Martin

Alan Greenspan, bank run, banking crisis, Basel III, Bear Stearns, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, call centre, capital asset pricing model, Carmen Reinhart, central bank independence, collapse of Lehman Brothers, creative destruction, credit crunch, David Graeber, en.wikipedia.org, financial deregulation, financial innovation, Financial Instability Hypothesis, financial intermediation, fixed income, Fractional reserve banking, full employment, Glass-Steagall Act, Goldman Sachs: Vampire Squid, Hyman Minsky, inflation targeting, invention of writing, invisible hand, Irish bank strikes, joint-stock company, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, land bank, Michael Milken, mobile money, moral hazard, mortgage debt, new economy, Northern Rock, Occupy movement, Paul Volcker talking about ATMs, plutocrats, private military company, proprietary trading, public intellectual, Republic of Letters, Richard Feynman, Robert Shiller, Savings and loan crisis, Scientific racism, scientific worldview, seigniorage, Silicon Valley, smart transportation, South Sea Bubble, supply-chain management, The Wealth of Nations by Adam Smith, too big to fail

The country had pegged the value of its peso to the U.S. dollar for over a decade under a so-called “currency board” arrangement that had delivered unprecedented stability and prosperity for much of the 1990s. But when Brazil devalued its currency in January 1999, Argentina was suddenly priced out of its largest export market and its economy tipped into recession. As the world’s craving for the United States’ new economy drove the U.S. dollar higher and higher over the next two years, it took the Argentine peso with it—heaping yet more misery on an economy that with its reliance on the production of agricultural commodities looked decidedly old. By the middle of 2001, the country had been in recession for almost three years and its public finances were unravelling despite several attempted austerity programmes.


pages: 374 words: 111,284

The AI Economy: Work, Wealth and Welfare in the Robot Age by Roger Bootle

"World Economic Forum" Davos, 3D printing, agricultural Revolution, AI winter, Albert Einstein, AlphaGo, Alvin Toffler, anti-work, antiwork, autonomous vehicles, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Bletchley Park, blockchain, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Carl Icahn, Chris Urmson, computer age, Computing Machinery and Intelligence, conceptual framework, corporate governance, correlation does not imply causation, creative destruction, David Ricardo: comparative advantage, deep learning, DeepMind, deindustrialization, Demis Hassabis, deskilling, Dr. Strangelove, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, facts on the ground, fake news, financial intermediation, full employment, future of work, Future Shock, general purpose technology, Great Leap Forward, Hans Moravec, income inequality, income per capita, industrial robot, Internet of things, invention of the wheel, Isaac Newton, James Watt: steam engine, Jeff Bezos, Jeremy Corbyn, job automation, job satisfaction, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, license plate recognition, low interest rates, machine translation, Marc Andreessen, Mark Zuckerberg, market bubble, mega-rich, natural language processing, Network effects, new economy, Nicholas Carr, Ocado, Paul Samuelson, Peter Thiel, Phillips curve, positional goods, quantitative easing, RAND corporation, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, rising living standards, road to serfdom, Robert Gordon, Robert Shiller, Robert Solow, Rutger Bregman, Second Machine Age, secular stagnation, self-driving car, seminal paper, Silicon Valley, Silicon Valley billionaire, Simon Kuznets, Skype, social intelligence, spinning jenny, Stanislav Petrov, Stephen Hawking, Steven Pinker, synthetic biology, technological singularity, The Future of Employment, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, universal basic income, US Airways Flight 1549, Vernor Vinge, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, wealth creators, winner-take-all economy, world market for maybe five computers, Y2K, Yogi Berra

Some studies have tried to estimate the number of jobs that will disappear in particular sectors and to hazard a guess at what number of new jobs that will appear. These exercises can have some value. Indeed, I will refer to some of their results below. But such studies are replete with arid banks of dubious numbers. By contrast, what this chapter tries to do is to concentrate on the principles underlying job destruction and job creation in the new economy. It tries to identify the types of job that are most at risk from the spread of robots and AI, and those that are relatively immune – and to explain why. And it discusses which areas might see more jobs created and even speculates about what sorts of new jobs might appear. The discussion begins with an analysis of the scope for driverless vehicles, which leads on to an analysis of the scope for replacing humans with robots and AI in the military.


Capitalism, Alone: The Future of the System That Rules the World by Branko Milanovic

affirmative action, Asian financial crisis, assortative mating, barriers to entry, basic income, Berlin Wall, bilateral investment treaty, Black Swan, Branko Milanovic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, colonial rule, corporate governance, creative destruction, crony capitalism, deindustrialization, dematerialisation, Deng Xiaoping, discovery of the americas, European colonialism, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, full employment, ghettoisation, gig economy, Gini coefficient, global supply chain, global value chain, Great Leap Forward, high net worth, household responsibility system, income inequality, income per capita, invention of the wheel, invisible hand, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, labor-force participation, laissez-faire capitalism, land reform, liberal capitalism, low skilled workers, Lyft, means of production, new economy, offshore financial centre, Paul Samuelson, plutocrats, post-materialism, purchasing power parity, remote working, rent-seeking, ride hailing / ride sharing, Robert Solow, Silicon Valley, single-payer health, special economic zone, Tax Reform Act of 1986, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thorstein Veblen, uber lyft, universal basic income, Vilfredo Pareto, Washington Consensus, women in the workforce, working-age population, Xiaogang Anhui farmers

IMF Working Paper wp/17/169, International Monetary Fund, Washington DC, July. https://www.imf.org/en/Publications/WP/Issues/2017/07/24/Why-Is-Labor-Receiving-a-Smaller-Share-of-Global-Income-Theory-and-Empirical-Evidence-45102. Dasgupta, Rana. 2015. Capital: The Eruption of Delhi. New York: Penguin. Davis, Gerald F. 2016. The Vanishing American Corporation: Navigating the Hazards of a New Economy. N.P.: Berrett-Koehler. Davis, Jonathan, and Bhashkar Mazumder. 2017. “The Decline in Intergenerational Mobility after 1980.” Federal Reserve Bank of Chicago Working Paper No. 17-21, revised January 29, 2019. https://www.chicagofed.org/publications/working-papers/2017/wp2017-05. Decancq, Koen, Andreas Peichl, and Philippe Van Kerm. 2013.


pages: 297 words: 108,353

Boom and Bust: A Global History of Financial Bubbles by William Quinn, John D. Turner

accounting loophole / creative accounting, Alan Greenspan, algorithmic trading, AOL-Time Warner, bank run, banking crisis, barriers to entry, Bear Stearns, behavioural economics, Big bang: deregulation of the City of London, bitcoin, blockchain, book value, Bretton Woods, business cycle, buy and hold, capital controls, Celtic Tiger, collapse of Lehman Brothers, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, cryptocurrency, debt deflation, deglobalization, Deng Xiaoping, different worldview, discounted cash flows, Donald Trump, equity risk premium, Ethereum, ethereum blockchain, eurozone crisis, fake news, financial deregulation, financial intermediation, Flash crash, Francis Fukuyama: the end of history, George Akerlof, government statistician, Greenspan put, high-speed rail, information asymmetry, initial coin offering, intangible asset, Irish property bubble, Isaac Newton, Japanese asset price bubble, joint-stock company, Joseph Schumpeter, junk bonds, land bank, light touch regulation, low interest rates, margin call, market bubble, market fundamentalism, Martin Wolf, money: store of value / unit of account / medium of exchange, moral hazard, mortgage debt, negative equity, Network effects, new economy, Northern Rock, oil shock, Ponzi scheme, quantitative easing, quantitative trading / quantitative finance, railway mania, Right to Buy, Robert Shiller, Shenzhen special economic zone , short selling, short squeeze, Silicon Valley, smart contracts, South Sea Bubble, special economic zone, subprime mortgage crisis, technology bubble, the built environment, total factor productivity, transaction costs, tulip mania, urban planning

In 1989, 9 per cent of analyst recommendations were to ‘sell’ a particular stock; in 1999, only 1 per cent were.26 Many of the articles and books published at this time carried a striking tone of delusional optimism. Jim Cramer of The Street published an article in February 2000 criticising ‘troglodyte value managers’ for insisting that the price-to-earnings ratio was still useful in the new economy, accusing them of ‘making something psychological into something scientific, and that is WRONG!’27 Kevin Hassett and James Glassman published a book entitled Dow 36,000, arguing that the Dow Jones Index, then at around 10,000, would quickly rise to 36,000 (it peaked at around 12,000 before 158 THE DOT-COM BUBBLE falling below 8,000 in 2002).


The Smart Wife: Why Siri, Alexa, and Other Smart Home Devices Need a Feminist Reboot by Yolande Strengers, Jenny Kennedy

active measures, Amazon Robotics, Anthropocene, autonomous vehicles, Big Tech, Boston Dynamics, cloud computing, cognitive load, computer vision, Computing Machinery and Intelligence, crowdsourcing, cyber-physical system, data science, deepfake, Donald Trump, emotional labour, en.wikipedia.org, Evgeny Morozov, fake news, feminist movement, game design, gender pay gap, Grace Hopper, hive mind, Ian Bogost, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jeff Bezos, John Markoff, Kitchen Debate, knowledge economy, Masayoshi Son, Milgram experiment, Minecraft, natural language processing, Network effects, new economy, pattern recognition, planned obsolescence, precautionary principle, robot derives from the Czech word robota Czech, meaning slave, self-driving car, Shoshana Zuboff, side hustle, side project, Silicon Valley, smart grid, smart meter, social intelligence, SoftBank, Steve Jobs, surveillance capitalism, systems thinking, technological solutionism, technoutopianism, TED Talk, Turing test, Wall-E, Wayback Machine, women in the workforce

Vandana Shiva, Earth Democracy: Justice, Sustainability and Peace (London: Zed Books, 2016), 16. 88. Hilary Bergen, “‘I’d Blush If I Could’: Digital Assistants, Disembodied Cyborgs and the Problem of Gender,” Word and Text 6 (December 2016), 105. 89. Lydia DePillis, “Big Companies Used to Pay the Best Wages. Not Anymore,” CNN Money, January 18, 2018, https://money.cnn.com/2018/01/18/news/economy/big-companies-wages/index.html. 90. “Amazon’s Jess Bezos Wins ITUC’s World’s Worst Boss Poll,” International Trade Union Confederation, May 22, 2014, https://www.ituc-csi.org/amazon-s-jeff-bezos-wins-ituc-s. 91. Not everyone is happy with this decision. See Louise Matsakis, “Some Amazon Workers Fear They’ll Earn Less Even with a $15 Minimum Wage,” Wired, October 6, 2018, https://www.wired.com/story/amazon-minimum-wage-some-fear-they-will-earn-less/. 92.


pages: 460 words: 107,454

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab, Peter Vanham

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

Fink, Chairman and Chief Executive Officer, BlackRock, New York, US Lina Khan, Associate Professor of Law, Columbia University, New York, US Liwei Wang, Senior Writer, Caixin Media, Beijing, China Maha Eltobgy, Head of Shaping the Future of Investing, World Economic Forum, New York, US Michelle Bachelet, High Commissioner for Human Rights, United Nations, Geneva, Switzerland Min Zhu, Chairman, National Institute of Financial Research, Beijing, China Nicholas Thompson, Editor-in-Chief, Wired magazine, New York, US Nicholas Stern, Chair, Research Institute on Climate Change and the Environment, UCL, London, UK Puty Puar, Illustrator and Content Creator, West Java, Indonesia Richard Baldwin, Professor of International Economics, Graduate Institute, Geneva, Switzerland Richard Samans, Director of Research, International Labour Organization, Geneva, Switzerland Robert Atkinson, President, Information Technology and Innovation Foundation, Washington, DC, US Robin Løffmann, Tillidsrepræsentant, MAN Energy Solutions, Copenhagen, Denmark Roland Duchatelet, Founder, Melexis, Sint-Truiden, Belgium Saadia Zahidi, Managing Director, Centre for the New Economy and Society, World Economic Forum, Geneva, Switzerland Sean Cleary, Executive Chair, FutureWorld Foundation, Cape Town, South Africa Seniat Sorsa, Local General Manager, Domestic Affairs, Everest, Awasa, Ethiopia Susan Lund, Partner, McKinsey Global Institute, Washington, DC, US Tharman Shanmugaratnam, Senior Minister, Government of Singapore, Singapore Thomas Søby, Chief Economist, Dansk Metal, Copenhagen, Denmark Tilahun Sarka, Director-General, Ethio-Djibouti Railways, Addis Ababa, Ethiopia Tim Wu, Professor of Law, Science and Technology, Columbia Law School, New York, US Tristan Schwennsen, Lead Archivist, Ravensburger, Ravensburg, Germany Wei Tian, Host, World Insight with Tian Wei, CGTN, Beijing, China William Utomo, Founder, IDN Media, Jakarta, Indonesia Winston Utomo, Founder, IDN Media, Jakarta Indonesia Yu Liu, Senior Research Fellow, Low-Carbon Economy, China Development Institute, Shenzhen, China Zia Qureshi, Visiting Fellow, Global Economy and Development, Brookings Institution, Washington, DC, US Index Page references followed by fig indicates an illustration.


pages: 414 words: 109,622

Genius Makers: The Mavericks Who Brought A. I. To Google, Facebook, and the World by Cade Metz

AI winter, air gap, Airbnb, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, AlphaGo, Amazon Robotics, artificial general intelligence, Asilomar, autonomous vehicles, backpropagation, Big Tech, British Empire, Cambridge Analytica, carbon-based life, cloud computing, company town, computer age, computer vision, deep learning, deepfake, DeepMind, Demis Hassabis, digital map, Donald Trump, driverless car, drone strike, Elon Musk, fake news, Fellow of the Royal Society, Frank Gehry, game design, Geoffrey Hinton, Google Earth, Google X / Alphabet X, Googley, Internet Archive, Isaac Newton, Jeff Hawkins, Jeffrey Epstein, job automation, John Markoff, life extension, machine translation, Mark Zuckerberg, means of production, Menlo Park, move 37, move fast and break things, Mustafa Suleyman, new economy, Nick Bostrom, nuclear winter, OpenAI, PageRank, PalmPilot, pattern recognition, Paul Graham, paypal mafia, Peter Thiel, profit motive, Richard Feynman, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, Sam Altman, Sand Hill Road, self-driving car, side project, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Skype, speech recognition, statistical model, stem cell, Stephen Hawking, Steve Ballmer, Steven Levy, Steven Pinker, tech worker, telemarketer, The Future of Employment, Turing test, warehouse automation, warehouse robotics, Y Combinator

Amazon, whose cloud revenue would top $17.45 billion in 2017: Amazon Annual Report, 2017, https://www.sec.gov/Archives/edgar/data/1018724/000101872419000004/amzn-20181231x10k.htm. born in Beijing before emigrating to the United States: Octavio Blanco, “One Immigrant’s Path from Cleaning Houses to Stanford Professor,” CNN, July 22, 2016, https://money.cnn.com/2016/07/21/news/economy/chinese-immigrant-stanford-professor/. “like a God of a Go player”: Cade Metz, “Google’s AlphaGo Continues Dominance with Second Win in China,” Wired, May 25, 2017, https://www.wired.com/2017/05/googles-alphago-continues-dominance-second-win-china/. the Chinese State Council unveiled its plan: Paul Mozur, “Made in China by 2030,” New York Times, July 20, 2017, https://www.nytimes.com/2017/07/20/business/china-artificial-intelligence.html.


pages: 460 words: 107,454

Stakeholder Capitalism: A Global Economy That Works for Progress, People and Planet by Klaus Schwab

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, 3D printing, additive manufacturing, agricultural Revolution, air traffic controllers' union, Anthropocene, Apple II, Asian financial crisis, Asperger Syndrome, basic income, Berlin Wall, Big Tech, biodiversity loss, bitcoin, Black Lives Matter, blockchain, blue-collar work, Branko Milanovic, Bretton Woods, British Empire, business process, capital controls, Capital in the Twenty-First Century by Thomas Piketty, car-free, carbon footprint, carbon tax, centre right, clean tech, clean water, cloud computing, collateralized debt obligation, collective bargaining, colonial rule, company town, contact tracing, contact tracing app, Cornelius Vanderbilt, coronavirus, corporate governance, corporate social responsibility, COVID-19, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, cuban missile crisis, currency peg, cyber-physical system, decarbonisation, demographic dividend, Deng Xiaoping, Diane Coyle, digital divide, don't be evil, European colonialism, Fall of the Berlin Wall, family office, financial innovation, Francis Fukuyama: the end of history, future of work, gender pay gap, general purpose technology, George Floyd, gig economy, Gini coefficient, global supply chain, global value chain, global village, Google bus, green new deal, Greta Thunberg, high net worth, hiring and firing, housing crisis, income inequality, income per capita, independent contractor, industrial robot, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, Khan Academy, Kickstarter, labor-force participation, lockdown, low interest rates, low skilled workers, Lyft, manufacturing employment, Marc Benioff, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, means of production, megacity, microplastics / micro fibres, Mikhail Gorbachev, mini-job, mittelstand, move fast and break things, neoliberal agenda, Network effects, new economy, open economy, Peace of Westphalia, Peter Thiel, precariat, Productivity paradox, profit maximization, purchasing power parity, race to the bottom, reserve currency, reshoring, ride hailing / ride sharing, Ronald Reagan, Salesforce, San Francisco homelessness, School Strike for Climate, self-driving car, seminal paper, shareholder value, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, Simon Kuznets, social distancing, Social Responsibility of Business Is to Increase Its Profits, special economic zone, Steve Jobs, Steve Wozniak, synthetic biology, TaskRabbit, The Chicago School, The Future of Employment, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the scientific method, TikTok, Tim Cook: Apple, trade route, transfer pricing, Uber and Lyft, uber lyft, union organizing, universal basic income, War on Poverty, We are the 99%, women in the workforce, working poor, working-age population, Yom Kippur War, young professional, zero-sum game

Fink, Chairman and Chief Executive Officer, BlackRock, New York, US Lina Khan, Associate Professor of Law, Columbia University, New York, US Liwei Wang, Senior Writer, Caixin Media, Beijing, China Maha Eltobgy, Head of Shaping the Future of Investing, World Economic Forum, New York, US Michelle Bachelet, High Commissioner for Human Rights, United Nations, Geneva, Switzerland Min Zhu, Chairman, National Institute of Financial Research, Beijing, China Nicholas Thompson, Editor-in-Chief, Wired magazine, New York, US Nicholas Stern, Chair, Research Institute on Climate Change and the Environment, UCL, London, UK Puty Puar, Illustrator and Content Creator, West Java, Indonesia Richard Baldwin, Professor of International Economics, Graduate Institute, Geneva, Switzerland Richard Samans, Director of Research, International Labour Organization, Geneva, Switzerland Robert Atkinson, President, Information Technology and Innovation Foundation, Washington, DC, US Robin Løffmann, Tillidsrepræsentant, MAN Energy Solutions, Copenhagen, Denmark Roland Duchatelet, Founder, Melexis, Sint-Truiden, Belgium Saadia Zahidi, Managing Director, Centre for the New Economy and Society, World Economic Forum, Geneva, Switzerland Sean Cleary, Executive Chair, FutureWorld Foundation, Cape Town, South Africa Seniat Sorsa, Local General Manager, Domestic Affairs, Everest, Awasa, Ethiopia Susan Lund, Partner, McKinsey Global Institute, Washington, DC, US Tharman Shanmugaratnam, Senior Minister, Government of Singapore, Singapore Thomas Søby, Chief Economist, Dansk Metal, Copenhagen, Denmark Tilahun Sarka, Director-General, Ethio-Djibouti Railways, Addis Ababa, Ethiopia Tim Wu, Professor of Law, Science and Technology, Columbia Law School, New York, US Tristan Schwennsen, Lead Archivist, Ravensburger, Ravensburg, Germany Wei Tian, Host, World Insight with Tian Wei, CGTN, Beijing, China William Utomo, Founder, IDN Media, Jakarta, Indonesia Winston Utomo, Founder, IDN Media, Jakarta Indonesia Yu Liu, Senior Research Fellow, Low-Carbon Economy, China Development Institute, Shenzhen, China Zia Qureshi, Visiting Fellow, Global Economy and Development, Brookings Institution, Washington, DC, US Index Page references followed by fig indicates an illustration.


pages: 383 words: 105,387

The Power of Geography: Ten Maps That Reveal the Future of Our World by Tim Marshall

Apollo 11, Ayatollah Khomeini, Boris Johnson, Brexit referendum, British Empire, carbon footprint, centre right, clean water, coronavirus, COVID-19, David Sedaris, disinformation, Donald Trump, drone strike, Elon Musk, European colonialism, failed state, glass ceiling, global pandemic, Great Leap Forward, Jeff Bezos, Johannes Kepler, low earth orbit, Malacca Straits, means of production, megaproject, Mikhail Gorbachev, mutually assured destruction, Neil Armstrong, new economy, New Urbanism, Ronald Reagan, Silicon Valley, South China Sea, sovereign wealth fund, space junk, Strategic Defense Initiative, Suez canal 1869, Suez crisis 1956, trade route, uranium enrichment, urban planning, women in the workforce

The contract later offered by MBS’s grandfather, Ibn Saud, was that the people would obey, and the oil money would give them a good life. MBS offers a twenty-first-century model of this, but one in which oil money plays a diminishing role. If the reforms are not implemented, and the world moves on from oil, what does Saudi Arabia offer to that new world – sand? The Saudi leadership has to build a new society, a new economy and a functioning military. We are still in a time in which the Americans will fight for Saudi Arabia to keep the black stuff flowing to grease the wheels of the world economy, but we are approaching a time in which there is no way the Americans will fight to defend Saudi Arabia’s solar panels.


pages: 415 words: 102,982

Who’s Raising the Kids?: Big Tech, Big Business, and the Lives of Children by Susan Linn

Albert Einstein, algorithmic bias, Apple's 1984 Super Bowl advert, augmented reality, benefit corporation, Big Tech, big-box store, BIPOC, Black Lives Matter, British Empire, cashless society, clean water, coronavirus, COVID-19, delayed gratification, digital divide, digital rights, disinformation, Donald Trump, Elon Musk, en.wikipedia.org, fake news, gamification, George Floyd, Howard Zinn, impulse control, Internet of things, Isaac Newton, Jaron Lanier, Jeff Bezos, Kevin Roose, Khan Academy, language acquisition, late fees, lockdown, longitudinal study, Mark Zuckerberg, market design, meta-analysis, Minecraft, neurotypical, new economy, Nicholas Carr, planned obsolescence, plant based meat, precautionary principle, Ralph Nader, RAND corporation, randomized controlled trial, retail therapy, Ronald Reagan, Salesforce, Shoshana Zuboff, Silicon Valley, Snapchat, Steve Jobs, surveillance capitalism, techlash, theory of mind, TikTok, Tim Cook: Apple

See also Jef Feeley and Christopher Palmeri, “Kids Are So Addicted to Fortnite They’re Being Sent to Gamer Rehab,” Bloomberg, November 27, 2018, www.bloomberg.com/news/articles/2018-11-27/fortnite-addiction-prompts-parents-to-turn-to-video-game-rehab; Elizabeth Matsangou “How Fortnite Became the Most Successful Free-to-Play Game Ever,” New Economy, November 14, 2018. www.theneweconomy.com/business/how-fortnite-became-the-most-successful-free-to-play-game-ever. 42.  See Nir Eyal, Hooked: How to Build Habit-Forming Products (New York: Portfolio/Penguin, 2014); Adam Alter, Irresistible: The Rise of Addictive Technology and the Business of Keeping Us Hooked (New York: Penguin, 2017). 43.  


Cuba Travel Guide by Lonely Planet

Bartolomé de las Casas, battle of ideas, business climate, car-free, carbon footprint, company town, cuban missile crisis, G4S, glass ceiling, haute cuisine, Hernando de Soto, Kickstarter, Monroe Doctrine, new economy, off-the-grid, ride hailing / ride sharing, Ronald Reagan, transatlantic slave trade, transcontinental railway, transfer pricing, urban planning

Gladys Cruz Hernández CASA PARTICULAR $ OFFLINE MAP GOOGLE MAP ( 77-96-98; casadegladys@gmail.com; Av Comandante Pinares Sur No 15, btwn Martí Máximo Gómez; r CUC$20; ) A splendid house with tasteful colonial furnishings situated near the train station; there are two rooms with bathrooms and fridges, a TV and an attractive rear patio. Hostal Sr Handy Santalla CASA PARTICULAR $ OFFLINE MAP GOOGLE MAP ( 72-12-22; Calle Máximo Gómez No 169A, btwn Ciprián Valdés Av Pinares; r CUC$20-25) Keen young owner giving it a shot in the new economy with two small 1st-floor rooms with brand new bathroom fittings, and a patio and garage downstairs. Hotel Vueltabajo HOTEL $$ OFFLINE MAP GOOGLE MAP ( 75-93-81; cnr Martí Rafael Morales; s/d CUC$35/55; ) Stylishly colonial with high ceilings and striped Parisian window awnings, the rooms at this fabulous hotel are so spacious you almost think they must have run out of furniture.

Buoyed by high world coffee prices and aided by sophisticated new growing techniques, the coffee boom lasted from 1800 to about 1820, when the crop consumed more land than sugarcane. At its peak there were more than 2000 cafetales in Cuba, concentrated primarily in the Sierra del Rosario region and the Sierra Maestra to the east of Santiago de Cuba. Production began to slump in the 1840s with competition from vigorous new economies (most notably Brazil) and a string of devastating hurricanes. The industry took another hit during the War of Independence, though the crop survived and is still harvested today on a smaller scale using mainly traditional methods. The legacy of Cuba’s pioneering coffee industry is best seen in the Archaeological Landscape of the First Coffee Plantations in the Southeast of Cuba, a Unesco World Heritage Site dedicated in 2000 in the foothills of the Sierra Maestra close to La Gran Piedra.


pages: 918 words: 257,605

The Age of Surveillance Capitalism by Shoshana Zuboff

"World Economic Forum" Davos, algorithmic bias, Amazon Web Services, Andrew Keen, augmented reality, autonomous vehicles, barriers to entry, Bartolomé de las Casas, behavioural economics, Berlin Wall, Big Tech, bitcoin, blockchain, blue-collar work, book scanning, Broken windows theory, California gold rush, call centre, Cambridge Analytica, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, choice architecture, citizen journalism, Citizen Lab, classic study, cloud computing, collective bargaining, Computer Numeric Control, computer vision, connected car, context collapse, corporate governance, corporate personhood, creative destruction, cryptocurrency, data science, deep learning, digital capitalism, disinformation, dogs of the Dow, don't be evil, Donald Trump, Dr. Strangelove, driverless car, Easter island, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, facts on the ground, fake news, Ford Model T, Ford paid five dollars a day, future of work, game design, gamification, Google Earth, Google Glasses, Google X / Alphabet X, Herman Kahn, hive mind, Ian Bogost, impulse control, income inequality, information security, Internet of things, invention of the printing press, invisible hand, Jean Tirole, job automation, Johann Wolfgang von Goethe, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kevin Kelly, Kevin Roose, knowledge economy, Lewis Mumford, linked data, longitudinal study, low skilled workers, Mark Zuckerberg, market bubble, means of production, multi-sided market, Naomi Klein, natural language processing, Network effects, new economy, Occupy movement, off grid, off-the-grid, PageRank, Panopticon Jeremy Bentham, pattern recognition, Paul Buchheit, performance metric, Philip Mirowski, precision agriculture, price mechanism, profit maximization, profit motive, public intellectual, recommendation engine, refrigerator car, RFID, Richard Thaler, ride hailing / ride sharing, Robert Bork, Robert Mercer, Salesforce, Second Machine Age, self-driving car, sentiment analysis, shareholder value, Sheryl Sandberg, Shoshana Zuboff, Sidewalk Labs, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, slashdot, smart cities, Snapchat, social contagion, social distancing, social graph, social web, software as a service, speech recognition, statistical model, Steve Bannon, Steve Jobs, Steven Levy, structural adjustment programs, surveillance capitalism, technological determinism, TED Talk, The Future of Employment, The Wealth of Nations by Adam Smith, Tim Cook: Apple, two-sided market, union organizing, vertical integration, Watson beat the top human players on Jeopardy!, winner-take-all economy, Wolfgang Streeck, work culture , Yochai Benkler, you are the product

This is precisely how early-twentieth-century industrial employers used their rights of freedom of contract to employ child labor, demand twelve-hour workdays, and impose dangerous working conditions, and it is precisely how we have been saddled with illegitimate and audacious click-wrap agreements whose authors have found similar shelter in their claims to freedom of contract. See Max Weber, Economy and Society: An Outline of Interpretive Sociology, vol. 2 (Berkeley: University of California Press, 1978), 668–81. 11. Hal R. Varian, “Economic Scene; If There Was a New Economy, Why Wasn’t There a New Economics?” New York Times, January 17, 2002, http://www.nytimes.com/2002/01/17/business/economic-scene-if-there-was-a-new-economy-why-wasn-t-there-a-new-economics.html. 12. Williamson, The Economic Institutions of Capitalism. 13. Oliver E. Williamson, “The Theory of the Firm as Governance Structure: From Choice to Contract,” Journal of Economic Perspectives 16, no. 3 (2002): 174. 14.


pages: 824 words: 268,880

Blue Mars by Kim Stanley Robinson

anthropic principle, cognitive dissonance, Colonization of Mars, dark matter, different worldview, epigenetics, gravity well, heat death of the universe, ITER tokamak, James Watt: steam engine, Kim Stanley Robinson, land tenure, new economy, phenotype, quantum entanglement, stem cell, the scientific method, The Wealth of Nations by Adam Smith, three-masted sailing ship

Some complained because it impinged on local autonomy, others because they had more faith in traditional capitalist economics than in any new system. Antar spoke often for this last group, with Jackie sitting right next to him, obviously in support. This along with his ties to the Arab community gave his statements a kind of double weight, and people listened. “This new economy that’s being proposed,” he declared one day at the table of tables, repeating his theme, “is a radical and unprecedented intrusion of government into business.”Suddenly Vlad Taneev stood up. Startled, Antar stopped speaking and looked over. Vlad glared at him. Stooped, massive-headed, shaggy-eyebrowed, Vlad rarely if ever spoke in public; he hadn’t said a thing in the congress so far.

This tended to inflate the value of the Martian sequin in Terran money markets, and in the old days it would probably have blown the sequin’s value right through the roof, to Mars’s disadvantage in trade balances; but as the fracturing metanats continued to struggle against cooperativization back on Earth, Terran finance remained in some disarray, and did not have its old house-on-fire intensity. So the sequin ended up strong on Earth, but not too strong; and on Mars it was just money. Praxis was very helpful in this process, as they became a kind of federal bank for the new economy, providing interest-free loans and serving as a mediated exchange with Terran currencies. • • • So given all this, the executive council was meeting for long hours every day to discuss legislation and other government programs. It was so time-consuming that Nadia almost forgot there was a conference she had initiated going on at the same time in Sabishii.


pages: 360 words: 113,429

Uneasy Street: The Anxieties of Affluence by Rachel Sherman

American ideology, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, deindustrialization, Donald Trump, estate planning, financial independence, gig economy, high net worth, income inequality, Mark Zuckerberg, McMansion, mental accounting, NetJets, new economy, Occupy movement, plutocrats, precariat, school choice, sharing economy, Silicon Valley, Silicon Valley billionaire, Southern State Parkway, Steve Jobs, The Spirit Level, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, transaction costs, upwardly mobile, We are the 99%, women in the workforce, working poor

Luke Shaefer. 2015. $2.00 A Day: Living on Almost Nothing in America. Boston: Houghton Mifflin Harcourt. Ehrenreich, Barbara. 1989. Fear of Falling: The Inner Life of the Middle Class. New York: Harper Perennial. ———. 2002. “Maid to Order.” Pp. 85–103 in Global Woman: Nannies, Maids, and Sex Workers in the New Economy, edited by Barbara Ehrenreich and Arlie R. Hochschild. New York: Henry Holt. Ehrenreich, John, and Barbara Ehrenreich. 1979. “The Professional-Managerial Class.” In Between Labor and Capital, edited by Pat Walker. Boston: South End Press. Elkins, Kathleen. 2015. “Here’s What You Need to Earn to Be in the Top 1% in 13 Major US Cities.”


pages: 399 words: 116,828

When Work Disappears: The World of the New Urban Poor by William Julius Wilson

affirmative action, business cycle, citizen journalism, classic study, collective bargaining, conceptual framework, declining real wages, deindustrialization, deliberate practice, desegregation, Donald Trump, edge city, ending welfare as we know it, fixed income, full employment, George Gilder, ghettoisation, glass ceiling, Gunnar Myrdal, income inequality, informal economy, jobless men, labor-force participation, longitudinal study, low skilled workers, low-wage service sector, manufacturing employment, mass immigration, new economy, New Urbanism, pink-collar, race to the bottom, RAND corporation, school choice, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, upwardly mobile, urban decay, urban renewal, War on Poverty, work culture , working poor, working-age population, Works Progress Administration

None of the immediate solutions I am proposing involves retraining workers for higher-paying positions in the highly technological global economy. The need to retrain low-skilled workers is generally recognized by policymakers and informed observers in both Europe and the United States. However, the most serious discussions about training for the new economy have focused on young people and their transition from school to work or from school to postsecondary training. The cost of retraining adult workers is considerable, and none of the industrial democracies has advanced convincing proposals indicating how to implement such a program effectively. Moreover, a heavy emphasis on skill development and job retraining is likely to end up mainly benefiting those who already have a good many skills that only need to be upgraded.


Hopes and Prospects by Noam Chomsky

air traffic controllers' union, Alan Greenspan, Albert Einstein, banking crisis, Bear Stearns, Berlin Wall, Bretton Woods, British Empire, capital controls, colonial rule, corporate personhood, Credit Default Swap, cuban missile crisis, David Ricardo: comparative advantage, deskilling, en.wikipedia.org, energy security, failed state, Fall of the Berlin Wall, financial deregulation, Firefox, Glass-Steagall Act, high-speed rail, Howard Zinn, Hyman Minsky, invisible hand, liberation theology, market fundamentalism, Martin Wolf, Mikhail Gorbachev, Monroe Doctrine, moral hazard, Nelson Mandela, new economy, nuremberg principles, one-state solution, open borders, Plutonomy: Buying Luxury, Explaining Global Imbalances, public intellectual, Ralph Waldo Emerson, RAND corporation, Robert Solow, Ronald Reagan, Savings and loan crisis, Seymour Hersh, structural adjustment programs, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, trade liberalization, uranium enrichment, Washington Consensus

The figures underestimate the reality, because they do not take account of the difference in R&D in the public and private sectors, the former typically more fundamental (hence with greater risk and cost and more significant long-term impact), the latter tending to be more commercially oriented (consumer electronics, copycat drugs, etc.). It is hardly an exaggeration to say that the much-praised “New Economy” is in large part a product of the state sector. Nobel laureate Joseph Stiglitz writes that “a report by the Council of Economic Advisers (conducted when I was its chair) found that the returns on public investment in science and technology were far higher than for private investment in these areas…than for conventional [private] investment in plant and equipment.”14 One effect of incorporating national security exemptions in the mislabeled “free trade agreements” is that the rich industrial societies, primarily the United States, can maintain the state sector, on which the economy heavily relies to socialize cost and risk while privatizing profit.


pages: 474 words: 120,801

The End of Power: From Boardrooms to Battlefields and Churches to States, Why Being in Charge Isn’t What It Used to Be by Moises Naim

"World Economic Forum" Davos, additive manufacturing, AOL-Time Warner, barriers to entry, Berlin Wall, bilateral investment treaty, business cycle, business process, business process outsourcing, call centre, citizen journalism, Clayton Christensen, clean water, collapse of Lehman Brothers, collective bargaining, colonial rule, conceptual framework, corporate governance, creative destruction, crony capitalism, deskilling, disinformation, disintermediation, disruptive innovation, don't be evil, Evgeny Morozov, failed state, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, illegal immigration, immigration reform, income inequality, income per capita, intangible asset, intermodal, invisible hand, job-hopping, Joseph Schumpeter, Julian Assange, Kickstarter, Lewis Mumford, liberation theology, Martin Wolf, mega-rich, megacity, military-industrial complex, Naomi Klein, Nate Silver, new economy, Northern Rock, Occupy movement, open borders, open economy, Peace of Westphalia, plutocrats, price mechanism, price stability, private military company, profit maximization, prosperity theology / prosperity gospel / gospel of success, radical decentralization, Ronald Coase, Ronald Reagan, seminal paper, Silicon Valley, Skype, Steve Jobs, The Nature of the Firm, Thomas Malthus, too big to fail, trade route, transaction costs, Twitter Arab Spring, vertical integration, Washington Consensus, WikiLeaks, World Values Survey, zero-sum game

Today’s new breed of philanthropists offers a different vision, one informed by their backgrounds, their needs, and their own experiences in the marketplace. Start with their origins. The Bill and Melinda Gates Foundation, with its creation in Seattle in 1994, may be the 800-pound gorilla of modern philanthropy, but it is far from the only foundation born out of the wealth generated by the new economy. In California, for example, the number of foundations jumped by 71 percent from 1999 to 2009, and giving more than doubled from $2.8 billion to $6 billion.30 Such growth helps to explain the shift in philanthropic gravity in the United States over the last decade: in 2003 the West surpassed the Midwest in overall giving for the first time, and in 2006 it overtook the Northeast, the bastion of American philanthropy.31 While many of these new individual givers—the number of family foundations shot up by 40 percent from 2000 to 2005—are tech moguls of one stripe or another, some are also celebrities practicing what one wag at The Economist dubbed “celanthropy” (celebrity plus philanthropy): Bono with his One Foundation, Matt Damon promoting access to clean water, and Brad Pitt developing greenhouses to rebuild New Orleans.


pages: 492 words: 118,882

The Blockchain Alternative: Rethinking Macroeconomic Policy and Economic Theory by Kariappa Bheemaiah

"World Economic Forum" Davos, accounting loophole / creative accounting, Ada Lovelace, Adam Curtis, Airbnb, Alan Greenspan, algorithmic trading, asset allocation, autonomous vehicles, balance sheet recession, bank run, banks create money, Basel III, basic income, behavioural economics, Ben Bernanke: helicopter money, bitcoin, Bletchley Park, blockchain, Bretton Woods, Brexit referendum, business cycle, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, cashless society, cellular automata, central bank independence, Charles Babbage, Claude Shannon: information theory, cloud computing, cognitive dissonance, collateralized debt obligation, commoditize, complexity theory, constrained optimization, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cross-border payments, crowdsourcing, cryptocurrency, data science, David Graeber, deep learning, deskilling, Diane Coyle, discrete time, disruptive innovation, distributed ledger, diversification, double entry bookkeeping, Ethereum, ethereum blockchain, fiat currency, financial engineering, financial innovation, financial intermediation, Flash crash, floating exchange rates, Fractional reserve banking, full employment, George Akerlof, Glass-Steagall Act, Higgs boson, illegal immigration, income inequality, income per capita, inflation targeting, information asymmetry, interest rate derivative, inventory management, invisible hand, John Maynard Keynes: technological unemployment, John von Neumann, joint-stock company, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kenneth Rogoff, Kevin Kelly, knowledge economy, large denomination, Large Hadron Collider, Lewis Mumford, liquidity trap, London Whale, low interest rates, low skilled workers, M-Pesa, machine readable, Marc Andreessen, market bubble, market fundamentalism, Mexican peso crisis / tequila crisis, Michael Milken, MITM: man-in-the-middle, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, natural language processing, Network effects, new economy, Nikolai Kondratiev, offshore financial centre, packet switching, Pareto efficiency, pattern recognition, peer-to-peer lending, Ponzi scheme, power law, precariat, pre–internet, price mechanism, price stability, private sector deleveraging, profit maximization, QR code, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, Real Time Gross Settlement, rent control, rent-seeking, robo advisor, Satoshi Nakamoto, Satyajit Das, Savings and loan crisis, savings glut, seigniorage, seminal paper, Silicon Valley, Skype, smart contracts, software as a service, software is eating the world, speech recognition, statistical model, Stephen Hawking, Stuart Kauffman, supply-chain management, technology bubble, The Chicago School, The Future of Employment, The Great Moderation, the market place, The Nature of the Firm, the payments system, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, too big to fail, trade liberalization, transaction costs, Turing machine, Turing test, universal basic income, Vitalik Buterin, Von Neumann architecture, Washington Consensus

Useful for students, business persons, and advanced readers. Value Web Chris Skinner General book that offers a holistic view of how FinTech and Blockchain firms are using technology to create a new internet of value. Useful for business persons and students. Blockchain: Blueprint for a New Economy Melanie Swan General book that looks at usability and potential impact of Blockchain from a number of sectors. The author also discusses theoretical, philosophical, and societal impacts of cryptocurrencies and Blockchain. Useful for general readers, novices included. The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology William Mougayar Ideal for business persons with a proclivity for business models.


pages: 302 words: 82,233

Beautiful security by Andy Oram, John Viega

Albert Einstein, Amazon Web Services, An Inconvenient Truth, Bletchley Park, business intelligence, business process, call centre, cloud computing, corporate governance, credit crunch, crowdsourcing, defense in depth, do well by doing good, Donald Davies, en.wikipedia.org, fault tolerance, Firefox, information security, loose coupling, Marc Andreessen, market design, MITM: man-in-the-middle, Monroe Doctrine, new economy, Nicholas Carr, Nick Leeson, Norbert Wiener, operational security, optical character recognition, packet switching, peer-to-peer, performance metric, pirate software, Robert Bork, Search for Extraterrestrial Intelligence, security theater, SETI@home, Silicon Valley, Skype, software as a service, SQL injection, statistical model, Steven Levy, the long tail, The Wisdom of Crowds, Upton Sinclair, web application, web of trust, zero day, Zimmermann PGP

Usually, these are people who tell the reporter § See http://www.wired.com/wired/archive/12.10/tail.html. TOMORROW’S SECURITY COGS AND LEVERS 165 what they want to hear to get their names in print, and they’re rarely the people I trust and want to hear from. I read blogs because I listen to individuals with honest opinions. This trend is, of course, prevalent throughout the new economy and will become more and more important to information security. A practitioner at the heart of the industry is better at reporting (more knowledgeable and more in tune) than an observer. Much as blogging tools have democratized publishing and GarageBand has democratized music production, tools will democratize information security.


pages: 397 words: 112,034

What's Next?: Unconventional Wisdom on the Future of the World Economy by David Hale, Lyric Hughes Hale

"World Economic Forum" Davos, affirmative action, Alan Greenspan, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, behavioural economics, Berlin Wall, biodiversity loss, Black Swan, Bretton Woods, business cycle, capital controls, carbon credits, carbon tax, Cass Sunstein, central bank independence, classic study, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, currency risk, Daniel Kahneman / Amos Tversky, debt deflation, declining real wages, deindustrialization, diversification, energy security, Erik Brynjolfsson, Fall of the Berlin Wall, financial engineering, financial innovation, floating exchange rates, foreign exchange controls, full employment, Gini coefficient, Glass-Steagall Act, global macro, global reserve currency, global village, high net worth, high-speed rail, Home mortgage interest deduction, housing crisis, index fund, inflation targeting, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inverted yield curve, invisible hand, Just-in-time delivery, Kenneth Rogoff, Long Term Capital Management, low interest rates, Mahatma Gandhi, Martin Wolf, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, military-industrial complex, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage tax deduction, Network effects, new economy, Nicholas Carr, oil shale / tar sands, oil shock, open economy, passive investing, payday loans, peak oil, Ponzi scheme, post-oil, precautionary principle, price stability, private sector deleveraging, proprietary trading, purchasing power parity, quantitative easing, race to the bottom, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, risk/return, Robert Shiller, Ronald Reagan, Savings and loan crisis, sovereign wealth fund, special drawing rights, subprime mortgage crisis, technology bubble, The Great Moderation, Thomas Kuhn: the structure of scientific revolutions, Tobin tax, too big to fail, total factor productivity, trade liberalization, Tragedy of the Commons, Washington Consensus, Westphalian system, WikiLeaks, women in the workforce, yield curve

He is also Chairman of AMG, a company in special metals related to solar energy, and of Agualimpia, an organization in Perú that helps poor towns and villages set up their water systems. ANATOLE KALETSKY GaveKal Research Anatole Kaletsky is Chief Economist and founding partner of GaveKal Research, Hong Kong. His book Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis was published in June 2010. Anatole is best known as an economic commentator for the Times of London and, prior to that, on the Financial Times. In 1999, after twenty years as one of the world’s leading economic journalists, Mr. Kaletsky joined Charles Gave and Louis-Vincent Gave to launch GaveKal.


pages: 482 words: 117,962

Exceptional People: How Migration Shaped Our World and Will Define Our Future by Ian Goldin, Geoffrey Cameron, Meera Balarajan

Admiral Zheng, agricultural Revolution, barriers to entry, Berlin Wall, Branko Milanovic, British Empire, conceptual framework, creative destruction, demographic transition, Deng Xiaoping, endogenous growth, failed state, Fall of the Berlin Wall, Gini coefficient, global pandemic, global supply chain, guest worker program, illegal immigration, income inequality, income per capita, Intergovernmental Panel on Climate Change (IPCC), job automation, Joseph Schumpeter, knowledge economy, labor-force participation, labour mobility, language acquisition, Lao Tzu, life extension, longitudinal study, low skilled workers, low-wage service sector, machine readable, Malacca Straits, mass immigration, microcredit, Nelson Mandela, Network effects, new economy, New Urbanism, old age dependency ratio, open borders, out of africa, price mechanism, purchasing power parity, Richard Florida, selection bias, Silicon Valley, Silicon Valley startup, Skype, social distancing, spice trade, trade route, transaction costs, transatlantic slave trade, women in the workforce, working-age population

Ian Goldin, Oxford (UK); Geoffrey Cameron, Ottawa (Canada); Meera Balarajan, London (UK) December 2010 Introduction We live in a dynamic age of global integration, where the reconnection and mixture of the world's people is challenging dominant norms and practices in many societies. Disintegration and integration are simultaneous and interwoven. Cultural codes adapt. New economies emerge. Innovation prospers. Social institutions struggle to adapt. To many, the challenges associated with migration are characteristic of our age of postmodernism, multiculturalism, and aspiring cosmopolitanism. Some are nostalgic for an illusory past when people had more in common. While the scale, pace, and intensity of human movement may be greater today, the habits of migration and its disruptive effects are as old as humanity itself.


pages: 415 words: 119,277

Naked City: The Death and Life of Authentic Urban Places by Sharon Zukin

1960s counterculture, big-box store, blue-collar work, classic study, corporate social responsibility, crack epidemic, creative destruction, David Brooks, East Village, en.wikipedia.org, Frank Gehry, gentrification, Guggenheim Bilbao, Haight Ashbury, Jane Jacobs, late capitalism, mass immigration, messenger bag, new economy, New Urbanism, Panopticon Jeremy Bentham, rent control, rent stabilization, Richard Florida, rolodex, Ronald Reagan, Silicon Valley, South of Market, San Francisco, subprime mortgage crisis, the built environment, The Death and Life of Great American Cities, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, upwardly mobile, urban decay, urban planning, urban renewal, W. E. B. Du Bois, white flight, working poor, Works Progress Administration, young professional

Despite the media buzz about these districts, the idea of urban terroirs is not really new. Just as the Latin Quarter of Paris and New York’s Greenwich Village have served as models of creative districts for several centuries, so the new Bohemias of Williamsburg in Brooklyn, Hoxton in London, and central Shanghai near the Suzhou River are industrial districts for today’s new economy. Not only are these neighborhoods incubators of new cultural products, styles, and trends, but they are also serious workplaces for graphic artists, fine artists, fashion designers, software designers, music producers, jewelry makers, metalworkers, and furniture builders. Artists and craftspeople seek spaces in these districts because they are built large and sturdy; their old wooden floors, solid walls, and lack of residential neighbors can take paint spatters, banging, and all-night work sessions.


pages: 401 words: 115,959

Philanthrocapitalism by Matthew Bishop, Michael Green, Bill Clinton

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, Albert Einstein, An Inconvenient Truth, anti-communist, AOL-Time Warner, barriers to entry, battle of ideas, Bernie Madoff, Big Tech, Bob Geldof, Bonfire of the Vanities, business process, business process outsourcing, Charles Lindbergh, clean tech, clean water, corporate governance, corporate social responsibility, Dava Sobel, David Ricardo: comparative advantage, digital divide, do well by doing good, don't be evil, family office, financial innovation, full employment, global pandemic, global village, Global Witness, God and Mammon, Hernando de Soto, high net worth, Ida Tarbell, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Dyson, John Elkington, John Harrison: Longitude, joint-stock company, junk bonds, knowledge economy, knowledge worker, Larry Ellison, Live Aid, lone genius, Marc Andreessen, Marc Benioff, market bubble, mass affluent, Michael Milken, microcredit, Mikhail Gorbachev, Neil Armstrong, Nelson Mandela, new economy, offshore financial centre, old-boy network, PalmPilot, peer-to-peer lending, performance metric, Peter Singer: altruism, plutocrats, profit maximization, profit motive, Richard Feynman, risk tolerance, risk-adjusted returns, Ronald Coase, Ronald Reagan, Salesforce, scientific management, seminal paper, shareholder value, Silicon Valley, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, SpaceShipOne, stem cell, Steve Jobs, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Malthus, Thorstein Veblen, trade liberalization, transaction costs, trickle-down economics, Tyler Cowen, wealth creators, winner-take-all economy, working poor, World Values Survey, X Prize

Its most recent innovation is CAF Global Trustees, which provides direct advice to the rich on how to give their money away (if you have less than $10 million to donate, don’t bother asking). Its clients include the new rich of several emerging economies, including, it is said, several Russian oligarchs. For those who really want their philanthropy done new-economy style, Internet connectivity presents an abundance of opportunities and experiments for both the superrich and those with only a few dollars to give away. The low marginal costs of the Internet mean that there is the potential to create many new opportunities for effective giving and for monitoring how the money is used.


pages: 457 words: 112,439

Zero History by William Gibson

augmented reality, business intelligence, dark matter, edge city, hive mind, invisible hand, messenger bag, new economy, pattern recognition, Pepto Bismol, placebo effect, Ponzi scheme, RFID, too big to fail

Though not if they were Foley’s crew, whom she’d started to worry about when Clammy was turning into Oxford Street. Garreth’s instruction to not leave the hotel had suddenly made a different sort of sense. She hadn’t been taking all that very seriously. She’d felt like an observer, a helper, or a woefully unskilled nurse. But now, she realized, in this new economy of kidnapping, she herself could probably be quite valuable. If they had her, they’d have Garreth. Though they didn’t, as far as she knew, know about Garreth. Though that depended, she imagined, on everyone in Bigend’s tiny immediate crew remaining loyal. Who was Fiona? She knew nothing about Fiona, really.


pages: 441 words: 113,244

Seasteading: How Floating Nations Will Restore the Environment, Enrich the Poor, Cure the Sick, and Liberate Humanity From Politicians by Joe Quirk, Patri Friedman

3D printing, access to a mobile phone, addicted to oil, Affordable Care Act / Obamacare, agricultural Revolution, Albert Einstein, barriers to entry, biodiversity loss, Biosphere 2, Branko Milanovic, British Empire, Buckminster Fuller, Burning Man, business climate, business cycle, business process, California gold rush, Celtic Tiger, Charles Lindbergh, clean water, Colonization of Mars, Dean Kamen, Deng Xiaoping, drone strike, Elon Musk, en.wikipedia.org, export processing zone, failed state, financial intermediation, Garrett Hardin, Gini coefficient, Great Leap Forward, happiness index / gross national happiness, income inequality, intentional community, Intergovernmental Panel on Climate Change (IPCC), joint-stock company, joint-stock limited liability company, Kickstarter, low skilled workers, Machinery of Freedom by David Friedman, Mark Zuckerberg, megacity, megaproject, minimum wage unemployment, Neil Armstrong, Network effects, new economy, obamacare, ocean acidification, off-the-grid, offshore financial centre, One Laptop per Child (OLPC), open borders, Patri Friedman, paypal mafia, peak oil, Peter H. Diamandis: Planetary Resources, Peter Thiel, price stability, profit motive, radical decentralization, Ronald Coase, Ronald Reagan, Shenzhen special economic zone , Shenzhen was a fishing village, Silicon Valley, special economic zone, standardized shipping container, stem cell, TechCrunch disrupt, TED Talk, trade route, Tragedy of the Commons, UNCLOS, UNCLOS, undersea cable, young professional

Instead of pleading with the world to cooperate, Lissa and Dave want to forge the technology to align everyone’s incentives to pursue the same goal, whether you’re an environmentalist who wants to reduce CO2 in the water and atmosphere, or a humanitarian who wants to feed the world, or an investor who wants to profit selling biofuels. With algae, all these imperatives will lock together in a positive feedback loop, such that algae will be the keystone to the new economy. Lissa stresses: “It’s really driven by the need to feed the world. At first, I was furious that we’re so deep into nations that hate us, just because we’re addicted to oil, but as we and our team pursued this, I was even more horrified to find out we’re going to starve on our way to finding out we’re not going to have enough energy to drive.”


pages: 349 words: 114,914

We Were Eight Years in Power: An American Tragedy by Ta-Nehisi Coates

affirmative action, Affordable Care Act / Obamacare, Bernie Madoff, Bernie Sanders, Black Lives Matter, Broken windows theory, Charles Lindbergh, classic study, crack epidemic, crony capitalism, David Brooks, deindustrialization, desegregation, Donald Trump, fear of failure, Ferguson, Missouri, gentrification, Gunnar Myrdal, housing crisis, Howard Zinn, income inequality, jitney, low skilled workers, mandatory minimum, mass incarceration, moral panic, new economy, obamacare, opioid epidemic / opioid crisis, payday loans, phenotype, public intellectual, Ronald Reagan, Rosa Parks, San Francisco homelessness, single-payer health, Steve Bannon, The Bell Curve by Richard Herrnstein and Charles Murray, W. E. B. Du Bois, War on Poverty, white flight

A simple thought experiment should be run here—can one imagine a black felon in a federal prison running in a primary against an incumbent white president doing the same? But racism occupies a mostly passive place in Packer’s essay. There’s no attempt to understand why black and brown workers, victimized by the same new economy and cosmopolitan elite Packer lambastes, did not join the Trump revolution. Like Kristof, Packer is gentle with his subjects. When a white woman “exploded” and told Packer, “I want to eat what I want to eat, and for them to tell me I can’t eat French fries or Coca-Cola—no way,” he sees this as rebellion against “the moral superiority of elites.”


pages: 424 words: 114,905

Deep Medicine: How Artificial Intelligence Can Make Healthcare Human Again by Eric Topol

"World Economic Forum" Davos, 23andMe, Affordable Care Act / Obamacare, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic bias, AlphaGo, Apollo 11, artificial general intelligence, augmented reality, autism spectrum disorder, autonomous vehicles, backpropagation, Big Tech, bioinformatics, blockchain, Cambridge Analytica, cloud computing, cognitive bias, Colonization of Mars, computer age, computer vision, Computing Machinery and Intelligence, conceptual framework, creative destruction, CRISPR, crowdsourcing, Daniel Kahneman / Amos Tversky, dark matter, data science, David Brooks, deep learning, DeepMind, Demis Hassabis, digital twin, driverless car, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, fake news, fault tolerance, gamification, general purpose technology, Geoffrey Hinton, George Santayana, Google Glasses, ImageNet competition, Jeff Bezos, job automation, job satisfaction, Joi Ito, machine translation, Mark Zuckerberg, medical residency, meta-analysis, microbiome, move 37, natural language processing, new economy, Nicholas Carr, Nick Bostrom, nudge unit, OpenAI, opioid epidemic / opioid crisis, pattern recognition, performance metric, personalized medicine, phenotype, placebo effect, post-truth, randomized controlled trial, recommendation engine, Rubik’s Cube, Sam Altman, self-driving car, Silicon Valley, Skinner box, speech recognition, Stephen Hawking, techlash, TED Talk, text mining, the scientific method, Tim Cook: Apple, traumatic brain injury, trolley problem, War on Poverty, Watson beat the top human players on Jeopardy!, working-age population

Garry Kasparov reminds us about the cycle of automation, fear, and eventual acceptance in Deep Thinking, describing how, although “the technology for automatic elevators had existed since 1900,” it took until the 1950s (after the elevator operators’ union strike in 1945) to be accepted because “people were too uncomfortable to ride in one without an operator.” Some leaders in the tech industry are stepping up financially to smooth the path toward acceptance. Google, for example, is giving $1 billion to nonprofits that aim to help workers adjust to a new economy.72 In the chapters that follow I address the job changes, new and old, and transformed, across virtually every type of healthcare worker. EXISTENTIAL THREAT We won’t have to worry too much about human health and AI if we’re no longer here. Whether and when we will ever build autonomous agents with superintelligence that operate like sentient life, designing and building new iterations of themselves, that can accomplish any goal at least as well as humans is unclear.


pages: 425 words: 112,220

The Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture by Scott Belsky

23andMe, 3D printing, Airbnb, Albert Einstein, Anne Wojcicki, augmented reality, autonomous vehicles, behavioural economics, Ben Horowitz, bitcoin, blockchain, Chuck Templeton: OpenTable:, commoditize, correlation does not imply causation, cryptocurrency, data science, delayed gratification, DevOps, Donald Trump, Elon Musk, endowment effect, fake it until you make it, hiring and firing, Inbox Zero, iterative process, Jeff Bezos, knowledge worker, Lean Startup, Lyft, Mark Zuckerberg, Marshall McLuhan, minimum viable product, move fast and break things, NetJets, Network effects, new economy, old-boy network, Paradox of Choice, pattern recognition, Paul Graham, private spaceflight, reality distortion field, ride hailing / ride sharing, Salesforce, Sheryl Sandberg, Silicon Valley, skeuomorphism, slashdot, Snapchat, Steve Jobs, subscription business, sugar pill, systems thinking, TaskRabbit, TED Talk, the medium is the message, Tony Fadell, Travis Kalanick, Uber for X, uber lyft, WeWork, Y Combinator, young professional

One of the greatest implications of the invention of the internet was the ability for networks to connect online and create a new form of utility—one that was more valuable than the sum of its parts and brought the utility of a large number of participants to your fingertips. Whether it was the new economy founded by eBay, the social network provided by Facebook, or the platform for building your career at LinkedIn, many companies built a business by building a network. Of course, every network is ultimately made possible by its participants. If every LinkedIn member or eBay participant deleted their profile tomorrow, these companies would have no business.


pages: 349 words: 112,333

The Mark Inside: A Perfect Swindle, a Cunning Revenge, and a Small History of the Big Con by Amy Reading

Cornelius Vanderbilt, Frederick Winslow Taylor, glass ceiling, joint-stock company, new economy, scientific management, shareholder value, transcontinental railway, upwardly mobile, vertical integration, zero-sum game

It was the doctors, dentists, lawyers, clergymen, and teachers who performed most dismally, second only to those in the “manufacture and mechanical” category at the bottom, while “capitalists and retired” sat at the top of the list. As the monthly magazines that addressed themselves to the middle and professional classes saw that their efforts to educate readers in the new economy were failing, their tone became shriller. They pointed their fingers right at their readers. Thomas Lee Woolwine, the district attorney of Los Angeles who had helped Norfleet catch the two rogue cops on Joseph Furey’s payroll, wrote an article in The American Magazine about the big con called “Would You Walk into a Trap Like This?”


pages: 380 words: 118,675

The Everything Store: Jeff Bezos and the Age of Amazon by Brad Stone

airport security, Amazon Mechanical Turk, Amazon Web Services, AOL-Time Warner, Apollo 11, bank run, Bear Stearns, Bernie Madoff, big-box store, Black Swan, book scanning, Brewster Kahle, buy and hold, call centre, centre right, Chuck Templeton: OpenTable:, Clayton Christensen, cloud computing, collapse of Lehman Brothers, crowdsourcing, cuban missile crisis, Danny Hillis, deal flow, Douglas Hofstadter, drop ship, Elon Musk, facts on the ground, fulfillment center, game design, housing crisis, invention of movable type, inventory management, James Dyson, Jeff Bezos, John Markoff, junk bonds, Kevin Kelly, Kiva Systems, Kodak vs Instagram, Larry Ellison, late fees, loose coupling, low skilled workers, Maui Hawaii, Menlo Park, Neal Stephenson, Network effects, new economy, off-the-grid, optical character recognition, PalmPilot, pets.com, Ponzi scheme, proprietary trading, quantitative hedge fund, reality distortion field, recommendation engine, Renaissance Technologies, RFID, Rodney Brooks, search inside the book, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, skunkworks, Skype, SoftBank, statistical arbitrage, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, the long tail, Thomas L Friedman, Tony Hsieh, two-pizza team, Virgin Galactic, Whole Earth Catalog, why are manhole covers round?, zero-sum game

But as eBay’s sales and profits grew, he worried that customers might see eBay as the natural starting point for an online shopping trip. Though Bezos often claimed that Amazon considered itself “a customer-focused company, not a competitor-focused company,”4 eBay anxiety spread. Employees exposed to a steady barrage of new economy hokum in newspapers and magazines worried not only that eBay had a better business but that fixed-price retailing itself might become a relic of the past. Late that year, Bezos initiated a secret auctions project in a sequestered space on the second floor of the Columbia Building, dubbing the effort EBS, for Earth’s Biggest Selection (or alternatively, employees joked, for eBay by spring).


pages: 374 words: 114,660

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

Admiral Zheng, agricultural Revolution, Branko Milanovic, BRICs, British Empire, call centre, carbon tax, clean water, colonial exploitation, Columbian Exchange, compensation consultant, creative destruction, declining real wages, Downton Abbey, Easter island, Edward Jenner, end world poverty, financial engineering, financial innovation, Ford Model T, germ theory of disease, Gini coefficient, Glass-Steagall Act, Great Leap Forward, illegal immigration, income inequality, invention of agriculture, invisible hand, John Snow's cholera map, knowledge economy, Louis Pasteur, low skilled workers, new economy, off-the-grid, Paul Volcker talking about ATMs, purchasing power parity, randomized controlled trial, rent-seeking, rising living standards, Robert Solow, 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, zoonotic diseases

That the rhetoric and the reality gave the same answer was convenient in 1963 when the line was drawn, but less convenient in later years when different approaches to updating the line started to give different answers. If Orshansky’s procedure was the right one, the poverty line should have been recalculated each year with a new economy food plan and a new multiplier. If we like the Gallup procedure, we should update using what people say the line ought to be. (The latter is my personal favorite: if we are going to label people as poor and treat them differently because they are poor, for example by giving them food subsidies, the opinion of the general public—whose taxes are being used for the purpose—should have something to do with where the line is set.)


pages: 377 words: 115,122

Quiet: The Power of Introverts in a World That Can't Stop Talking by Susan Cain

8-hour work day, Albert Einstein, An Inconvenient Truth, AOL-Time Warner, Asperger Syndrome, autism spectrum disorder, Bill Gates: Altair 8800, call centre, crowdsourcing, David Brooks, delayed gratification, deliberate practice, emotional labour, game design, hive mind, index card, indoor plumbing, Isaac Newton, knowledge economy, knowledge worker, longitudinal study, Mahatma Gandhi, mass immigration, Menlo Park, meta-analysis, Mikhail Gorbachev, Nelson Mandela, new economy, popular electronics, Ralph Waldo Emerson, ride hailing / ride sharing, Rosa Parks, selective serotonin reuptake inhibitor (SSRI), shareholder value, Silicon Valley, Steve Jobs, Steve Wozniak, telemarketer, The Wisdom of Crowds, traveling salesman, twin studies, Walter Mischel, web application, white flight

By the time Dale leaves college in 1908, his parents are still poor, but corporate America is booming. Henry Ford is selling Model Ts like griddle cakes, using the slogan “for business and for pleasure.” J.C. Penney, Woolworth, and Sears Roebuck have become household names. Electricity lights up the homes of the middle class; indoor plumbing spares them midnight trips to the outhouse. The new economy calls for a new kind of man—a salesman, a social operator, someone with a ready smile, a masterful handshake, and the ability to get along with colleagues while simultaneously outshining them. Dale joins the swelling ranks of salesmen, heading out on the road with few possessions but his silver tongue.


pages: 366 words: 117,875

Arrival City by Doug Saunders

agricultural Revolution, Ayatollah Khomeini, Berlin Wall, Boeing 747, Branko Milanovic, call centre, credit crunch, Deng Xiaoping, desegregation, foreign exchange controls, gentrification, ghettoisation, Gini coefficient, guest worker program, Hernando de Soto, Honoré de Balzac, illegal immigration, immigration reform, income inequality, informal economy, Jane Jacobs, Kibera, land reform, land tenure, low skilled workers, mass immigration, megacity, microcredit, new economy, Pearl River Delta, pensions crisis, place-making, price mechanism, rent control, Silicon Valley, special economic zone, the built environment, The Chicago School, The Death and Life of Great American Cities, upwardly mobile, urban planning, urban sprawl, white flight, working poor, working-age population

Slum-demolition campaigns get a lot of media attention—deservedly, given the misery they create—but they are relatively rare today: A few hundred thousand people are affected each year in Asia and Africa, out of the billion who live in slums. While overbearing urban planners will always exist, the larger logic of the city is inescapable: New people create new economies, and those economies develop best when those people, no matter how poor, are able to stage their arrival in an organic, self-generated, bottom-up fashion. The city wants to have migrants. It does not want to meet the fate of Shenzhen, a wound that will not heal, a place nobody can call home. ARRIVAL POSTPONED: THE STUCK CITY Kibera, Nairobi, Kenya Eunice Orembo, her four sons, and her daughter spend their mornings and nights in a single room, ten by seven meters, its walls made from a slurry of red mud, stones, and garbage, packed flat and dried onto a lattice of tree branches lashed to wooden poles; these mud walls hold up a roof made of sheets of corrugated metal.


pages: 467 words: 116,902

The New Jim Crow: Mass Incarceration in the Age of Colorblindness by Michelle Alexander

affirmative action, cognitive bias, Columbine, Corrections Corporation of America, critical race theory, deindustrialization, desegregation, different worldview, ending welfare as we know it, friendly fire, Gunnar Myrdal, illegal immigration, land reform, large denomination, low skilled workers, mandatory minimum, mass incarceration, means of production, new economy, New Urbanism, pink-collar, power law, profit motive, Ronald Reagan, Rosa Parks, trickle-down economics, upwardly mobile, W. E. B. Du Bois, War on Poverty, women in the workforce, zero-sum game

The result is a system of stratification based on the “official certification of individual character and competence”—a form of branding by the government.32 Given the incredibly high level of discrimination suffered by black men in the job market and the structural barriers to employment in the new economy, it should come as no surprise that a huge percentage of African American men are unemployed. Nearly one-third of young black men in the United States today are out of work.33 The jobless rate for young black male dropouts, including those incarcerated, is a staggering 65 percent.34 In an effort to address the rampant joblessness among black men labeled criminals, a growing number of advocates in recent years have launched Ban the Box campaigns.


pages: 448 words: 116,962

Singularity Sky by Stross, Charles

anthropic principle, cellular automata, Conway's Game of Life, cosmological constant, disinformation, Doomsday Clock, Extropian, Future Shock, gravity well, Higgs boson, Kuiper Belt, life extension, means of production, military-industrial complex, new economy, phenotype, prisoner's dilemma, quantum entanglement, skinny streets, technological singularity, uranium enrichment

While out here all 'uns enjoying themselves and it's like the end of the regime, like? I mean, wot's going on? Has true libertarianism arrived yet?" "Welcome, comrades!" Burya opened his arms toward the soldier. "Yes, it is true! With help from our allies of the Festival, the iron hand of the reactionary junta is about to be over-thrown for all time! The new economy is being born; the marginal cost of production has been abolished, and from now on, if any item is produced once, it can be replicated infinitely. From each according to his imagination, to each according to his needs! Join us, or better still, bring your fellow soldiers and workers to join us!"


pages: 401 words: 112,784

Hard Times: The Divisive Toll of the Economic Slump by Tom Clark, Anthony Heath

Affordable Care Act / Obamacare, Alan Greenspan, British Empire, business cycle, Carmen Reinhart, classic study, credit crunch, Daniel Kahneman / Amos Tversky, debt deflation, deindustrialization, Etonian, eurozone crisis, falling living standards, full employment, Gini coefficient, Greenspan put, growth hacking, hedonic treadmill, hiring and firing, income inequality, interest rate swap, invisible hand, It's morning again in America, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kenneth Rogoff, labour market flexibility, low interest rates, low skilled workers, MITM: man-in-the-middle, mortgage debt, new economy, Northern Rock, obamacare, oil shock, plutocrats, price stability, quantitative easing, Right to Buy, Ronald Reagan, science of happiness, statistical model, The Wealth of Nations by Adam Smith, unconventional monetary instruments, War on Poverty, We are the 99%, women in the workforce, working poor

For a detailed and carefully costed menu of practical proposals to boost employment rates among parents and older workers, see Resolution Foundation, Gaining From Growth, pp. 192–3. 18. Tami Luhby, ‘Romney-Ryan would aim to overhaul Medicaid’, CNNMoney, 13 August 2012, at: http://money.cnn.com/2012/08/13/news/economy/ryan-medicaid/ 19. Catalina Camia, ‘Romney criticizes Obama's changes to welfare law’, USA Today, 7 August 2012, at: http://content.usatoday.com/communities/on­politics/post/2012/08/mitt-romney-welfare-ref­orm-ad-barack-obama-/1#.UkbK-xbvz-Y 20. ‘0.7%, or £1.2bn, of total benefit expenditure is overpaid due to fraud’, Department for Work and Pensions/ONS, ‘Fraud and error in the benefit system: Preliminary 2012/13 estimates (Great Britain)’, 2013, p. 1, at: www.gov.uk/government/uploads/system/upl­oads/attachment_data/file/203097/nsfr-fi­nal–090513.pdf 21.


pages: 349 words: 114,038

Culture & Empire: Digital Revolution by Pieter Hintjens

4chan, Aaron Swartz, airport security, AltaVista, anti-communist, anti-pattern, barriers to entry, Bill Duvall, bitcoin, blockchain, Boeing 747, bread and circuses, business climate, business intelligence, business process, Chelsea Manning, clean water, commoditize, congestion charging, Corn Laws, correlation does not imply causation, cryptocurrency, Debian, decentralized internet, disinformation, Edward Snowden, failed state, financial independence, Firefox, full text search, gamification, German hyperinflation, global village, GnuPG, Google Chrome, greed is good, Hernando de Soto, hiring and firing, independent contractor, informal economy, intangible asset, invisible hand, it's over 9,000, James Watt: steam engine, Jeff Rulifson, Julian Assange, Kickstarter, Laura Poitras, M-Pesa, mass immigration, mass incarceration, mega-rich, military-industrial complex, MITM: man-in-the-middle, mutually assured destruction, Naomi Klein, national security letter, Nelson Mandela, new economy, New Urbanism, no silver bullet, Occupy movement, off-the-grid, offshore financial centre, packet switching, patent troll, peak oil, power law, pre–internet, private military company, race to the bottom, real-name policy, rent-seeking, reserve currency, RFC: Request For Comment, Richard Feynman, Richard Stallman, Ross Ulbricht, Russell Brand, Satoshi Nakamoto, security theater, selection bias, Skype, slashdot, software patent, spectrum auction, Steve Crocker, Steve Jobs, Steven Pinker, Stuxnet, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, trade route, transaction costs, twin studies, union organizing, wealth creators, web application, WikiLeaks, Y2K, zero day, Zipf's Law

The new social concentrations of nineteenth century industrial cities allowed an entrepreneurial middle class to emerge, and quite rapidly their economic power turned into political power. In 1848, a political revolution occurred across Europe, leading to the establishment of parliamentary democracy in many countries. The Digital Revolution is having the same effect: people congregate into new communities and entrepreneurs build new economies around those communities, which form a new economic class. When their economic power exceeds that of their old "legacy" competitors, and as the fights break out, they begin to seek political representation and power. Economic change leads to social change and then political change: all of it driven by cost gravity.


pages: 479 words: 113,510

Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth

Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, barriers to entry, Basel III, Bear Stearns, Bernie Sanders, Black Monday: stock market crash in 1987, break the buck, Bretton Woods, business cycle, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial engineering, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, Glass-Steagall Act, greed is good, Greenspan put, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, junk bonds, liquidity trap, London Whale, Long Term Capital Management, low interest rates, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, Navinder Sarao, negative equity, new economy, Northern Rock, obamacare, Phillips curve, price stability, proprietary trading, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, stock buybacks, tail risk, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve

BEN PULLS A BAIT AND SWITCH For my own part, I did not see: FRB: Interview with Janet Yellen, FCIC staff audiotape, Financial Crisis Inquiry Commission, November 15, 2010, fcic-static.law.stanford.edu/cdn_media/fcic-audio/2010-11-15%20FCIC%20staff%20audiotape%20of%20interview%20with%20Janet%20Yellen,%20Federal%20Reserve%20Board.mp3. Though Dodd commended: Chris Isidore, “Bernanke Faces Fire at Confirmation Hearing,” MoneyCNN.com, December 3, 2009, money.cnn.com/2009/12/03/news/economy/bernanke_hearing/. On January 28, 2010: Ben Leubsdorf, “A Timeline of the Federal Reserve in 2010,” Wall Street Journal, January 15, 2016. A lot of the data: The Ceridian-UCLA Pulse of Commerce Index has been discontinued. For historical reference see: ycharts.com/indicators/ceridian_ucla_pulse_of_commerce_index.


pages: 354 words: 118,970

Transaction Man: The Rise of the Deal and the Decline of the American Dream by Nicholas Lemann

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, Abraham Maslow, Affordable Care Act / Obamacare, Airbnb, airline deregulation, Alan Greenspan, Albert Einstein, augmented reality, basic income, Bear Stearns, behavioural economics, Bernie Sanders, Black-Scholes formula, Blitzscaling, buy and hold, capital controls, Carl Icahn, computerized trading, Cornelius Vanderbilt, corporate governance, cryptocurrency, Daniel Kahneman / Amos Tversky, data science, deal flow, dematerialisation, diversified portfolio, Donald Trump, Elon Musk, Eugene Fama: efficient market hypothesis, Fairchild Semiconductor, financial deregulation, financial innovation, fixed income, future of work, George Akerlof, gig economy, Glass-Steagall Act, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Ida Tarbell, index fund, information asymmetry, invisible hand, Irwin Jacobs, Joi Ito, Joseph Schumpeter, junk bonds, Kenneth Arrow, Kickstarter, life extension, Long Term Capital Management, Mark Zuckerberg, Mary Meeker, mass immigration, means of production, Metcalfe’s law, Michael Milken, money market fund, Mont Pelerin Society, moral hazard, Myron Scholes, Neal Stephenson, new economy, Norman Mailer, obamacare, PalmPilot, Paul Samuelson, Performance of Mutual Funds in the Period, Peter Thiel, price mechanism, principal–agent problem, profit maximization, proprietary trading, prudent man rule, public intellectual, quantitative trading / quantitative finance, Ralph Nader, Richard Thaler, road to serfdom, Robert Bork, Robert Metcalfe, rolodex, Ronald Coase, Ronald Reagan, Sand Hill Road, Savings and loan crisis, shareholder value, short selling, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Snow Crash, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, TaskRabbit, TED Talk, The Nature of the Firm, the payments system, the strength of weak ties, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, too big to fail, transaction costs, universal basic income, War on Poverty, white flight, working poor

Jensen reminded his audience that the average daily wage of an unskilled American worker was more than $100, compared with $2.89 in China and $1.51 in India; surely the advent of free trade and the end of communism would lead to wages averaging out worldwide, which would create massive unhappiness, and even possibly political violence, in the United States, as workers saw what they had gained during the years after the Treaty of Detroit taken away, never to return. (Jensen knew from personal experience that almost no one among his own extended family and friends from Minneapolis was succeeding in the new economy.) What to do? To Jensen the answer was clear: make the market for corporate control even more active, powerful, and all-encompassing; blow away the remaining aspects of the principal-agent problem—complacent chief executives, overgenerous union contracts, and passive boards of directors. Jensen believed so deeply in markets as right and just, and in the immorality of any arrangements that impeded them, that he didn’t feel constrained to make the standard argument that they were better at creating general prosperity.


pages: 484 words: 114,613

No Filter: The Inside Story of Instagram by Sarah Frier

Airbnb, Amazon Web Services, Benchmark Capital, blockchain, Blue Bottle Coffee, Cambridge Analytica, Clayton Christensen, cloud computing, cryptocurrency, data science, disinformation, Donald Trump, Elon Musk, end-to-end encryption, fake news, Frank Gehry, growth hacking, Jeff Bezos, Marc Andreessen, Mark Zuckerberg, Menlo Park, Minecraft, move fast and break things, Network effects, new economy, Oculus Rift, Peter Thiel, ride hailing / ride sharing, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley startup, Snapchat, Steve Jobs, TaskRabbit, TikTok, Tony Hsieh, Travis Kalanick, ubercab, Zipcar

The regulator made an example of Lord & Taylor in 2016, with a settlement saying it needed to stop its unfair and deceptive advertising practices. “Consumers have the right to know when they’re looking at paid advertising,” explained Jessica Rich, the director of the FTC’s Bureau of Consumer Protection. The warning shot had little impact on this thriving new economy of influence. As Instagram grew, so did the set of people willing to take money in exchange for posting about their outfits, vacations, or beauty routines, choosing their “favorite” brands with financial incentive to do so. In March 2017, regulators sent a polite request to 90 different brands, celebrities, and influencers.


pages: 501 words: 114,888

The Future Is Faster Than You Think: How Converging Technologies Are Transforming Business, Industries, and Our Lives by Peter H. Diamandis, Steven Kotler

Ada Lovelace, additive manufacturing, Airbnb, Albert Einstein, AlphaGo, Amazon Mechanical Turk, Amazon Robotics, augmented reality, autonomous vehicles, barriers to entry, Big Tech, biodiversity loss, bitcoin, blockchain, blood diamond, Boston Dynamics, Burning Man, call centre, cashless society, Charles Babbage, Charles Lindbergh, Clayton Christensen, clean water, cloud computing, Colonization of Mars, computer vision, creative destruction, CRISPR, crowdsourcing, cryptocurrency, data science, Dean Kamen, deep learning, deepfake, DeepMind, delayed gratification, dematerialisation, digital twin, disruptive innovation, Donald Shoup, driverless car, Easter island, Edward Glaeser, Edward Lloyd's coffeehouse, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Ethereum, ethereum blockchain, experimental economics, fake news, food miles, Ford Model T, fulfillment center, game design, Geoffrey West, Santa Fe Institute, gig economy, gigafactory, Google X / Alphabet X, gravity well, hive mind, housing crisis, Hyperloop, impact investing, indoor plumbing, industrial robot, informal economy, initial coin offering, intentional community, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the telegraph, Isaac Newton, Jaron Lanier, Jeff Bezos, job automation, Joseph Schumpeter, Kevin Kelly, Kickstarter, Kiva Systems, late fees, Law of Accelerating Returns, life extension, lifelogging, loss aversion, Lyft, M-Pesa, Mary Lou Jepsen, Masayoshi Son, mass immigration, megacity, meta-analysis, microbiome, microdosing, mobile money, multiplanetary species, Narrative Science, natural language processing, Neal Stephenson, Neil Armstrong, Network effects, new economy, New Urbanism, Nick Bostrom, Oculus Rift, One Laptop per Child (OLPC), out of africa, packet switching, peer-to-peer lending, Peter H. Diamandis: Planetary Resources, Peter Thiel, planned obsolescence, QR code, RAND corporation, Ray Kurzweil, RFID, Richard Feynman, Richard Florida, ride hailing / ride sharing, risk tolerance, robo advisor, Satoshi Nakamoto, Second Machine Age, self-driving car, Sidewalk Labs, Silicon Valley, Skype, smart cities, smart contracts, smart grid, Snapchat, SoftBank, sovereign wealth fund, special economic zone, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Steve Jurvetson, Steven Pinker, Stewart Brand, supercomputer in your pocket, supply-chain management, tech billionaire, technoutopianism, TED Talk, Tesla Model S, Tim Cook: Apple, transaction costs, Uber and Lyft, uber lyft, unbanked and underbanked, underbanked, urban planning, Vision Fund, VTOL, warehouse robotics, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, X Prize

in 2017 alone, the total was 6,700: “Global Powers of Retailing 2018,” Deloitte. See: https://www2.deloitte.com/content/dam/Deloitte/tr/Documents/consumer-business/cip-2018-global-powers-retailing.pdf. See also: Jackie Wattles, “2017 Just Set the All-Time Record for Store Closings,” CNN, October 25, 2017, https://money.cnn.com/2017/10/25/news/economy/store-closings-2017/index.html?sr=twCNN102517economy0528PMStory. All one needs to do is look at the following table: Data from https://www.macrotrends.net; we report the peak value for each company during the listed year. Even though online sales increased from $34 billion in Q1 of 2009 to $115 billion in Q3 of 2017: Census.com, “Monthly Retail Trade.”


The City on the Thames by Simon Jenkins

Ascot racecourse, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Boris Johnson, bread and circuses, Brexit referendum, British Empire, clean water, computerized trading, congestion charging, Corn Laws, cross-subsidies, Crossrail, deindustrialization, estate planning, Frank Gehry, gentrification, housing crisis, informal economy, Isaac Newton, Jane Jacobs, John Snow's cholera map, light touch regulation, Louis Blériot, negative equity, new economy, New Urbanism, Northern Rock, Peace of Westphalia, place-making, railway mania, Richard Florida, Right to Buy, South Sea Bubble, sovereign wealth fund, strikebreaker, the built environment, The Death and Life of Great American Cities, the market place, Traffic in Towns by Colin Buchanan, upwardly mobile, urban renewal, Winter of Discontent, women in the workforce

These new activities, often in small-scale, freelance and ‘start-up’ ventures, were peculiarly attracted to older parts of town, to off-West End basements and former warehouses, to Clerkenwell, Shoreditch and Southwark. In Marylebone, some of the world’s most advanced diagnostic medicine was buried beneath Harley Street. Soho’s back streets saw the highest-tech studios for film post-production. Buildings designed for horses and carts played host to the most cutting-edge technologies. This was the new economy that the digital revolution had promised would disperse wealth from the metropolis. It did the opposite. Workers needed places to congregate and network. Coffee houses proliferated as if imitating the seventeenth-century City. Once-doomed cultural activities strengthened. Publishers found themselves producing more books, while specialist and weekly magazine sales increased even as conventional newspapers moved online.


pages: 1,172 words: 114,305

New Laws of Robotics: Defending Human Expertise in the Age of AI by Frank Pasquale

affirmative action, Affordable Care Act / Obamacare, Airbnb, algorithmic bias, Amazon Mechanical Turk, Anthropocene, augmented reality, Automated Insights, autonomous vehicles, basic income, battle of ideas, Bernie Sanders, Big Tech, Bill Joy: nanobots, bitcoin, blockchain, Brexit referendum, call centre, Cambridge Analytica, carbon tax, citizen journalism, Clayton Christensen, collective bargaining, commoditize, computer vision, conceptual framework, contact tracing, coronavirus, corporate social responsibility, correlation does not imply causation, COVID-19, critical race theory, cryptocurrency, data is the new oil, data science, decarbonisation, deep learning, deepfake, deskilling, digital divide, digital twin, disinformation, disruptive innovation, don't be evil, Donald Trump, Douglas Engelbart, driverless car, effective altruism, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, Filter Bubble, finite state, Flash crash, future of work, gamification, general purpose technology, Google Chrome, Google Glasses, Great Leap Forward, green new deal, guns versus butter model, Hans Moravec, high net worth, hiring and firing, holacracy, Ian Bogost, independent contractor, informal economy, information asymmetry, information retrieval, interchangeable parts, invisible hand, James Bridle, Jaron Lanier, job automation, John Markoff, Joi Ito, Khan Academy, knowledge economy, late capitalism, lockdown, machine readable, Marc Andreessen, Mark Zuckerberg, means of production, medical malpractice, megaproject, meta-analysis, military-industrial complex, Modern Monetary Theory, Money creation, move fast and break things, mutually assured destruction, natural language processing, new economy, Nicholas Carr, Nick Bostrom, Norbert Wiener, nuclear winter, obamacare, One Laptop per Child (OLPC), open immigration, OpenAI, opioid epidemic / opioid crisis, paperclip maximiser, paradox of thrift, pattern recognition, payday loans, personalized medicine, Peter Singer: altruism, Philip Mirowski, pink-collar, plutocrats, post-truth, pre–internet, profit motive, public intellectual, QR code, quantitative easing, race to the bottom, RAND corporation, Ray Kurzweil, recommendation engine, regulatory arbitrage, Robert Shiller, Rodney Brooks, Ronald Reagan, self-driving car, sentiment analysis, Shoshana Zuboff, Silicon Valley, Singularitarianism, smart cities, smart contracts, software is eating the world, South China Sea, Steve Bannon, Strategic Defense Initiative, surveillance capitalism, Susan Wojcicki, tacit knowledge, TaskRabbit, technological solutionism, technoutopianism, TED Talk, telepresence, telerobotics, The Future of Employment, The Turner Diaries, Therac-25, Thorstein Veblen, too big to fail, Turing test, universal basic income, unorthodox policies, wage slave, Watson beat the top human players on Jeopardy!, working poor, workplace surveillance , Works Progress Administration, zero day

Donovan and Emma Park, “Perpetual Debt in the Silicon Savannah,” Boston Review, September 20, 2019, at http://bostonreview.net/class-inequality-global-justice/kevin-p-donovan-emma-park-perpetual-debt-silicon-savannah. 55. Tressie McMillan Cottom, Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy (New York: The New Press, 2018). 56. Lauren Berlant, Cruel Optimism (Durham, NC: Duke University Press, 2011); David J. Blacker, The Falling Rate of Earning and the Neoliberal Endgame (Washington, DC: Zero Books, 2013); Andrew McGettigan, The Great University Gamble: Money, Markets and the Future of Higher Education (London: Pluto Press, 2013); Christopher Newfield, The Great Mistake: How We Wrecked Public Universities and How We Can Fix Them (Baltimore: Johns Hopkins University Press, 2016). 57.


pages: 521 words: 110,286

Them and Us: How Immigrants and Locals Can Thrive Together by Philippe Legrain

affirmative action, Albert Einstein, AlphaGo, autonomous vehicles, Berlin Wall, Black Lives Matter, Boris Johnson, Brexit referendum, British Empire, call centre, centre right, Chelsea Manning, clean tech, coronavirus, corporate social responsibility, COVID-19, creative destruction, crowdsourcing, data science, David Attenborough, DeepMind, Demis Hassabis, demographic dividend, digital divide, discovery of DNA, Donald Trump, double helix, Edward Glaeser, en.wikipedia.org, eurozone crisis, failed state, Fall of the Berlin Wall, future of work, illegal immigration, immigration reform, informal economy, Jane Jacobs, job automation, Jony Ive, labour market flexibility, lockdown, low cost airline, low interest rates, low skilled workers, lump of labour, Mahatma Gandhi, Mark Zuckerberg, Martin Wolf, Mary Meeker, mass immigration, moral hazard, Mustafa Suleyman, Network effects, new economy, offshore financial centre, open borders, open immigration, postnationalism / post nation state, purchasing power parity, remote working, Richard Florida, ride hailing / ride sharing, Rishi Sunak, Ronald Reagan, Silicon Valley, Skype, SoftBank, Steve Jobs, tech worker, The Death and Life of Great American Cities, The future is already here, The Future of Employment, Tim Cook: Apple, Tyler Cowen, urban sprawl, WeWork, Winter of Discontent, women in the workforce, working-age population

story=20190619103340651 10 ‘The costs and benefits of international students by parliamentary constituency’, Report for the Higher Education Policy Institute and Kaplan International Pathways, January 2018. https://www.hepi.ac.uk/wp-content/uploads/2018/01/Economic-benefits-of-international-students-by-constituency-Final-11-01-2018.pdf 11 ‘NAFSA International Student Economic Value Tool’, NAFSA. Accessed on 23 January 2020 at https://www.nafsa.org/policy-and-advocacy/policy-resources/nafsa-international-student-economic-value-tool-v2 12 Chris Isidore, ‘These are the top US exports’, CNN, 7 March 2018. https://money.cnn.com/2018/03/07/news/economy/top-us-exports/index.html 13 Email from Stephen Jenner, MSc Programmes Administrator, European Institute. 14 ‘Student Academic Experience Survey 2018’, AdvanceHE and HEPI, June 2018. https://www.hepi.ac.uk/wp-content/uploads/2018/06/STRICTLY-EMBARGOED-UNTIL-THURSDAY-7-JUNE-2018-Student-Academic-Experience-Survey-report-2018.pdf 15 ‘Fee Levels for 2019/20’, London School of Economics and Political Science. https://info.lse.ac.uk/staff/divisions/Planning-Division/Assets/Documents/2019-20-Fees-Table.pdf 16 Kevin Shih, ‘Do International Students Crowd-Out or Cross-Subsidize Americans in Higher Education?’


pages: 463 words: 115,103

Head, Hand, Heart: Why Intelligence Is Over-Rewarded, Manual Workers Matter, and Caregivers Deserve More Respect by David Goodhart

active measures, Airbnb, Albert Einstein, assortative mating, basic income, Berlin Wall, Bernie Sanders, Big Tech, big-box store, Black Lives Matter, Boris Johnson, Branko Milanovic, Brexit referendum, British Empire, call centre, Cass Sunstein, central bank independence, centre right, computer age, corporate social responsibility, COVID-19, data science, David Attenborough, David Brooks, deglobalization, deindustrialization, delayed gratification, desegregation, deskilling, different worldview, Donald Trump, Elon Musk, emotional labour, Etonian, fail fast, Fall of the Berlin Wall, Flynn Effect, Frederick Winslow Taylor, future of work, gender pay gap, George Floyd, gig economy, glass ceiling, Glass-Steagall Act, Great Leap Forward, illegal immigration, income inequality, James Hargreaves, James Watt: steam engine, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labour market flexibility, lockdown, longitudinal study, low skilled workers, Mark Zuckerberg, mass immigration, meritocracy, new economy, Nicholas Carr, oil shock, pattern recognition, Peter Thiel, pink-collar, post-industrial society, post-materialism, postindustrial economy, precariat, reshoring, Richard Florida, robotic process automation, scientific management, Scientific racism, Skype, social distancing, social intelligence, spinning jenny, Steven Pinker, superintelligent machines, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, The Rise and Fall of American Growth, Thorstein Veblen, twin studies, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, upwardly mobile, wages for housework, winner-take-all economy, women in the workforce, young professional

As Matthew Crawford, the American author, puts it in his book The Case for Working with Your Hands, the manual trades are now given little honor in the US school system because of “the fear that acquiring a specific skill set means that one’s life is determined. In college, by contrast, many students don’t learn anything of particular application; college is the ticket to an open future. Craftsmanship entails learning to do one thing really well, while the ideal of the new economy is to be able to learn new things.”26 Crawford argues that today’s preferred role model is the management consultant, who swoops in and out and whose very pride lies in his lack of particular expertise. “Like the ideal consumer, the management consultant presents an image of soaring freedom, in light of which the manual trades appear cramped and paltry: the plumber with his butt crack, peering under the sink.”27 In the United States, like the United Kingdom, a single route into the cognitive class via high SAT test scores and selective higher education has replaced the multiple routes of the recent past.


pages: 342 words: 114,118

After the Fall: Being American in the World We've Made by Ben Rhodes

Affordable Care Act / Obamacare, Alan Greenspan, Asian financial crisis, Berlin Wall, Bernie Sanders, Big Tech, British Empire, centre right, COVID-19, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, Donald Trump, drone strike, Edward Snowden, fake news, Fall of the Berlin Wall, gentrification, geopolitical risk, George Floyd, Glass-Steagall Act, global pandemic, global supply chain, Great Leap Forward, illegal immigration, independent contractor, invisible hand, late capitalism, lockdown, Mark Zuckerberg, Mikhail Gorbachev, Nelson Mandela, new economy, obamacare, open economy, Ponzi scheme, profit motive, QAnon, quantitative easing, Ralph Waldo Emerson, Ronald Reagan, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, social distancing, South China Sea, the long tail, too big to fail, trade route, Washington Consensus, young professional, zero-sum game

With so much money funneled into the economy, there was excess capital—money that had to go somewhere because it made no sense for it to sit still. A lot of new technologies and platforms became a natural destination for this excess capital, whether that money was pumped into Silicon Valley start-ups or China’s burgeoning tech sector. New economies were developed to service those with means in ever-changing ways, from Uber to Amazon Prime. Unburdened by antitrust laws that had been gutted, the monopolistic technology companies swallowed up their competition and in-person retailers. This helped tech companies grow faster than our understanding of what their technologies would do.


pages: 444 words: 117,770

The Coming Wave: Technology, Power, and the Twenty-First Century's Greatest Dilemma by Mustafa Suleyman

"World Economic Forum" Davos, 23andMe, 3D printing, active measures, Ada Lovelace, additive manufacturing, agricultural Revolution, AI winter, air gap, Airbnb, Alan Greenspan, algorithmic bias, Alignment Problem, AlphaGo, Alvin Toffler, Amazon Web Services, Anthropocene, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, ASML, autonomous vehicles, backpropagation, barriers to entry, basic income, benefit corporation, Big Tech, biodiversity loss, bioinformatics, Bletchley Park, Blitzscaling, Boston Dynamics, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, ChatGPT, choice architecture, circular economy, classic study, clean tech, cloud computing, commoditize, computer vision, coronavirus, corporate governance, correlation does not imply causation, COVID-19, creative destruction, CRISPR, critical race theory, crowdsourcing, cryptocurrency, cuban missile crisis, data science, decarbonisation, deep learning, deepfake, DeepMind, deindustrialization, dematerialisation, Demis Hassabis, disinformation, drone strike, drop ship, dual-use technology, Easter island, Edward Snowden, effective altruism, energy transition, epigenetics, Erik Brynjolfsson, Ernest Rutherford, Extinction Rebellion, facts on the ground, failed state, Fairchild Semiconductor, fear of failure, flying shuttle, Ford Model T, future of work, general purpose technology, Geoffrey Hinton, global pandemic, GPT-3, GPT-4, hallucination problem, hive mind, hype cycle, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, Internet of things, invention of the wheel, job automation, John Maynard Keynes: technological unemployment, John von Neumann, Joi Ito, Joseph Schumpeter, Kickstarter, lab leak, large language model, Law of Accelerating Returns, Lewis Mumford, license plate recognition, lockdown, machine readable, Marc Andreessen, meta-analysis, microcredit, move 37, Mustafa Suleyman, mutually assured destruction, new economy, Nick Bostrom, Nikolai Kondratiev, off grid, OpenAI, paperclip maximiser, personalized medicine, Peter Thiel, planetary scale, plutocrats, precautionary principle, profit motive, prompt engineering, QAnon, quantum entanglement, ransomware, Ray Kurzweil, Recombinant DNA, Richard Feynman, Robert Gordon, Ronald Reagan, Sam Altman, Sand Hill Road, satellite internet, Silicon Valley, smart cities, South China Sea, space junk, SpaceX Starlink, stealth mode startup, stem cell, Stephen Fry, Steven Levy, strong AI, synthetic biology, tacit knowledge, tail risk, techlash, techno-determinism, technoutopianism, Ted Kaczynski, the long tail, The Rise and Fall of American Growth, Thomas Malthus, TikTok, TSMC, Turing test, Tyler Cowen, Tyler Cowen: Great Stagnation, universal basic income, uranium enrichment, warehouse robotics, William MacAskill, working-age population, world market for maybe five computers, zero day

GO TO NOTE REFERENCE IN TEXT Security, wealth, prestige “France 2030,” Agence Nationale de la Recherche, Feb. 27, 2023, anr.fr/​en/​france-2030/​france-2030. GO TO NOTE REFERENCE IN TEXT By 2030 its economy “India to Be a $30 Trillion Economy by 2050: Gautam Adani,” Economic Times, April 22, 2022, economictimes.indiatimes.com/​news/​economy/​indicators/​india-to-be-a-30-trillion-economy-by-2050-gautam-adani/​articleshow/​90985771.cms. GO TO NOTE REFERENCE IN TEXT Under it, India established Trisha Ray and Akhil Deo, “Priorities for a Technology Foreign Policy for India,” Washington International Trade Association, Sept. 25, 2020, www.wita.org/​atp-research/​tech-foreign-policy-india.


pages: 361 words: 117,566

Money Men: A Hot Startup, a Billion Dollar Fraud, a Fight for the Truth by Dan McCrum

air gap, Amazon Web Services, Bernie Madoff, Big Tech, bitcoin, Brexit referendum, Buckminster Fuller, call centre, Cambridge Analytica, centre right, Citizen Lab, corporate governance, corporate raider, COVID-19, Donald Trump, Elon Musk, fake news, forensic accounting, Internet Archive, Kinder Surprise, lockdown, Market Wizards by Jack D. Schwager, multilevel marketing, new economy, off-the-grid, offshore financial centre, pirate software, Ponzi scheme, Potemkin village, price stability, profit motive, reality distortion field, rolodex, Salesforce, short selling, Silicon Valley, Skype, SoftBank, sovereign wealth fund, special economic zone, Steve Jobs, Vision Fund, WeWork

Eichelmann was clearly media-savvy, as his personal references included one from a PR man. As soon as he joined, press reports began to frame him as the chairman-in-waiting. Of the three women present, Vuyiswa M’Cwabeni was the longest-serving and, at forty-one, the youngest. An up-and-coming career executive at SAP, German’s other large new economy giant, she’d joined in 2016. The other two had arrived the previous summer, giving them just a brief taste of Wirecard’s dysfunction before it was engulfed in scandal. Susana Quintana-Plaza was a Spanish engineer with a glittering career in energy, aerospace and venture capital; she had already announced her intention to leave in 2020 due to the demands of her day job at a renewables business.


pages: 412 words: 116,685

The Metaverse: And How It Will Revolutionize Everything by Matthew Ball

"hyperreality Baudrillard"~20 OR "Baudrillard hyperreality", 3D printing, Airbnb, Albert Einstein, Amazon Web Services, Apple Newton, augmented reality, Big Tech, bitcoin, blockchain, business process, call centre, cloud computing, commoditize, computer vision, COVID-19, cryptocurrency, deepfake, digital divide, digital twin, disintermediation, don't be evil, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, game design, gig economy, Google Chrome, Google Earth, Google Glasses, hype cycle, intermodal, Internet Archive, Internet of things, iterative process, Jeff Bezos, John Gruber, Kevin Roose, Kickstarter, lockdown, Mark Zuckerberg, Metcalfe’s law, Minecraft, minimum viable product, Neal Stephenson, Network effects, new economy, non-fungible token, open economy, openstreetmap, pattern recognition, peer-to-peer, peer-to-peer model, Planet Labs, pre–internet, QR code, recommendation engine, rent control, rent-seeking, ride hailing / ride sharing, Robinhood: mobile stock trading app, satellite internet, self-driving car, SETI@home, Silicon Valley, skeuomorphism, Skype, smart contracts, Snapchat, Snow Crash, social graph, social web, SpaceX Starlink, Steve Ballmer, Steve Jobs, thinkpad, TikTok, Tim Cook: Apple, TSMC, undersea cable, Vannevar Bush, vertical integration, Vitalik Buterin, Wayback Machine, Y2K

Two months later, Epic Games sued both Apple and Google, alleging their 30% fees and controls were unlawful and anti-competitive. A week before the suit, Sweeney had tweeted that “Apple has outlawed the metaverse.” The delay had several causes. One was the unequal impact of Apple’s store policies, which primarily charged “new economy” businesses and waived fees on old economy ones. Apple established three broad categories of apps when it came to in-app purchases. The first category was transactions made for a physical product, such as buying Dove soap from Amazon or loading a Starbucks gift card. Here, Apple took no commission and even allowed these apps to directly use third-party payment rails, such as PayPal or Visa, to complete a transaction.


pages: 386 words: 112,064

Rich White Men: What It Takes to Uproot the Old Boys' Club and Transform America by Garrett Neiman

"World Economic Forum" Davos, Affordable Care Act / Obamacare, Albert Einstein, basic income, Bernie Sanders, BIPOC, Black Lives Matter, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, confounding variable, coronavirus, COVID-19, critical race theory, dark triade / dark tetrad, data science, Donald Trump, drone strike, effective altruism, Elon Musk, gender pay gap, George Floyd, glass ceiling, green new deal, high net worth, Home mortgage interest deduction, Howard Zinn, impact investing, imposter syndrome, impulse control, income inequality, Jeff Bezos, Jeffrey Epstein, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge worker, Larry Ellison, liberal capitalism, Lyft, Mahatma Gandhi, mandatory minimum, Mark Zuckerberg, mass incarceration, means of production, meritocracy, meta-analysis, Michael Milken, microaggression, mortgage tax deduction, move fast and break things, Nelson Mandela, new economy, obamacare, occupational segregation, offshore financial centre, Paul Buchheit, Peter Thiel, plutocrats, Ralph Waldo Emerson, randomized controlled trial, rent-seeking, Ronald Reagan, Rutger Bregman, Sheryl Sandberg, Silicon Valley, Snapchat, sovereign wealth fund, Steve Jobs, subprime mortgage crisis, TED Talk, The Bell Curve by Richard Herrnstein and Charles Murray, Travis Kalanick, trickle-down economics, uber lyft, universal basic income, Upton Sinclair, War on Poverty, white flight, William MacAskill, winner-take-all economy, women in the workforce, work culture , working poor

America needs more thinkers and doers who have the capacity to grapple with this complexity; it also needs more philanthropists and politicians who are willing to invest in the development of pluralistic alternatives that unlock new innovations that can be scaled up over time. For those who want to help build these alternatives, the hundreds of initiatives that are part of the New Economy Coalition—which includes amazing organizations like Seed Commons and United for a Fair Economy—offer many onramps to that work. Part of why I think America needs to take this issue on is that capitalism, at least as it currently functions in the United States, isn’t a consent-based model. I’ve heard many rich white men claim that workers provide their consent when they sign a labor contract, but power dynamics often shape whether an employee decides to accept an employment contract and the terms they are willing to accept.


pages: 435 words: 120,574

Strangers in Their Own Land: Anger and Mourning on the American Right by Arlie Russell Hochschild

affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Black Lives Matter, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, clean water, collective bargaining, Deep Water Horizon, desegregation, Donald Trump, emotional labour, ending welfare as we know it, equal pay for equal work, Exxon Valdez, feminist movement, full employment, greed is good, guest worker program, invisible hand, knowledge economy, man camp, McMansion, minimum wage unemployment, new economy, obamacare, off-the-grid, oil shock, payday loans, precautionary principle, Richard Florida, Ronald Reagan, school vouchers, Silicon Valley, Solyndra, sovereign wealth fund, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, urban sprawl, working poor, Yogi Berra

ALSO BY ARLIE RUSSELL HOCHSCHILD So How’s the Family? And Other Essays The Outsourced Self: Intimate Life in Market Times Global Woman: Nannies, Maids, and Sex Workers in the New Economy (co-editor) The Commercialization of Intimate Life: Notes from Home and Work The Time Bind: When Work Becomes Home and Home Becomes Work The Second Shift: Working Families and the Revolution at Home The Managed Heart: Commercialization of Human Feeling The Unexpected Community: Portrait of an Old Age Subculture Coleen the Question Girl © 2016 by Arlie Russell Hochschild All rights reserved. No part of this book may be reproduced, in any form, without written permission from the publisher.


pages: 654 words: 120,154

The Firm by Duff McDonald

"World Economic Forum" Davos, Alan Greenspan, AOL-Time Warner, Asian financial crisis, asset light, Bear Stearns, benefit corporation, book value, borderless world, collective bargaining, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, family office, financial independence, Frederick Winslow Taylor, Glass-Steagall Act, income inequality, invisible hand, Jeff Bezos, Joseph Schumpeter, Ken Thompson, Kickstarter, laissez-faire capitalism, Mahatma Gandhi, Nelson Mandela, new economy, pets.com, Ponzi scheme, Ralph Nader, risk tolerance, risk-adjusted returns, Robert Solow, scientific management, shareholder value, Sheryl Sandberg, Silicon Valley, Steve Jobs, supply-chain management, The Nature of the Firm, vertical integration, young professional

He jumped ship and had soon replaced Kinder as president of Enron. Enron chief financial officer Andy Fastow was flabbergasted at the move. “You walked away from McKinsey?” he asked Skilling. “I did,” the latter replied. “Why?” “Hey,” Skilling replied. “How often do you get a chance to change the world?”9 Skilling turned Enron into a new economy darling that darted from market to market with blazing speed. It became the most celebrated company in the country, with revenues topping $60 billion in 2000. As Bethany McLean and Peter Elkind pointed out in The Smartest Guys in the Room, Enron was beloved by all: “Fortune magazine named it ‘America’s most innovative company’ six years running.


pages: 472 words: 117,093

Machine, Platform, Crowd: Harnessing Our Digital Future by Andrew McAfee, Erik Brynjolfsson

"World Economic Forum" Davos, 3D printing, additive manufacturing, AI winter, Airbnb, airline deregulation, airport security, Albert Einstein, algorithmic bias, AlphaGo, Amazon Mechanical Turk, Amazon Web Services, Andy Rubin, AOL-Time Warner, artificial general intelligence, asset light, augmented reality, autism spectrum disorder, autonomous vehicles, backpropagation, backtesting, barriers to entry, behavioural economics, bitcoin, blockchain, blood diamond, British Empire, business cycle, business process, carbon footprint, Cass Sunstein, centralized clearinghouse, Chris Urmson, cloud computing, cognitive bias, commoditize, complexity theory, computer age, creative destruction, CRISPR, crony capitalism, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, data science, Dean Kamen, deep learning, DeepMind, Demis Hassabis, discovery of DNA, disintermediation, disruptive innovation, distributed ledger, double helix, driverless car, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Ethereum, ethereum blockchain, everywhere but in the productivity statistics, Evgeny Morozov, fake news, family office, fiat currency, financial innovation, general purpose technology, Geoffrey Hinton, George Akerlof, global supply chain, Great Leap Forward, Gregor Mendel, Hernando de Soto, hive mind, independent contractor, information asymmetry, Internet of things, inventory management, iterative process, Jean Tirole, Jeff Bezos, Jim Simons, jimmy wales, John Markoff, joint-stock company, Joseph Schumpeter, Kickstarter, Kiva Systems, law of one price, longitudinal study, low interest rates, Lyft, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, Marc Andreessen, Marc Benioff, Mark Zuckerberg, meta-analysis, Mitch Kapor, moral hazard, multi-sided market, Mustafa Suleyman, Myron Scholes, natural language processing, Network effects, new economy, Norbert Wiener, Oculus Rift, PageRank, pattern recognition, peer-to-peer lending, performance metric, plutocrats, precision agriculture, prediction markets, pre–internet, price stability, principal–agent problem, Project Xanadu, radical decentralization, Ray Kurzweil, Renaissance Technologies, Richard Stallman, ride hailing / ride sharing, risk tolerance, Robert Solow, Ronald Coase, Salesforce, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, slashdot, smart contracts, Snapchat, speech recognition, statistical model, Steve Ballmer, Steve Jobs, Steven Pinker, supply-chain management, synthetic biology, tacit knowledge, TaskRabbit, Ted Nelson, TED Talk, the Cathedral and the Bazaar, The Market for Lemons, The Nature of the Firm, the strength of weak ties, Thomas Davenport, Thomas L Friedman, too big to fail, transaction costs, transportation-network company, traveling salesman, Travis Kalanick, Two Sigma, two-sided market, Tyler Cowen, Uber and Lyft, Uber for X, uber lyft, ubercab, Vitalik Buterin, warehouse robotics, Watson beat the top human players on Jeopardy!, winner-take-all economy, yield management, zero day

., “From Shafts to Wires: Historical Perspective on Electrification,” Journal of Economic History 43, no. 2 (1983): 347–72, http://www.j-bradford-delong.net/teaching_Folder/Econ_210c_spring_2002/Readings/Devine.pdf. 20 “the merits of driving machines in groups”: Ibid. 21 “curse of knowledge”: Scott Sleek, “The Curse of Knowledge: Pinker Describes a Key Cause of Bad Writing,” Observer 28, no. 6 (July/August 2015), http://www.psychologicalscience.org/observer/the-curse-of-knowledge-pinker-describes-a-key-cause-of-bad-writing#.WJodJhiZOi5. 21 “At the beginning of the transition”: Andrew Atkeson and Patrick J. Kehoe, The Transition to a New Economy after the Second Industrial Revolution, Federal Reserve Bank of Minneapolis Research Department Working Paper 606 (July 2001), http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.147.7979#x0026;rep=rep1#x0026;type=pdf. 21 “the need for organizational”: Paul A. David and Gavin Wright, General Purpose Technologies and Surges in Productivity: Historical Reflections on the Future of the ICT Revolution, University of Oxford Discussion Papers in Economic and Social History 31 (September 1999), 12, http://sites-final.uclouvain.be/econ/DW/DOCTORALWS2004/bruno/adoption/david%20wright.pdf. 22 more than 300 such trusts: John Moody, The Truth about Trusts: A Description and Analysis of the American Trust Movement (New York: Moody, 1904), 467, https://archive.org/details/truthabouttrust01moodgoog. 22 “ ‘limping’ units”: Shaw Livermore, “The Success of Industrial Mergers,” Quarterly Journal of Economics 50, no. 1 (1935): 68–96. 23 A study by economist Richard Caves: Richard E.


pages: 413 words: 119,587

Machines of Loving Grace: The Quest for Common Ground Between Humans and Robots by John Markoff

A Declaration of the Independence of Cyberspace, AI winter, airport security, Andy Rubin, Apollo 11, Apple II, artificial general intelligence, Asilomar, augmented reality, autonomous vehicles, backpropagation, basic income, Baxter: Rethink Robotics, Bill Atkinson, Bill Duvall, bioinformatics, Boston Dynamics, Brewster Kahle, Burning Man, call centre, cellular automata, Charles Babbage, Chris Urmson, Claude Shannon: information theory, Clayton Christensen, clean water, cloud computing, cognitive load, collective bargaining, computer age, Computer Lib, computer vision, crowdsourcing, Danny Hillis, DARPA: Urban Challenge, data acquisition, Dean Kamen, deep learning, DeepMind, deskilling, Do you want to sell sugared water for the rest of your life?, don't be evil, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, Dr. Strangelove, driverless car, dual-use technology, Dynabook, Edward Snowden, Elon Musk, Erik Brynjolfsson, Evgeny Morozov, factory automation, Fairchild Semiconductor, Fillmore Auditorium, San Francisco, From Mathematics to the Technologies of Life and Death, future of work, Galaxy Zoo, General Magic , Geoffrey Hinton, Google Glasses, Google X / Alphabet X, Grace Hopper, Gunnar Myrdal, Gödel, Escher, Bach, Hacker Ethic, Hans Moravec, haute couture, Herbert Marcuse, hive mind, hype cycle, hypertext link, indoor plumbing, industrial robot, information retrieval, Internet Archive, Internet of things, invention of the wheel, Ivan Sutherland, Jacques de Vaucanson, Jaron Lanier, Jeff Bezos, Jeff Hawkins, job automation, John Conway, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John Perry Barlow, John von Neumann, Kaizen: continuous improvement, Kevin Kelly, Kiva Systems, knowledge worker, Kodak vs Instagram, labor-force participation, loose coupling, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, medical residency, Menlo Park, military-industrial complex, Mitch Kapor, Mother of all demos, natural language processing, Neil Armstrong, new economy, Norbert Wiener, PageRank, PalmPilot, pattern recognition, Philippa Foot, pre–internet, RAND corporation, Ray Kurzweil, reality distortion field, Recombinant DNA, Richard Stallman, Robert Gordon, Robert Solow, Rodney Brooks, Sand Hill Road, Second Machine Age, self-driving car, semantic web, Seymour Hersh, shareholder value, side project, Silicon Valley, Silicon Valley startup, Singularitarianism, skunkworks, Skype, social software, speech recognition, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Strategic Defense Initiative, strong AI, superintelligent machines, tech worker, technological singularity, Ted Nelson, TED Talk, telemarketer, telepresence, telepresence robot, Tenerife airport disaster, The Coming Technological Singularity, the medium is the message, Thorstein Veblen, Tony Fadell, trolley problem, Turing test, Vannevar Bush, Vernor Vinge, warehouse automation, warehouse robotics, Watson beat the top human players on Jeopardy!, We are as Gods, Whole Earth Catalog, William Shockley: the traitorous eight, zero-sum game

If jobs for warehouse workers, garbage collectors, doctors, lawyers, and journalists are displaced by technology? It is of course impossible to know this future, but I suspect society will find that humans are hardwired to work or find an equivalent way to produce something of value in the future. A new economy will create jobs that we are unable to conceive of today. Science-fiction writers, of course, have already covered this ground well. Read John Barnes’s Mother of Storms or Charlie Stross’s Accelerando for a compelling window into what a future economy might look like. The simple answer is that human creativity is limitless, and if our basic needs are looked after by robots and AIs, we will find ways to entertain, educate, and care for one another in new ways.


pages: 413 words: 117,782

What Happened to Goldman Sachs: An Insider's Story of Organizational Drift and Its Unintended Consequences by Steven G. Mandis

activist fund / activist shareholder / activist investor, algorithmic trading, Bear Stearns, Berlin Wall, Bob Litterman, bonus culture, book value, BRICs, business process, buy and hold, Carl Icahn, collapse of Lehman Brothers, collateralized debt obligation, commoditize, complexity theory, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, disintermediation, diversification, eat what you kill, Emanuel Derman, financial innovation, fixed income, friendly fire, Glass-Steagall Act, Goldman Sachs: Vampire Squid, high net worth, housing crisis, junk bonds, London Whale, Long Term Capital Management, merger arbitrage, Myron Scholes, new economy, passive investing, performance metric, proprietary trading, radical decentralization, risk tolerance, Ronald Reagan, Saturday Night Live, Satyajit Das, shareholder value, short selling, sovereign wealth fund, subprime mortgage crisis, systems thinking, The Nature of the Firm, too big to fail, value at risk

According to the New York Times, since the close of its May 1999 IPO to September 2011, Goldman’s stock has returned nearly 175 percent. The Standard & Poor’s 500-stock index over the same period has lost almost 2.9 percent; see http://dealbook.nytimes.com/2011/01/18/study-points-to-windfall-for-goldman-partners/. 2. http://money.cnn.com/2012/07/21/news/economy/dodd-frank/index.htm. 3. Ibid. 4. www.followthemoney.org/press/ReportView.phtml?r=425. 5. P. Weinberg, “Wall Street Needs More Skin in the Game,” Wall Street Journal, September 30, 2009, http://online.wsj.com/article/SB10001424052748704471504574443591328265858.html. 6. Bear Stearns recently agreed to settle a 2009 class action suit brought by its shareholders, who lost most of their investments when the firm started to collapse, the value of their shares falling from more than $170 per share to as little as $2, although J.P.


pages: 425 words: 122,223

Capital Ideas: The Improbable Origins of Modern Wall Street by Peter L. Bernstein

Albert Einstein, asset allocation, backtesting, Benoit Mandelbrot, Black Monday: stock market crash in 1987, Black-Scholes formula, Bonfire of the Vanities, Brownian motion, business cycle, buy and hold, buy low sell high, capital asset pricing model, corporate raider, debt deflation, diversified portfolio, Eugene Fama: efficient market hypothesis, financial innovation, financial intermediation, fixed income, full employment, Glass-Steagall Act, Great Leap Forward, guns versus butter model, implied volatility, index arbitrage, index fund, interest rate swap, invisible hand, John von Neumann, Joseph Schumpeter, junk bonds, Kenneth Arrow, law of one price, linear programming, Louis Bachelier, mandelbrot fractal, martingale, means of production, Michael Milken, money market fund, Myron Scholes, new economy, New Journalism, Paul Samuelson, Performance of Mutual Funds in the Period, profit maximization, Ralph Nader, RAND corporation, random walk, Richard Thaler, risk free rate, risk/return, Robert Shiller, Robert Solow, Ronald Reagan, stochastic process, Thales and the olive presses, the market place, The Predators' Ball, the scientific method, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, transfer pricing, zero-coupon bond, zero-sum game

As investors grew more optimistic about the future and less concerned about a return of the Great Depression, their expectations of corporate America’s long-run earning power rose and their concerns about the business cycle diminished. Time magazine’s issue of December 31, 1958, exulted: “In the new economy, many of the old classical rules of economics no longer apply; over the years the U.S. has made and learned new rules all its own.” At the end of 1958, stock prices averaged eighteen times current earnings per share, a huge jump from thirteen times in the autumn of 1957. That increase in valuation was startling.


pages: 396 words: 123,619

Hope for Animals and Their World by Jane Goodall, Thane Maynard, Gail Hudson

carbon footprint, clean water, David Attenborough, Easter island, Google Earth, Maui Hawaii, Nelson Mandela, new economy, out of africa

As China opened up in the early 1980s, people were offered jobs manufacturing goods for outside markets—and the biggest migration in history was set in motion as the rural poor flocked to the new cities. And there, only too often, they found themselves and their children working in sweatshops, exploited so that China could undercut prices of goods made in the West. They tolerated this because they believed or hoped that it would eventually create a new economy from which they could benefit. Meanwhile, the level of environmental degradation has soared. Two-thirds of China’s main rivers are too polluted for the water to be used for drinking or agriculture. The aquatic ecosystems have been destroyed—the Yangtze River dolphin became extinct. There has been devastating destruction of habitats across the country.


pages: 384 words: 122,874

Swindled: the dark history of food fraud, from poisoned candy to counterfeit coffee by Bee Wilson

air freight, Corn Laws, food miles, James Watt: steam engine, Kickstarter, Louis Pasteur, new economy, Ralph Nader, Ronald Reagan, The Wealth of Nations by Adam Smith, Unsafe at Any Speed, Upton Sinclair

The New York Times writer linked the state of milk—“abuses that poison the very springs, of life”—with the poisonous quality of city life in general. This was an era of filth and chaos. The opening of the Erie Canal in 1825 had made New York the economic heart of the nation, but the city had yet to develop a civic politics to regulate the new economy. There were distinct echoes of Accum’s London of 1820—in both cities industry had galloped forward without either the social responsibility or the political institutions to rein in the mess. “Our streets are never cleaned. Our police force is ineffi cient, and our thoroughfares are obstructed by a thousand disagreeable obstacles.


pages: 415 words: 103,231

Gusher of Lies: The Dangerous Delusions of Energy Independence by Robert Bryce

addicted to oil, An Inconvenient Truth, Berlin Wall, carbon tax, Charles Lindbergh, Colonization of Mars, congestion pricing, decarbonisation, en.wikipedia.org, energy security, energy transition, financial independence, flex fuel, Ford Model T, hydrogen economy, Intergovernmental Panel on Climate Change (IPCC), it's over 9,000, Jevons paradox, John Markoff, Just-in-time delivery, low earth orbit, low interest rates, Michael Shellenberger, Nelson Mandela, new economy, oil shale / tar sands, oil shock, oil-for-food scandal, peak oil, price stability, Project for a New American Century, rolodex, Ronald Reagan, Silicon Valley, SpaceShipOne, Stewart Brand, Suez crisis 1956, Thomas L Friedman, Whole Earth Catalog, X Prize, Yom Kippur War

At the end of the film, in the section about what people can do to help address global warming, this text appears on the screen: “Reduce our dependence on foreign oil, help farmers grow alcohol fuels.”6 The zealotry over ethanol has led former North Carolina senator and presidential candidate John Edwards to declare that the U.S. should be producing 65 billion gallons of ethanol and other biofuels per year by 2025. In 2007, he published a statement on his campaign Web site saying that his “New Economy Energy Fund” would “develop new methods of producing and using ethanol, including cellulosic ethanol, and offer loan guarantees to new refineries.”7 The irrational exuberance over ethanol has led investors to dump bushels of cash into the companies that produce ethanol. In June 2006, shares of VeraSun Energy Corp., a North Dakota–based ethanol producer, jumped by more than 30 percent during the first day of trading.


pages: 423 words: 129,831

The Big Roads: The Untold Story of the Engineers, Visionaries, and Trailblazers Who Created the American Superhighways by Earl Swift

1919 Motor Transport Corps convoy, big-box store, blue-collar work, congestion pricing, Donner party, edge city, Ford Model T, General Motors Futurama, Kickstarter, Lewis Mumford, new economy, New Urbanism, off-the-grid, plutocrats, pneumatic tube, Ralph Nader, side project, smart transportation, Southern State Parkway, streetcar suburb, traveling salesman, Unsafe at Any Speed, urban planning, urban renewal, Victor Gruen

A long stretch of the Lincoln Highway in Nebraska saw three-quarters of its traffic evaporate after I-80 opened a little to the south. Connecticut's neon-lined Berlin Turnpike, packed with traffic for years, lost nearly half of it when Interstate 91 opened, killing a regiment of small motels and marooning two full-service Howard Johnsons. A great many towns, sharing Conway's fate, were both winners and losers in the new economy of high-speed travel. Income from passers-through didn't dry up, but it certainly left Main Street. The experience of Bertha Amick of Boonville, Missouri, was repeated a thousand times over. Amick was proprietor of the Kit Carson Motel, one of several businesses rendered superfluous when I-70 was built on the far side of town.


pages: 637 words: 128,673

Democracy Incorporated by Sheldon S. Wolin

affirmative action, Berlin Wall, British Empire, centre right, coherent worldview, collective bargaining, colonial rule, corporate governance, creative destruction, cuban missile crisis, David Ricardo: comparative advantage, dematerialisation, Donald Trump, Fall of the Berlin Wall, full employment, illegal immigration, invisible hand, It's morning again in America, mass incarceration, money market fund, mutually assured destruction, new economy, offshore financial centre, Plato's cave, public intellectual, radical decentralization, Ralph Nader, Ronald Reagan, school vouchers, single-payer health, stem cell, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen

One claimed that superior economic power should translate directly into political power; the other that political life involved transactions among equals, a formula which required that social status, economic power, and religious loyalties be suspended temporarily so that citizens might deliberate as equals—a formula that realists would dismiss as magical while egalitarians would see it as magic realism, as a moment of possibility when the powerless are empowered and experience independence. In the centuries that followed, the economy of capitalism became increasingly powerful, both as a system of production and as a system of inequalities. While, unquestionably, the new economy would raise the “standard of living” of the “masses,” it would also succeed in translating concentrated economic power into political power. Rather than a purely economic system supplying “goods and services,” capital acquired political attributes. Faced with that reality, the magic realists, in desperation, would introduce their trump card, the threat of revolution.


pages: 394 words: 118,929

Dreaming in Code: Two Dozen Programmers, Three Years, 4,732 Bugs, and One Quest for Transcendent Software by Scott Rosenberg

A Pattern Language, AOL-Time Warner, Benevolent Dictator For Life (BDFL), Berlin Wall, Bill Atkinson, c2.com, call centre, collaborative editing, Computer Lib, conceptual framework, continuous integration, Do you want to sell sugared water for the rest of your life?, Donald Knuth, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, Dynabook, en.wikipedia.org, Firefox, Ford Model T, Ford paid five dollars a day, Francis Fukuyama: the end of history, Free Software Foundation, functional programming, General Magic , George Santayana, Grace Hopper, Guido van Rossum, Gödel, Escher, Bach, Howard Rheingold, HyperCard, index card, intentional community, Internet Archive, inventory management, Ivan Sutherland, Jaron Lanier, John Markoff, John Perry Barlow, John von Neumann, knowledge worker, L Peter Deutsch, Larry Wall, life extension, Loma Prieta earthquake, machine readable, Menlo Park, Merlin Mann, Mitch Kapor, Neal Stephenson, new economy, Nicholas Carr, no silver bullet, Norbert Wiener, pattern recognition, Paul Graham, Potemkin village, RAND corporation, Ray Kurzweil, Richard Stallman, Ronald Reagan, Ruby on Rails, scientific management, semantic web, side project, Silicon Valley, Singularitarianism, slashdot, software studies, source of truth, South of Market, San Francisco, speech recognition, stealth mode startup, stem cell, Stephen Hawking, Steve Jobs, Stewart Brand, Strategic Defense Initiative, Ted Nelson, the Cathedral and the Bazaar, Therac-25, thinkpad, Turing test, VA Linux, Vannevar Bush, Vernor Vinge, Wayback Machine, web application, Whole Earth Catalog, Y2K

Whatever shape his new software would take, Kapor decided, as he pondered the inadequacies of Microsoft Exchange and began to dream of inventing something to put in its place, it would have to conjure the soul of Agenda. The only other thing he was sure of at that point, as the seeds of the project that would become Chandler began to sprout, was that he wanted the new product to be open source. In the spring of 2001, the Internet’s new economy lay in ruins, and old-fashioned, for-profit start-up software companies were out of market favor. No one at the time thought there was a future in challenging the dominance of Microsoft’s Exchange and Outlook programs in the world of email and personal information management. But Kapor’s attraction to open source wasn’t simple opportunism.


pages: 480 words: 119,407

Invisible Women by Caroline Criado Perez

"Hurricane Katrina" Superdome, Affordable Care Act / Obamacare, algorithmic bias, augmented reality, Bernie Sanders, Cambridge Analytica, collective bargaining, crowdsourcing, data science, Diane Coyle, Donald Trump, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, Grace Hopper, Hacker Ethic, independent contractor, Indoor air pollution, informal economy, lifelogging, low skilled workers, mental accounting, meta-analysis, Nate Silver, new economy, obamacare, Oculus Rift, offshore financial centre, pattern recognition, phenotype, post-industrial society, randomized controlled trial, remote working, Sheryl Sandberg, Silicon Valley, Simon Kuznets, speech recognition, stem cell, Stephen Hawking, Steven Levy, tech bro, the built environment, urban planning, women in the workforce, work culture , zero-sum game

IR=T 107 https://www.elle.com/culture/career-politics/g28143/the-best-lactation-rooms-across-america/ 108 http://time.com/money/4972232/12-companies-with-the-most-luxurious-employee-perks/ 109 http://www.slate.com/blogs/xx_factor/2017/05/16/apple_s_new_head-quarters_apple_park_has_no_child_care_center_despite_costing.html 110 http://www.kff.org/other/poll-finding/kaiser-family-foundationnew-york-timescbs-news-non-employed-poll/ 111 https://www.flexjobs.com/blog/post/stats-about-remote-and-flexible-work-2017-predictions/ 112 https://www.nbcnews.com/business/business-news/why-are-big-companies-calling-their-remote-workers-back-office-n787101 113 https://timewise.co.uk/wp-content/uploads/2017/06/Timewise-Flexible-Jobs-Index-2017.pdf 114 Goldin, Claudia (2014), ‘A Grand Gender Convergence: Its Last Chapter,’ American Economic Review, American Economic Association, 104:4, 1091–119 115 https://fivethirtyeight.com/features/why-women-are-no-longer-catching-up-to-men-on-pay/ 116 European Parliament (2017), Gender Equality and Taxation in the European Union 117 http://www.undp.org/content/dam/undp/library/gender/Gender%20and%20Poverty%20Reduction/Taxation%20English.pdf 118 Schiebinger and Gilmartin (2010) 119 https://www.ft.com/content/60729d68-20bb-11e5-aa5a-398b2169cf79 120 http://www.economist.com/news/briefing/21599763-womens-lowly-status-japanese-workplace-has-barely-improved-decades-and-country 121 http://stats.oecd.org/index.aspx?queryid=54757 122 http://money.cnn.com/2016/10/16/news/economy/japan-companies-women-careers-nissan/index.html 123 http://www.economist.com/news/briefing/21599763-womens-lowly-status-japanese-workplace-has-barely-improved-decades-and-country 124 https://www.oecd.org/japan/japan-improving-the-labour-market-outcomes-of-women.pdf 125 https://ec.europa.eu/research/science-society/document_library/pdf_06/structural-changes-final-report_en.pdf 126 https://www.theatlantic.com/sexes/archive/2013/07/for-female-scientists-theres-no-good-time-to-have-children/278165/ 127 https://work.qz.com/1156034/nobel-prize-winner-christiane-nussleinvolhard-is-helping-women-scientists-pay-to-outsource-household-chores/ 128 http://genderpolicyreport.umn.edu/tax-proposals-a-missed-opportunityfor-addressing-implicit-gender-bias/; European Parliament (2017), Gender Equality and Taxation in the European Union 129 https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses 130 http://fortune.com/2016/07/23/expense-policies-hurt-women/ 131 https://www.gingerbread.org.uk/policy-campaigns/publications-index/statistics/ 132 https://singlemotherguide.com/single-mother-statistics/ 133 Fawcett Society (2017), Does Local Government Work for Women?


Discover Hawaii the Big Island by Lonely Planet

Day of the Dead, land reform, Maui Hawaii, new economy, off-the-grid, sustainable-tourism

Puʻuhonua o Honaunau National Historical Park (Click here) PHOTOGRAPHER: GREG ELMS / LONELY PLANET IMAGES © History Museums 1 LYMAN MUSEUM & MISSION HOUSE ( CLICK HERE ) 2 HULIHE‘E PALACE ( CLICK HERE ) 3 PACIFC TSUNAMI MUSEUM ( CLICK HERE ) 4 ʻIMILOA ASTRONOMY CENTER OF HAWAII ( CLICK HERE ) 5 LAUPAHOEHOE TRAIN MUSEUM ( CLICK HERE ) 6 PAHOA MUSEUM ( CLICK HERE ) Tourism & the New Economy After statehood, tourism exploded, thanks to the advent of jet airplanes and to the commercializing of Hawaii (think tiki craze, Blue Hawaii, aloha shirts and Waikiki). Hotel construction also boomed and by 1970 the visitor industry had added $1 billion to state coffers, four times what agriculture generated.


Multicultural Cities: Toronto, New York, and Los Angeles by Mohammed Abdul Qadeer

affirmative action, business cycle, call centre, David Brooks, deindustrialization, desegregation, edge city, en.wikipedia.org, Frank Gehry, game design, gentrification, ghettoisation, global village, immigration reform, industrial cluster, Jane Jacobs, knowledge economy, market bubble, McMansion, megaproject, new economy, New Urbanism, place-making, Richard Florida, risk tolerance, Silicon Valley, Skype, telemarketer, the built environment, The Chicago School, The Death and Life of Great American Cities, the scientific method, urban planning, urban renewal, working-age population, young professional

Therefore, networkdriven employment fosters ethnic niches and enclaves. Los Angeles The Los Angeles metropolitan area’s economy was restructured in the 1990s by the recession, reduced defence spending, and globalization,34 which has made self-employment increasingly necessary for the jobless and provided a stimulus for creative enterprises of the new economy for investors and professionals. On the lower end, casual workers, sweatshop labourers, and back-of-truck service contractors are expanding the ranks of self-employed entrepreneurs. In the middle and upper tiers of the economy, professionals are operating as independent producers and contractors.


pages: 401 words: 119,488

Smarter Faster Better: The Secrets of Being Productive in Life and Business by Charles Duhigg

Air France Flight 447, Asperger Syndrome, Atul Gawande, behavioural economics, Black Swan, cognitive dissonance, Daniel Kahneman / Amos Tversky, data science, David Brooks, digital map, epigenetics, Erik Brynjolfsson, framing effect, high-speed rail, hiring and firing, index card, John von Neumann, knowledge worker, Lean Startup, Malcom McLean invented shipping containers, meta-analysis, new economy, power law, Saturday Night Live, Silicon Valley, Silicon Valley startup, statistical model, Steve Jobs, the scientific method, the strength of weak ties, theory of mind, Toyota Production System, William Langewiesche, Yom Kippur War

In recent decades, as the economy has shifted and large companies promising lifelong employment have given way to freelance jobs and migratory careers, understanding motivation has become increasingly important. In 1980, more than 90 percent of the American workforce reported to a boss. Today more than a third of working Americans are freelancers, contractors, or in otherwise transitory positions. The workers who have succeeded in this new economy are those who know how to decide for themselves how to spend their time and allocate their energy. They understand how to set goals, prioritize tasks, and make choices about which projects to pursue. People who know how to self-motivate, according to studies, earn more money than their peers, report higher levels of happiness, and say they are more satisfied with their families, jobs, and lives.


pages: 424 words: 121,425

How the Other Half Banks: Exclusion, Exploitation, and the Threat to Democracy by Mehrsa Baradaran

access to a mobile phone, affirmative action, Alan Greenspan, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Bear Stearns, British Empire, call centre, Capital in the Twenty-First Century by Thomas Piketty, cashless society, credit crunch, David Graeber, disintermediation, disruptive innovation, diversification, failed state, fiat currency, financial innovation, financial intermediation, Glass-Steagall Act, Goldman Sachs: Vampire Squid, housing crisis, income inequality, Internet Archive, invisible hand, junk bonds, Kickstarter, low interest rates, M-Pesa, McMansion, Michael Milken, microcredit, mobile money, Money creation, moral hazard, mortgage debt, new economy, Own Your Own Home, Paul Volcker talking about ATMs, payday loans, peer-to-peer lending, price discrimination, profit maximization, profit motive, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, Ronald Reagan: Tear down this wall, Savings and loan crisis, savings glut, subprime mortgage crisis, the built environment, the payments system, too big to fail, trade route, transaction costs, unbanked and underbanked, underbanked, union organizing, W. E. B. Du Bois, white flight, working poor

… All the loans were backed by collateral and all were paid back with a very low interest rate to the Fed—an annual rate of from 0.5% to 3.5%.” See Chris Isidore, “Fed Made $9 Trillion in Emergency Overnight Loans,” CNN Money, December 1, 2010, accessed March 13, 2015, money.cnn.com/2010/12/01/news/economy/fed_reserve_data_release/. 17. According to 12 U.S.C. 1824, the FDIC is authorized to borrow from the Treasury and the secretary of the Treasury is authorized and directed to make loans to the FDIC on such terms as may be fixed by the corporation and the secretary. Even with this complete assurance of protection, depositors holding more than the insured maximum of $100,000 will still make bank runs.


pages: 459 words: 123,220

Our Kids: The American Dream in Crisis by Robert D. Putnam

assortative mating, business cycle, classic study, confounding variable, correlation does not imply causation, deindustrialization, demographic transition, desegregation, digital divide, ending welfare as we know it, epigenetics, full employment, George Akerlof, helicopter parent, impulse control, income inequality, index card, jobless men, longitudinal study, low skilled workers, machine readable, manufacturing employment, mass incarceration, meta-analysis, mortgage tax deduction, new economy, Occupy movement, Ralph Waldo Emerson, randomized controlled trial, school choice, selection bias, Socratic dialogue, The Bell Curve by Richard Herrnstein and Charles Murray, the built environment, the strength of weak ties, upwardly mobile, Walter Mischel, white flight, working poor

Times have changed since Stephanie herself climbed the economic ladder. However admirably adapted it is to the environment in which she lives, her tough love parenting—privileging obedience over imagination, “whupping” over reasoning, and physical safety over verbal skills—is not so well adapted to the new economy as the “concerted cultivation” employed by Simone and Carl.14 Nevertheless, Stephanie takes hard-earned satisfaction in what she has managed to do for her kids. “I think I have brought them to where they’re at now—respectable. We have our ups and down, but respectable. And then I know that you have to go out there, either go to school or work for what you want in order to have it.


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, Charles Babbage, clean water, colonial exploitation, computer age, Cornelius Vanderbilt, cotton gin, Dava Sobel, en.wikipedia.org, flying shuttle, Ford Model T, glass ceiling, high-speed rail, 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, megaproject, new economy, New Urbanism, old age dependency ratio, On the Economy of Machinery and Manufactures, purchasing power parity, QWERTY keyboard, refrigerator car, Robert Gordon, scientific management, spinning jenny, Stephen Hawking, The Wealth of Nations by Adam Smith, trade route, transcontinental railway, traveling salesman, undersea cable

But a supply shock in a large nation that occurs more or less across the board implies a far-reaching increment in national capacity. A reasonable speculation is that in the United States, after the Civil War, the combined impact of a deepened national transportation network and the spreading application of mechanized, rational production methods to every kind of industry triggered new economies of scale, in both production and distribution, across a wide swath of industries. Both factory productivity and labor productivity registered a sharp jump upwards in the mid-1870s and maintained that level for the rest of the century. The jump in per capita output is consistent with the large accretion of capital in the United States in this period.


pages: 481 words: 120,693

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Alan Greenspan, Albert Einstein, algorithmic trading, assortative mating, banking crisis, barriers to entry, Basel III, battle of ideas, Bear Stearns, behavioural economics, Bernie Madoff, Big bang: deregulation of the City of London, Black Monday: stock market crash in 1987, Black Swan, Boris Johnson, Branko Milanovic, Bretton Woods, BRICs, Bullingdon Club, business climate, call centre, carried interest, Cass Sunstein, Clayton Christensen, collapse of Lehman Brothers, commoditize, conceptual framework, corporate governance, creative destruction, credit crunch, Credit Default Swap, crony capitalism, Deng Xiaoping, disruptive innovation, don't be evil, double helix, energy security, estate planning, experimental subject, financial deregulation, financial engineering, financial innovation, Flash crash, Ford Model T, Frank Gehry, Gini coefficient, Glass-Steagall Act, global village, Goldman Sachs: Vampire Squid, Gordon Gekko, Guggenheim Bilbao, haute couture, high net worth, income inequality, invention of the steam engine, job automation, John Markoff, joint-stock company, Joseph Schumpeter, knowledge economy, knowledge worker, liberation theology, light touch regulation, linear programming, London Whale, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, Max Levchin, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, NetJets, new economy, Occupy movement, open economy, Peter Thiel, place-making, plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, postindustrial economy, Potemkin village, profit motive, public intellectual, purchasing power parity, race to the bottom, rent-seeking, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, self-driving car, seminal paper, Sheryl Sandberg, short selling, Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, starchitect, stem cell, Steve Jobs, TED Talk, the long tail, the new new thing, The Spirit Level, The Wealth of Nations by Adam Smith, Tony Hsieh, too big to fail, trade route, trickle-down economics, Tyler Cowen: Great Stagnation, wage slave, Washington Consensus, winner-take-all economy, zero-sum game

Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill). Portfolio, 2007. ———. Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super-Rich—and Cheat Everybody Else. Portfolio, 2003. Judt, Tony. Ill Fares the Land. Penguin Press, 2010. Kaletsky, Anatole. Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis. Public Affairs, 2010. Kaplan, Steven N., and Joshua Rauh. “Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?” Review of Financial Studies 23:3 (March 2010). pp. 1004–50. Khan, Shamus Rahman. Privilege: The Making of an Adolescent Elite at St.


pages: 419 words: 125,977

Factory Girls: From Village to City in a Changing China by Leslie T. Chang

anti-communist, Deng Xiaoping, estate planning, fake news, financial independence, Great Leap Forward, index card, invention of writing, job-hopping, land reform, Mason jar, mass immigration, new economy, PalmPilot, Pearl River Delta, risk tolerance, Shenzhen special economic zone , special economic zone, vertical integration

Funü yu laogong [Women and Labor]. Internally circulated edition. 2002. West, Loraine A., and Yaohui Zhao, eds. Rural Labor Flows in China. Berkeley, Calif.: Institute of East Asian Studies, 2000. Zhang Hong. “China’s New Rural Daughters Coming of Age: Downsizing the Family and Firing Up Cash-Earning Power in the New Economy.” Signs: Journal of Women in Culture and Society 32.3 (2007). Chapter 2: THE CITY There is no official number for the percentage of the Dongguan population that is female. I have used the figure of 70 percent, based on estimates from talent market executives, the deputy mayor’s office, and surveys in local newspapers.


pages: 407 words: 121,458

Confessions of an Eco-Sinner: Tracking Down the Sources of My Stuff by Fred Pearce

additive manufacturing, air freight, Berlin Wall, biodiversity loss, blood diamond, British Empire, car-free, carbon footprint, clean water, congestion charging, corporate social responsibility, credit crunch, demographic transition, export processing zone, Fall of the Berlin Wall, food miles, ghettoisation, Intergovernmental Panel on Climate Change (IPCC), Isaac Newton, Kibera, Kickstarter, mass immigration, megacity, Nelson Mandela, new economy, oil shale / tar sands, out of africa, peak oil, Pearl River Delta, profit motive, race to the bottom, Shenzhen was a fishing village, Silicon Valley, South China Sea, Steve Jobs, the built environment, urban planning, urban sprawl, women in the workforce

Iron too – or rather the usual end product, steel – has also long been recycled. Between 70 and 90 per cent of all the steel waste in North America and Europe goes for recycling. Modern electric arc furnaces take only a third as much energy to produce recycled steel rods or sheets as to make new. As the environmentalist Lester Brown puts it, ‘In the new economy, electric arc steel mills will largely replace iron mines.’ My water footprint is huge, and so is yours. I have written a previous book about our use and abuse of water, so this is just a summary. But I still find the stats extraordinary. I drink only a couple of litres or so of water in a day, most of it in tea and coffee.


pages: 428 words: 121,717

Warnings by Richard A. Clarke

"Hurricane Katrina" Superdome, active measures, Albert Einstein, algorithmic trading, anti-communist, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, Bear Stearns, behavioural economics, Bernie Madoff, Black Monday: stock market crash in 1987, carbon tax, cognitive bias, collateralized debt obligation, complexity theory, corporate governance, CRISPR, cuban missile crisis, data acquisition, deep learning, DeepMind, discovery of penicillin, double helix, Elon Musk, failed state, financial thriller, fixed income, Flash crash, forensic accounting, friendly AI, Hacker News, Intergovernmental Panel on Climate Change (IPCC), Internet of things, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge worker, Maui Hawaii, megacity, Mikhail Gorbachev, money market fund, mouse model, Nate Silver, new economy, Nicholas Carr, Nick Bostrom, nuclear winter, OpenAI, pattern recognition, personalized medicine, phenotype, Ponzi scheme, Ray Kurzweil, Recombinant DNA, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance, Ronald Reagan, Sam Altman, Search for Extraterrestrial Intelligence, self-driving car, Silicon Valley, smart grid, statistical model, Stephen Hawking, Stuxnet, subprime mortgage crisis, tacit knowledge, technological singularity, The Future of Employment, the scientific method, The Signal and the Noise by Nate Silver, Tunguska event, uranium enrichment, Vernor Vinge, WarGames: Global Thermonuclear War, Watson beat the top human players on Jeopardy!, women in the workforce, Y2K

Rachel Scott, “‘Yes, Sir, This Has Certainly Been Considered a Safe Mine,’” Atlantic, Dec. 1972, www.theatlantic.com/magazine/archive/1972/12/-yes-sir-this-has-certainly-been-considered-a-safe-mine/304565 (accessed Oct. 5, 2016). 14. Derived from NIOSH data. 15. Laurent Belsie, “West Virginia Mine Explosion: Mining Jobs Were Getting Safer, Until Now,” Christian Science Monitor, Apr. 6, 2010, www.csmonitor.com/Business/new-economy/2010/0406/West-Virginia-mine-explosion-Mining-jobs-were-getting-safer-until-now (accessed Oct. 5, 2016). 16. J. Davitt McAteer et al., Upper Big Branch: The April 5, 2010, Explosion—a Failure of Basic Coal Mine Safety Practices, (Charleston, WV: Governor’s Independent Investigation Panel, May 2011), 23–25. 17.


pages: 482 words: 121,173

Tools and Weapons: The Promise and the Peril of the Digital Age by Brad Smith, Carol Ann Browne

"World Economic Forum" Davos, Affordable Care Act / Obamacare, AI winter, air gap, airport security, Alan Greenspan, Albert Einstein, algorithmic bias, augmented reality, autonomous vehicles, barriers to entry, Berlin Wall, Big Tech, Bletchley Park, Blitzscaling, Boeing 737 MAX, business process, call centre, Cambridge Analytica, Celtic Tiger, Charlie Hebdo massacre, chief data officer, cloud computing, computer vision, corporate social responsibility, data science, deep learning, digital divide, disinformation, Donald Trump, Eben Moglen, Edward Snowden, en.wikipedia.org, Hacker News, immigration reform, income inequality, Internet of things, invention of movable type, invention of the telephone, Jeff Bezos, Kevin Roose, Laura Poitras, machine readable, Mark Zuckerberg, minimum viable product, national security letter, natural language processing, Network effects, new economy, Nick Bostrom, off-the-grid, operational security, opioid epidemic / opioid crisis, pattern recognition, precision agriculture, race to the bottom, ransomware, Ronald Reagan, Rubik’s Cube, Salesforce, school vouchers, self-driving car, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, Skype, speech recognition, Steve Ballmer, Steve Jobs, surveillance capitalism, tech worker, The Rise and Fall of American Growth, Tim Cook: Apple, Wargames Reagan, WikiLeaks, women in the workforce

And even if these rural communities were connected, the electric companies assumed American farmers, who had been particularly hard hit by the Depression, would never be able to pay for the monthly service. This lack of electricity not only denied farmers the convenience and comfort of the modern age, it also shut them out of the nation’s economic recovery. Those eager to plug into the nation’s new economy had to pay private electric companies exorbitant fees to stretch lines to their land. In Pennsylvania, John Earl George was told he’d have to pay $471 to the Pennsylvania Electric Company to extend a line 1,100 feet to his home in rural Derry Township. In 1939, $471 was the average annual wage in rural Pennsylvania.26 In the end, REA supported 417 cooperatives across the country, serving 288,000 households,27 and it sent Louisan and the electric circus on a four-year nationwide tour to teach farmers how to get the most from this new technology.


pages: 756 words: 120,818

The Levelling: What’s Next After Globalization by Michael O’sullivan

"World Economic Forum" Davos, 3D printing, Airbnb, Alan Greenspan, algorithmic trading, Alvin Toffler, bank run, banking crisis, barriers to entry, Bernie Sanders, Big Tech, bitcoin, Black Swan, blockchain, bond market vigilante , Boris Johnson, Branko Milanovic, Bretton Woods, Brexit referendum, British Empire, business cycle, business process, capital controls, carbon tax, Celtic Tiger, central bank independence, classic study, cloud computing, continuation of politics by other means, corporate governance, credit crunch, CRISPR, cryptocurrency, data science, deglobalization, deindustrialization, disinformation, disruptive innovation, distributed ledger, Donald Trump, driverless car, eurozone crisis, fake news, financial engineering, financial innovation, first-past-the-post, fixed income, gentrification, Geoffrey West, Santa Fe Institute, Gini coefficient, Glass-Steagall Act, global value chain, housing crisis, impact investing, income inequality, Intergovernmental Panel on Climate Change (IPCC), It's morning again in America, James Carville said: "I would like to be reincarnated as the bond market. You can intimidate everybody.", junk bonds, knowledge economy, liberal world order, Long Term Capital Management, longitudinal study, low interest rates, market bubble, minimum wage unemployment, new economy, Northern Rock, offshore financial centre, open economy, opioid epidemic / opioid crisis, Paris climate accords, pattern recognition, Peace of Westphalia, performance metric, Phillips curve, private military company, quantitative easing, race to the bottom, reserve currency, Robert Gordon, Robert Shiller, Robert Solow, Ronald Reagan, Scramble for Africa, secular stagnation, Silicon Valley, Sinatra Doctrine, South China Sea, South Sea Bubble, special drawing rights, Steve Bannon, Suez canal 1869, supply-chain management, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, total factor productivity, trade liberalization, tulip mania, Valery Gerasimov, Washington Consensus

Then came Europe’s turn in 2011, and its political class was slow to respond. For instance, it took five summits of EU heads to decide on measures that would stanch the financial and economic damage of the eurozone crisis. Against this backdrop, a third crisis in the near future centered on China would have a certain logic if not inevitability. Old Debt in New Economies A crisis in China’s economy would also mean that the three great regions had, with near-biblical significance, been touched by the painful implications of taking on too much risk and too much debt. As Europe and, still, parts of the US economy show, the burden of high debt levels can be severe in its impact on trend growth and on social issues.


pages: 497 words: 123,778

The People vs. Democracy: Why Our Freedom Is in Danger and How to Save It by Yascha Mounk

Abraham Maslow, affirmative action, Affordable Care Act / Obamacare, An Inconvenient Truth, Andrew Keen, basic income, battle of ideas, Black Lives Matter, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carried interest, Cass Sunstein, central bank independence, centre right, classic study, clean water, cognitive bias, conceptual framework, critical race theory, David Brooks, deindustrialization, demographic transition, desegregation, disinformation, Donald Trump, en.wikipedia.org, Evgeny Morozov, fake news, Francis Fukuyama: the end of history, gentrification, German hyperinflation, gig economy, Gini coefficient, Herbert Marcuse, Home mortgage interest deduction, housing crisis, income inequality, invention of the printing press, invention of the steam engine, investor state dispute settlement, Jeremy Corbyn, job automation, Joseph Schumpeter, land value tax, low skilled workers, Lyft, manufacturing employment, Mark Zuckerberg, mass immigration, microaggression, mortgage tax deduction, Naomi Klein, new economy, offshore financial centre, open borders, Parag Khanna, plutocrats, post-materialism, price stability, ride hailing / ride sharing, rising living standards, Ronald Reagan, Rosa Parks, Rutger Bregman, secular stagnation, sharing economy, Steve Bannon, Thomas L Friedman, Tyler Cowen, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, universal basic income, upwardly mobile, World Values Survey, zero-sum game

Buffett, “Stop Coddling the Super-Rich,” New York Times, August 14, 2011, http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html; and Chris Isadore, “Buffett Says He’s Still Paying Lower Tax Rate than His Secretary,” CNN Money, March 4, 2013, http://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/index.html. 23. For information on tax havens, see Luke Harding, “What Are the Panama Papers? A Guide to History’s Biggest Data Leak,” Guardian, April 5, 2016, https://www.theguardian.com/news/2016/apr/03/what-you-need-to-know-about-the-panama-papers; and Jane G. Gravelle, “Tax Havens: International Tax Avoidance and Evasion,” National Tax Journal 62, no. 4 (2009): 727–753.


pages: 412 words: 128,042

Extreme Economies: Survival, Failure, Future – Lessons From the World’s Limits by Richard Davies

Abraham Maslow, agricultural Revolution, air freight, Anton Chekhov, artificial general intelligence, autonomous vehicles, barriers to entry, big-box store, cashless society, clean water, complexity theory, deindustrialization, digital divide, eurozone crisis, failed state, financial innovation, Ford Model T, Garrett Hardin, gentleman farmer, Global Witness, government statistician, illegal immigration, income inequality, informal economy, it's over 9,000, James Hargreaves, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, large denomination, Livingstone, I presume, Malacca Straits, mandatory minimum, manufacturing employment, means of production, megacity, meta-analysis, new economy, off grid, oil shale / tar sands, pension reform, profit motive, randomized controlled trial, rolling blackouts, school choice, school vouchers, Scramble for Africa, side project, Silicon Valley, Simon Kuznets, Skype, spinning jenny, subscription business, The Chicago School, the payments system, trade route, Tragedy of the Commons, Travis Kalanick, uranium enrichment, urban planning, wealth creators, white picket fence, working-age population, Y Combinator, young professional

The biggest logging firms are owned by serving politicians, and Panama now sells citizenship to anyone willing to invest $80,000 in a teak plantation. For many people in the land of butterflies and fish, the environment carries little weight. DARIEN’S LATEST BUCCANEERS REPUTATION MATTERS The big hope for many of the locals I met in Darien was that they could start to use their natural environment in a sustainable way and build a new economy based on eco-tourism. Marketing the region’s flora and fauna is a decent idea: it is one of the most biodiverse places on the planet, with at least 150 species of mammal, 99 native reptiles and 50 types of fish. The bird life – there are up to 900 species, many of them unique – is unmatched on the planet.


Building and Dwelling: Ethics for the City by Richard Sennett

Anthropocene, Big Tech, Buckminster Fuller, car-free, classic study, clean water, cognitive dissonance, company town, complexity theory, creative destruction, dematerialisation, Deng Xiaoping, double helix, Downton Abbey, driverless car, East Village, en.wikipedia.org, Evgeny Morozov, Frank Gehry, gentrification, ghettoisation, housing crisis, illegal immigration, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, Joseph Schumpeter, Kickstarter, Lewis Mumford, Mark Zuckerberg, Masdar, mass immigration, means of production, megacity, megaproject, new economy, Nicholas Carr, Norbert Wiener, open borders, place-making, plutocrats, post-truth, Richard Florida, Shoshana Zuboff, Silicon Valley, Silicon Valley startup, SimCity, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, surveillance capitalism, systems thinking, tacit knowledge, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, urban planning, urban renewal, Victor Gruen, Yochai Benkler

Ironically for a group celebrating creativity, the look of a creative-class watering hole is instantly recognizable: large espresso machine, Parsons table, Lightolier X-50 track lighting … The Googleplex is an icon of privilege in a more personalized way. Twenty years before my New York Googleplex lookaround, I had interviewed youngsters in Silicon Valley for a book on high-tech work in the new economy. In that primal age, tech start-ups had a certain odour, a smell amalgamating stale pepperoni pizza, Diet Coke and sweaty socks; this fragrance was chilled but not dispelled in air-conditioned rooms in which nobody bothered to open the windows. There are no teeming streets in Silicon Valley, but the tech start-ups were small and, as in Nehru Place, the aspiring geniuses spent a lot of time with people in other firms, looking at what the competition was doing, occasionally cooperating and conspiring.


pages: 436 words: 127,642

When Einstein Walked With Gödel: Excursions to the Edge of Thought by Jim Holt

Ada Lovelace, Albert Einstein, Andrew Wiles, anthropic principle, anti-communist, Arthur Eddington, Benoit Mandelbrot, Bletchley Park, Brownian motion, cellular automata, Charles Babbage, classic study, computer age, CRISPR, dark matter, David Brooks, Donald Trump, Dr. Strangelove, Eddington experiment, Edmond Halley, everywhere but in the productivity statistics, Fellow of the Royal Society, four colour theorem, Georg Cantor, George Santayana, Gregor Mendel, haute couture, heat death of the universe, Henri Poincaré, Higgs boson, inventory management, Isaac Newton, Jacquard loom, Johannes Kepler, John von Neumann, Joseph-Marie Jacquard, Large Hadron Collider, Long Term Capital Management, Louis Bachelier, luminiferous ether, Mahatma Gandhi, mandelbrot fractal, Monty Hall problem, Murray Gell-Mann, new economy, Nicholas Carr, Norbert Wiener, Norman Macrae, Paradox of Choice, Paul Erdős, Peter Singer: altruism, Plato's cave, power law, probability theory / Blaise Pascal / Pierre de Fermat, quantum entanglement, random walk, Richard Feynman, Robert Solow, Schrödinger's Cat, scientific worldview, Search for Extraterrestrial Intelligence, selection bias, Skype, stakhanovite, Stephen Hawking, Steven Pinker, Thorstein Veblen, Turing complete, Turing machine, Turing test, union organizing, Vilfredo Pareto, Von Neumann architecture, wage slave

Perhaps too much time was wasted in training employees to use computers; perhaps the sorts of activities that computers make more efficient, like word processing, don’t really add all that much to productivity; perhaps information becomes less valuable when it’s more widely available. Whatever the case, it wasn’t until the late 1990s that some of the productivity gains promised by the computer-driven “new economy” began to show up—in the United States, at any rate. So far, Europe appears to have missed out on them. The other way computers could benefit us is more direct. They might make us smarter, or even happier. They promise to bring us such primary goods as pleasure, friendship, sex, and knowledge.


pages: 411 words: 119,022

Build: An Unorthodox Guide to Making Things Worth Making by Tony Fadell

air gap, Amazon Web Services, Andy Rubin, augmented reality, Ben Horowitz, Big Tech, bike sharing, Bill Atkinson, carbon footprint, Cass Sunstein, cloud computing, do what you love, Elon Musk, fail fast, follow your passion, General Magic , Google Glasses, Google X / Alphabet X, Googley, hiring and firing, HyperCard, imposter syndrome, Jeff Bezos, John Markoff, Jony Ive, Kanban, Kickstarter, Mary Meeker, microplastics / micro fibres, new economy, pets.com, QR code, QWERTY keyboard, rolodex, side project, Silicon Valley, Silicon Valley startup, stem cell, Steve Jobs, Steven Levy, synthetic biology, TED Talk, TikTok, Tim Cook: Apple, Tony Fadell, Y Combinator

If everything aligns, if the timing is right, if you get incredibly lucky, you’ll fight to create a product you believe in, that has so much of you and your team bottled inside it, and it will sell. It will spread. It won’t just solve your customers’ pain points; it will give them superpowers. If you make something truly disruptive, truly impactful, it will take on a life of its own. It will create new economies, new ways of interacting, new ways of living. Even if your product doesn’t change the whole world, even if it has a modest scope and a smaller audience, it can still change an industry. Do something different. Shift customer expectations. Set the standard higher. It can make a market, a whole ecosystem, better.


pages: 416 words: 124,469

The Lords of Easy Money: How the Federal Reserve Broke the American Economy by Christopher Leonard

2021 United States Capitol attack, Affordable Care Act / Obamacare, Airbnb, Alan Greenspan, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, collateralized debt obligation, coronavirus, corporate governance, COVID-19, Donald Trump, Dutch auction, financial engineering, financial innovation, fixed income, Ford Model T, forensic accounting, forward guidance, full employment, glass ceiling, Glass-Steagall Act, global reserve currency, Greenspan put, hydraulic fracturing, income inequality, inflation targeting, Internet Archive, inverted yield curve, junk bonds, lockdown, long and variable lags, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, Money creation, mortgage debt, new economy, obamacare, pets.com, power law, proprietary trading, quantitative easing, reserve currency, risk tolerance, Robinhood: mobile stock trading app, Ronald Reagan, Silicon Valley, stock buybacks, too big to fail, yield curve

In 1999, shares of stock: Floyd Norris, “The Year in the Markets, 1999: Extraordinary Winners and More Losers,” New York Times, January 3, 2000; Chris Gaither and Dawn C. Chmielewski, “Fears of Dot-Com Crash, Version 2.0,” Los Angeles Times, July 16, 2006; David Kleinbard, “The $1.7 Trillion Dot.com Lesson,” CNNMoney, November 9, 2000; Alex Berenson, “Market Paying Price for Valuing New-Economy Hope Over Profits,” New York Times, December 21, 2000; Elizabeth Douglass, “Qualcomm Stock May Need Reality Check,” Los Angeles Times, November 18, 1999. The FOMC increased rates sharply: Gretchen Morgenson, “The Markets: Market Place; Shift in Stance by Federal Reserve Deals Blow to Wall Street,” New York Times, December 21, 2000; “Effective Federal Funds Rate,” taken from Economic Research Federal Reserve Bank of St.


pages: 453 words: 122,586

Samuelson Friedman: The Battle Over the Free Market by Nicholas Wapshott

2021 United States Capitol attack, Alan Greenspan, bank run, basic income, battle of ideas, Bear Stearns, Berlin Wall, Bretton Woods, business cycle, California gold rush, collective bargaining, coronavirus, corporate governance, COVID-19, creative destruction, David Ricardo: comparative advantage, Donald Trump, double helix, en.wikipedia.org, fiat currency, financial engineering, fixed income, floating exchange rates, full employment, God and Mammon, greed is good, Gunnar Myrdal, income inequality, indoor plumbing, invisible hand, John von Neumann, Joseph Schumpeter, Kenneth Arrow, laissez-faire capitalism, light touch regulation, liquidity trap, lockdown, low interest rates, Machinery of Freedom by David Friedman, market bubble, market clearing, mass immigration, military-industrial complex, Money creation, money market fund, Mont Pelerin Society, moral hazard, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, paradox of thrift, Paul Samuelson, Philip Mirowski, Phillips curve, price mechanism, price stability, public intellectual, pushing on a string, quantitative easing, rent control, road to serfdom, Robert Bork, Robert Solow, Ronald Coase, Ronald Reagan, school vouchers, seminal paper, Simon Kuznets, social distancing, Tax Reform Act of 1986, The Chicago School, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, too big to fail, trickle-down economics, universal basic income, upwardly mobile, urban renewal, War on Poverty, We are all Keynesians now, Works Progress Administration, zero-sum game

Alan Goldsborough, in a cross-examination of Federal Reserve governor Marriner Eccles in a meeting of the House Committee on Banking and Currency. Eccles: “Under present circumstances there is very little, if anything, that can be done.” Goldsborough: “You mean you cannot push on a string.” Eccles: “That is a good way to put it.” 21.Owen Ullmann interview with Milton Friedman, “So, What’s New? The ‘New Economy’ Looks Like the Same Old Economy to the Nobel Laureate, Milton Friedman,” International Economy, March/April 2001, pp. 14–17. 22.Samuelson, Economics, 1st ed. (1948), p. 277. 23.Quoted on CBS 60 Minutes. https://www.cbsnews.com/news/bush-sought-way-to-invade-iraq/. 24.Interview with Friedman, Wall Street Journal, July 22, 2006. 25.John Hawkins interview with Friedman, Rightwingnews.com, September 15, 2003. 26.Louis Rukeyser et al. interview with Friedman, “Nobel Laureate Milton Friedman Discusses His Personal Views of How to Deal with the Economy,” Louis Rukeyser’s Wall Street, CNBC (television broadcast), September 20, 2002. 27.Nathan Gardels interview with Samuelson, New Perspectives Quarterly, January 16, 2006. 28.Ibid. 29.Ibid. 30.Alan Greenspan, “Rules vs. discretionary monetary policy” at the 15th Anniversary Conference of the Center for Economic Policy Research at Stanford University, Stanford, California, September 5, 1997. https://www.federalreserve.gov/boarddocs/Speeches/1997/19970905.htm. 31.Louis Rukeyser et al. interview with Friedman, September 20, 2002. 32.Friedman, “He has set a standard,” Wall Street Journal, January 31, 2006. 33.Ibid. 34.


pages: 521 words: 118,183

The Wires of War: Technology and the Global Struggle for Power by Jacob Helberg

"World Economic Forum" Davos, 2021 United States Capitol attack, A Declaration of the Independence of Cyberspace, active measures, Affordable Care Act / Obamacare, air gap, Airbnb, algorithmic management, augmented reality, autonomous vehicles, Berlin Wall, Bernie Sanders, Big Tech, bike sharing, Black Lives Matter, blockchain, Boris Johnson, Brexit referendum, cable laying ship, call centre, Cambridge Analytica, Cass Sunstein, cloud computing, coronavirus, COVID-19, creative destruction, crisis actor, data is the new oil, data science, decentralized internet, deep learning, deepfake, deglobalization, deindustrialization, Deng Xiaoping, deplatforming, digital nomad, disinformation, don't be evil, Donald Trump, dual-use technology, Edward Snowden, Elon Musk, en.wikipedia.org, end-to-end encryption, fail fast, fake news, Filter Bubble, Francis Fukuyama: the end of history, geopolitical risk, glass ceiling, global pandemic, global supply chain, Google bus, Google Chrome, GPT-3, green new deal, information security, Internet of things, Jeff Bezos, Jeffrey Epstein, John Markoff, John Perry Barlow, knowledge economy, Larry Ellison, lockdown, Loma Prieta earthquake, low earth orbit, low skilled workers, Lyft, manufacturing employment, Marc Andreessen, Mark Zuckerberg, Mary Meeker, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, move fast and break things, Nate Silver, natural language processing, Network effects, new economy, one-China policy, open economy, OpenAI, Parler "social media", Peter Thiel, QAnon, QR code, race to the bottom, Ralph Nader, RAND corporation, reshoring, ride hailing / ride sharing, Ronald Reagan, Russian election interference, Salesforce, Sam Altman, satellite internet, self-driving car, Sheryl Sandberg, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, Skype, smart grid, SoftBank, Solyndra, South China Sea, SpaceX Starlink, Steve Jobs, Steven Levy, Stuxnet, supply-chain attack, Susan Wojcicki, tech worker, techlash, technoutopianism, TikTok, Tim Cook: Apple, trade route, TSMC, Twitter Arab Spring, uber lyft, undersea cable, Unsafe at Any Speed, Valery Gerasimov, vertical integration, Wargames Reagan, Westphalian system, white picket fence, WikiLeaks, Y Combinator, zero-sum game

Economy in 72 Years,” Bloomberg, October 29, 2019, https://www.bloomberg.com/news/articles/2019-10-29/manufacturing-is-now-smallest-share-of-u-s-economy-in-72-years. 36 Thomas C. Mahoney and Susan Helper, “Next-Generation Supply Chains,” MForesight, July 18, 2017, http://mforesight.org/projects-events/supply-chains/. 37 Heather Long, “U.S. has lost 5 million manufacturing jobs since 2000,” CNN Business, March 29, 2016, https://money.cnn.com/2016/03/29/news/economy/us-manufacturing-jobs/index.html. 38 Duhigg and Bradsher, “How the U.S. Lost Out on iPhone Work.” 39 Jon Chavez, “Major magic not enough to keep restaurant open,” Toledo Blade, July 8, 2010, https://www.toledoblade.com/local/2010/07/08/Major-magic-not-enough-to-keep-restaurant-open.html. 40 Federica Cocco, “Most US manufacturing jobs lost to technology, not trade,” Financial Times, December 2, 2016, https://www.ft.com/content/dec677c0-b7e6-11e6-ba85-95d1533d9a62. 41 Kai-Fu Lee, AI Superpowers: China, Silicon Valley, and the New World Order (New York: Houghton Mifflin Harcourt, 2018), e-book, 207. 42 Duhigg and Bradsher, “How the U.S.


pages: 470 words: 125,992

The Laundromat : Inside the Panama Papers, Illicit Money Networks, and the Global Elite by Jake Bernstein

Albert Einstein, banking crisis, Berlin Wall, bitcoin, blockchain, blood diamond, British Empire, central bank independence, Charlie Hebdo massacre, clean water, commoditize, company town, corporate governance, cryptocurrency, Deng Xiaoping, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, high net worth, income inequality, independent contractor, Julian Assange, Laura Poitras, liberation theology, mega-rich, Mikhail Gorbachev, new economy, offshore financial centre, optical character recognition, pirate software, Ponzi scheme, profit motive, rising living standards, Ronald Reagan, Seymour Hersh, Skype, traveling salesman, WikiLeaks

Trillions of dollars left China, a fact easily ignored since an exponentially larger amount of foreign direct investment was flowing into the country.2 The offshore system also provided a convenient way for the newly wealthy to hide their money and disguise the receipt of illegal payments. Many of the winners in China’s new economy were connected to government officials. Among the most powerful were the so-called princelings, the children of China’s Communist elite, part of what has become known as the “Red Nobility” for those connected by blood or marriage to the country’s leadership, past and present. China does not require officials to disclose their assets publicly.


pages: 1,104 words: 302,176

The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War (The Princeton Economic History of the Western World) by Robert J. Gordon

3D printing, Affordable Care Act / Obamacare, airline deregulation, airport security, Apple II, barriers to entry, big-box store, blue-collar work, business cycle, Capital in the Twenty-First Century by Thomas Piketty, carbon tax, Charles Lindbergh, classic study, clean water, collective bargaining, computer age, cotton gin, creative destruction, deindustrialization, Detroit bankruptcy, discovery of penicillin, Donner party, Downton Abbey, driverless car, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, everywhere but in the productivity statistics, feminist movement, financial innovation, food desert, Ford Model T, full employment, general purpose technology, George Akerlof, germ theory of disease, glass ceiling, Glass-Steagall Act, Golden age of television, government statistician, Great Leap Forward, high net worth, housing crisis, Ida Tarbell, immigration reform, impulse control, income inequality, income per capita, indoor plumbing, industrial robot, inflight wifi, interchangeable parts, invention of agriculture, invention of air conditioning, invention of the sewing machine, invention of the telegraph, invention of the telephone, inventory management, James Watt: steam engine, Jeff Bezos, jitney, job automation, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, labor-force participation, Les Trente Glorieuses, Lewis Mumford, Loma Prieta earthquake, Louis Daguerre, Louis Pasteur, low skilled workers, manufacturing employment, Mark Zuckerberg, market fragmentation, Mason jar, mass immigration, mass incarceration, McMansion, Menlo Park, minimum wage unemployment, mortgage debt, mortgage tax deduction, new economy, Norbert Wiener, obamacare, occupational segregation, oil shale / tar sands, oil shock, payday loans, Peter Thiel, Phillips curve, pink-collar, pneumatic tube, Productivity paradox, Ralph Nader, Ralph Waldo Emerson, refrigerator car, rent control, restrictive zoning, revenue passenger mile, Robert Solow, Robert X Cringely, Ronald Coase, school choice, Second Machine Age, secular stagnation, Skype, Southern State Parkway, stem cell, Steve Jobs, Steve Wozniak, Steven Pinker, streetcar suburb, The Market for Lemons, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, transaction costs, transcontinental railway, traveling salesman, Triangle Shirtwaist Factory, undersea cable, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban sprawl, vertical integration, warehouse robotics, washing machines reduced drudgery, Washington Consensus, Watson beat the top human players on Jeopardy!, We wanted flying cars, instead we got 140 characters, working poor, working-age population, Works Progress Administration, yellow journalism, yield management

I was skeptical, however, that the inventions of the computer age would turn out to be as important for long-run economic growth as electricity, the internal combustion engine, and the other “great inventions” of the late nineteenth century. My skepticism took the form of an article, also published in 2000, titled “Does the ‘New Economy’ Measure Up to the Great Inventions of the Past?” That paper pulled together the many dimensions of invention in the late nineteenth century and compared them systematically to the dot.com revolution of the 1990s. Thus was born Part I of this book with its analysis of how the great inventions changed everyday life.

It was there that I discovered Otto Bettmann’s little known but classic book The Bad Old Days: They Were Really Terrible, full of illustrations of the perils of nineteenth century life, from locomotive boilers blowing up to milk being diluted with water and chalk. Bettmann’s book more than any other source was the inspiration for my 2000 article, “Does the New Economy Measure Up to the Great Inventions of the Past?” In turn, the idea of extending the theme of the great inventions into a book-length project was first suggested to me by David Warsh, a distinguished journalist who specializes in keeping track of the economics profession and its evolving ideas, and by Seth Ditchk, economics editor of the Princeton University Press (hereafter PUP).


pages: 1,373 words: 300,577

The Quest: Energy, Security, and the Remaking of the Modern World by Daniel Yergin

"Hurricane Katrina" Superdome, "World Economic Forum" Davos, accelerated depreciation, addicted to oil, Alan Greenspan, Albert Einstein, An Inconvenient Truth, Asian financial crisis, Ayatollah Khomeini, banking crisis, Berlin Wall, bioinformatics, book value, borderless world, BRICs, business climate, California energy crisis, carbon credits, carbon footprint, carbon tax, Carl Icahn, Carmen Reinhart, clean tech, Climategate, Climatic Research Unit, colonial rule, Colonization of Mars, corporate governance, cuban missile crisis, data acquisition, decarbonisation, Deng Xiaoping, Dissolution of the Soviet Union, diversification, diversified portfolio, electricity market, Elon Musk, energy security, energy transition, Exxon Valdez, facts on the ground, Fall of the Berlin Wall, fear of failure, financial innovation, flex fuel, Ford Model T, geopolitical risk, global supply chain, global village, Great Leap Forward, Greenspan put, high net worth, high-speed rail, hydraulic fracturing, income inequality, index fund, informal economy, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), It's morning again in America, James Watt: steam engine, John Deuss, John von Neumann, Kenneth Rogoff, life extension, Long Term Capital Management, Malacca Straits, market design, means of production, megacity, megaproject, Menlo Park, Mikhail Gorbachev, military-industrial complex, Mohammed Bouazizi, mutually assured destruction, new economy, no-fly zone, Norman Macrae, North Sea oil, nuclear winter, off grid, oil rush, oil shale / tar sands, oil shock, oil-for-food scandal, Paul Samuelson, peak oil, Piper Alpha, price mechanism, purchasing power parity, rent-seeking, rising living standards, Robert Metcalfe, Robert Shiller, Robert Solow, rolling blackouts, Ronald Coase, Ronald Reagan, Sand Hill Road, Savings and loan crisis, seminal paper, shareholder value, Shenzhen special economic zone , Silicon Valley, Silicon Valley billionaire, Silicon Valley startup, smart grid, smart meter, South China Sea, sovereign wealth fund, special economic zone, Stuxnet, Suez crisis 1956, technology bubble, the built environment, The Nature of the Firm, the new new thing, trade route, transaction costs, unemployed young men, University of East Anglia, uranium enrichment, vertical integration, William Langewiesche, Yom Kippur War

New cars sales in the United States were plummeting.16 “OIL DOT-COM” A few contrarian voices on Wall Street warned that these prices had become seriously divorced from reality. Edward Morse, a veteran analyst, in a paper titled “Oil Dot-com,” wrote: “As during the dotcom period, when ‘new economy’ stocks became popular, a growing band of Wall Street analysts who are significantly raising” their forecasts were “partially responsible for new investor flows, driving... prices to perhaps unsustainable levels.” He continued: “We are seeing the classic ingredients of an asset bubble. Financial investors tend to ‘herd’ and chase past performance....

It took a long prospectus—384 pages—to spell out all the risks.1 For their part, the international investors in the United States and Britain, and even those closer to China, in Singapore and Hong Kong, were skeptical. They worried about the China risk—uncertainty about the political stability and economic growth of the country. Also, this was an oil company at a time when the new economy—the Internet and Internet stocks—was booming. By contrast, the oil business was seen as quintessential old economy—stagnant, uninteresting, and stuck in what was thought to be the doldrums of permanent overcapacity and low prices. As 2000 began, the appetite of global investors appeared tepid.


In Europe by Geert Mak

Albert Einstein, anti-communist, Berlin Wall, British Empire, classic study, clean water, Dissolution of the Soviet Union, European colonialism, Ford Model T, German hyperinflation, Great Leap Forward, Herbert Marcuse, illegal immigration, Louis Blériot, Mahatma Gandhi, Marshall McLuhan, mass immigration, means of production, Mikhail Gorbachev, military-industrial complex, millennium bug, new economy, New Urbanism, post-war consensus, Prenzlauer Berg, Sinatra Doctrine, Suez canal 1869, the medium is the message, urban renewal

The mother looked hopefully at the foreign guests: perhaps they would let themselves be seduced by their daughters and pay for it, in dollars, of course.’ At the same time, many people became exceedingly rich during this same period, particularly if they were young and good at playing the money markets. Part of the city's youth lived in a world that somewhat resembles that of the New Economy bubble of the late 1990s; school parties flooded with champagne, twenty-year-old millionaires supporting their parents. While the ‘old rich’ had saved their money, the ‘new rich’ spent theirs as fast as possible. That turned the world completely upside down. The old Germany, after all, had been a culture of the frugal.

But he has quite a few people working for him, it's a real company. His employees don't declare their earnings either. And they still live in their old Soviet apartments, which cost next to nothing. Almost everything they earn is disposable income. We estimate that approximately a fifth of the Russian population, about thirty million people, profit from this new economy in one way or another. Of course, that still leaves you with 120 million others.’ Chapter SIXTY-TWO Chernobyl THE COLD HOLDS NO SECRETS FOR THE RUSSIAN RAILWAYS. UPSY-DAISY, scoop a little more coal into the furnace and the train compartments turn into cozy living rooms, the corridors into warm loggias, the passengers eat and drink, someone sings a tune, and meanwhile the Moscow-Kiev Express barrels on through the moonlit night.


The America That Reagan Built by J. David Woodard

"Hurricane Katrina" Superdome, affirmative action, Alan Greenspan, anti-communist, Ayatollah Khomeini, Berlin Wall, Black Monday: stock market crash in 1987, Boeing 747, Bonfire of the Vanities, business cycle, colonial rule, Columbine, corporate raider, cuban missile crisis, Deng Xiaoping, friendly fire, glass ceiling, global village, Gordon Gekko, gun show loophole, guns versus butter model, income inequality, invisible hand, It's morning again in America, Jeff Bezos, junk bonds, Korean Air Lines Flight 007, laissez-faire capitalism, late capitalism, Live Aid, Marc Andreessen, Michael Milken, Mikhail Gorbachev, mutually assured destruction, Neil Kinnock, Nelson Mandela, new economy, no-fly zone, Oklahoma City bombing, Parents Music Resource Center, postindustrial economy, Ralph Nader, Robert Bork, Ronald Reagan, Ronald Reagan: Tear down this wall, Rubik’s Cube, Savings and loan crisis, Silicon Valley, South China Sea, stem cell, Strategic Defense Initiative, Ted Kaczynski, The Predators' Ball, Timothy McVeigh, Tipper Gore, trickle-down economics, women in the workforce, Y2K, young professional

In 1996, the property tax roll in Santa Clara County increased by $5.2 billion; the next year those figures doubled, and they doubled again in 1998.2 The NASDAQ Composite Index of technology shares was at 500 in April 1991, at 1,000 in July 1995, surpassed 2,000 in July 1998, and soared to over 5,000 in March 2000. A bust would follow, but for a decade the ride took investors to dizzying heights. The stock market followed suit, and consumer confidence exploded. The new economy produced jobs, and no one knew the limit because the technology changed so fast. The so-called dot.com companies like Sun, SGI, Cisco, 3 Com, Netscape, and Yahoo pulled the American economy forward. By 1994, unemployment fell below 6 percent, and by April 2000 it was below 4 percent for the first time in three decades.3 The rich entrepreneurs gathered in the largest gains, of course, but everyone seemed to be better off.


pages: 497 words: 130,817

Pedigree: How Elite Students Get Elite Jobs by Lauren A. Rivera

affirmative action, availability heuristic, barriers to entry, behavioural economics, classic study, Donald Trump, emotional labour, fundamental attribution error, glass ceiling, income inequality, job satisfaction, knowledge economy, meritocracy, messenger bag, meta-analysis, new economy, performance metric, profit maximization, profit motive, school choice, Silicon Valley, Silicon Valley startup, tacit knowledge, tech worker, The Theory of the Leisure Class by Thorstein Veblen, The Wisdom of Crowds, unpaid internship, women in the workforce, young professional

As the video continued, more buildings appeared, though now interspersed with familiar skylines from around the world—London, Paris, Sydney: “We are a global firm.” Then, Rio, Shanghai, and Istanbul: “Emerging markets are crucial to our business.”32 Young employees spoke about traveling, the chance they were given to “see the world” and learn firsthand about the new economies that would become future stars on the international stage. In addition to being portrayed as competitive and glamorous, the work was described as fun. Much like Devin, who claimed never to have been bored by his job, employees in the video used words such as “exciting” and a “rush.” They stressed how much they were “learning every day.”


Bootstrapping: Douglas Engelbart, Coevolution, and the Origins of Personal Computing (Writing Science) by Thierry Bardini

Apple II, augmented reality, Bill Duvall, Charles Babbage, classic study, Compatible Time-Sharing System, Computing Machinery and Intelligence, conceptual framework, Donald Davies, Douglas Engelbart, Douglas Engelbart, Dynabook, experimental subject, Grace Hopper, hiring and firing, hypertext link, index card, information retrieval, invention of hypertext, Ivan Sutherland, Jaron Lanier, Jeff Rulifson, John von Neumann, knowledge worker, Leonard Kleinrock, Menlo Park, military-industrial complex, Mother of all demos, Multics, new economy, Norbert Wiener, Norman Mailer, packet switching, Project Xanadu, QWERTY keyboard, Ralph Waldo Emerson, RAND corporation, RFC: Request For Comment, Sapir-Whorf hypothesis, Silicon Valley, Steve Crocker, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, stochastic process, Ted Nelson, the medium is the message, theory of mind, Turing test, unbiased observer, Vannevar Bush, Whole Earth Catalog, work culture

Wiener found the origin of all cybernetics thinking in the realization of the machine-organism analogy on the basis of this shifting notion of time: "the modern automaton exists in the same sort of Bergsonian time as the living organism; and hence there is no reason in Bergson's consid- eration why the essential mode of functioning of the living organism could not be the same as that of the automaton of this type" (19 61 [1948],30-44). Geoffrey Bowker has said that cybernetics created a "new economy of sci- ences [that] challenged the traditional hierarchy, which reduced all knowledge epistemologically to physics" (1993, I 18). According to Bowker, by means of the creation of new "universalist" language (which he also considers as a form of "imperialist rhetoric"), with its roots in industrial and technological think- ing, "biological ideas could be imported into physics" (ibid., I 19).


Making Globalization Work by Joseph E. Stiglitz

"World Economic Forum" Davos, affirmative action, Alan Greenspan, Andrei Shleifer, Asian financial crisis, banking crisis, barriers to entry, benefit corporation, Berlin Wall, blood diamond, business process, capital controls, carbon tax, central bank independence, corporate governance, corporate social responsibility, currency manipulation / currency intervention, Doha Development Round, Exxon Valdez, Fall of the Berlin Wall, Firefox, full employment, Garrett Hardin, Gini coefficient, global reserve currency, Global Witness, Great Leap Forward, Gunnar Myrdal, happiness index / gross national happiness, illegal immigration, income inequality, income per capita, incomplete markets, Indoor air pollution, informal economy, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), inventory management, invisible hand, John Markoff, Jones Act, Kenneth Arrow, Kenneth Rogoff, low interest rates, low skilled workers, manufacturing employment, market fundamentalism, Martin Wolf, microcredit, moral hazard, negative emissions, new economy, North Sea oil, offshore financial centre, oil rush, open borders, open economy, price stability, profit maximization, purchasing power parity, quantitative trading / quantitative finance, race to the bottom, reserve currency, rising living standards, risk tolerance, Seymour Hersh, Silicon Valley, special drawing rights, statistical model, the market place, The Wealth of Nations by Adam Smith, Thomas L Friedman, trade liberalization, Tragedy of the Commons, trickle-down economics, union organizing, Washington Consensus, zero-sum game

I remember in the late 1990s, when there had not been an economic recession in America for longer than the usual four years that separates one recession from the next, even Alan Greenspan, chairman of the U.S. Federal Reserve Board, seemed to boast we had entered into a new era. New technology had led to a new economy in which recessions were a thing of the past. But no sooner had these ideas become widely accepted than the U.S. economy sank into the recession of 2001. So, too, today in the global economy: the fact that there has not been a crisis for several years does not mean all is well with the global economy.


pages: 505 words: 127,542

If You're So Smart, Why Aren't You Happy? by Raj Raghunathan

behavioural economics, Blue Ocean Strategy, Broken windows theory, business process, classic study, cognitive dissonance, deliberate practice, do well by doing good, en.wikipedia.org, epigenetics, fundamental attribution error, hedonic treadmill, job satisfaction, longitudinal study, Mahatma Gandhi, market clearing, meta-analysis, Neil Armstrong, new economy, Phillip Zimbardo, placebo effect, science of happiness, Skype, sugar pill, TED Talk, The Fortune at the Bottom of the Pyramid, Thorstein Veblen, Tony Hsieh, work culture , working poor, zero-sum game, Zipcar

As a result, firms exhibited the types of behaviors—hypercompetition, lack of trust, Machiavellianism—that are associated with a scarcity orientation. While the firms that exhibited these types of scarcity-oriented behaviors may have been more likely to survive in the old economy, it appears that firms that exhibit a different—more abundance-oriented—type of behavior are likely to thrive in the emerging new economy. Sisodia and his coauthors find, for example, that in the period between 1992 and 2012, firms that exhibited conscious business practices—such as taking a “multiple-stakeholder” view that improves everyone’s well-being and not just the company’s profits—made a whopping 110 percent more profits than those that did not exhibit these practices!


pages: 519 words: 136,708

Vertical: The City From Satellites to Bunkers by Stephen Graham

1960s counterculture, Anthropocene, Bandra-Worli Sea Link, Berlin Wall, Boris Johnson, Buckminster Fuller, Buy land – they’re not making it any more, Chelsea Manning, commodity super cycle, creative destruction, Crossrail, deindustrialization, digital capitalism, digital divide, digital map, Dr. Strangelove, drone strike, Edward Glaeser, Edward Snowden, Elisha Otis, energy security, Frank Gehry, gentrification, ghettoisation, Google Earth, Gunnar Myrdal, high net worth, housing crisis, Howard Zinn, illegal immigration, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, late capitalism, Leo Hollis, Lewis Mumford, low earth orbit, mass immigration, means of production, megacity, megaproject, megastructure, military-industrial complex, moral panic, mutually assured destruction, new economy, New Urbanism, no-fly zone, nuclear winter, oil shale / tar sands, planetary scale, plutocrats, post-industrial society, Project Plowshare, rent control, Richard Florida, Right to Buy, Ronald Reagan, security theater, Skype, South China Sea, space junk, Strategic Defense Initiative, the built environment, The Death and Life of Great American Cities, trickle-down economics, urban decay, urban planning, urban renewal, urban sprawl, vertical integration, Virgin Galactic, white flight, WikiLeaks, William Langewiesche

Social and architectural theorist Ben Bratton has drawn close parallels between the operation of al-Qaeda as a kind of ‘transnational firm’ or ‘figurative corporation’ bent on what he calls architectural ‘destructural works’ and Osama bin Laden’s father’s immense construction conglomerate.66 ‘It is not surprising’, Bratton writes, ‘that this New Economy transnational firm [al-Qaeda] would be led by the son of one of the most powerful public works engineers in all of Saudi Arabia, of the man who literally built that kingdom, and would subcontract urban planners, like Mohammed Atta, to carry out its plans.’ Reflecting on such a situation, he continues, ‘it’s not just fitting skills to tasks, nor ironic coincidence, it is a spiritual politics of space.’67 And yet, as we saw with our earlier discussion of the construction of the World Trade Center, the profound parallels between skyscraper construction and skyscraper terrorism run deeper still.


pages: 538 words: 138,544

The Story of Stuff: The Impact of Overconsumption on the Planet, Our Communities, and Our Health-And How We Can Make It Better by Annie Leonard

air freight, banking crisis, big-box store, blood diamond, Bretton Woods, business logic, California gold rush, carbon footprint, carbon tax, clean water, Community Supported Agriculture, cotton gin, dematerialisation, employer provided health coverage, energy security, European colonialism, export processing zone, Firefox, Food sovereignty, Ford paid five dollars a day, full employment, global supply chain, Global Witness, income inequality, independent contractor, Indoor air pollution, intermodal, Jeff Bezos, job satisfaction, Kickstarter, liberation theology, McMansion, megaproject, Nelson Mandela, new economy, oil shale / tar sands, peak oil, planned obsolescence, Ralph Nader, renewable energy credits, Silicon Valley, special economic zone, supply-chain management, systems thinking, TED Talk, the built environment, trade liberalization, trickle-down economics, union organizing, Wall-E, Whole Earth Review, Zipcar

Interview with Dara O’Rourke, April 2009. 50. Göransson, Jönsson, and Persson, “Extreme Business Models,” p. 55. 51. Interview with Dara O’Rourke, April 2009. 52. Larenaudie, “Inside the H&M Fashion Machine.” 53. Keisha Lamothe, “Online retail spending surges in 2006,” CNNMoney.com, January 4, 2007 (money.cnn.com/2007/01/04/news/economy/ online_sales/?postversion=2007010410). 54. Stacy Mitchell, Big-Box Swindle: The True Cost of Mega-Retailers and the Fight for America’s Independent Businesses (Boston: Beacon Press, 2007), p. 12. 55. Speech by Jeff Bezos at MIT, November 25, 2002 (mitworld.mit.edu/video/1/). 56. Ibid. 57.


pages: 532 words: 139,706

Googled: The End of the World as We Know It by Ken Auletta

"World Economic Forum" Davos, 23andMe, AltaVista, An Inconvenient Truth, Andy Rubin, Anne Wojcicki, AOL-Time Warner, Apple's 1984 Super Bowl advert, Ben Horowitz, bioinformatics, Burning Man, carbon footprint, citizen journalism, Clayton Christensen, cloud computing, Colonization of Mars, commoditize, company town, corporate social responsibility, creative destruction, death of newspapers, digital rights, disintermediation, don't be evil, facts on the ground, Firefox, Frank Gehry, Google Earth, hypertext link, Innovator's Dilemma, Internet Archive, invention of the telephone, Jeff Bezos, jimmy wales, John Markoff, Kevin Kelly, knowledge worker, Larry Ellison, Long Term Capital Management, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Mary Meeker, Menlo Park, Network effects, new economy, Nicholas Carr, PageRank, Paul Buchheit, Peter Thiel, Ralph Waldo Emerson, Richard Feynman, Sand Hill Road, Saturday Night Live, semantic web, sharing economy, Sheryl Sandberg, Silicon Valley, Skype, slashdot, social graph, spectrum auction, stealth mode startup, Stephen Hawking, Steve Ballmer, Steve Jobs, strikebreaker, Susan Wojcicki, systems thinking, telemarketer, the Cathedral and the Bazaar, the long tail, the scientific method, The Wisdom of Crowds, Tipper Gore, Upton Sinclair, vertical integration, X Prize, yield management, zero-sum game

“We can’t trade today’s analog dollars for digital pennies.” Zucker’s dollars-for-pennies claim is “not the right way to look at it,” said David Rosenblatt, Google’s then president, global display advertising, and the former CEO of DoubleClick. “That implies that the preservation of your existing business is more important than understanding what the new economy will be. My great-grandfather was in the ostrich-feather business. He went out of business in the early part of the twentieth century because ostrich feathers, which women wore attached to their hats and had worked well in carriages, no longer fit into automobiles. He could have said, ‘I need to find smaller feathers to preserve my business.’”


To the Ends of the Earth: Scotland's Global Diaspora, 1750-2010 by T M Devine

agricultural Revolution, British Empire, classic study, deindustrialization, deskilling, full employment, ghettoisation, Great Leap Forward, housing crisis, invention of the telegraph, invisible hand, it's over 9,000, joint-stock company, Khartoum Gordon, land tenure, Lewis Mumford, manufacturing employment, mass immigration, new economy, New Urbanism, oil shale / tar sands, railway mania, Red Clydeside, rising living standards, Robert Gordon, Scramble for Africa, Suez canal 1869, The Wealth of Nations by Adam Smith, Thomas Malthus, trade route, transatlantic slave trade, transcontinental railway, women in the workforce

The rural districts of Scotland were especially targeted because of their historic links with Canada and the country’s reputation for experienced farmers and skilled agricultural workers.44 Yet, even the revolution of communications and information would have been insufficient if it had not been for the gargantuan increase in demand from the industrializing countries of Europe for the raw materials and food produce of the new lands. It was the explosion in the export of timber, wool, mutton, cotton and other staples to feed the industries and rising populations of Europe which powered the new economies and so made them increasingly attractive places in which to settle and work. The transformation was fuelled by the massive export of capital from Britain after c.1850, a process in which Scotland had a leading part (see Chapter 11). Between 1865 and 1914, the UK invested over $5 billion in the USA alone, facilitating the construction of railways, the reclaiming of land and the building of towns without which large-scale settlement from the Old World would have been impossible.


pages: 538 words: 141,822

The Net Delusion: The Dark Side of Internet Freedom by Evgeny Morozov

"World Economic Forum" Davos, A Declaration of the Independence of Cyberspace, Alvin Toffler, Ayatollah Khomeini, Berlin Wall, borderless world, Buckminster Fuller, Californian Ideology, Cass Sunstein, citizen journalism, cloud computing, cognitive dissonance, Columbine, computer age, conceptual framework, crowdsourcing, digital divide, disinformation, Dissolution of the Soviet Union, don't be evil, Evgeny Morozov, failed state, Fall of the Berlin Wall, Francis Fukuyama: the end of history, global village, Google Earth, Herbert Marcuse, illegal immigration, invention of radio, invention of the printing press, invisible hand, John Markoff, John Perry Barlow, John von Neumann, lolcat, Marshall McLuhan, Mitch Kapor, Naomi Klein, Network effects, new economy, New Urbanism, off-the-grid, Panopticon Jeremy Bentham, peer-to-peer, pirate software, pre–internet, Productivity paradox, public intellectual, RAND corporation, Robert Solow, Ronald Reagan, Ronald Reagan: Tear down this wall, Silicon Valley, Silicon Valley startup, Sinatra Doctrine, Skype, Slavoj Žižek, social graph, Steve Jobs, Streisand effect, technological determinism, technoutopianism, TED Talk, The Wisdom of Crowds, urban planning, Washington Consensus, WikiLeaks, women in the workforce

Understanding how exactly various stakeholders—citizens, policymakers, foundations, journalists—can influence the way in which technology’s political future unfolds is a quintessential question facing any democracy. More than just politics lies beyond the scope of technological analysis; human nature is also outside its grasp. Proclaiming that societies have entered a new age and embraced a new economy does not automatically make human nature any more malleable, nor does it necessarily lead to universal respect for humanist values. People still lust for power and recognition, regardless of whether they accumulate it by running for office or collecting Facebook friends. As James Carey, the Columbia University media scholar, put it: “The ‘new’ man and woman of the ‘new age’ strikes one as the same mixture of greed, pride, arrogance and hostility that we encounter in both history and experience.”


pages: 430 words: 140,405

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. Mcdonald, Patrick Robinson

"World Economic Forum" Davos, Alan Greenspan, AOL-Time Warner, asset-backed security, bank run, Bear Stearns, Black Monday: stock market crash in 1987, book value, business cycle, Carl Icahn, collateralized debt obligation, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, diversification, fixed income, Glass-Steagall Act, high net worth, hiring and firing, if you build it, they will come, it's over 9,000, junk bonds, London Interbank Offered Rate, Long Term Capital Management, margin call, money market fund, moral hazard, mortgage debt, naked short selling, negative equity, new economy, Ronald Reagan, Savings and loan crisis, short selling, sovereign wealth fund, value at risk

“Most of ’em have never earned a nickel, their P/E ratios are insane, and I am just waiting for the crash. You got a lick of sense, you’ll start shorting them.” I always used to protest about this. Always argued how different things were today and what a revolutionary time this was. “This is the new economy,” I told him. “Not so,” he once replied. “It’s just the same as the old one. And the same rules apply. And right now we seem to have about seven thousand dot-coms when the world probably needs about two hundred.” He’d been reading some report that claimed shopping malls were darn near obsolete.


pages: 369 words: 128,349

Beyond the Random Walk: A Guide to Stock Market Anomalies and Low Risk Investing by Vijay Singal

3Com Palm IPO, Andrei Shleifer, AOL-Time Warner, asset allocation, book value, buy and hold, capital asset pricing model, correlation coefficient, cross-subsidies, currency risk, Daniel Kahneman / Amos Tversky, diversified portfolio, endowment effect, fixed income, index arbitrage, index fund, information asymmetry, information security, junk bonds, liberal capitalism, locking in a profit, Long Term Capital Management, loss aversion, low interest rates, margin call, market friction, market microstructure, mental accounting, merger arbitrage, Myron Scholes, new economy, prediction markets, price stability, profit motive, random walk, Richard Thaler, risk free rate, risk-adjusted returns, risk/return, selection bias, Sharpe ratio, short selling, short squeeze, survivorship bias, Tax Reform Act of 1986, transaction costs, uptick rule, Vanguard fund

Arbitrageurs who took short positions in Internet stocks in 1998 or 1999 on the belief that the stocks were overvalued would have been wiped out before the prices eventually fell. In fact, many short sellers went bankrupt in the late 1990s 5 6 Beyond the Random Walk due to the ascent of the stock market. Even Warren Buffett, whom many regard as a smart investor, proclaimed that he had misread the new economy by not riding the technology wave. Today we know that he was correct to be skeptical of high Internet stock valuations, but at the time the prolonged period over which the mispricing seemed to persist caused him to accept defeat. Second, it is rare to find two assets with exactly the same risk.


pages: 556 words: 141,069

The Profiteers by Sally Denton

Albert Einstein, anti-communist, Ayatollah Khomeini, Bay Area Rapid Transit, Berlin Wall, Boycotts of Israel, clean water, company town, corporate governance, crony capitalism, disinformation, Donald Trump, Edward Snowden, energy security, Fall of the Berlin Wall, G4S, invisible hand, James Watt: steam engine, Joan Didion, Kitchen Debate, laissez-faire capitalism, Lewis Mumford, megaproject, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Naomi Klein, new economy, nuclear winter, power law, profit motive, Robert Hanssen: Double agent, Ronald Reagan, Seymour Hersh, Silicon Valley, trickle-down economics, uranium enrichment, urban planning, vertical integration, WikiLeaks, wikimedia commons, William Langewiesche

All of that came on the heels of the dot-com crash, which resulted in Bechtel writing off $200 million in bad investments, wiping out a third of the company’s net worth. “One of the most tightly controlled and conservatively managed companies in the world, Bechtel fell head over heels for the same new-economy sirens that created Enron and the dot-com debacle,” wrote King and McCoy. Still, Riley seemed oblivious to the disastrous turn of events and continued the full support of his protégé Unruh. But by late 2002, Riley could no longer disguise or hide the precariousness of the situation, and in November the company cut the value of its stock by a quarter—setting off alarms among some fifty management partners who owned 60 percent of the company’s shares.


pages: 454 words: 139,350

Jihad vs. McWorld: Terrorism's Challenge to Democracy by Benjamin Barber

airport security, Alvin Toffler, anti-communist, Apple's 1984 Super Bowl advert, Ayatollah Khomeini, Berlin Wall, borderless world, Bretton Woods, British Empire, classic study, computer age, Corn Laws, Corrections Corporation of America, David Brooks, deindustrialization, Deng Xiaoping, digital map, export processing zone, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, George Gilder, global village, invisible hand, It's morning again in America, Joan Didion, Kevin Kelly, laissez-faire capitalism, late capitalism, Live Aid, market fundamentalism, Marshall McLuhan, minimum wage unemployment, new economy, Norbert Wiener, North Sea oil, off-the-grid, pirate software, Plato's cave, postnationalism / post nation state, profit motive, race to the bottom, Right to Buy, road to serfdom, Ronald Reagan, The Wealth of Nations by Adam Smith, Thomas L Friedman, undersea cable, vertical integration, young professional, zero-sum game

The ancient capitalist economy in which products are manufactured and sold for profit to meet the demand of consumers who make their unmediated needs known through the market is gradually yielding to a postmodern capitalist economy in which needs are manufactured to meet the supply of producers who make their unmediated products marketable through promotion, spin, packaging, and advertising. Whereas the old economy, mirroring hard power, dealt in hard goods aimed at the body, the new economy, mirroring soft power, depends on soft services aimed at the mind and spirit (or aimed at undoing the mind and spirit). This wedding of telecommunications technologies with information and entertainment software can be called for short the infotainment telesector. The goods sector is captured by the infotainment telesector, whose object is nothing less than the human soul.


pages: 455 words: 133,719

Overwhelmed: Work, Love, and Play When No One Has the Time by Brigid Schulte

8-hour work day, affirmative action, Bertrand Russell: In Praise of Idleness, blue-collar work, Burning Man, business cycle, call centre, cognitive dissonance, David Brooks, deliberate practice, desegregation, DevOps, East Village, Edward Glaeser, epigenetics, fear of failure, feminist movement, financial independence, game design, gender pay gap, glass ceiling, Great Leap Forward, helicopter parent, hiring and firing, income inequality, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, labor-force participation, machine readable, meta-analysis, new economy, profit maximization, Results Only Work Environment, Richard Feynman, Ronald Reagan, Saturday Night Live, sensible shoes, sexual politics, Sheryl Sandberg, Silicon Valley, Skype, Steve Jobs, tech worker, TED Talk, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, women in the workforce, work culture , working poor, Zipcar, éminence grise

* * * About the time I was exploring the roots of the overwhelm at work, Facebook COO Sheryl Sandberg made a splash by admitting she left the office at 5:30 to be home for dinner with her two children. I’d heard about high-tech firms’ famous flexible work styles—one former Google exec told me people could work from a beach in Hawaii as long as work got done on time. Sandberg’s confession seemed a hopeful sign that perhaps the new economy jobs of Silicon Valley were liberated from the grip of the ideal worker. Could Silicon Valley, I wondered, lead the way for the rest of the work world? It took less than a day of reporting to come to this disappointing conclusion: God, I hope not. The young, testosterone-fueled geek culture has revved up the ideal worker standard to a superhuman level.


pages: 457 words: 128,640

Servants: A Downstairs History of Britain From the Nineteenth Century to Modern Times by Lucy Lethbridge

Ada Lovelace, Arthur Marwick, British Empire, country house hotel, decarbonisation, garden city movement, high net worth, invisible hand, Louis Pasteur, new economy, period drama, Ralph Waldo Emerson, social web, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, traveling salesman, women in the workforce

They were resolutely unsympathetic to the ‘self-conscious revivals of peasant arts which are now being recommended to the poor by a certain type of philanthropist’, wrote Sturt.5 The greatest visible change in the Bourne during the early years of the twentieth century was the proliferation of suburban villas that had sprung up on the edge of the village. In the new economy of rural life, it was very often the new villa on which village livelihoods now depended. These middle-class households had gardens that needed tending and ‘even the cheaper villas . . . need their cheap drudges’. Other traditional sources of income were increasingly insecure: machinery was gradually replacing labourers; large laundries were replacing washerwomen working at home.


pages: 444 words: 130,646

Twitter and Tear Gas: The Power and Fragility of Networked Protest by Zeynep Tufekci

"Hurricane Katrina" Superdome, 4chan, active measures, Affordable Care Act / Obamacare, algorithmic bias, AltaVista, Alvin Toffler, Andy Carvin, anti-communist, Bernie Sanders, Black Lives Matter, bread and circuses, British Empire, citizen journalism, collective bargaining, conceptual framework, context collapse, crowdsourcing, digital divide, disinformation, Donald Trump, Edward Snowden, end-to-end encryption, Evgeny Morozov, fake news, feminist movement, Ferguson, Missouri, Filter Bubble, Future Shock, gentrification, Howard Rheingold, income inequality, index card, interchangeable parts, invention of movable type, invention of writing, John Gilmore, John Perry Barlow, loose coupling, Mahatma Gandhi, Mark Zuckerberg, Menlo Park, Mikhail Gorbachev, moral hazard, moral panic, Naomi Klein, Network effects, new economy, obamacare, Occupy movement, offshore financial centre, pre–internet, race to the bottom, RAND corporation, real-name policy, ride hailing / ride sharing, Rosa Parks, sharing economy, Silicon Valley, Skype, Snapchat, Streisand effect, the strength of weak ties, The Structural Transformation of the Public Sphere, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, Twitter Arab Spring, We are the 99%, WikiLeaks, Yochai Benkler

Klein and Daniel Lee Kleinman, “The Social Construction of Technology: Structural Considerations,” Science, Technology and Human Values 27, no. 1 (2002): 28–52. 24. Massimo Ragnedda and Glenn W. Muschert, The Digital Divide: The Internet and Social Inequality in International Perspective (New York: Routledge, 2013); Eszter Hargittai, “The Digital Divide and What to Do about It,” in New Economy Handbook, ed. Derek C. Jones (San Diego: Academic Press, 2003), 821–39. 25. John Perry Barlow, “A Cyberspace Independence Declaration,” 1996, https://w2.eff.org/Censorship/Internet_censorship_bills/barlow_0296.declaration. 26. In fact, “exclusion” in a digital world implies a whole host of differences from living in a predigital one where nobody was included.


pages: 496 words: 131,938

The Future Is Asian by Parag Khanna

3D printing, Admiral Zheng, affirmative action, Airbnb, Amazon Web Services, anti-communist, Asian financial crisis, asset-backed security, augmented reality, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Basel III, bike sharing, birth tourism , blockchain, Boycotts of Israel, Branko Milanovic, British Empire, call centre, capital controls, carbon footprint, cashless society, clean tech, clean water, cloud computing, colonial rule, commodity super cycle, computer vision, connected car, corporate governance, CRISPR, crony capitalism, cross-border payments, currency peg, death from overwork, deindustrialization, Deng Xiaoping, Didi Chuxing, Dissolution of the Soviet Union, Donald Trump, driverless car, dual-use technology, energy security, European colonialism, factory automation, failed state, fake news, falling living standards, family office, financial engineering, fixed income, flex fuel, gig economy, global reserve currency, global supply chain, Great Leap Forward, green transition, haute couture, haute cuisine, illegal immigration, impact investing, income inequality, industrial robot, informal economy, initial coin offering, Internet of things, karōshi / gwarosa / guolaosi, Kevin Kelly, Kickstarter, knowledge worker, light touch regulation, low cost airline, low skilled workers, Lyft, machine translation, Malacca Straits, Marc Benioff, Mark Zuckerberg, Masayoshi Son, megacity, megaproject, middle-income trap, Mikhail Gorbachev, money market fund, Monroe Doctrine, mortgage debt, natural language processing, Netflix Prize, new economy, off grid, oil shale / tar sands, open economy, Parag Khanna, payday loans, Pearl River Delta, prediction markets, purchasing power parity, race to the bottom, RAND corporation, rent-seeking, reserve currency, ride hailing / ride sharing, Ronald Reagan, Salesforce, Scramble for Africa, self-driving car, Shenzhen special economic zone , Silicon Valley, smart cities, SoftBank, South China Sea, sovereign wealth fund, special economic zone, stem cell, Steve Jobs, Steven Pinker, supply-chain management, sustainable-tourism, synthetic biology, systems thinking, tech billionaire, tech worker, trade liberalization, trade route, transaction costs, Travis Kalanick, uber lyft, upwardly mobile, urban planning, Vision Fund, warehouse robotics, Washington Consensus, working-age population, Yom Kippur War

As the Euro-Japan FTA comes into effect, more European and Japanese cars will cross the Indian Ocean, the Eurasian landmass, and even the Arctic to reach each other’s markets, elevating Japan’s incentive to throw its weight into the Belt and Road Initiative. Books Kinokuniya, the stylish Japanese bookstore chain, has become a prominent landmark in major Asian cities from Dubai to Singapore. In place of the old corporate culture known for seniority rather than meritocracy, new-economy companies such as the e-commerce pioneer Rakuten are promoting a more entrepreneurial and diverse workforce to match that of their investments such as Lyft and Pinterest in the United States and PriceMinister in France. Rakuten requires English competence, and at Uniqlo, English is the official workplace language.


Adam Smith: Father of Economics by Jesse Norman

active measures, Alan Greenspan, Andrei Shleifer, balance sheet recession, bank run, banking crisis, Basel III, Bear Stearns, behavioural economics, 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, Cornelius Vanderbilt, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, David Ricardo: comparative advantage, deindustrialization, electricity market, Eugene Fama: efficient market hypothesis, experimental economics, Fall of the Berlin Wall, Fellow of the Royal Society, financial engineering, financial intermediation, frictionless, frictionless market, future of work, George Akerlof, Glass-Steagall Act, 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, low interest rates, market bubble, market fundamentalism, Martin Wolf, means of production, mirror neurons, 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, public intellectual, purchasing power parity, random walk, rent-seeking, Richard Thaler, Robert Shiller, Robert Solow, 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

., Before Adam Smith: The Emergence of Political Economy 1662–1776, Basil Blackwell 1988 Hutton, Will, The State We’re In, Jonathan Cape 1995 James, Oliver, Selfish Capitalism, Random House 2008 Jevons, W. S., The Theory of Political Economy, Macmillan 1888 Kaletsky, Anatole, Capitalism 4.0: The Birth of a New Economy, Bloomsbury 2010 Kay, John, Other People’s Money: Masters of the Universe or Servants of the People?, Profile Books 2015 Kay, John, The Truth about Markets: Why Some Nations are Rich but Most Remain Poor, Allen Lane 2003 Kennedy, Gavin, Adam Smith: A Moral Philosopher and his Political Economy, Palgrave Macmillan 2008 Kerr, Robert, Memoirs of the Life, Writing and Correspondence of William Smellie, John Anderson 1811 Keynes, John Maynard, Essays in Biography, W.


pages: 505 words: 133,661

Who Owns England?: How We Lost Our Green and Pleasant Land, and How to Take It Back by Guy Shrubsole

Adam Curtis, Anthropocene, back-to-the-land, Beeching cuts, Boris Johnson, Capital in the Twenty-First Century by Thomas Piketty, centre right, congestion charging, Crossrail, deindustrialization, digital map, do-ocracy, Downton Abbey, false flag, financial deregulation, fixed income, fulfillment center, Garrett Hardin, gentrification, Global Witness, Goldman Sachs: Vampire Squid, Google Earth, housing crisis, housing justice, James Dyson, Jeremy Corbyn, Kickstarter, land bank, land reform, land tenure, land value tax, linked data, loadsamoney, Londongrad, machine readable, mega-rich, mutually assured destruction, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, openstreetmap, place-making, plutocrats, profit motive, rent-seeking, rewilding, Right to Buy, Ronald Reagan, Russell Brand, sceptred isle, Stewart Brand, the built environment, the map is not the territory, The Wealth of Nations by Adam Smith, Tragedy of the Commons, trickle-down economics, urban sprawl, web of trust, Yom Kippur War, zero-sum game

Title Land (acres) Farm subsidies 1873 2001 Total 2015 Single area payments Duke of Buccleuch and Queensberry 460,108 270,700 £1,643,510 £707,036 Duke of Grafton 25,773 11,000 £835,559 £495,320 Duke of Westminster 19,749 129,300 £815,805 £462,775 Duke of Devonshire 198,572 73,000 £768,623 £218,856 Duke of Beaufort 51,085 52,000 £688,097 £345,075 Duke of Bedford 86,335 23,020 £543,233 £431,163 Duke of Marlborough 23,511 11,500 £526,549 £284,468 Duke of Norfolk 49,866 46,000 £449,166 £259,605 Duke of Richmond, Lennox, and Gordon 286,411 12,000 £379,085 £253,038 Duke of Roxburghe 60,418 65,600 £361,919 £175,938 Duke of Rutland 70,137 26,000 £358,430 £314,531 Duke of Northumberland 186,397 132,200 £327,403 £133,553 Duke of Sutherland 1,358,545 12,000 £191,802 £170,419 Duke of Atholl 201,640 148,000 £172,436 £60,287 Duke of Fife (Title did not exist then) 1,500 £169,905 £144,364 Duke of Argyll 175,114 60,800 £120,097 £0 Duke of Wellington 19,116 31,700 £80,878 £66,486 Duke of Montrose 103,447 8,800 n/a n/a Duke of Somerset 25,387 2,000 n/a n/a Duke of Hamilton 157,368 12,000 n/a n/a Duke of Abercorn 78,662 15,000 n/a n/a Duke of St Albans 8,998 4,000 n/a n/a Duke of Manchester 27,312 0 n/a n/a Duke of Leinster 73,100 0 n/a n/a Totals 3,747,051 1,148,120 £8,432,497 £4,522,914 Organisations campaigning on land issues • Land Justice Network – activists’ network that advocates for land reform and organises demonstrations www.landjustice.uk • Land Workers Alliance – a grassroots union representing farmers, growers and land-based workers landworkersalliance.org.uk • Three Acres and a Cow – a travelling show telling the history of land rights and protest in folk song and story threeacresandacow.co.uk • Shared Assets – a think-and-do-tank that supports people managing land for the common good www.sharedassets.org.uk • The Land – an occasional magazine about land rights www.thelandmagazine.org.uk • Friends of the Earth – environmental campaigning group friendsoftheearth.uk • Shelter – housing and homelessness charity www.shelter.org.uk • New Economics Foundation – think tank proposing ideas for a new economy where people really take back control neweconomics.org • IPPR – centre-left think tank advocating land reform • Civitas – centre-right think tank advocating land reform • Who Owns Scotland – campaigner Andy Wightman’s fantastic maps and blog about Scottish land ownership, one of the inspirations for this book www.whoownsscotland.org.uk For more about Who Owns England, including blogs, interactive maps and tips about exploring land ownership, visit whoownsengland.org FOOTNOTES 3.


pages: 518 words: 143,914

God Is Back: How the Global Revival of Faith Is Changing the World by John Micklethwait, Adrian Wooldridge

affirmative action, anti-communist, Ayatollah Khomeini, barriers to entry, battle of ideas, Bonfire of the Vanities, Boris Johnson, correlation does not imply causation, credit crunch, David Brooks, Dr. Strangelove, Francis Fukuyama: the end of history, full employment, ghettoisation, global supply chain, God and Mammon, Great Leap Forward, hiring and firing, industrial cluster, intangible asset, invisible hand, Iridium satellite, Jane Jacobs, joint-stock company, knowledge economy, liberation theology, low skilled workers, mass immigration, McMansion, megacity, Mikhail Gorbachev, Nelson Mandela, new economy, oil shock, Peace of Westphalia, public intellectual, Robert Bork, rolodex, Ronald Reagan, Scientific racism, Silicon Valley, stem cell, supply-chain management, The Wealth of Nations by Adam Smith, Thomas Malthus, upwardly mobile, W. E. B. Du Bois, Washington Consensus

The church pockets a staggering $1.6 billion in membership fees, collected by the state through the tax system. It has been rare for Swedes to opt out, though that seems to be changing. In Denmark 83 percent of the population is officially linked to the Folkekirke (people’s church); fewer than 2 percent attend church regularly.53 Alongside this old religious economy, a new economy, based on personal choice, is growing. Together Evangelicals, charismatics and Pentecostals accounted for 8.2 percent of Europe’s population in 2000, nearly double the proportion in 1970, according to the World Christian Encyclopedia. Pentecostalism is France’s fastest-growing religion. London’s immigrant-packed East End is thought to have twice as many Pentecostal congregations as Church of England ones.


pages: 477 words: 135,607

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

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

Manufacturing was almost universally regarded as the bedrock of a healthy local economy in the 1960s, and much of the value of a port, aside from jobs on the docks, was that transportation-conscious manufacturers would locate nearby. As early as 1966, though, public officials in Seattle were sensing that their remote city, with little industry, might be able to develop a new economy based on distribution rather than on factories. The lack of population close at hand would be no obstacle; Seattle could become not merely a local port for western Washington but the center of a distribution network stretching from Asia to the U.S. Midwest. “Commodity distribution has grown out of the dependent sector to link production and consumption,” port planner Ting-Li Cho wrote presciently.


pages: 497 words: 143,175

Pivotal Decade: How the United States Traded Factories for Finance in the Seventies by Judith Stein

1960s counterculture, accelerated depreciation, activist lawyer, affirmative action, airline deregulation, Alan Greenspan, anti-communist, Ayatollah Khomeini, barriers to entry, Berlin Wall, blue-collar work, Bretton Woods, business cycle, capital controls, centre right, collective bargaining, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, deindustrialization, desegregation, do well by doing good, Dr. Strangelove, energy security, Fall of the Berlin Wall, falling living standards, feminist movement, financial deregulation, floating exchange rates, full employment, Glass-Steagall Act, Gunnar Myrdal, guns versus butter model, Ida Tarbell, income inequality, income per capita, intermodal, invisible hand, knowledge worker, laissez-faire capitalism, Les Trente Glorieuses, liberal capitalism, Long Term Capital Management, low interest rates, manufacturing employment, market bubble, Martin Wolf, new economy, Nixon triggered the end of the Bretton Woods system, oil shale / tar sands, oil shock, open economy, Paul Samuelson, payday loans, post-industrial society, post-oil, price mechanism, price stability, Ralph Nader, RAND corporation, reserve currency, Robert Gordon, Robert Solow, Ronald Reagan, Savings and loan crisis, Simon Kuznets, strikebreaker, three-martini lunch, trade liberalization, union organizing, urban planning, urban renewal, War on Poverty, Washington Consensus, working poor, Yom Kippur War

The president’s victory was built on the improvement of the economy and the hubris of the Gingrich Republicans but did nothing to dislodge the Reagan ideology of tax cuts, deregulation, and free trade. The only item that Clinton added was the idea of deficit reduction, which the Gingrich Republicans converted to a mandatory balanced budget. NEW ECONOMY? The president had accepted Gingrich’s goal of a balanced budget in seven years, but he and the speaker sharply disagreed about how to get there. The booming economy and declining health care costs saved the day. The Dow rose from 3400, when Clinton took office, to over 10,000, levitated by the high-flying NASDAQ, the home of Microsoft, Intel, and numerous wannabes.


pages: 494 words: 142,285

The Future of Ideas: The Fate of the Commons in a Connected World by Lawrence Lessig

AltaVista, Andy Kessler, AOL-Time Warner, barriers to entry, Bill Atkinson, business process, Cass Sunstein, commoditize, computer age, creative destruction, dark matter, decentralized internet, Dennis Ritchie, disintermediation, disruptive innovation, Donald Davies, Erik Brynjolfsson, Free Software Foundation, Garrett Hardin, George Gilder, Hacker Ethic, Hedy Lamarr / George Antheil, history of Unix, Howard Rheingold, Hush-A-Phone, HyperCard, hypertext link, Innovator's Dilemma, invention of hypertext, inventory management, invisible hand, Jean Tirole, Jeff Bezos, John Gilmore, John Perry Barlow, Joseph Schumpeter, Ken Thompson, Kenneth Arrow, Larry Wall, Leonard Kleinrock, linked data, Marc Andreessen, Menlo Park, Mitch Kapor, Network effects, new economy, OSI model, packet switching, peer-to-peer, peer-to-peer model, price mechanism, profit maximization, RAND corporation, rent control, rent-seeking, RFC: Request For Comment, Richard Stallman, Richard Thaler, Robert Bork, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, smart grid, software patent, spectrum auction, Steve Crocker, Steven Levy, Stewart Brand, systematic bias, Ted Nelson, Telecommunications Act of 1996, the Cathedral and the Bazaar, The Chicago School, tragedy of the anticommons, Tragedy of the Commons, transaction costs, vertical integration, Yochai Benkler, zero-sum game

Tomes have been written about how far it should extend in law. But my aim is to push its embrace in the context of creativity. In this domain, at least, our presumption should be libertarian. And we should build that presumption into the architecture of the space. AS THE DOT.COMS crash and the pundits ask whether there was anything really new in the new economy of the Internet, it is useful to frame just what this new space has given us so far. That is my aim in the balance of this chapter. I want to show how we already have something new, or at least originally did. My hope is to link instances of innovation to changes in the layers of control that the Internet effected.


pages: 515 words: 142,354

The Euro: How a Common Currency Threatens the Future of Europe by Joseph E. Stiglitz, Alex Hyde-White

"there is no alternative" (TINA), "World Economic Forum" Davos, Alan Greenspan, bank run, banking crisis, barriers to entry, battle of ideas, behavioural economics, Berlin Wall, Bretton Woods, business cycle, buy and hold, capital controls, carbon tax, Carmen Reinhart, cashless society, central bank independence, centre right, cognitive dissonance, collapse of Lehman Brothers, collective bargaining, corporate governance, correlation does not imply causation, credit crunch, Credit Default Swap, currency peg, dark matter, David Ricardo: comparative advantage, disintermediation, diversified portfolio, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial innovation, full employment, George Akerlof, Gini coefficient, global supply chain, Great Leap Forward, Growth in a Time of Debt, housing crisis, income inequality, incomplete markets, inflation targeting, information asymmetry, investor state dispute settlement, invisible hand, Kenneth Arrow, Kenneth Rogoff, knowledge economy, light touch regulation, low interest rates, manufacturing employment, market bubble, market friction, market fundamentalism, Martin Wolf, Mexican peso crisis / tequila crisis, money market fund, moral hazard, mortgage debt, neoliberal agenda, new economy, open economy, paradox of thrift, pension reform, pensions crisis, price stability, profit maximization, purchasing power parity, quantitative easing, race to the bottom, risk-adjusted returns, Robert Shiller, Ronald Reagan, Savings and loan crisis, savings glut, secular stagnation, Silicon Valley, sovereign wealth fund, the payments system, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transfer pricing, trickle-down economics, Washington Consensus, working-age population

It pulled people out of the rural sector to fight the war, and to urban areas to make armaments required for the war. After the war, the government provided free higher education to all who had fought (which was essentially every young person)—to ensure that they had the skills required for the “new economy.” In the last half-century, the US government has once more played a central role, with its major investments in technology.18 But again as we saw in chapter 5, the kinds of industrial policies that have worked so well around the world19 are largely precluded within the eurozone; and the austerity measures imposed by the Troika have forced a scaling back in public expenditures that might have facilitated such a structural transformation.


pages: 458 words: 134,028

Microtrends: The Small Forces Behind Tomorrow's Big Changes by Mark Penn, E. Kinney Zalesne

addicted to oil, affirmative action, Albert Einstein, Alvin Toffler, Ayatollah Khomeini, Berlin Wall, big-box store, Biosphere 2, call centre, corporate governance, David Brooks, Donald Trump, extreme commuting, Exxon Valdez, feminist movement, Future Shock, glass ceiling, God and Mammon, Gordon Gekko, haute couture, hygiene hypothesis, illegal immigration, immigration reform, independent contractor, index card, Isaac Newton, job satisfaction, labor-force participation, late fees, life extension, low cost airline, low interest rates, low skilled workers, mobile money, new economy, Paradox of Choice, public intellectual, RAND corporation, Renaissance Technologies, Ronald Reagan, Rosa Parks, Rubik’s Cube, stem cell, Stephen Hawking, Steve Jobs, Superbowl ad, the payments system, Thomas L Friedman, upwardly mobile, uranium enrichment, urban renewal, War on Poverty, white picket fence, women in the workforce, Y2K

In 1995, when I was working with President Clinton, Pat Buchanan got on the cover of TIME and Newsweek trumpeting the ideas that the economy was going down the tubes and no new good jobs were being created. We were becoming a nation of hamburger-flippers, he said, to nodding journalists. I asked the head of the White House Council of Economic Advisers to look into it, and he found that people actually were getting good New Economy jobs, led by the software sector. In his 1996 State of the Union speech, President Clinton said we had the best economy in thirty years—a statement that sent a flurry of reporters to check actual statistics rather than popular political movements and sweeping, politically motivated statements. The more people looked at the facts, the more they agreed, and six months later, there was near-unanimity that the economy was in great shape.


pages: 607 words: 133,452

Against Intellectual Monopoly by Michele Boldrin, David K. Levine

accounting loophole / creative accounting, agricultural Revolution, barriers to entry, business cycle, classic study, cognitive bias, cotton gin, creative destruction, David Ricardo: comparative advantage, Dean Kamen, Donald Trump, double entry bookkeeping, en.wikipedia.org, endogenous growth, Ernest Rutherford, experimental economics, financial innovation, Great Leap Forward, Gregor Mendel, Helicobacter pylori, independent contractor, informal economy, interchangeable parts, invention of radio, invention of the printing press, invisible hand, James Watt: steam engine, Jean Tirole, John Harrison: Longitude, Joseph Schumpeter, Kenneth Arrow, linear programming, market bubble, market design, mutually assured destruction, Nash equilibrium, new economy, open economy, PalmPilot, peer-to-peer, pirate software, placebo effect, price discrimination, profit maximization, rent-seeking, Richard Stallman, Robert Solow, seminal paper, Silicon Valley, Skype, slashdot, software patent, the market place, total factor productivity, trade liberalization, Tragedy of the Commons, transaction costs, Y2K

Even Schumpeter himself admitted, “It is certainly as conceivable that an all-pervading cartel system might sabotage all progress as it is that it might realize, with smaller social and private costs, all that perfect competition is supposed to realize.”32 The Idea Economy It is often suggested that ideas are becoming increasingly important as a component of the economy. Pundits and academics alike theorize about the new economy, the weightless economy, the global information economy, and so forth. They cast images of a world where machines, besides reproducing themselves, produce all kinds of material goods and services as well, while humans engage in creative activities and in the exchange of ideas. Although this sounds fascinating, like every utopia, it is mostly a pipedream: any reader of Karl Marx’s Grundrisse would recognize his P1: KNP head margin: 1/2 gutter margin: 7/8 CUUS245-07 cuus245 978 0 521 87928 6 May 21, 2008 16:55 172 Against Intellectual Monopoly description of communism to match closely that of an idea economy.33 The question is, which kind of institutional arrangements are advocated for travel to these gardens of utopia, and are the flowers of such gardens as enchanting as their advocates tell us?


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, gentrification, global village, green new deal, guest worker program, happiness index / gross national happiness, high-speed rail, hydraulic fracturing, immigration reform, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, invisible hand, Jevons paradox, liberal capitalism, LNG terminal, market fundamentalism, means of production, megaproject, military-industrial complex, Naomi Klein, new economy, Occupy movement, off-the-grid, oil shale / tar sands, peak oil, profit maximization, public intellectual, race to the bottom, smart grid, special economic zone, WikiLeaks, working poor

The climate crisis is here and now. To continue business as usual in the face of it is like ignoring the advance of an enemy army. If the labour movement is to have a future, it will have to be as part of a wider movement for a transition to sustainability. The goal of such a movement will have to be a new economy that protects the environment while it provides for the needs of the world’s people. Labour has been critical of corporate short-term thinking, maximizing profits on a quarterly basis and not looking to the future. Yet labour manifests similar short-term thinking when it comes to climate and sustainability.


pages: 428 words: 138,235

The Billionaire and the Mechanic: How Larry Ellison and a Car Mechanic Teamed Up to Win Sailing's Greatest Race, the Americas Cup, Twice by Julian Guthrie

AOL-Time Warner, Apple's 1984 Super Bowl advert, Benchmark Capital, Boeing 747, cloud computing, Cornelius Vanderbilt, fear of failure, Ford paid five dollars a day, independent contractor, Kaizen: continuous improvement, Larry Ellison, Loma Prieta earthquake, Marc Benioff, market bubble, Maui Hawaii, new economy, pets.com, Ronald Reagan, Salesforce, side project, Silicon Valley, Silicon Valley billionaire, software as a service, South of Market, San Francisco, Steve Jobs, warehouse automation, white picket fence, Yogi Berra

Webvan, the Foster City–based grocery home-delivery service created by executives who had no experience in supermarkets—yet attracted funding from companies including Goldman Sachs, Benchmark Capital, Sequioa Capital, and Yahoo—filed for bankruptcy in 2001 after burning through hundreds of millions of dollars to buy a fleet of trucks, build automated warehouses, and expand aggressively nationwide. “The bubble went on and on and my confidence was beginning to waver,” Larry said. He had begun to think perhaps he was wrong: Maybe profits didn’t mean a thing. Maybe it was all clicks and eyeballs and maybe he should retire. “The companies were saying it was a new economy, that making money wasn’t the thing,” Larry said to Catz. “The bubble was kind of group insanity. I would hear, ‘Yes, but don’t you love the Webvan idea?’ As a customer, sure, I love it. I especially love that John Doerr and Kleiner Perkins are subsidizing my salad, but the company will never make money.”


pages: 512 words: 131,112

Retrofitting Suburbia, Updated Edition: Urban Design Solutions for Redesigning Suburbs by Ellen Dunham-Jones, June Williamson

accelerated depreciation, banking crisis, big-box store, bike sharing, call centre, carbon footprint, Donald Shoup, edge city, gentrification, global village, index fund, iterative process, Jane Jacobs, knowledge worker, land bank, Lewis Mumford, McMansion, megaproject, megastructure, Network effects, new economy, New Urbanism, off-the-grid, peak oil, Peter Calthorpe, place-making, postindustrial economy, Ray Oldenburg, Richard Florida, ride hailing / ride sharing, Savings and loan crisis, Seaside, Florida, Silicon Valley, skinny streets, streetcar suburb, the built environment, The Death and Life of Great American Cities, The Great Good Place, transit-oriented development, upwardly mobile, urban decay, urban renewal, urban sprawl, vertical integration, Victor Gruen, white flight, working poor, young professional, zero-sum game

At first, Karahan Companies had trouble filling the 375,000 square feet of retail. The gradual construction of 1,600 apartments and townhomes and 550,000 square feet of office space in the project’s first 75 acres achieved the critical mass needed to make it highly successful. The apartments and townhouses have proved very popular, especially with the younger, single, “new economy” workers and their preference for more urban lifestyles. A 2004 USA Today article cites several residents in their twenties happy with their walkable commutes and nightlife. Certainly the interest Legacy Town Center has spawned in numerous blogs and discussions of the bar scene in local papers testifies to its popularity.


pages: 460 words: 130,820

The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion by Eliot Brown, Maureen Farrell

"World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Adam Neumann (WeWork), Airbnb, AOL-Time Warner, asset light, Bear Stearns, Bernie Madoff, Burning Man, business logic, cloud computing, coronavirus, corporate governance, COVID-19, Didi Chuxing, do what you love, don't be evil, Donald Trump, driverless car, East Village, Elon Musk, financial engineering, Ford Model T, future of work, gender pay gap, global pandemic, global supply chain, Google Earth, Gordon Gekko, greed is good, Greensill Capital, hockey-stick growth, housing crisis, index fund, Internet Archive, Internet of things, Jeff Bezos, John Zimmer (Lyft cofounder), Larry Ellison, low interest rates, Lyft, Marc Benioff, Mark Zuckerberg, Masayoshi Son, Maui Hawaii, Network effects, new economy, PalmPilot, Peter Thiel, pets.com, plant based meat, post-oil, railway mania, ride hailing / ride sharing, Robinhood: mobile stock trading app, rolodex, Salesforce, San Francisco homelessness, Sand Hill Road, self-driving car, sharing economy, Sheryl Sandberg, side hustle, side project, Silicon Valley, Silicon Valley startup, smart cities, Snapchat, SoftBank, software as a service, sovereign wealth fund, starchitect, Steve Jobs, subprime mortgage crisis, super pumped, supply chain finance, Tim Cook: Apple, Travis Kalanick, Uber and Lyft, Uber for X, uber lyft, vertical integration, Vision Fund, WeWork, women in the workforce, work culture , Y Combinator, Zenefits, Zipcar

Most expected the naming rights would go to one of the region’s giant tech companies, like Salesforce or Google. It was Dimon, though, who pounced. The bank paid at least $15 million a year for the twenty-year rights: it would be called the Chase Center, a monument to the old order in the heart of the capital of the new economy. * * * — To the extent that JPMorgan had any personal connection to founders in Silicon Valley, it was largely because of one banker—Noah Wintroub. Lanky, often bearded, and frequently clad in the casual attire and vests of tech entrepreneurs, Wintroub was promoted to the role of vice-chairman in 2015 at the age of thirty-eight.


pages: 517 words: 139,477

Stocks for the Long Run 5/E: the Definitive Guide to Financial Market Returns & Long-Term Investment Strategies by Jeremy Siegel

Alan Greenspan, AOL-Time Warner, Asian financial crisis, asset allocation, backtesting, banking crisis, Bear Stearns, behavioural economics, Black Monday: stock market crash in 1987, Black-Scholes formula, book value, break the buck, Bretton Woods, business cycle, buy and hold, buy low sell high, California gold rush, capital asset pricing model, carried interest, central bank independence, cognitive dissonance, compound rate of return, computer age, computerized trading, corporate governance, correlation coefficient, Credit Default Swap, currency risk, Daniel Kahneman / Amos Tversky, Deng Xiaoping, discounted cash flows, diversification, diversified portfolio, dividend-yielding stocks, dogs of the Dow, equity premium, equity risk premium, Eugene Fama: efficient market hypothesis, eurozone crisis, Everybody Ought to Be Rich, Financial Instability Hypothesis, fixed income, Flash crash, forward guidance, fundamental attribution error, Glass-Steagall Act, housing crisis, Hyman Minsky, implied volatility, income inequality, index arbitrage, index fund, indoor plumbing, inflation targeting, invention of the printing press, Isaac Newton, it's over 9,000, John Bogle, joint-stock company, London Interbank Offered Rate, Long Term Capital Management, loss aversion, machine readable, market bubble, mental accounting, Minsky moment, Money creation, money market fund, mortgage debt, Myron Scholes, new economy, Northern Rock, oil shock, passive investing, Paul Samuelson, Peter Thiel, Ponzi scheme, prediction markets, price anchoring, price stability, proprietary trading, purchasing power parity, quantitative easing, random walk, Richard Thaler, risk free rate, risk tolerance, risk/return, Robert Gordon, Robert Shiller, Ronald Reagan, shareholder value, short selling, Silicon Valley, South Sea Bubble, sovereign wealth fund, stocks for the long run, survivorship bias, technology bubble, The Great Moderation, the payments system, The Wisdom of Crowds, transaction costs, tulip mania, Tyler Cowen, Tyler Cowen: Great Stagnation, uptick rule, Vanguard fund

He said the experts think the Internet is the wave of the future. I’m selling some of our stocks that just aren’t moving, and then I’m getting into the Internet stocks like AOL, Yahoo!, and Inktomi. Jennifer: I’ve heard that those stocks are very speculative. Are you sure you know what you’re doing? Dave: Allan says that we are entering a “New Economy,” spurred by a communications revolution that is going to completely change the way we do business. Those stocks that we owned are Old Economy stocks. They had their day, but we should be investing for the future. I know these Internet stocks are volatile, and I’ll watch them very carefully so we won’t lose money.


pages: 426 words: 136,925

Fulfillment: Winning and Losing in One-Click America by Alec MacGillis

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", Airbnb, Amazon Web Services, Bernie Sanders, Big Tech, Black Lives Matter, call centre, carried interest, cloud computing, cognitive dissonance, company town, coronavirus, COVID-19, data science, death of newspapers, deindustrialization, Donald Trump, edge city, fulfillment center, future of work, gentrification, George Floyd, Glass-Steagall Act, global pandemic, Great Leap Forward, high net worth, housing crisis, Ida Tarbell, income inequality, information asymmetry, Jeff Bezos, Jeffrey Epstein, Jessica Bruder, jitney, Kiva Systems, lockdown, Lyft, mass incarceration, McMansion, megaproject, microapartment, military-industrial complex, new economy, Nomadland, offshore financial centre, Oklahoma City bombing, opioid epidemic / opioid crisis, plutocrats, Ralph Nader, rent control, Richard Florida, ride hailing / ride sharing, Robert Mercer, Ronald Reagan, San Francisco homelessness, shareholder value, Silicon Valley, social distancing, strikebreaker, tech worker, Travis Kalanick, uber lyft, uranium enrichment, War on Poverty, warehouse robotics, white flight, winner-take-all economy, women in the workforce, working-age population, Works Progress Administration

Millions of new good-paying jobs were created, greater access to information promised a renewal of our democracy and social progress,” said the subcommittee’s chairman, David Cicilline, a Rhode Island Democrat. “Each of these American companies have contributed immense technological breakthroughs and economic value to our country. They were started on shoestring budgets, in dorm rooms and garages, and are a testament to our core values as a country. But in an effort to promote and continue this new economy, Congress and antitrust enforcers allow these firms to regulate themselves with little oversight. As a result, the Internet has become increasingly concentrated, less open, and growing really hostile to innovation and entrepreneurship.” He noted that Amazon controlled nearly half of all online commerce in the United States, that half of American families now had an Amazon Prime account, that Amazon’s closest competitor, eBay, controlled less than 6 percent of the market for online commerce.


pages: 565 words: 134,138

The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources by Javier Blas, Jack Farchy

accounting loophole / creative accounting, airport security, algorithmic trading, Asian financial crisis, Ayatollah Khomeini, banking crisis, book value, BRICs, business climate, business cycle, collapse of Lehman Brothers, commodity super cycle, coronavirus, corporate raider, COVID-19, Deng Xiaoping, Donald Trump, electricity market, energy security, European colonialism, failed state, financial innovation, Ford Model T, foreign exchange controls, Great Grain Robbery, invisible hand, John Deuss, junk bonds, Kickstarter, light touch regulation, lockdown, low interest rates, margin call, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, oil-for-food scandal, Oscar Wyatt, price anchoring, proprietary trading, purchasing power parity, Ronald Reagan, Scramble for Africa, sovereign wealth fund, special economic zone, stakhanovite, Suez crisis 1956, trade route, vertical integration, WikiLeaks, Yom Kippur War, éminence grise

‘What he had to do to get this contract was to pay a ridiculously small commission to the appropriate parties,’ said an executive at a major oil company at the time. ‘And sometimes the required brown envelopes would be passed.’ 65 No doubt brown envelopes or ‘commissions’ had always been part of doing business in far-flung parts of the world. But the oil crises of the 1970s created a new economy of corruption: the global oil industry was newly nationalised, and the people in charge of deciding who could secure a contract were no longer executives of large oil companies but badly paid government officials. And suddenly, thanks to the soaring oil price, they had the power to allot contracts that were worth many millions of dollars to a shrewd oil trader.


pages: 491 words: 141,690

The Controlled Demolition of the American Empire by Jeff Berwick, Charlie Robinson

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, airport security, Alan Greenspan, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, bank run, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, big-box store, bitcoin, Black Lives Matter, bread and circuses, Bretton Woods, British Empire, call centre, carbon credits, carbon footprint, carbon tax, Cass Sunstein, Chelsea Manning, clean water, cloud computing, cognitive dissonance, Comet Ping Pong, coronavirus, Corrections Corporation of America, COVID-19, crack epidemic, crisis actor, crony capitalism, cryptocurrency, dark matter, deplatforming, disinformation, Donald Trump, drone strike, Edward Snowden, Elon Musk, energy transition, epigenetics, failed state, fake news, false flag, Ferguson, Missouri, fiat currency, financial independence, George Floyd, global pandemic, global supply chain, Goldman Sachs: Vampire Squid, illegal immigration, Indoor air pollution, information security, interest rate swap, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jeff Bezos, Jeffrey Epstein, Julian Assange, Kickstarter, lockdown, Mahatma Gandhi, mandatory minimum, margin call, Mark Zuckerberg, mass immigration, megacity, microapartment, Mikhail Gorbachev, military-industrial complex, new economy, no-fly zone, offshore financial centre, Oklahoma City bombing, open borders, opioid epidemic / opioid crisis, pill mill, planetary scale, plutocrats, Ponzi scheme, power law, pre–internet, private military company, Project for a New American Century, quantitative easing, RAND corporation, reserve currency, RFID, ride hailing / ride sharing, Saturday Night Live, security theater, self-driving car, Seymour Hersh, Silicon Valley, smart cities, smart grid, smart meter, Snapchat, social distancing, Social Justice Warrior, South China Sea, stock buybacks, surveillance capitalism, too big to fail, unpaid internship, urban decay, WikiLeaks, working poor

The Club of Rome is just another one of their deceptive creations, so their words and intentions must be scrutinized and double-checked based on a long record of greed, corruption, and utter destruction. “The Club of Rome is focusing on its new program on the root causes of the systemic crisis by defining and communicating the need for, the vision and the elements of a new economy, which produces real wealth and wellbeing; which does not degrade our natural resources and provides meaningful jobs and sufficient income for all people.” – Description from the Club of Rome website, ClubOfRome.org. If an organization like The Club of Rome declares its intentions, interpreting its true meaning helps when the text is inverted.


pages: 485 words: 133,655

Water: A Biography by Giulio Boccaletti

active transport: walking or cycling, Anthropocene, Asian financial crisis, Bretton Woods, British Empire, business cycle, clean water, conceptual framework, Corn Laws, deindustrialization, demographic transition, Deng Xiaoping, energy transition, financial engineering, Great Leap Forward, invisible hand, John Snow's cholera map, joint-stock company, land reform, land tenure, linear programming, loose coupling, market fundamentalism, mass immigration, means of production, Medieval Warm Period, megaproject, Mohammed Bouazizi, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, opioid epidemic / opioid crisis, Peace of Westphalia, phenotype, scientific management, South China Sea, Suez crisis 1956, text mining, the long tail, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, trade route, Washington Consensus, Works Progress Administration, Yom Kippur War, zero-sum game

It was also testament to the new role that public finance would have to play in engineering the modern landscape. The project was expensive. Its financing stretched the resources of all involved and had to be pieced together from multiple sources: a third was financed with a gift from the emperor, a quarter from the central government, while the remainder was to be raised by local taxation. The new economy, powered by rivers and canals, and with its need for collective commitments, set the stage for a new politics of water. The Power of Rivers Spreads On the other side of the Pacific, American leaders of the Progressive Era embraced hydropower with a passion. With regulation after regulation, they promoted the development of American rivers for electricity production.


pages: 470 words: 128,328

Reality Is Broken: Why Games Make Us Better and How They Can Change the World by Jane McGonigal

Abraham Maslow, airport security, Albert Einstein, Amazon Mechanical Turk, Anthropocene, citizen journalism, clean water, collaborative economy, crowdsourcing, delayed gratification, en.wikipedia.org, fear of failure, G4S, game design, hedonic treadmill, hobby farmer, Ian Bogost, jimmy wales, mass immigration, Merlin Mann, Network effects, new economy, oil shock, peak oil, planetary scale, Ralph Waldo Emerson, Richard Stallman, science of happiness, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, SimCity, smart meter, Stewart Brand, The Wisdom of Crowds, Tony Hsieh, Tragedy of the Commons, urban planning, We are as Gods, web application, Whole Earth Catalog

We need a more sustainable engagement economy—an economy that works by motivating and rewarding participants with intrinsic rewards, and not more lucrative compensation. So if not money or prizes, then what will most likely emerge as the most powerful currency in the crowdsourcing economy? I believe that emotions will drive this new economy. Positive emotions are the ultimate reward for participation. And we are already hardwired to produce all the rewards we could ever want—through positive activity, positive achievements, and positive relationships. It’s an infinitely renewable source of incentive to participate in big crowd projects.


pages: 473 words: 140,480

Factory Man: How One Furniture Maker Battled Offshoring, Stayed Local - and Helped Save an American Town by Beth Macy

8-hour work day, affirmative action, AltaVista, Apollo 13, belly landing, Berlin Wall, Bretton Woods, call centre, company town, corporate governance, corporate raider, creative destruction, currency manipulation / currency intervention, desegregation, gentleman farmer, Great Leap Forward, interchangeable parts, Joseph Schumpeter, new economy, old-boy network, one-China policy, race to the bottom, reshoring, Saturday Night Live, Silicon Valley, Skype, special economic zone, supply-chain management, Thomas L Friedman, union organizing, value engineering, work culture

Displaced factory workers not faring well: Based on the work of economist Lori Kletzer of the University of California, Santa Cruz, published in “Globalization and Its Impact On American Workers,” University of California, Santa Cruz, and Peterson Institute for International Economics, written as pre-conference paper, “Labor in the New Economy,” May 2007 (revised). Workers pledge support of antidumping petition: Denise Becker, “Workers Rally in Fight Against Chinese Imports,” Greensboro News and Record, July 30, 2003. Paul Toms’s initial support of petition: Denise Becker, “Furniture Industry Looking to D.C.,” Greensboro News and Record, July 16, 2003.


pages: 479 words: 140,421

Vanishing New York by Jeremiah Moss

activist lawyer, back-to-the-city movement, Bernie Sanders, big-box store, Black Lives Matter, Bonfire of the Vanities, bread and circuses, Broken windows theory, complexity theory, creative destruction, David Brooks, deindustrialization, Donald Trump, East Village, food desert, gentrification, global pandemic, housing crisis, illegal immigration, invisible hand, Jane Jacobs, junk bonds, late capitalism, Lewis Mumford, market fundamentalism, Mason jar, McMansion, means of production, megaproject, military-industrial complex, mirror neurons, Naomi Klein, neoliberal agenda, New Economic Geography, new economy, New Urbanism, Occupy movement, place-making, plutocrats, Potemkin village, RAND corporation, rent control, rent stabilization, Richard Florida, Ronald Reagan, Skype, starchitect, the built environment, The Death and Life of Great American Cities, the High Line, The Spirit Level, trickle-down economics, urban decay, urban renewal, W. E. B. Du Bois, white flight, young professional

The Island at the Center of the World: The Epic Story of Dutch Manhattan and the Forgotten Colony That Shaped America. New York: Vintage, 2005. Smith, Neil. “Gentrification Generalized: From Local Anomaly to Urban ‘Regeneration’ as Global Urban Strategy.” In Melissa S. Fisher et al., Frontiers of Capital: Ethnographic Reflections on the New Economy. Durham, NC: Duke University Press, 2006. ———. “New Globalism, New Urbanism: Gentrification as Global Urban Strategy.” Antipode 34, no. 3 (2002). ———. The New Urban Frontier: Gentrification and the Revanchist City. London and New York: Routledge, 1996. Soffer, Jonathan. Ed Koch and the Rebuilding of New York.


Doppelganger: A Trip Into the Mirror World by Naomi Klein

"World Economic Forum" Davos, 2021 United States Capitol attack, 3D printing, anti-communist, anti-globalists, autism spectrum disorder, benefit corporation, Bernie Sanders, Big Tech, bitcoin, Black Lives Matter, blood diamond, Boris Johnson, Boycotts of Israel, Cambridge Analytica, capitalist realism, ChatGPT, citizen journalism, Climategate, contact tracing, coronavirus, COVID-19, crisis actor, critical race theory, dark matter, deep learning, deepfake, deplatforming, disinformation, Donald Trump, Edward Snowden, Elon Musk, fake news, false flag, feminist movement, George Floyd, glass ceiling, global pandemic, global supply chain, green new deal, Greta Thunberg, hive mind, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, Jeffrey Epstein, Johann Wolfgang von Goethe, lab leak, Lewis Mumford, lockdown, Mark Zuckerberg, mass immigration, mass incarceration, medical residency, military-industrial complex, moral panic, Naomi Klein, Nelson Mandela, neurotypical, new economy, opioid epidemic / opioid crisis, Parler "social media", pattern recognition, Peter Thiel, phenotype, profit motive, QAnon, QR code, Ralph Waldo Emerson, randomized controlled trial, Rosa Parks, Scientific racism, Scramble for Africa, shared worldview, sharing economy, Sheryl Sandberg, Shoshana Zuboff, Silicon Valley, Slavoj Žižek, smart cities, social distancing, Steve Bannon, surveillance capitalism, tech billionaire, tech bro, The Wealth of Nations by Adam Smith, TikTok, trade route, transatlantic slave trade, trickle-down economics, union organizing, W. E. B. Du Bois, Wayback Machine, women in the workforce

The accelerated need for growth has made our economic lives more precarious, leading to the drive to brand and commodify our identities, to optimize our selves, our bodies, and our kids. That same imperative set the rules (or lack thereof) that allowed a group of profoundly underwhelming tech bros to take over our entire information ecology and build a new economy off our attention and outrage. It’s also the logic behind the offloading of Covid response onto the individual (wear your mask, get your jab), to the exclusion of those bigger-ticket investments in strengthening public schools, hospitals, and transit systems. Elites who benefit greatly from these priorities are the same ones who bankroll political and media projects devoted to pitting nonrich people against one another based on race, ethnicity, and gender expression—making them less likely to unite based on common economic and class interests.


pages: 632 words: 159,454

War and Gold: A Five-Hundred-Year History of Empires, Adventures, and Debt by Kwasi Kwarteng

accounting loophole / creative accounting, Alan Greenspan, anti-communist, Asian financial crisis, asset-backed security, Atahualpa, balance sheet recession, bank run, banking crisis, Bear Stearns, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, California gold rush, capital controls, Carmen Reinhart, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency manipulation / currency intervention, Deng Xiaoping, discovery of the americas, Etonian, eurozone crisis, fiat currency, financial engineering, financial innovation, fixed income, floating exchange rates, foreign exchange controls, Francisco Pizarro, full employment, German hyperinflation, Glass-Steagall Act, guns versus butter model, hiring and firing, income inequality, invisible hand, Isaac Newton, it's over 9,000, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, labour market flexibility, land bank, liberal capitalism, low interest rates, market bubble, money: store of value / unit of account / medium of exchange, moral hazard, new economy, Nixon triggered the end of the Bretton Woods system, oil shock, plutocrats, Ponzi scheme, price mechanism, quantitative easing, rolodex, Ronald Reagan, South Sea Bubble, subprime mortgage crisis, Suez canal 1869, 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 Wealth of Nations by Adam Smith, too big to fail, War on Poverty, Yom Kippur War

The forecasts Greenspan alluded to pointed to a world of make-believe, in which the United States had eliminated its entire national debt. The problem with such optimistic prognostications was that the seeds of doubt were already manifest in 2001. As the London Economist concluded, the ‘only possible economic justification of Mr Greenspan’s view’ was that ‘the new economy has produced a productivity miracle’. Greenspan’s optimism could only be predicated on ‘a permanent increase in the underlying rate of productivity growth’. The Economist was more cautious: ‘such a miracle may be occurring’, but ‘no one is sure’. The magazine argued with admirable circumspection that to ‘justify ten years’ worth of huge tax cuts on the basis of a guess about productivity growth derived from a few quarters’ figures can only be considered a reckless gamble’.


Convergence Culture: Where Old and New Media Collide by Henry Jenkins

barriers to entry, Bear Stearns, Cass Sunstein, citizen journalism, collective bargaining, Columbine, content marketing, deskilling, digital divide, disinformation, Donald Trump, game design, George Gilder, global village, Howard Rheingold, informal economy, means of production, military-industrial complex, moral panic, new economy, no-fly zone, profit motive, Robert Metcalfe, Saturday Night Live, search costs, SimCity, slashdot, Steven Pinker, tacit knowledge, technological determinism, the long tail, the market place, Y Combinator

A n d , of course, once you distribute v i a the Web, television instantly becomes global, paving the w a y for international producers to sell their content directly to A m e r i c a n consumers. Google and Yahoo! began cutting deals w i t h media producers i n the hope that they might be able to profit from this new economy i n television downloads. A l l of this came too late for Global Frequency, and so far the producers of The West Wing and Arrested Development have not trusted their fates to such a subscription-based model. Yet many feel that sooner or later some producer w i l l test the waters, m u c h as A B C - D i s n e y d i d w i t h its video i P o d announcement.


pages: 537 words: 149,628

Ghost Fleet: A Novel of the Next World War by P. W. Singer, August Cole

3D printing, Admiral Zheng, air gap, augmented reality, British Empire, digital map, energy security, Firefox, glass ceiling, global reserve currency, Google Earth, Google Glasses, IFF: identification friend or foe, Just-in-time delivery, low earth orbit, Maui Hawaii, military-industrial complex, MITM: man-in-the-middle, new economy, old-boy network, operational security, RAND corporation, reserve currency, RFID, Silicon Valley, Silicon Valley startup, South China Sea, sovereign wealth fund, space junk, stealth mode startup, three-masted sailing ship, trade route, Virgin Galactic, Wall-E, We are Anonymous. We are Legion, WikiLeaks, zero day, zero-sum game

fips=wotc&trk=p3. 13 ever since Chinese special operations forces: Dean Cheng, “The Chinese People’s Liberation Army and Special Operations,” Special Warfare 25, no. 3 (July–September 2012), accessed March 18, 2014, http://www.dvidshub.net/publication/issues/10629. 14 renminbi, the Chinese currency: Xinhua, “RMB to Be Global Reserve Currency by 2030: Economist,” China Daily, April 9, 2014, accessed August 19, 2014, http://www.chinadaily.com.cn/china/2014-04/09/content_17420923.htm. 14 “sail with our own oil”: Mark Thompson, “U.S. to Become Biggest Oil Producer — IEA,” CNN, November 12, 2012, accessed November 12, 2012, http://money.cnn.com/2012/11/12/news/economy/us-oil-production-energy/index.html?iid=HP_LN&hpt=hp_c2. 14 “heightening regional tensions”: CNN wire staff, “Obama Announces WTO Case Against China over Rare Earths,” CNN, March 13, 2012, accessed March 14, 2012, http://www.cnn.com/2012/03/13/world/asia/china-rare-earths-case/index.html?


pages: 479 words: 144,453

Homo Deus: A Brief History of Tomorrow by Yuval Noah Harari

23andMe, Aaron Swartz, agricultural Revolution, algorithmic trading, Anne Wojcicki, Anthropocene, anti-communist, Anton Chekhov, autonomous vehicles, behavioural economics, Berlin Wall, call centre, Chekhov's gun, Chris Urmson, cognitive dissonance, Columbian Exchange, computer age, DeepMind, Demis Hassabis, Deng Xiaoping, don't be evil, driverless car, drone strike, European colonialism, experimental subject, falling living standards, Flash crash, Frank Levy and Richard Murnane: The New Division of Labor, glass ceiling, global village, Great Leap Forward, Intergovernmental Panel on Climate Change (IPCC), invention of writing, invisible hand, Isaac Newton, job automation, John Markoff, Kevin Kelly, lifelogging, low interest rates, means of production, Mikhail Gorbachev, Minecraft, Moneyball by Michael Lewis explains big data, Monkeys Reject Unequal Pay, mutually assured destruction, new economy, Nick Bostrom, pattern recognition, peak-end rule, Peter Thiel, placebo effect, Ray Kurzweil, self-driving car, Silicon Valley, Silicon Valley ideology, stem cell, Steven Pinker, telemarketer, The future is already here, The Future of Employment, too big to fail, trade route, Turing machine, Turing test, ultimatum game, Watson beat the top human players on Jeopardy!, zero-sum game

Larry Elliott, ‘Richest 62 People as Wealthy as Half of World’s Population, Says Oxfam’, Guardian, 18 January 2016, retrieved 9 February 2016, http://www.theguardian.com/business/2016/jan/18/richest-62-billionaires-wealthy-half-world-population-combined; Tami Luhby, ‘The 62 Richest People Have as Much Wealth as Half the World’, CNN Money, 18 January 2016, retrieved 9 February 2016, http://money.cnn.com/2016/01/17/news/economy/oxfam-wealth/. 10 The Ocean of Consciousness 1. Joseph Henrich, Steven J. Heine and Ara Norenzayan, ‘The Weirdest People in the World’, Behavioral and Brain Sciences 33 (2010), 61–135. 2. Benny Shanon, Antipodes of the Mind: Charting the Phenomenology of the Ayahuasca Experience (Oxford: Oxford University Press, 2002). 3.


pages: 497 words: 144,283

Connectography: Mapping the Future of Global Civilization by Parag Khanna

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

The cost of financing technology companies has also plummeted. Venture capitalists and Wall Street banks now coexist in a much larger funding ecosystem alongside family offices, angel investors, and crowd-funding platforms such as Kickstarter, collectively delivering more capital more effectively than cumbersome public markets did in the past. But the new economy needs the old economy: Digital services advance through modernized infrastructure. It is the combination of improved physical infrastructure and e-commerce that makes the supply chain world an increasingly seamless physical-virtual hybrid marketplace of goods, services, payments, and delivery. This can go global: Alibaba’s fusion of e-commerce, logistics, and lending has made it a supply chain giant that has invested in partner firms from Israel to Singapore, with huge scope for growth in the United States.


pages: 423 words: 149,033

The fortune at the bottom of the pyramid by C. K. Prahalad

"World Economic Forum" Davos, barriers to entry, business cycle, business process, call centre, cashless society, clean water, collective bargaining, corporate social responsibility, deskilling, digital divide, disintermediation, do well by doing good, farmers can use mobile phones to check market prices, financial intermediation, Hernando de Soto, hiring and firing, income inequality, information asymmetry, late fees, Mahatma Gandhi, market fragmentation, microcredit, new economy, profit motive, purchasing power parity, rent-seeking, shareholder value, The Fortune at the Bottom of the Pyramid, time value of money, transaction costs, vertical integration, wealth creators, working poor

ICICI is also researching the possibility of implementing a smart-card-based payment system to eliminate the costs associated with cash handling. “The two key challenges that must be overcome to extend banking to the rural and poor population are elimination/reduction of cash handling and innovation of lowcost delivery channels.”34 Smart cards effectively harness the technology advances of the new economy and apply it to the old economy. “By combining the features of a handy credit/debit card with the advantages of . . . storage capacity . . . the smart card provides secure identification, a store of value and an ability to function off line while maintaining an audit trail of all the transactions.”35 Smart cards were launched in October 2000 by ICICI at the Infosys Campus in Bangalore and at Manipal Academy of Higher Education (MAHE) to create a cashless economy.


pages: 790 words: 150,875

Civilization: The West and the Rest by Niall Ferguson

Admiral Zheng, agricultural Revolution, Albert Einstein, Andrei Shleifer, Atahualpa, Ayatollah Khomeini, Berlin Wall, BRICs, British Empire, business cycle, clean water, collective bargaining, colonial rule, conceptual framework, Copley Medal, corporate governance, creative destruction, credit crunch, David Ricardo: comparative advantage, Dean Kamen, delayed gratification, Deng Xiaoping, discovery of the americas, Dissolution of the Soviet Union, Easter island, European colonialism, Fall of the Berlin Wall, financial engineering, Francisco Pizarro, full employment, Great Leap Forward, Gregor Mendel, guns versus butter model, Hans Lippershey, haute couture, Hernando de Soto, income inequality, invention of movable type, invisible hand, Isaac Newton, James Hargreaves, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Joseph Schumpeter, Kickstarter, Kitchen Debate, land reform, land tenure, liberal capitalism, Louis Pasteur, Mahatma Gandhi, market bubble, Martin Wolf, mass immigration, means of production, megacity, Mikhail Gorbachev, new economy, Pearl River Delta, Pierre-Simon Laplace, power law, probability theory / Blaise Pascal / Pierre de Fermat, profit maximization, purchasing power parity, quantitative easing, rent-seeking, reserve currency, retail therapy, road to serfdom, Ronald Reagan, savings glut, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special economic zone, spice trade, spinning jenny, Steve Jobs, Steven Pinker, subprime mortgage crisis, Suez canal 1869, Suez crisis 1956, The Great Moderation, the market place, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, Thomas Malthus, Thorstein Veblen, total factor productivity, trade route, transaction costs, transatlantic slave trade, undersea cable, upwardly mobile, uranium enrichment, wage slave, Washington Consensus, women in the workforce, work culture , World Values Survey

In 1931 – when the US economy was in the grip of blind panic – the big studios released Charlie Chaplin’s City Lights, Howard Hughes’s The Front Page and the Marx Brothers’ Monkey Business. The previous decade’s experiment with the Prohibition of alcohol had been a disastrous failure, spawning a whole new economy of organized crime. But it was only more grist for the movie mills. Also in 1931, audiences flocked to see James Cagney and Edward G. Robinson in the two greatest gangster films of them all: The Public Enemy and Little Caesar. No less creative was the live, recorded and broadcast music business, once white Americans had discovered that black Americans had nearly all the best tunes.


pages: 621 words: 157,263

How to Change the World: Reflections on Marx and Marxism by Eric Hobsbawm

anti-communist, banking crisis, battle of ideas, Berlin Wall, British Empire, continuation of politics by other means, creative destruction, currency manipulation / currency intervention, deindustrialization, discovery of the americas, experimental subject, Fall of the Berlin Wall, full employment, Gunnar Myrdal, Herbert Marcuse, labour market flexibility, liberal capitalism, market fundamentalism, mass immigration, means of production, new economy, public intellectual, Simon Kuznets, Thorstein Veblen, Upton Sinclair, upwardly mobile, Vilfredo Pareto, zero-sum game

The first of these was of no great interest to Marx and Engels, except insofar as it led (in British rather than French thought) to political economy. We shall consider this below. The second evidently influenced them very much. The programmatic aspect also consisted of two elements: a variety of proposals to create a new economy on the basis of co-operation, in extreme cases by the foundation of communist communities; and an attempt to reflect on the nature and the characteristics of the ideal society which was thus to be brought about. Here again, Marx and Engels were uninterested in the first. Utopian community-building they rightly regarded as politically negligible, as indeed it was.


pages: 482 words: 149,351

The Finance Curse: How Global Finance Is Making Us All Poorer by Nicholas Shaxson

"Friedman doctrine" OR "shareholder theory", "World Economic Forum" Davos, activist fund / activist shareholder / activist investor, Airbnb, airline deregulation, Alan Greenspan, anti-communist, bank run, banking crisis, Basel III, Bear Stearns, benefit corporation, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, Bretton Woods, British Empire, business climate, business cycle, capital controls, carried interest, Cass Sunstein, Celtic Tiger, central bank independence, centre right, Clayton Christensen, cloud computing, corporate governance, corporate raider, creative destruction, Credit Default Swap, cross-subsidies, David Ricardo: comparative advantage, demographic dividend, Deng Xiaoping, desegregation, Donald Trump, Etonian, export processing zone, failed state, fake news, falling living standards, family office, financial deregulation, financial engineering, financial innovation, forensic accounting, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, Glass-Steagall Act, global supply chain, Global Witness, high net worth, Ida Tarbell, income inequality, index fund, invisible hand, Jeff Bezos, junk bonds, Kickstarter, land value tax, late capitalism, light touch regulation, London Whale, Long Term Capital Management, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, megaproject, Michael Milken, Money creation, Mont Pelerin Society, moral hazard, neoliberal agenda, Network effects, new economy, Northern Rock, offshore financial centre, old-boy network, out of africa, Paul Samuelson, plutocrats, Ponzi scheme, price mechanism, proprietary trading, purchasing power parity, pushing on a string, race to the bottom, regulatory arbitrage, rent-seeking, road to serfdom, Robert Bork, Ronald Coase, Ronald Reagan, Savings and loan crisis, seminal paper, shareholder value, sharing economy, Silicon Valley, Skype, smart grid, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, special economic zone, Steve Ballmer, Steve Jobs, stock buybacks, Suez crisis 1956, The Chicago School, Thorstein Veblen, too big to fail, Tragedy of the Commons, transfer pricing, two and twenty, vertical integration, Wayback Machine, wealth creators, white picket fence, women in the workforce, zero-sum game

In November 1999 this new breed of American anti-regulators brought down their biggest trophy kill, the repeal of the Glass-Steagall Act, a singularly effective piece of antitrust legislation which had for six and a half decades prevented banks from gambling with their depositors’ money. ‘This historic legislation,’ gushed Summers at the repeal ceremony in 1999, ‘will better enable American companies to compete in the new economy.’ Summers was by then US Treasury secretary and Rubin had moved onto the board of the newly merged Citigroup, which was to be the biggest beneficiary of the deregulation.28 Then, in 2000, came another giant deregulatory splurge: the Commodity Futures Modernisation Act (CFMA), which explicitly removed the US government’s right to regulate over-the-counter derivatives such as CDSs and other exotic financial instruments.


pages: 653 words: 155,847

Energy: A Human History by Richard Rhodes

Albert Einstein, animal electricity, California gold rush, Cesare Marchetti: Marchetti’s constant, Copley Medal, dark matter, David Ricardo: comparative advantage, decarbonisation, demographic transition, Dmitri Mendeleev, Drosophila, Edmond Halley, energy transition, Ernest Rutherford, Fellow of the Royal Society, flex fuel, Ford Model T, Garrett Hardin, gentrification, Great Leap Forward, Ida Tarbell, income inequality, Intergovernmental Panel on Climate Change (IPCC), invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, joint-stock company, Menlo Park, Michael Shellenberger, Mikhail Gorbachev, new economy, nuclear winter, off-the-grid, oil rush, oil shale / tar sands, oil shock, peak oil, Ralph Nader, Richard Feynman, Ronald Reagan, selection bias, Simon Kuznets, tacit knowledge, Ted Nordhaus, The Rise and Fall of American Growth, Thomas Malthus, Thorstein Veblen, tontine, Tragedy of the Commons, uranium enrichment, urban renewal, Vanguard fund, working poor, young professional

Davies Giddy changed his name to Gilbert in 1817 to inherit the substantial estates of his wife’s uncle, who wanted the Gilbert family name perpetuated. He served as president of the Royal Society from 1827 to 1830. SIX UNCONQUERED STEAM! The year 1800, the turn of a new century, hinged in Britain between the old organic economy and the new economy of industry powered by fossil fuel. In America, with a population of 5.3 million, only half that of Britain, a new generation began advancing westward in horse-drawn wagons. The new nation’s rivers were its highways: steam there would first drive steamboats. Britain, in contrast, eruptive with steam and braided with canals, looked beyond wagon and water carriage to the railway.


Mastering Blockchain, Second Edition by Imran Bashir

3D printing, altcoin, augmented reality, autonomous vehicles, bitcoin, blockchain, business logic, business process, carbon footprint, centralized clearinghouse, cloud computing, connected car, cryptocurrency, data acquisition, Debian, disintermediation, disruptive innovation, distributed ledger, Dogecoin, domain-specific language, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, Firefox, full stack developer, general-purpose programming language, gravity well, information security, initial coin offering, interest rate swap, Internet of things, litecoin, loose coupling, machine readable, MITM: man-in-the-middle, MVC pattern, Network effects, new economy, node package manager, Oculus Rift, peer-to-peer, platform as a service, prediction markets, QR code, RAND corporation, Real Time Gross Settlement, reversible computing, RFC: Request For Comment, RFID, ride hailing / ride sharing, Satoshi Nakamoto, seminal paper, single page application, smart cities, smart contracts, smart grid, smart meter, supply-chain management, transaction costs, Turing complete, Turing machine, Vitalik Buterin, web application, x509 certificate

It is thought that due to the rapid development and progress being made in blockchain technology, many applications will evolve. Some of these advancements have already been realized, while others are anticipated in the near future based on the current rate of advancement in blockchain technology. The three levels discussed here were initially described in the book Blockchain: Blueprint for a New Economy by Melanie Swan, O'Reilly Media, 2015 as blockchain tiers categorized by applications in each category. This is how blockchain is evolving, and this versioning shows different tiers of evolution and usage of blockchain technology. In fact, all blockchain platforms, with limited exceptions, support these functionalities and applications.


pages: 660 words: 141,595

Data Science for Business: What You Need to Know About Data Mining and Data-Analytic Thinking by Foster Provost, Tom Fawcett

Albert Einstein, Amazon Mechanical Turk, Apollo 13, big data - Walmart - Pop Tarts, bioinformatics, business process, call centre, chief data officer, Claude Shannon: information theory, computer vision, conceptual framework, correlation does not imply causation, crowdsourcing, data acquisition, data science, David Brooks, en.wikipedia.org, Erik Brynjolfsson, Gini coefficient, Helicobacter pylori, independent contractor, information retrieval, intangible asset, iterative process, Johann Wolfgang von Goethe, Louis Pasteur, Menlo Park, Nate Silver, Netflix Prize, new economy, p-value, pattern recognition, placebo effect, price discrimination, recommendation engine, Ronald Coase, selection bias, Silicon Valley, Skype, SoftBank, speech recognition, Steve Jobs, supply-chain management, systems thinking, Teledyne, text mining, the long tail, The Signal and the Noise by Nate Silver, Thomas Bayes, transaction costs, WikiLeaks

Machine Learning (in press; published online: 30 May 2013. DOI 10.1007/s10994-013-5375-2). Poundstone, W. (2012). Are You Smart Enough to Work at Google?: Trick Questions, Zen-like Riddles, Insanely Difficult Puzzles, and Other Devious Interviewing Techniques You Need to Know to Get a Job Anywhere in the New Economy. Little, Brown and Company. Provost, F., & Fawcett, T. (1997). Analysis and visualization of classifier performance: Comparison under imprecise class and cost distributions. In Proceedings of the Third International Conference on Knowledge Discovery and Data Mining (KDD-97), pp. 43–48 Menlo Park, CA.


pages: 527 words: 147,690

Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman

"World Economic Forum" Davos, 23andMe, 4chan, A Declaration of the Independence of Cyberspace, Aaron Swartz, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Big Tech, Brian Krebs, California gold rush, Californian Ideology, call centre, cloud computing, cognitive dissonance, commoditize, company town, context collapse, correlation does not imply causation, Credit Default Swap, crowdsourcing, data science, deep learning, digital capitalism, disinformation, don't be evil, driverless car, drone strike, Edward Snowden, Evgeny Morozov, fake it until you make it, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, Higgs boson, hive mind, Ian Bogost, income inequality, independent contractor, informal economy, information retrieval, Internet of things, Jacob Silverman, Jaron Lanier, jimmy wales, John Perry Barlow, Kevin Kelly, Kevin Roose, Kickstarter, knowledge economy, knowledge worker, Larry Ellison, late capitalism, Laura Poitras, license plate recognition, life extension, lifelogging, lock screen, Lyft, machine readable, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta-analysis, Minecraft, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, off-the-grid, optical character recognition, payday loans, Peter Thiel, planned obsolescence, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, real-name policy, recommendation engine, rent control, rent stabilization, RFID, ride hailing / ride sharing, Salesforce, self-driving car, sentiment analysis, shareholder value, sharing economy, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Snapchat, social bookmarking, social graph, social intelligence, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, systems thinking, TaskRabbit, technological determinism, technological solutionism, technoutopianism, TED Talk, telemarketer, transportation-network company, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, universal basic income, unpaid internship, women in the workforce, Y Combinator, yottabyte, you are the product, Zipcar

In what amounts to an amplifying effect, popularity accrues to those who can impart the impression of being popular, which is one reason why offline hierarchies often translate well to social media and why celebrities receive hundreds of responses for even the briefest or most banal post. Fame is self-reinforcing and algorithmically desirable. If your job requires you to be online all day, or you have particular information about how Klout or Facebook’s algorithms work, or you happen to have a vibrant social network, then you’re going to do better in this new economy of reputation and visibility. You may still find yourself on the hamster wheel of online influence, always producing more content to stay visible and relevant, but you’ll receive more rewards than those who can’t keep up, don’t know how, or prefer to withdraw altogether. But what happens to these types of people?


pages: 589 words: 147,053

The Age of Em: Work, Love and Life When Robots Rule the Earth by Robin Hanson

8-hour work day, artificial general intelligence, augmented reality, Berlin Wall, bitcoin, blockchain, brain emulation, business cycle, business process, Clayton Christensen, cloud computing, correlation does not imply causation, creative destruction, deep learning, demographic transition, Erik Brynjolfsson, Ethereum, ethereum blockchain, experimental subject, fault tolerance, financial intermediation, Flynn Effect, Future Shock, Herman Kahn, hindsight bias, information asymmetry, job automation, job satisfaction, John Markoff, Just-in-time delivery, lone genius, Machinery of Freedom by David Friedman, market design, megaproject, meta-analysis, Nash equilibrium, new economy, Nick Bostrom, pneumatic tube, power law, prediction markets, quantum cryptography, rent control, rent-seeking, reversible computing, risk tolerance, Silicon Valley, smart contracts, social distancing, statistical model, stem cell, Thomas Malthus, trade route, Turing test, Tyler Cowen, Vernor Vinge, William MacAskill

Anticipating this transition, human workers seeking to avoid harm could try to move their wealth early from an ability to earn wages into other forms of wealth likely to retain value past the transition, such as stocks, patents, or real estate. Even a smooth anticipated transition could be sudden by historical standards, however. In just a few years ems might go from being a small niche product to dominating a new economy growing much faster than the old one. During the early industrial revolution, new industries grew quickly and rewarded their investors well relative to old industries such as farming. Investors then could have used financial mechanisms such as stocks and bonds to diversify and insure themselves against this risk.


pages: 495 words: 144,101

Goddess of the Market: Ayn Rand and the American Right by Jennifer Burns

Abraham Maslow, Alan Greenspan, Alvin Toffler, anti-communist, Apollo 11, bank run, barriers to entry, centralized clearinghouse, collective bargaining, creative destruction, desegregation, feminist movement, financial independence, gentleman farmer, George Gilder, Herbert Marcuse, invisible hand, jimmy wales, Joan Didion, John Markoff, Joseph Schumpeter, knowledge worker, laissez-faire capitalism, Lewis Mumford, lone genius, Menlo Park, minimum wage unemployment, Mont Pelerin Society, new economy, Norman Mailer, offshore financial centre, Ponzi scheme, profit motive, public intellectual, RAND corporation, rent control, road to serfdom, Robert Bork, rolodex, Ronald Reagan, side project, Stewart Brand, The Chicago School, The Wisdom of Crowds, union organizing, urban renewal, We are as Gods, white flight, Whole Earth Catalog

In a time when leading intellectuals assumed that large corporations would continue to dominate economic life, shaping their employees into soulless organization men, Rand clung to the vision of the independent entrepreneur. Though it seemed anachronistic at first, her vision has resonated with the knowledge workers of the new economy, who see themselves as strategic operators in a constantly changing economic landscape. Rand has earned the unending devotion of capitalists large and small by treating business as an honorable calling that can engage the deepest capacities of the human spirit. At the same time, Rand advanced a deeply negative portrait of government action.


pages: 564 words: 153,720

Uncommon Grounds: The History of Coffee and How It Transformed Our World by Mark Pendergrast

business climate, business cycle, commoditize, Edward Lloyd's coffeehouse, Honoré de Balzac, it's over 9,000, land reform, microcredit, Mikhail Gorbachev, new economy, open economy, out of africa, profit motive, Ray Oldenburg, Ronald Reagan, Suez canal 1869, The Great Good Place, trade route, transcontinental railway, traveling salesman, vertical integration, women in the workforce

The ads attempted to rise above the fray to promote all coffee as an uplifting experience. Fighting back against Taster’s Choice, General Foods brought out a new Maxwell House Freeze-dried Coffee, backed by a $20 million ad budget, though the company insisted it had no plans to phase out Maxim. With high coffee prices no longer in the news, the new economy blends such as High Yield, Master Blend, and Folgers Flaked faltered, since they tasted even worse than the regular brands. Sanka provided the only real bright spot for General Foods, where it long had dominated the U.S. decaffeinated field—so much so that many restaurants listed “Sanka” on the menu instead of “decaf.”


pages: 543 words: 147,357

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society by Will Hutton

Abraham Maslow, Alan Greenspan, Andrei Shleifer, asset-backed security, bank run, banking crisis, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, bread and circuses, Bretton Woods, business cycle, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, Cornelius Vanderbilt, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, disinformation, diversification, double helix, Edward Glaeser, financial deregulation, financial engineering, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, general purpose technology, George Akerlof, Gini coefficient, Glass-Steagall Act, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, Japanese asset price bubble, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, language acquisition, Large Hadron Collider, liberal capitalism, light touch regulation, Long Term Capital Management, long term incentive plan, Louis Pasteur, low cost airline, low interest rates, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, meritocracy, Mikhail Gorbachev, millennium bug, Money creation, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, plutocrats, power law, price discrimination, private sector deleveraging, proprietary trading, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, Savings and loan crisis, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, systems thinking, tail risk, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, three-masted sailing ship, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, work culture , working poor, world market for maybe five computers, zero-sum game, éminence grise

And fairness, whether in common law or in the day-to-day running of our lives, is in our collective DNA. Britain might have turned a corner. We are starting to understand the link between fairness, prosperity and the good life. Now we just have to deliver it. After all, we deserve better. NOTES Chapter One: The Lost Tribe 1 See the Financial Times series ‘The UK’s New Economy’, at http://www.ft.com/indepth/new-uk-economy. 2 John Plender, ‘To Avoid a Backlash, Executives Must Act on Pay’, Financial Times, 2 April 2010, at http://www.ft.com/cms/s/0/dabef092-3e7d-11df-a706-00144feabdc0.html?catid=9&SID=google. 3 Speech to the RSA, 30 March 2010. 4 Andrew Haldane, ‘Banking Size and Returns: Some Charts’, Presentation to the Future of Finance Group, November 2009. 5 Piergiorgio Alessandri and Andrew G.


The New Map: Energy, Climate, and the Clash of Nations by Daniel Yergin

"RICO laws" OR "Racketeer Influenced and Corrupt Organizations", 3D printing, 9 dash line, activist fund / activist shareholder / activist investor, addicted to oil, Admiral Zheng, Albert Einstein, American energy revolution, Asian financial crisis, autonomous vehicles, Ayatollah Khomeini, Bakken shale, Bernie Sanders, BRICs, British Empire, carbon tax, circular economy, clean tech, commodity super cycle, company town, coronavirus, COVID-19, decarbonisation, deep learning, Deng Xiaoping, Didi Chuxing, disruptive innovation, distributed generation, Donald Trump, driverless car, Edward Snowden, Elon Musk, energy security, energy transition, failed state, Ford Model T, geopolitical risk, gig economy, global pandemic, global supply chain, green new deal, Greta Thunberg, hydraulic fracturing, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), inventory management, James Watt: steam engine, John Zimmer (Lyft cofounder), Kickstarter, LNG terminal, Lyft, Malacca Straits, Malcom McLean invented shipping containers, Masayoshi Son, Masdar, mass incarceration, megacity, megaproject, middle-income trap, Mikhail Gorbachev, mutually assured destruction, new economy, off grid, oil rush, oil shale / tar sands, oil shock, open economy, paypal mafia, peak oil, pension reform, power law, price mechanism, purchasing power parity, RAND corporation, rent-seeking, ride hailing / ride sharing, rolling blackouts, Ronald Reagan, Russian election interference, self-driving car, Silicon Valley, smart cities, social distancing, South China Sea, sovereign wealth fund, Suez crisis 1956, super pumped, supply-chain management, TED Talk, trade route, Travis Kalanick, Twitter Arab Spring, Uber and Lyft, uber lyft, ubercab, UNCLOS, UNCLOS, uranium enrichment, vertical integration, women in the workforce

As the decade proceeded, the economy rebounded, the foundations of a market economy were taking shape, and optimism came with it. There was talk of a chudo—a Russian economic miracle—invoking the “economic miracles” in Western Europe and Japan after World War II.8 But then in August 1998, the Asian financial crisis engulfed Russia. The ruble collapsed, as did oil prices, drying up government revenues. The new economy stopped working and people weren’t paid. The credibility of the Yeltsin presidency was shattered. Yeltsin himself was a spent force. * * * — In 1976, the Leningrad Evening News reported that a previously unknown local “judoist” had won a judo competition and had “for the first time joined the ranks of champions.”


pages: 807 words: 154,435

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

Airbus A320, Alan Greenspan, Albert Einstein, Albert Michelson, algorithmic trading, anti-fragile, Antoine Gombaud: Chevalier de Méré, Arthur Eddington, autonomous vehicles, availability heuristic, banking crisis, Barry Marshall: ulcers, battle of ideas, Bear Stearns, behavioural economics, Benoit Mandelbrot, bitcoin, Black Swan, Boeing 737 MAX, Bonfire of the Vanities, Brexit referendum, Brownian motion, business cycle, business process, capital asset pricing model, central bank independence, collapse of Lehman Brothers, correlation does not imply causation, credit crunch, cryptocurrency, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, DeepMind, demographic transition, discounted cash flows, disruptive innovation, diversification, diversified portfolio, Donald Trump, Dutch auction, easy for humans, difficult for computers, eat what you kill, Eddington experiment, Edmond Halley, Edward Lloyd's coffeehouse, Edward Thorp, Elon Musk, Ethereum, Eugene Fama: efficient market hypothesis, experimental economics, experimental subject, fear of failure, feminist movement, financial deregulation, George Akerlof, germ theory of disease, Goodhart's law, Hans Rosling, Helicobacter pylori, high-speed rail, Ignaz Semmelweis: hand washing, income per capita, incomplete markets, inflation targeting, information asymmetry, invention of the wheel, invisible hand, Jeff Bezos, Jim Simons, Johannes Kepler, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, John von Neumann, Kenneth Arrow, Kōnosuke Matsushita, Linda problem, Long Term Capital Management, loss aversion, Louis Pasteur, mandelbrot fractal, market bubble, market fundamentalism, military-industrial complex, Money creation, Moneyball by Michael Lewis explains big data, Monty Hall problem, Nash equilibrium, Nate Silver, new economy, Nick Leeson, Northern Rock, nudge theory, oil shock, PalmPilot, Paul Samuelson, peak oil, Peter Thiel, Philip Mirowski, Phillips curve, Pierre-Simon Laplace, popular electronics, power law, price mechanism, probability theory / Blaise Pascal / Pierre de Fermat, quantitative trading / quantitative finance, railway mania, RAND corporation, reality distortion field, rent-seeking, Richard Feynman, Richard Thaler, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Solow, Ronald Coase, sealed-bid auction, shareholder value, Silicon Valley, Simon Kuznets, Socratic dialogue, South Sea Bubble, spectrum auction, Steve Ballmer, Steve Jobs, Steve Wozniak, Suez crisis 1956, Tacoma Narrows Bridge, Thales and the olive presses, Thales of Miletus, The Chicago School, the map is not the territory, The Market for Lemons, The Nature of the Firm, The Signal and the Noise by Nate Silver, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Thomas Bayes, Thomas Davenport, Thomas Malthus, Toyota Production System, transaction costs, ultimatum game, urban planning, value at risk, world market for maybe five computers, World Values Survey, Yom Kippur War, zero-sum game

Similarly, investors were right to recognise that the successes of Japanese manufacturers in the 1970s and 1980s not only led to that country’s emergence as a major economic power but were a precursor to a wider phenomenon of growth in emerging market economies. This did not, however, remotely justify the values attached to Japanese stocks and property as the asset price bubble inflated. The same overreach and reaction to it was repeated almost immediately in other emerging markets in the decade that followed, in the ‘new economy’ bubble of 1999, and during the convergence of interest rates across the Continent which followed the adoption of the euro. And in all these cases investors lost very large amounts of money as greater realism finally set in. The collapse of a narrative is a more rapid process than its transmission.


pages: 559 words: 155,777

The Sinner and the Saint: Dostoevsky and the Gentleman Murderer Who Inspired a Masterpiece by Kevin Birmingham

banking crisis, business cycle, capital controls, classic study, death of newspapers, full employment, income inequality, laissez-faire capitalism, lateral thinking, new economy, New Journalism, Panopticon Jeremy Bentham, Peter Singer: altruism, trade route, traveling salesman

The story of a murdered pawnbroker reads like a story of retribution, an attack on financial predation and the growing precarity that made it possible. The glut of pawnbrokers in an informal lending society suggests that Russia’s social fabric was fraying, that too many people lacked adequate social connections, and that even well-connected people were vulnerable. And so a new economy was emerging, and a new set of people was working at the ragged edges. Dostoevsky was all too familiar with the world of debt profiteers, the Wiesbaden pawnbrokers who would lend on his watch, the Petersburg pawnbrokers who took his clothes and furniture, the debt speculators who bought up his promissory notes at a discount, people like Bocharov and Stellovsky, lying in wait.


pages: 483 words: 145,225

Rebel Code: Linux and the Open Source Revolution by Glyn Moody

barriers to entry, business logic, commoditize, Compatible Time-Sharing System, Debian, Dennis Ritchie, Donald Knuth, Eben Moglen, Free Software Foundation, ghettoisation, Guido van Rossum, history of Unix, hypertext link, Johann Wolfgang von Goethe, John Gilmore, Ken Thompson, Kickstarter, Larry Ellison, Larry Wall, Marc Andreessen, MITM: man-in-the-middle, Multics, Network effects, new economy, packet switching, RFC: Request For Comment, Richard Stallman, Silicon Valley, skunkworks, slashdot, SoftBank, Steve Ballmer, Steve Jobs, Steven Levy, the Cathedral and the Bazaar, thinkpad, VA Linux

They therefore reflect the sense of excitement of that time, when it seemed that the open source approach not only would change the way software was written but might lead to the emergence of a significant new business sector based around these free programs. Since then, the dot-com bubble has burst, wiping out many of the highly fragile New Economy start-ups and humbling even the bellwether online names. Against this background, it would have been extraordinary if open source companies, which had benefited as much as any from the preceding enthusiasm, had emerged unscathed. Intimately entwined with the now out-of-favor Internet culture, and predicated as they were on novel business plans and unconventional software, such companies looked doubly dubious to nervous investors.


pages: 554 words: 168,114

Oil: Money, Politics, and Power in the 21st Century by Tom Bower

"World Economic Forum" Davos, addicted to oil, Alan Greenspan, An Inconvenient Truth, Ayatollah Khomeini, banking crisis, bonus culture, California energy crisis, corporate governance, credit crunch, energy security, Exxon Valdez, falling living standards, fear of failure, financial engineering, forensic accounting, Global Witness, index fund, interest rate swap, John Deuss, Korean Air Lines Flight 007, kremlinology, land bank, LNG terminal, Long Term Capital Management, margin call, megaproject, Meghnad Desai, Mikhail Gorbachev, millennium bug, MITM: man-in-the-middle, Nelson Mandela, new economy, North Sea oil, offshore financial centre, oil shale / tar sands, oil shock, Oscar Wyatt, passive investing, peak oil, Piper Alpha, price mechanism, price stability, Ronald Reagan, shareholder value, short selling, Silicon Valley, sovereign wealth fund, transaction costs, transfer pricing, zero-sum game, éminence grise

In a choreographed performance, they announced that daily production would be reduced by 2.1 million barrels a day. The cut would be welcomed by the oil majors, which were equally anxious to earn a higher income. Economists calculated that the inevitable price increase would cost consumers $480 billion in one year, but that the “New Economy” of advanced technology, flexibility of labor, increased efficiency and low inflation could absorb higher oil prices. Days later, Brent oil rose to $15. Experts speculated that the oil majors might have overreacted to the low prices by dismissing thousands of their workforce. Adding to the confusion, Mark Moody-Stuart explained that Shell would only consider projects “which fly at $14,” and would let them “sleep easy in their beds at $10.”


pages: 510 words: 163,449

How the Scots Invented the Modern World: The True Story of How Western Europe's Poorest Nation Created Our World and Everything in It by Arthur Herman

British Empire, California gold rush, classic study, creative destruction, do-ocracy, Edward Jenner, financial independence, gentleman farmer, global village, invisible hand, Isaac Newton, James Watt: steam engine, Joan Didion, joint-stock company, laissez-faire capitalism, land tenure, mass immigration, means of production, new economy, New Urbanism, North Sea oil, oil shale / tar sands, Republic of Letters, Robert Mercer, spinning jenny, The Wealth of Nations by Adam Smith, tontine, transcontinental railway, trickle-down economics, urban planning, urban renewal, vertical integration, working poor

Scotland and the Scots were stuck in the mean and unproductive patterns of the past, and they knew it. By 1695 the Scottish ruling class assembled in Parliament in Edinburgh decided to do something about it. Their plan was simple and straightforward. Scotland would compete at the English level by doing as the English had done: creating a new economy by legislation. The same Parliament that passed the Blasphemy Act and the School Act also established a Bank of Scotland, closely modeled on the highly successful Bank of England, founded the year before (although it was much smaller, with a starting capital of only 100,000 pounds sterling, compared to the Bank of England’s almost 600,000 pounds).


pages: 522 words: 162,310

Fantasyland: How America Went Haywire: A 500-Year History by Kurt Andersen

affirmative action, Alan Greenspan, Albert Einstein, animal electricity, anti-communist, Any sufficiently advanced technology is indistinguishable from magic, augmented reality, back-to-the-land, Bernie Sanders, British Empire, Burning Man, California gold rush, Celebration, Florida, centre right, cognitive dissonance, Columbine, corporate governance, cotton gin, Credit Default Swap, David Brooks, delayed gratification, dematerialisation, disinformation, disintermediation, disruptive innovation, Donald Trump, Donner party, Downton Abbey, Easter island, Edward Snowden, Electric Kool-Aid Acid Test, failed state, fake news, Ferguson, Missouri, God and Mammon, Gordon Gekko, greed is good, Herman Kahn, high net worth, illegal immigration, invisible hand, Isaac Newton, John von Neumann, Kickstarter, large denomination, Mark Zuckerberg, market fundamentalism, McMansion, Mikhail Gorbachev, military-industrial complex, Minecraft, moral panic, mutually assured destruction, new economy, New Urbanism, Norman Mailer, off-the-grid, Oklahoma City bombing, placebo effect, post-truth, pre–internet, prosperity theology / prosperity gospel / gospel of success, Ralph Waldo Emerson, RAND corporation, reality distortion field, Ronald Reagan, Silicon Valley, smart meter, Snapchat, South Sea Bubble, Steve Jobs, sugar pill, Ted Kaczynski, the scientific method, Thomas Kuhn: the structure of scientific revolutions, Timothy McVeigh, trade route, transcontinental railway, urban renewal, We are all Keynesians now, Whole Earth Catalog, WikiLeaks, Y2K, young professional

But that’s just one way of explaining it, the one that comfortingly focuses all blame on government and a small class of the rich and powerful and deceitful. The deeper causes were more widespread and unconscious, the fantastical wishfulness affecting at least a large minority of Americans, maybe a majority. In the late 1990s, the smart people decided the old rules didn’t apply because digital technology had created a New Economy. Companies with no revenues were worth billions of dollars, and paying 175 times earnings for a share of the average tech stock didn’t seem mad. Why not buy bigger and bigger houses, why save money, why not go deeper into debt? The price of the average house was bound to just keep doubling every ten years.


pages: 586 words: 160,321

The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, Jean-Pierre Landau

"there is no alternative" (TINA), Affordable Care Act / Obamacare, Alan Greenspan, asset-backed security, bank run, banking crisis, battle of ideas, Bear Stearns, Ben Bernanke: helicopter money, Berlin Wall, Bretton Woods, Brexit referendum, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Celtic Tiger, central bank independence, centre right, collapse of Lehman Brothers, collective bargaining, credit crunch, Credit Default Swap, cross-border payments, currency peg, currency risk, debt deflation, Deng Xiaoping, different worldview, diversification, Donald Trump, Edward Snowden, en.wikipedia.org, Fall of the Berlin Wall, financial deregulation, financial repression, fixed income, Flash crash, floating exchange rates, full employment, Future Shock, German hyperinflation, global reserve currency, income inequality, inflation targeting, information asymmetry, Irish property bubble, Jean Tirole, Kenneth Rogoff, Les Trente Glorieuses, low interest rates, Martin Wolf, mittelstand, Money creation, money market fund, Mont Pelerin Society, moral hazard, negative equity, Neil Kinnock, new economy, Northern Rock, obamacare, offshore financial centre, open economy, paradox of thrift, pension reform, Phillips curve, Post-Keynesian economics, price stability, principal–agent problem, quantitative easing, race to the bottom, random walk, regulatory arbitrage, rent-seeking, reserve currency, risk free rate, road to serfdom, secular stagnation, short selling, Silicon Valley, South China Sea, special drawing rights, tail risk, the payments system, too big to fail, Tyler Cowen, union organizing, unorthodox policies, Washington Consensus, WikiLeaks, yield curve

Last accessed January 4, 2016, from http://www.bloomberg.com/news/2011-07-10/strauss-kahn-saga-exposes-flaws-in-europe-s-greek-debt-crisis-management.html. 34. See, for example, George Georgiopoulos and Ingrid Melander, “Greece Default Hangs in Balance,” Financial Post, September 19, 2011. http://business.financialpost.com/news/economy/greece-told-shrink-state-to-avoid-default-2. 35. Wroughton, Schneider, and Kyriakidou, “IMF’s Greek Misadventure.” 36. Larry Elliott, Phillip Inman, and Helena Smith, “IMF Admits: We Failed to Realise the Damage Austerity Would Do to Greece,” Guardian, June 5, 2013. Last accessed January 4, 2016, from http://www.theguardian.com/business/2013/jun/05/imf-underestimated-damage-austerity-would-do-to-greece; International Monetary Fund, “Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-by Arrangement,” IMF Country Report No. 13/156, July 2013.


pages: 467 words: 503

The omnivore's dilemma: a natural history of four meals by Michael Pollan

additive manufacturing, back-to-the-land, clean water, cognitive dissonance, Community Supported Agriculture, double entry bookkeeping, food desert, Gary Taubes, Haber-Bosch Process, index card, informal economy, invention of agriculture, means of production, military-industrial complex, new economy, off-the-grid, Steven Pinker, the scientific method, transaction costs, Upton Sinclair, Whole Earth Catalog

Whether this is a good or bad thing people will disagree. Joel Salatin and his customers want to be somewhere that that juggernaut can't go, and it may be that by elevating local above organic, they have found exactly that place. By definition local is a hard thing to sell in a global marketplace. Local food, as opposed to organic, implies a new economy as well as a new agriculture—new social and economic relationships as well as new ecological ones. It's a lot more complicated. Of course, just because food is local doesn't necessarily mean it will be organic or even sustainable. There's nothing to stop a local farmer from using chemicals or abusing animals—except the gaze or good ••••2 5 7 25 8 * THE O M N I VO R E ' S D I L E M M A word of his customers.


pages: 552 words: 168,518

MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams

"World Economic Forum" Davos, accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, Ben Horowitz, bioinformatics, blood diamond, Bretton Woods, business climate, business process, buy and hold, car-free, carbon footprint, carbon tax, Charles Lindbergh, citizen journalism, Clayton Christensen, clean water, Climategate, Climatic Research Unit, cloud computing, collaborative editing, collapse of Lehman Brothers, collateralized debt obligation, colonial rule, commoditize, corporate governance, corporate social responsibility, creative destruction, crowdsourcing, death of newspapers, demographic transition, digital capitalism, digital divide, disruptive innovation, distributed generation, do well by doing good, don't be evil, en.wikipedia.org, energy security, energy transition, Evgeny Morozov, Exxon Valdez, failed state, fault tolerance, financial innovation, Galaxy Zoo, game design, global village, Google Earth, Hans Rosling, hive mind, Home mortgage interest deduction, information asymmetry, interchangeable parts, Internet of things, invention of movable type, Isaac Newton, James Watt: steam engine, Jaron Lanier, jimmy wales, Joseph Schumpeter, Julian Assange, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, machine readable, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, military-industrial complex, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, ocean acidification, off-the-grid, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, radical decentralization, Ray Kurzweil, RFID, ride hailing / ride sharing, Ronald Reagan, Rubik’s Cube, scientific mainstream, shareholder value, Silicon Valley, Skype, smart grid, smart meter, social graph, social web, software patent, Steve Jobs, synthetic biology, systems thinking, text mining, the long tail, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, Yochai Benkler, young professional, Zipcar

It seems there is growing consensus that we are finally entering a very different economy. Economist Robert Reich asks, “What will it look like? Nobody knows. All we know is the current economy can’t ‘recover’ because it can’t go back to where it was before the crash.” Instead he suggests, “we should be asking when and how the new economy will begin.” The upheaval is now spreading to other sectors—from the universities, health care, and science to energy, transportation, and government. Many old media empires are crumbling. The continuing collapse of many newspapers in the United States is a storm warning of more to come. As of this writing in May 2010, the Tribune Company, owner of the Los Angeles Times and Chicago Tribune, is bankrupt, as is the owner of The Philadelphia Inquirer.


pages: 579 words: 164,339

Countdown: Our Last, Best Hope for a Future on Earth? by Alan Weisman

air freight, Albert Einstein, Anthropocene, anti-communist, Ayatollah Khomeini, Berlin Wall, biodiversity loss, Bretton Woods, British Empire, call centre, carbon footprint, clean water, colonial rule, David Attenborough, degrowth, demographic transition, Deng Xiaoping, Edward Jenner, El Camino Real, epigenetics, Filipino sailors, Garrett Hardin, Great Leap Forward, Haber-Bosch Process, happiness index / gross national happiness, haute couture, housing crisis, ice-free Arctic, Ignaz Semmelweis: hand washing, illegal immigration, immigration reform, Intergovernmental Panel on Climate Change (IPCC), land reform, liberation theology, load shedding, Louis Pasteur, Mahatma Gandhi, Mahbub ul Haq, megacity, Menlo Park, Michael Shellenberger, microdosing, Money creation, new economy, ocean acidification, oil shale / tar sands, out of africa, Pearl River Delta, planetary scale, Ponzi scheme, race to the bottom, rolling blackouts, Ronald Reagan, Satyajit Das, Seymour Hersh, Silicon Valley, South China Sea, stem cell, Stephen Hawking, Stewart Brand, unemployed young men, upwardly mobile, urban sprawl, Whole Earth Catalog, WikiLeaks

“Iran’s Population-Control Programs Are User-Friendly.” Los Angeles Times, May 10, 1998. Zia-Ebrahimi, Reza. “Self-Orientalization and Dislocation: The Uses and Abuses of the ‘Aryan’ Discourse in Iran.” Iranian Studies, vol. 44, no. 4 (2011): 445–72. Chapter Thirteen: Shrink and Prosper BOOKS Daily, Gretchen C., and Katherine Ellison. The New Economy of Nature: The Quest to Make Conservation Profitable. Washington, DC: Island Press, 2002. Daly, Herman E. Beyond Growth: The Economics of Sustainable Development. Boston: Beacon Press, 1996. _______, and Joshua Farley. Ecological Economics. Washington, DC: Island Press, 2010. Dyson, Tim. Population and Development: The Demographic Transition.


pages: 574 words: 164,509

Superintelligence: Paths, Dangers, Strategies by Nick Bostrom

agricultural Revolution, AI winter, Albert Einstein, algorithmic trading, anthropic principle, Anthropocene, anti-communist, artificial general intelligence, autism spectrum disorder, autonomous vehicles, backpropagation, barriers to entry, Bayesian statistics, bioinformatics, brain emulation, cloud computing, combinatorial explosion, computer vision, Computing Machinery and Intelligence, cosmological constant, dark matter, DARPA: Urban Challenge, data acquisition, delayed gratification, Demis Hassabis, demographic transition, different worldview, Donald Knuth, Douglas Hofstadter, driverless car, Drosophila, Elon Musk, en.wikipedia.org, endogenous growth, epigenetics, fear of failure, Flash crash, Flynn Effect, friendly AI, general purpose technology, Geoffrey Hinton, Gödel, Escher, Bach, hallucination problem, Hans Moravec, income inequality, industrial robot, informal economy, information retrieval, interchangeable parts, iterative process, job automation, John Markoff, John von Neumann, knowledge worker, Large Hadron Collider, longitudinal study, machine translation, megaproject, Menlo Park, meta-analysis, mutually assured destruction, Nash equilibrium, Netflix Prize, new economy, Nick Bostrom, Norbert Wiener, NP-complete, nuclear winter, operational security, optical character recognition, paperclip maximiser, pattern recognition, performance metric, phenotype, prediction markets, price stability, principal–agent problem, race to the bottom, random walk, Ray Kurzweil, recommendation engine, reversible computing, search costs, social graph, speech recognition, Stanislav Petrov, statistical model, stem cell, Stephen Hawking, Strategic Defense Initiative, strong AI, superintelligent machines, supervolcano, synthetic biology, technological singularity, technoutopianism, The Coming Technological Singularity, The Nature of the Firm, Thomas Kuhn: the structure of scientific revolutions, time dilation, Tragedy of the Commons, transaction costs, trolley problem, Turing machine, Vernor Vinge, WarGames: Global Thermonuclear War, Watson beat the top human players on Jeopardy!, World Values Survey, zero-sum game

Let us now turn our attention to some of the entities that we have so far classified as “capital”: machines that may be owned by human beings, that are constructed and operated for the sake of the functional tasks they perform, and that are capable of substituting for human labor in a very wide range of jobs. What may the situation be like for these workhorses of the new economy? If these machines were mere automata, simple devices like a steam engine or the mechanism in a clock, then no further comment would be needed: there would be a large amount of such capital in a post-transition economy, but it would seem not to matter to anybody how things turn out for pieces of insentient equipment.


Digital Accounting: The Effects of the Internet and Erp on Accounting by Ashutosh Deshmukh

accounting loophole / creative accounting, AltaVista, book value, business continuity plan, business intelligence, business logic, business process, call centre, computer age, conceptual framework, corporate governance, currency risk, data acquisition, disinformation, dumpster diving, fixed income, hypertext link, information security, interest rate swap, inventory management, iterative process, late fees, machine readable, money market fund, new economy, New Journalism, optical character recognition, packet switching, performance metric, profit maximization, semantic web, shareholder value, six sigma, statistical model, supply chain finance, supply-chain management, supply-chain management software, telemarketer, transaction costs, value at risk, vertical integration, warehouse automation, web application, Y2K

The financial results are matched with management forecasts, and corrective actions, if required, are undertaken. The initial push for faster closing of the books came in the 1990s, as markets criticized companies who did not have visibility into their financial statements. Cisco achieved closing of the books in less than 24 hours and became a symbol of the new economy of financial management. The intervening years saw a decline of the importance of virtual close, since formidable difficulties were encountered in this endeavor. However, now the days of pro-forma financial reporting are over, and GAPP-based reporting is valued again. New SEC requirements specify that 10-Ks must be filed within 60 days (instead of 90 days) after the close of the fiscal year and 10-Qs must be filed within 35 days (instead of 45 days).


pages: 597 words: 172,130

The Alchemists: Three Central Bankers and a World on Fire by Neil Irwin

"World Economic Forum" Davos, Alan Greenspan, Ayatollah Khomeini, bank run, banking crisis, Bear Stearns, Berlin Wall, Bernie Sanders, break the buck, Bretton Woods, business climate, business cycle, capital controls, central bank independence, centre right, collapse of Lehman Brothers, collateralized debt obligation, credit crunch, currency peg, eurozone crisis, financial engineering, financial innovation, Flash crash, foreign exchange controls, George Akerlof, German hyperinflation, Google Earth, hiring and firing, inflation targeting, Isaac Newton, Julian Assange, low cost airline, low interest rates, market bubble, market design, middle-income trap, Money creation, money market fund, moral hazard, mortgage debt, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, Paul Samuelson, price stability, public intellectual, quantitative easing, rent control, reserve currency, Robert Shiller, Robert Solow, rolodex, Ronald Reagan, Savings and loan crisis, savings glut, Socratic dialogue, sovereign wealth fund, The Great Moderation, too big to fail, union organizing, WikiLeaks, yield curve, Yom Kippur War

These ideas weren’t outlandish given what the world was experiencing. Consider the events in the United States just a few years before. The stock market had ascended to too-good-to-be-true heights throughout the late 1990s, rising more than 20 percent each year from 1995 to 1999. Investors had convinced themselves of the emergence of a “New Economy” promising both perpetual prosperity and astonishing returns on even the most ill-planned ventures that happened to have “.com” in their names. Just as that bubble was bursting and reality was setting in, in September 2001 the United States suffered a devastating terrorist attack that created a wave of fear and panic across the land, instigated years of war, and even destroyed some of the physical infrastructure of the U.S. financial system by rendering much of lower Manhattan inaccessible.


pages: 735 words: 165,375

The Survival of the City: Human Flourishing in an Age of Isolation by Edward Glaeser, David Cutler

Affordable Care Act / Obamacare, agricultural Revolution, Alvin Toffler, Andrei Shleifer, autonomous vehicles, basic income, Big bang: deregulation of the City of London, Big Tech, Black Lives Matter, British Empire, business cycle, buttonwood tree, call centre, carbon footprint, Cass Sunstein, classic study, clean water, collective bargaining, Columbian Exchange, contact tracing, Corn Laws, Cornelius Vanderbilt, coronavirus, COVID-19, crack epidemic, defund the police, deindustrialization, Deng Xiaoping, desegregation, discovery of penicillin, Donald Trump, Edward Glaeser, Elisha Otis, Fellow of the Royal Society, flying shuttle, future of work, Future Shock, gentrification, George Floyd, germ theory of disease, global pandemic, global village, hiring and firing, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial cluster, James Hargreaves, Jane Jacobs, Jevons paradox, job automation, jobless men, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Snow's cholera map, knowledge worker, lockdown, Louis Pasteur, Mahatma Gandhi, manufacturing employment, mass incarceration, Maui Hawaii, means of production, megacity, meta-analysis, new economy, New Urbanism, Occupy movement, opioid epidemic / opioid crisis, out of africa, place-making, precautionary principle, RAND corporation, randomized controlled trial, remote working, Richard Florida, Salesforce, Saturday Night Live, Silicon Valley, Skype, smart cities, social distancing, Socratic dialogue, spinning jenny, superstar cities, Tax Reform Act of 1986, tech baron, TED Talk, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, TikTok, trade route, union organizing, universal basic income, Upton Sinclair, urban planning, working poor, Works Progress Administration, zero-sum game, zoonotic diseases

As noted above, the overall unemployment rate rose from 3.5 percent in February to 14.7 percent in April. It settled down at 10.2 percent in July and remained at 6.7 percent through December. That overall figure hides dramatic differences between the old economy, which is as robust to pandemic as it was in 1918, and the new economy, which is not. The unemployment rate among leisure and hospitality workers was 25 percent in July 2020. The unemployment rate was only 5.7 percent among farmers and 8.6 percent among manufacturing workers. Some thought that the economic decline was caused by a hysterical governmental response to the pandemic: the lockdown regulations that made it impossible for businesses to keep going.


Likewar: The Weaponization of Social Media by Peter Warren Singer, Emerson T. Brooking

4chan, active measures, Airbnb, augmented reality, barriers to entry, battle of ideas, Bellingcat, Bernie Sanders, Black Lives Matter, British Empire, Cambridge Analytica, Cass Sunstein, citizen journalism, Citizen Lab, Comet Ping Pong, content marketing, crony capitalism, crowdsourcing, data science, deep learning, digital rights, disinformation, disintermediation, Donald Trump, drone strike, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, Evgeny Morozov, fake news, false flag, Filter Bubble, global reserve currency, Google Glasses, Hacker Conference 1984, Hacker News, illegal immigration, information security, Internet Archive, Internet of things, invention of movable type, it is difficult to get a man to understand something, when his salary depends on his not understanding it, Jacob Silverman, John Gilmore, John Markoff, Kevin Roose, Kickstarter, lateral thinking, lolcat, Mark Zuckerberg, megacity, Menlo Park, meta-analysis, MITM: man-in-the-middle, Mohammed Bouazizi, Moneyball by Michael Lewis explains big data, moral panic, new economy, offshore financial centre, packet switching, Panopticon Jeremy Bentham, Parag Khanna, pattern recognition, Plato's cave, post-materialism, Potemkin village, power law, pre–internet, profit motive, RAND corporation, reserve currency, sentiment analysis, side project, Silicon Valley, Silicon Valley startup, Snapchat, social web, South China Sea, Steve Bannon, Steve Jobs, Steven Levy, Stewart Brand, systems thinking, too big to fail, trade route, Twitter Arab Spring, UNCLOS, UNCLOS, Upton Sinclair, Valery Gerasimov, We are Anonymous. We are Legion, We are as Gods, Whole Earth Catalog, WikiLeaks, Y Combinator, yellow journalism, Yochai Benkler

fips=wotc&trk=p3. 18 ever since Chinese special operations forces: Dean Cheng, “The Chinese People’s Liberation Army and Special Operations,” Special Warfare 25, no. 3 (July–September 2012), accessed March 18, 2014, http://www.dvidshub.net/publication/issues/10629. 19 renminbi, the Chinese currency: Xinhua, “RMB to Be Global Reserve Currency by 2030: Economist,” China Daily, April 9, 2014, accessed August 19, 2014, http://www.chinadaily.com.cn/china/2014-04/09/content_17420923.htm. 20 “sail with our own oil”: Mark Thompson, “U.S. to Become Biggest Oil Producer—IEA,” CNN, November 12, 2012, accessed November 12, 2012, http://money.cnn.com/2012/11/12/news/economy/us-oil-production-energy/index.html?iid=HP_LN&hpt=hp_c2. 21 “heightening regional tensions”: CNN wire staff, “Obama Announces WTO Case Against China over Rare Earths,” CNN, March 13, 2012, accessed March 14, 2012, http://www.cnn.com/2012/03/13/world/asia/china-rare-earths-case/index.html?hpt=hp_t2. 22 “depend on rare-earth materials”: “What Are the Rare Earths?


pages: 568 words: 164,014

Dawn of the Code War: America's Battle Against Russia, China, and the Rising Global Cyber Threat by John P. Carlin, Garrett M. Graff

1960s counterculture, A Declaration of the Independence of Cyberspace, Aaron Swartz, air gap, Andy Carvin, Apple II, Bay Area Rapid Transit, bitcoin, Brian Krebs, business climate, cloud computing, cotton gin, cryptocurrency, data acquisition, Deng Xiaoping, disinformation, driverless car, drone strike, dual-use technology, eat what you kill, Edward Snowden, fake news, false flag, Francis Fukuyama: the end of history, Hacker Ethic, information security, Internet of things, James Dyson, Jeff Bezos, John Gilmore, John Markoff, John Perry Barlow, Ken Thompson, Kevin Roose, Laura Poitras, Mark Zuckerberg, Menlo Park, millennium bug, Minecraft, Mitch Kapor, moral hazard, Morris worm, multilevel marketing, Network effects, new economy, Oklahoma City bombing, out of africa, packet switching, peer-to-peer, peer-to-peer model, performance metric, RAND corporation, ransomware, Reflections on Trusting Trust, Richard Stallman, Robert Metcalfe, Ronald Reagan, Saturday Night Live, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, Snapchat, South China Sea, Steve Crocker, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Stuxnet, The Hackers Conference, Tim Cook: Apple, trickle-down economics, Wargames Reagan, Whole Earth Catalog, Whole Earth Review, WikiLeaks, Y2K, zero day, zero-sum game

A month after the Mafiaboy attacks, the Justice Department launched a website, cybercrime.gov, meant to herald its new efforts online.89 Yet at the same time, it seemed hard to get worked up over a tech-savvy teen who wasn’t legally old enough to drive. The DDoS attacks underscored the perilous weakness of the internet, even as the dot-com boom drove millions of people to the web and online commerce soared. A 15-year-old boy had knocked the world’s top website offline. “We now know that the internet wasn’t designed to shoulder a new economy, and we’ll need some fundamental improvements before a teenager will have any problem clogging up web sites,” wrote tech journalist Kevin Poulsen two months after the Mafiaboy attacks. “Mafiaboy isn’t the innocent child who pointed out that the Emperor has no clothes; he’s one of many guilty children who pointed it out by throwing things at the Emperor’s privates—a more serious offense.”90 That April, just a couple months into the new administration of George W.


pages: 569 words: 165,510

There Is Nothing for You Here: Finding Opportunity in the Twenty-First Century by Fiona Hill

2021 United States Capitol attack, active measures, Affordable Care Act / Obamacare, algorithmic bias, barriers to entry, Berlin Wall, Bernie Sanders, Big Tech, Black Lives Matter, blue-collar work, Boris Johnson, Brexit referendum, British Empire, business climate, call centre, collective bargaining, company town, coronavirus, COVID-19, crony capitalism, cuban missile crisis, David Brooks, deindustrialization, desegregation, digital divide, disinformation, Dissolution of the Soviet Union, Donald Trump, Fall of the Berlin Wall, financial independence, first-past-the-post, food desert, gender pay gap, gentrification, George Floyd, glass ceiling, global pandemic, Great Leap Forward, housing crisis, illegal immigration, imposter syndrome, income inequality, indoor plumbing, industrial cluster, industrial research laboratory, informal economy, Jeff Bezos, Jeremy Corbyn, Kickstarter, knowledge economy, lockdown, low skilled workers, Lyft, Martin Wolf, mass immigration, meme stock, Mikhail Gorbachev, new economy, oil shock, opioid epidemic / opioid crisis, Own Your Own Home, Paris climate accords, pension reform, QAnon, ransomware, restrictive zoning, ride hailing / ride sharing, Right to Buy, Ronald Reagan, self-driving car, Silicon Valley, single-payer health, statistical model, Steve Bannon, The Chicago School, TikTok, transatlantic slave trade, Uber and Lyft, uber lyft, University of East Anglia, urban decay, urban planning, Washington Consensus, WikiLeaks, Winter of Discontent, women in the workforce, working poor, Yom Kippur War, young professional

Bishop Auckland’s predicament in the 1980s was soon emblematic of hundreds if not thousands of towns across regions of the United States. Left to their own devices, without targeted and sustained state intervention, they simply could not adapt and modernize. They ended up as permanent losers, not winners, in the new economy, and in a state of perpetual decay. Initially in the United States, after the fall of the Berlin Wall in 1989 and then the collapse of the USSR in 1991, there was no sense that America too was in postindustrial decline. The idea that the West had won the Cold War and capitalism had prevailed over communism deflected attention from the troubles of America’s old manufacturing centers and their displaced workers.


pages: 541 words: 173,676

Generations: the Real Differences Between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future: The Real Differences between Gen Z, Millennials, Gen X, Boomers, and Silents—and What They Mean for America's Future by Jean M. Twenge

1960s counterculture, 2021 United States Capitol attack, affirmative action, airport security, An Inconvenient Truth, Bear Stearns, Bernie Sanders, Black Lives Matter, book scanning, coronavirus, COVID-19, crack epidemic, critical race theory, David Brooks, delayed gratification, desegregation, Donald Trump, Edward Snowden, Elon Musk, fake news, feminist movement, Ferguson, Missouri, Ford Model T, future of work, gender pay gap, George Floyd, global pandemic, Gordon Gekko, green new deal, income inequality, Jeff Bezos, Joan Didion, job automation, Kitchen Debate, knowledge economy, labor-force participation, light touch regulation, lockdown, Marc Andreessen, Mark Zuckerberg, McJob, meta-analysis, microaggression, Neil Armstrong, new economy, opioid epidemic / opioid crisis, Peter Thiel, QAnon, Ralph Nader, remote working, ride hailing / ride sharing, rolodex, Ronald Reagan, Saturday Night Live, Sheryl Sandberg, side hustle, Snapchat, Steve Jobs, Steve Wozniak, superstar cities, tech baron, TED Talk, The Great Resignation, TikTok, too big to fail, Travis Kalanick, War on Poverty, We are the 99%, women in the workforce, World Values Survey, zero-sum game

He moved around for a while before finding work at a steel mill in Baltimore, one of the last steel mills in the country. In 2012, that mill closed as well. At 59, Bambino was again looking for work, but it was an uphill battle. “Nobody wants to hire an old guy,” he said. His story is one among many, as Boomers without college educations fell victim to the new economy. In the 1989 documentary Roger and Me, Michael Moore (b. 1954) returns to his hometown of Flint, Michigan, to find that thousands of autoworkers have been laid off and that many of the town’s residents are descending into abject poverty. The film’s title refers to Roger Smith, chief executive officer of General Motors at the time, whom Moore repeatedly tries to confront about the displaced autoworkers, many of whom were being evicted from their homes.


Beyond the Wall: East Germany, 1949-1990 by Katja Hoyer

anti-communist, Berlin Wall, colonial rule, cuban missile crisis, Fall of the Berlin Wall, financial independence, Francis Fukuyama: the end of history, friendly fire, full employment, land reform, mass immigration, mass incarceration, Mikhail Gorbachev, new economy, open borders, Prenzlauer Berg, remote working, restrictive zoning, rising living standards, Ronald Reagan, Ronald Reagan: Tear down this wall, union organizing, work culture

Written in typical socialist style, directly addressing its listeners, the song has rightly been categorized as propaganda. But to dismiss it as the work of the SED to which the German youth was involuntarily subjected is wrong. Many East Germans who were young during this period describe the pride with which they began to build a new economy for themselves and many sang this song with genuine enthusiasm. For all the can-do spirit of its young people, the GDR was already losing the game of catch-up before the two German opponents had even begun to play. The problem was not work ethic, and not even the central planning aspect of the GDR’s young economy (after all, most Western countries still fixed prices, wages and rations for years to come).


pages: 687 words: 189,243

A Culture of Growth: The Origins of the Modern Economy by Joel Mokyr

Andrei Shleifer, barriers to entry, Berlin Wall, business cycle, classic study, clockwork universe, cognitive dissonance, Copley Medal, creative destruction, David Ricardo: comparative advantage, delayed gratification, deliberate practice, Deng Xiaoping, Edmond Halley, Edward Jenner, epigenetics, Fellow of the Royal Society, financial independence, flying shuttle, framing effect, germ theory of disease, Haber-Bosch Process, Herbert Marcuse, hindsight bias, income inequality, information asymmetry, invention of movable type, invention of the printing press, invisible hand, Isaac Newton, Jacquard loom, Jacques de Vaucanson, James Watt: steam engine, Johannes Kepler, John Harrison: Longitude, Joseph Schumpeter, knowledge economy, labor-force participation, land tenure, law of one price, Menlo Park, moveable type in China, new economy, phenotype, price stability, principal–agent problem, rent-seeking, Republic of Letters, Robert Solow, Ronald Reagan, seminal paper, South Sea Bubble, statistical model, survivorship bias, tacit knowledge, the market place, the strength of weak ties, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, transaction costs, ultimatum game, World Values Survey, Wunderkammern

Instead of “wisdom,” more and more highly educated people were in search of the “material details of the world as perceived by the senses,” driven by financial interests and the “warm hope of material progress” (Cook, 2007, p. 41). For the decisions that had to be made by merchants, he argues, factual knowledge was essential. To take advantage of the new economies of exchange one had to value facts: the quality of a wine, the therapeutic power of an exotic herb, the price of sugar (Cook, 2007, p. 17). In a leap of faith, Cook then proceeds to argue that trust and credibility, aimed at discovering and accumulating knowledge of the material world, were the values of both the hard-headed merchant and those of the naturalist and physician.


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

Ayatollah Khomeini, British Empire, business climate, business process, colonial exploitation, corporate governance, Easter island, 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

The South Korean miracle is beginning to show signs of both maturity and age and is changing the focus of its economy from low-cost, low-technology production to high-tech, high-value-added, capital-intensive products. The strength of ROK’s large conglomerates (chaebols) and the industriousness of its businesspeople and workers suggest that it will successfully make the transition to a new economy appropriate to current twenty-first century conditions. On account of its proximity to China, Korea has been, and still is, strongly influenced by the teaching of Confucius. (A description of the basic tenets of Confucianism is given in Chapter 57.) Hahn is something different and more peculiarly Korean.


pages: 641 words: 182,927

In Pursuit of Privilege: A History of New York City's Upper Class and the Making of a Metropolis by Clifton Hood

affirmative action, British Empire, Carl Icahn, coherent worldview, Cornelius Vanderbilt, David Brooks, death of newspapers, deindustrialization, family office, gentrification, Golden Gate Park, Google Earth, jitney, mass immigration, new economy, New Urbanism, P = NP, plutocrats, Ray Oldenburg, ride hailing / ride sharing, Scientific racism, selection bias, Steven Levy, streetcar suburb, The Great Good Place, The Theory of the Leisure Class by Thorstein Veblen, Thorstein Veblen, tontine, trade route, Triangle Shirtwaist Factory, urban planning, We are the 99%, white flight

This debate gained added force because the panic coincided with a controversial plan to open a New York City branch of the Philadelphia-based Bank of the United States, a project that seemed especially ominous because one of its proposed directors had been a partner in Duer’s botched speculation. A few of the correspondents who participated in this exchange argued that capitalistic institutions like the new bank branch would promote regional economic development and provide a modern financial structure. Most, however, expressed uneasiness that the new economy was elevating miscreants like Duer who seemingly lacked the moral character and leadership skills that had been instilled in members of the established upper class from birth. The country had managed to escape social disorder after the Revolution, but the speculative economy seemed to be blowing the lid off.


pages: 603 words: 186,210

Appetite for America: Fred Harvey and the Business of Civilizing the Wild West--One Meal at a Time by Stephen Fried

Albert Einstein, book value, British Empire, business intelligence, centralized clearinghouse, Charles Lindbergh, City Beautiful movement, company town, Cornelius Vanderbilt, disinformation, estate planning, Ford Model T, glass ceiling, Ida Tarbell, In Cold Blood by Truman Capote, indoor plumbing, Livingstone, I presume, Nelson Mandela, new economy, plutocrats, refrigerator car, transcontinental railway, traveling salesman, women in the workforce, Works Progress Administration, young professional

Gossip columnist Hedda Hopper immediately dubbed it the “newest rendezvous in town … so pleasant there it’s a joy to miss your train. No one wants to catch one.” Unfortunately, Hedda was right—a lot of people didn’t want to catch the train anymore. The Super Chief itself was successful. So was a new economy train called the Scout, which even had a car for women and children traveling alone, with a Santa Fe “Courier-Nurse” to help out. (It quickly became known, in the words of one corporate historian, as “a rolling nightmare of diapers, midnight feedings and a constant parade of women moving back and forth to the diner seeking warm bottles of milk.”)


Money and Government: The Past and Future of Economics by Robert Skidelsky

"Friedman doctrine" OR "shareholder theory", Alan Greenspan, anti-globalists, Asian financial crisis, asset-backed security, bank run, banking crisis, banks create money, barriers to entry, Basel III, basic income, Bear Stearns, behavioural economics, Ben Bernanke: helicopter money, Big bang: deregulation of the City of London, book value, Bretton Woods, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, collective bargaining, constrained optimization, Corn Laws, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, David Graeber, David Ricardo: comparative advantage, debt deflation, Deng Xiaoping, Donald Trump, Eugene Fama: efficient market hypothesis, eurozone crisis, fake news, financial deregulation, financial engineering, financial innovation, Financial Instability Hypothesis, forward guidance, Fractional reserve banking, full employment, Gini coefficient, Glass-Steagall Act, Goodhart's law, Growth in a Time of Debt, guns versus butter model, Hyman Minsky, income inequality, incomplete markets, inflation targeting, invisible hand, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, Kondratiev cycle, labour market flexibility, labour mobility, land bank, law of one price, liberal capitalism, light touch regulation, liquidationism / Banker’s doctrine / the Treasury view, liquidity trap, long and variable lags, low interest rates, market clearing, market friction, Martin Wolf, means of production, Meghnad Desai, Mexican peso crisis / tequila crisis, mobile money, Modern Monetary Theory, Money creation, Mont Pelerin Society, moral hazard, mortgage debt, new economy, Nick Leeson, North Sea oil, Northern Rock, nudge theory, offshore financial centre, oil shock, open economy, paradox of thrift, Pareto efficiency, Paul Samuelson, Phillips curve, placebo effect, post-war consensus, price stability, profit maximization, proprietary trading, public intellectual, quantitative easing, random walk, regulatory arbitrage, rent-seeking, reserve currency, Richard Thaler, rising living standards, risk/return, road to serfdom, Robert Shiller, Ronald Reagan, savings glut, secular stagnation, shareholder value, short selling, Simon Kuznets, structural adjustment programs, technological determinism, The Chicago School, The Great Moderation, the payments system, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, tontine, too big to fail, trade liberalization, value at risk, Washington Consensus, yield curve, zero-sum game

PSBR fell from an average of 7.5 per cent of GDP (1952–9) to 6.6 per cent (1960–69). The national debt fell from 150 per cent to 50 per cent of GDP over the period. By the 1960s the state was spending close to 40 per cent of national income. It was what Keynes called the ‘semi-socialised’ character of the new economy, represented by the enlarged public sector, which brought stability to the economy, despite the erratic character of actual fiscal policy. European economies and Japan had unusually high rates of economic growth in the 1950s because they were able to exploit the ‘advantages of backwardness’. The main problem for countries such as Germany, Japan and Italy was shortage of supply, not of demand, much of their capital equipment having been destroyed in the war.


pages: 607 words: 185,487

Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed by James C. Scott

agricultural Revolution, Boeing 747, business cycle, classic study, clean water, colonial rule, commoditize, company town, deskilling, facts on the ground, germ theory of disease, Great Leap Forward, informal economy, invention of writing, invisible hand, Jane Jacobs, Kenneth Arrow, land reform, land tenure, Lewis Mumford, Louis Pasteur, megaproject, new economy, New Urbanism, post-Fordism, Potemkin village, price mechanism, profit maximization, Recombinant DNA, road to serfdom, scientific management, Silicon Valley, stochastic process, Suez canal 1869, the built environment, The Death and Life of Great American Cities, the scientific method, Thorstein Veblen, urban decay, urban planning, urban renewal, vertical integration, working poor

Literary versions of this ideology are apparent in Sinclair Lewis's Arrotvsmith and Ayn Rand's Fountainhead, works from very different quadrants of the political spectrum. 43. Rabinbach, The Human Motor, p. 452. For Rathenau's writings, see, for example, Von kommenden Dingen (Things to come) and Die Neue Wirtschaft (The new economy), the latter written after the war. 44. Walther Rathenau, Von kommenden Dingen (1916), quoted in Maier, "Between Taylorism and Technocracy," p. 47. Maier notes that the apparent harmony of capital and labor in wartime Germany was achieved at the cost of an eventually ruinous policy of inflation (p. 46). 45.


pages: 615 words: 187,426

Chinese Spies: From Chairman Mao to Xi Jinping by Roger Faligot

active measures, Albert Einstein, anti-communist, autonomous vehicles, Ayatollah Khomeini, Berlin Wall, British Empire, business intelligence, Deng Xiaoping, disinformation, Donald Trump, Edward Snowden, fake news, Fall of the Berlin Wall, Great Leap Forward, housing crisis, illegal immigration, index card, information security, megacity, Mikhail Gorbachev, military-industrial complex, new economy, offshore financial centre, Pearl River Delta, Port of Oakland, RAND corporation, Ronald Reagan, Shenzhen special economic zone , Silicon Valley, South China Sea, special economic zone, stem cell, union organizing, young professional, éminence grise

He also emphasized that the traditional vectors of information, part of the Chinese intelligence system since 1949, continue to be important: for example, the confidential economic reports produced by the Xinhua News Agency and various ministries now working online. Just a few days before we met, I had managed to get hold of a manual for how to gather intelligence on the internet, published by Tsinghua University’s IT department. It illustrated the huge revolution of cadre training and technological surveillance in the new economy. What Professor Liu explained to me was fairly comprehensive. All that was lacking was an explanation of how intelligence useful for state affairs and national security was coming out of the private sector in the first place—and the role of the army in a growing number of cases concerning commerce and industry.


pages: 661 words: 185,701

The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance by Eswar S. Prasad

access to a mobile phone, Adam Neumann (WeWork), Airbnb, algorithmic trading, altcoin, bank run, barriers to entry, Bear Stearns, Ben Bernanke: helicopter money, Bernie Madoff, Big Tech, bitcoin, Bitcoin Ponzi scheme, Bletchley Park, blockchain, Bretton Woods, business intelligence, buy and hold, capital controls, carbon footprint, cashless society, central bank independence, cloud computing, coronavirus, COVID-19, Credit Default Swap, cross-border payments, cryptocurrency, deglobalization, democratizing finance, disintermediation, distributed ledger, diversified portfolio, Dogecoin, Donald Trump, Elon Musk, Ethereum, ethereum blockchain, eurozone crisis, fault tolerance, fiat currency, financial engineering, financial independence, financial innovation, financial intermediation, Flash crash, floating exchange rates, full employment, gamification, gig economy, Glass-Steagall Act, global reserve currency, index fund, inflation targeting, informal economy, information asymmetry, initial coin offering, Internet Archive, Jeff Bezos, Kenneth Rogoff, Kickstarter, light touch regulation, liquidity trap, litecoin, lockdown, loose coupling, low interest rates, Lyft, M-Pesa, machine readable, Mark Zuckerberg, Masayoshi Son, mobile money, Money creation, money market fund, money: store of value / unit of account / medium of exchange, Network effects, new economy, offshore financial centre, open economy, opioid epidemic / opioid crisis, PalmPilot, passive investing, payday loans, peer-to-peer, peer-to-peer lending, Peter Thiel, Ponzi scheme, price anchoring, profit motive, QR code, quantitative easing, quantum cryptography, RAND corporation, random walk, Real Time Gross Settlement, regulatory arbitrage, rent-seeking, reserve currency, ride hailing / ride sharing, risk tolerance, risk/return, Robinhood: mobile stock trading app, robo advisor, Ross Ulbricht, Salesforce, Satoshi Nakamoto, seigniorage, Sheryl Sandberg, Silicon Valley, Silicon Valley startup, smart contracts, SoftBank, special drawing rights, the payments system, too big to fail, transaction costs, uber lyft, unbanked and underbanked, underbanked, Vision Fund, Vitalik Buterin, Wayback Machine, WeWork, wikimedia commons, Y Combinator, zero-sum game

The numbers on loan amounts come from Citibank’s 2018 report Bank of the Future: The ABCs of Digital Disruption in Finance, March 2018, https://www.citibank.com/commercialbank/insights/assets/docs/2018/The-Bank-of-the-Future/; and Kevin Hamlin, “Mini-loans Have Spurred a Business—and Debt—Boom in China,” Bloomberg, October 29, 2019, https://www.bloomberg.com/graphics/2019-new-economy-drivers-and-disrupters/china.html. See also Evelyn Cheng, “Singles Day Sales Hit a Record High as Chinese Buyers Rack Up Their Credit Card Bills,” CNBC, November 15, 2019, https://www.cnbc.com/2019/11/15/singles-day-sales-hit-record-high-as-chinese-buyers-rack-up-credit-card-bills.html. Some of the intricacies of the on- and off-balance-sheet operations of Huabei and Jiebei are discussed at https://finance.sina.com.cn/roll/2020-02-06/doc-iimxyqvz0769786.shtml (in Chinese); http://database.caixin.com/2019-10-26/101475667.html (in Chinese); and Wu Hongyuran, Hu Yue, and Han Wei, “In Depth: Cheers and Fears in $283 Billion Bank-Tech Lending Tie-Up,” Caixin, October 27, 2019, https://www.caixinglobal.com/2019-10-27/in-depth-cheers-and-fears-in-283-billion-bank-tech-lending-tie-up-101475874.html.


pages: 636 words: 202,284

Piracy : The Intellectual Property Wars from Gutenberg to Gates by Adrian Johns

active measures, Alan Greenspan, banking crisis, Berlin Wall, British Empire, Buckminster Fuller, business intelligence, Charles Babbage, commoditize, Computer Lib, Corn Laws, demand response, distributed generation, Douglas Engelbart, Douglas Engelbart, Edmond Halley, Ernest Rutherford, Fellow of the Royal Society, full employment, Hacker Ethic, Howard Rheingold, industrial research laboratory, informal economy, invention of the printing press, Isaac Newton, James Watt: steam engine, John Harrison: Longitude, Lewis Mumford, Marshall McLuhan, Mont Pelerin Society, new economy, New Journalism, Norbert Wiener, pirate software, radical decentralization, Republic of Letters, Richard Stallman, road to serfdom, Ronald Coase, software patent, South Sea Bubble, Steven Levy, Stewart Brand, tacit knowledge, Ted Nelson, The Home Computer Revolution, the scientific method, traveling salesman, vertical integration, Whole Earth Catalog

In the press it rivaled and then subsumed the lamentations emanating from the entertainment industry about pirated music, movies, and books, as they came to be redefined as subspecies of software. With the growth of the Internet, fears of identity theft, phishing, and the like – culminating in spectacular feats like the pirate multinational NEC – merged with those of piracy proper to make problems of credit and authenticity central to the very constitution of a global “new economy.” By the late 1970s, a fundamental fault line was emerging around digital creativity and intellectual property. Digerati themselves disagreed profoundly about the place of property in the new digital realm, and as that realm became increasingly a networked one those disagreements metastasized.


pages: 670 words: 194,502

The Intelligent Investor (Collins Business Essentials) by Benjamin Graham, Jason Zweig

3Com Palm IPO, accounting loophole / creative accounting, air freight, Alan Greenspan, Andrei Shleifer, AOL-Time Warner, asset allocation, book value, business cycle, buy and hold, buy low sell high, capital asset pricing model, corporate governance, corporate raider, Daniel Kahneman / Amos Tversky, diversified portfolio, dogs of the Dow, Eugene Fama: efficient market hypothesis, Everybody Ought to Be Rich, George Santayana, hiring and firing, index fund, intangible asset, Isaac Newton, John Bogle, junk bonds, Long Term Capital Management, low interest rates, market bubble, merger arbitrage, Michael Milken, money market fund, new economy, passive investing, price stability, Ralph Waldo Emerson, Richard Thaler, risk tolerance, Robert Shiller, Ronald Reagan, shareholder value, sharing economy, short selling, Silicon Valley, South Sea Bubble, Steve Jobs, stock buybacks, stocks for the long run, survivorship bias, the market place, the rule of 72, transaction costs, tulip mania, VA Linux, Vanguard fund, Y2K, Yogi Berra

It then proceeded to lose 79.1% in 2000, 56.4% in 2001, and 13% in 2002—a cumulative collapse of 92%. That loss may have made Mr. Jacob’s investors even older and wiser than it made him. † Intriguingly, the disastrous boom and bust of 1999–2002 also came roughly 35 years after the previous cycle of insanity. Perhaps it takes about 35 years for the investors who remember the last “New Economy” craze to become less influential than those who do not. If this intuition is correct, the intelligent investor should be particularly vigilant around the year 2030. * Today’s equivalent of Graham’s “scarce exceptions” tend to be open-end funds that are closed to new investors—meaning that the managers have stopped taking in any more cash.


pages: 859 words: 204,092

When China Rules the World: The End of the Western World and the Rise of the Middle Kingdom by Martin Jacques

Admiral Zheng, An Inconvenient Truth, Asian financial crisis, Bear Stearns, Berlin Wall, Bob Geldof, Bretton Woods, BRICs, British Empire, classic study, credit crunch, Dava Sobel, deindustrialization, Deng Xiaoping, deskilling, discovery of the americas, Doha Development Round, energy security, European colonialism, failed state, Fall of the Berlin Wall, flying shuttle, Francis Fukuyama: the end of history, global reserve currency, global supply chain, Great Leap Forward, illegal immigration, income per capita, invention of gunpowder, James Watt: steam engine, joint-stock company, Kenneth Rogoff, land reform, land tenure, lateral thinking, Malacca Straits, Martin Wolf, Meghnad Desai, Naomi Klein, Nelson Mandela, new economy, New Urbanism, one-China policy, open economy, Pearl River Delta, pension reform, price stability, purchasing power parity, reserve currency, rising living standards, Ronald Reagan, Scramble for Africa, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, special economic zone, spinning jenny, Spread Networks laid a new fibre optics cable between New York and Chicago, the scientific method, Thomas L Friedman, trade liberalization, urban planning, Washington Consensus, Westphalian system, Xiaogang Anhui farmers, zero-sum game

The reason for the virtual disappearance of traditional attire is not obvious; after all, it is not the case in India, where the sari and salwar-kameez (Punjabi suit) for women and the kurta-pajama (loose top and trousers) and bund-gala (jacket) for men, for instance, remain ubiquitous, notwithstanding the fact that Western styles of dress are common, especially in the ‘new economy’ urban centres like Bangalore. In Japan, Western dress began to spread after the Meiji Restoration. Western clothes were worn by government servants and at official ceremonies, but it was not until much later that they became popular amongst ordinary people. During wartime austerity between 1930 and 1945, simplified Japanese clothes replaced the kimono, which was seen as impractical.


pages: 685 words: 203,949

The Organized Mind: Thinking Straight in the Age of Information Overload by Daniel J. Levitin

Abraham Maslow, airport security, Albert Einstein, Amazon Mechanical Turk, Anton Chekhov, autism spectrum disorder, Bayesian statistics, behavioural economics, big-box store, business process, call centre, Claude Shannon: information theory, cloud computing, cognitive bias, cognitive load, complexity theory, computer vision, conceptual framework, correlation does not imply causation, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, data science, deep learning, delayed gratification, Donald Trump, en.wikipedia.org, epigenetics, Eratosthenes, Exxon Valdez, framing effect, friendly fire, fundamental attribution error, Golden Gate Park, Google Glasses, GPS: selective availability, haute cuisine, How many piano tuners are there in Chicago?, human-factors engineering, if you see hoof prints, think horses—not zebras, impulse control, index card, indoor plumbing, information retrieval, information security, invention of writing, iterative process, jimmy wales, job satisfaction, Kickstarter, language acquisition, Lewis Mumford, life extension, longitudinal study, meta-analysis, more computing power than Apollo, Network effects, new economy, Nicholas Carr, optical character recognition, Pareto efficiency, pattern recognition, phenotype, placebo effect, pre–internet, profit motive, randomized controlled trial, Rubik’s Cube, Salesforce, shared worldview, Sheryl Sandberg, Skype, Snapchat, social intelligence, statistical model, Steve Jobs, supply-chain management, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Bayes, traumatic brain injury, Turing test, Twitter Arab Spring, ultimatum game, Wayback Machine, zero-sum game

And any fact of this sort that you haven’t committed to memory is just a few hundred milliseconds from finding through a Web search. Performing a quick check of the plausibility of numerical information is one of the easiest and most important parts of critical thinking. If someone says that 400 million people voted in the last U.S. federal election, that a new economy car has a top speed of four hundred miles per hour, or that so-and-so lost fifty pounds in two days with a juice fast, your general knowledge of the world and your inherent numeracy should raise a red flag about these numerical values. One of the most important skills, then, that we can teach our children is to think about numbers logically and critically, and enable this sort of querying and verification.


pages: 829 words: 186,976

The Signal and the Noise: Why So Many Predictions Fail-But Some Don't by Nate Silver

airport security, Alan Greenspan, Alvin Toffler, An Inconvenient Truth, availability heuristic, Bayesian statistics, Bear Stearns, behavioural economics, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, big-box store, Black Monday: stock market crash in 1987, Black Swan, Boeing 747, book value, Broken windows theory, business cycle, buy and hold, Carmen Reinhart, Charles Babbage, classic study, Claude Shannon: information theory, Climategate, Climatic Research Unit, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, computer age, correlation does not imply causation, Credit Default Swap, credit default swaps / collateralized debt obligations, cuban missile crisis, Daniel Kahneman / Amos Tversky, disinformation, diversification, Donald Trump, Edmond Halley, Edward Lorenz: Chaos theory, en.wikipedia.org, equity premium, Eugene Fama: efficient market hypothesis, everywhere but in the productivity statistics, fear of failure, Fellow of the Royal Society, Ford Model T, Freestyle chess, fudge factor, Future Shock, George Akerlof, global pandemic, Goodhart's law, haute cuisine, Henri Poincaré, high batting average, housing crisis, income per capita, index fund, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of the printing press, invisible hand, Isaac Newton, James Watt: steam engine, Japanese asset price bubble, John Bogle, John Nash: game theory, John von Neumann, Kenneth Rogoff, knowledge economy, Laplace demon, locking in a profit, Loma Prieta earthquake, market bubble, Mikhail Gorbachev, Moneyball by Michael Lewis explains big data, Monroe Doctrine, mortgage debt, Nate Silver, negative equity, new economy, Norbert Wiener, Oklahoma City bombing, PageRank, pattern recognition, pets.com, Phillips curve, Pierre-Simon Laplace, Plato's cave, power law, prediction markets, Productivity paradox, proprietary trading, public intellectual, random walk, Richard Thaler, Robert Shiller, Robert Solow, Rodney Brooks, Ronald Reagan, Saturday Night Live, savings glut, security theater, short selling, SimCity, Skype, statistical model, Steven Pinker, The Great Moderation, The Market for Lemons, the scientific method, The Signal and the Noise by Nate Silver, The Wisdom of Crowds, Thomas Bayes, Thomas Kuhn: the structure of scientific revolutions, Timothy McVeigh, too big to fail, transaction costs, transfer pricing, University of East Anglia, Watson beat the top human players on Jeopardy!, Wayback Machine, wikimedia commons

Economy Tipping into Recession,” Economic Cycle Research Institute, September 30, 2011. http://www.businesscycle.com/reports_indexes/reportsummarydetails/1091. 53. Chris Isidore, “Forecast Says Double-Dip Recession Is Imminent,” CNNMoney; September 30, 2011. http://money.cnn.com/2011/09/30/news/economy/double_dip_recession/index.htm. 54. Economic Cycle Research Institute, “U.S. Economy Tipping into Recession,” September 30, 2011. http://www.businesscycle.com/reports_indexes/reportsummarydetails/1091. 55. Achuthan and Benerji, Beating the Business Cycle, Kindle locations 192–194. 56.


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, book value, Bretton Woods, Brownian motion, business cycle, capital asset pricing model, Cass Sunstein, classic study, collective bargaining, colonial exploitation, compound rate of return, conceptual framework, Cornelius Vanderbilt, 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, equity risk premium, financial engineering, 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, land bank, Louis Bachelier, low interest rates, 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, public intellectual, quantitative trading / quantitative finance, random walk, Richard Thaler, Robert Shiller, shareholder value, short selling, South Sea Bubble, sovereign wealth fund, spice trade, stochastic process, subprime mortgage crisis, Suez canal 1869, Suez crisis 1956, the scientific method, The Wealth of Nations by Adam Smith, Thomas Malthus, time value of money, tontine, too big to fail, trade liberalization, trade route, transatlantic slave trade, tulip mania, wage slave

Were stocks booming because of the invention of the radio, the widespread adoption of the automobile, the emergence of public air travel, and myriad other changes to modern life? In a period when old technology was losing and new technology was winning, perhaps investors placed a premium on companies that were ahead of the curve. That is also, of course, the story of the Tech Bubble of the 1990s. New economy stocks shot up in the expectation that they would become dominant companies. Nicholas tested his theory in an interesting way.16 He took all the patents by American companies in the 1920s and then looked decades into the future to see which patents turned out to be valuable. He calls this “knowledge capital.”


pages: 650 words: 203,191

After Tamerlane: The Global History of Empire Since 1405 by John Darwin

agricultural Revolution, Atahualpa, Berlin Wall, Bretton Woods, British Empire, Cape to Cairo, classic study, colonial rule, Columbian Exchange, cuban missile crisis, deglobalization, deindustrialization, European colonialism, failed state, Francisco Pizarro, Great Leap Forward, invisible hand, Isaac Newton, joint-stock company, Khartoum Gordon, laissez-faire capitalism, land reform, Mahatma Gandhi, Malacca Straits, military-industrial complex, mutually assured destruction, new economy, New Urbanism, oil shock, open economy, price mechanism, reserve currency, Ronald Reagan, Scramble for Africa, South China Sea, South Sea Bubble, spice trade, Suez canal 1869, Suez crisis 1956, The Wealth of Nations by Adam Smith, trade route, transaction costs, transatlantic slave trade

British overseas banks, insurance companies and shipping took the lion’s share of the newtraffic between continents. British shipping agents and steamers became ubiquitous. After 1870, London added foreign investment to its arsenal – a reaction to the fact that the British economy was now growing more slowly than the ‘new’ economies overseas. From then until 1914, London was the source of more than half the capital that was sent out of Europe. Much of it went into transport systems that would open new markets and connect newproducers. By 1913, over 40 per cent of British capital abroad had gone into railways – state-controlled (as in Australia and India) or private.72 The stream of sterling had other important effects.


pages: 708 words: 196,859

Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed

Alan Greenspan, Albert Einstein, anti-communist, bank run, banking crisis, Bretton Woods, British Empire, business cycle, capital controls, central bank independence, centre right, credit crunch, currency manipulation / currency intervention, Etonian, Ford Model T, full employment, gentleman farmer, German hyperinflation, Glass-Steagall Act, index card, invisible hand, Lao Tzu, large denomination, Long Term Capital Management, low interest rates, margin call, market bubble, Mexican peso crisis / tequila crisis, mobile money, money market fund, moral hazard, new economy, open economy, plutocrats, price stability, purchasing power parity, pushing on a string, rolodex, scientific management, the market place

Not every stock went up in the rise. From the very start, the 1920s market had been as bifurcated as the underlying economy—the “old economy” of textiles, coal, and railroads struggling, as coal lost out to oil and electricity, and the new business of trucking bypassing the railways while the “new economy” of automobiles and radio and consumer appliances grew exponentially. Of the thousand or so companies listed on the New York Stock Exchange, as many went down as went up. The first signs that other, more psychological, factors might be at play emerged in the middle of 1927 with the Fed easing after the Long Island meeting.


pages: 537 words: 200,923

City: Urbanism and Its End by Douglas W. Rae

agricultural Revolution, barriers to entry, business climate, City Beautiful movement, classic study, complexity theory, creative destruction, desegregation, edge city, Ford Model T, gentrification, ghettoisation, Glass-Steagall Act, Gunnar Myrdal, income per capita, informal economy, information asymmetry, interchangeable parts, invisible hand, James Watt: steam engine, Jane Jacobs, joint-stock company, Joseph Schumpeter, Kickstarter, Lewis Mumford, manufacturing employment, New Economic Geography, new economy, New Urbanism, open immigration, Peter Calthorpe, plutocrats, public intellectual, Saturday Night Live, streetcar suburb, the built environment, The Death and Life of Great American Cities, the market place, urban planning, urban renewal, vertical integration, War on Poverty, white flight, Works Progress Administration

This was the decision by A&P’s John Hartford in 1912 to roll out a low-end version: “In 1912 [he persuaded the firm’s other owners] to try a new cash and carry ‘economy’ store, as opposed to the deliveries 237 E N D O F U R B A N I S M and charge accounts that were popular at the time. Competing against one of the company’s most profitable stores nearby, the tiny store drove the larger one out of business in just six months! Within two years, 1,600 of the new economy stores opened, an average of almost three per day. By 1916, sales had more than doubled.”37 These stores, typically just 40 by 30 feet, proliferated along the arterials of New Haven and almost every other city in the region. Each carried a predetermined array of 300 standard items, many of them manufactured privately as store label brands for A&P (8 O’Clock Coffee being the most famous surviving instance).


pages: 650 words: 204,878

Reminiscences of a Stock Operator by Edwin Lefèvre, William J. O'Neil

activist fund / activist shareholder / activist investor, bank run, behavioural economics, Black Monday: stock market crash in 1987, book value, British Empire, business process, buttonwood tree, buy and hold, buy the rumour, sell the news, clean water, Cornelius Vanderbilt, cotton gin, Credit Default Swap, Donald Trump, fiat currency, Ford Model T, gentleman farmer, Glass-Steagall Act, Hernando de Soto, margin call, Monroe Doctrine, new economy, pattern recognition, Ponzi scheme, price stability, refrigerator car, Reminiscences of a Stock Operator, reserve currency, short selling, short squeeze, technology bubble, tontine, trade route, transcontinental railway, traveling salesman, Upton Sinclair, yellow journalism

He was among the few in the buggy-whip set to transition to autos, and created General Motors in 1908 by consolidating 13 small car makers and 10 parts makers, including Cadillac, Buick, and Oldsmobile. Big investors in the new firm ousted him in 1911 over complaints about his risk taking, but he then started a new economy-car firm with famed racer Louis Chevrolet, and later managed to win back GM through a clever series of stock transactions: Leading the bull pool himself, he acquired shares in the company cheaply during a weak spot in the economy, and then manipulated the stock from $82 in January 1916 to $558 in December that year.


pages: 720 words: 197,129

The Innovators: How a Group of Inventors, Hackers, Geniuses and Geeks Created the Digital Revolution by Walter Isaacson

1960s counterculture, Ada Lovelace, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, AltaVista, Alvin Toffler, Apollo Guidance Computer, Apple II, augmented reality, back-to-the-land, beat the dealer, Bill Atkinson, Bill Gates: Altair 8800, bitcoin, Bletchley Park, Bob Noyce, Buckminster Fuller, Byte Shop, c2.com, call centre, Charles Babbage, citizen journalism, Claude Shannon: information theory, Clayton Christensen, commoditize, commons-based peer production, computer age, Computing Machinery and Intelligence, content marketing, crowdsourcing, cryptocurrency, Debian, desegregation, Donald Davies, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, driverless car, Dynabook, El Camino Real, Electric Kool-Aid Acid Test, en.wikipedia.org, eternal september, Evgeny Morozov, Fairchild Semiconductor, financial engineering, Firefox, Free Software Foundation, Gary Kildall, Google Glasses, Grace Hopper, Gödel, Escher, Bach, Hacker Ethic, Haight Ashbury, Hans Moravec, Howard Rheingold, Hush-A-Phone, HyperCard, hypertext link, index card, Internet Archive, Ivan Sutherland, Jacquard loom, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, John von Neumann, Joseph-Marie Jacquard, Leonard Kleinrock, Lewis Mumford, linear model of innovation, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Mitch Kapor, Mother of all demos, Neil Armstrong, new economy, New Journalism, Norbert Wiener, Norman Macrae, packet switching, PageRank, Paul Terrell, pirate software, popular electronics, pre–internet, Project Xanadu, punch-card reader, RAND corporation, Ray Kurzweil, reality distortion field, RFC: Request For Comment, Richard Feynman, Richard Stallman, Robert Metcalfe, Rubik’s Cube, Sand Hill Road, Saturday Night Live, self-driving car, Silicon Valley, Silicon Valley startup, Skype, slashdot, speech recognition, Steve Ballmer, Steve Crocker, Steve Jobs, Steve Wozniak, Steven Levy, Steven Pinker, Stewart Brand, Susan Wojcicki, technological singularity, technoutopianism, Ted Nelson, Teledyne, the Cathedral and the Bazaar, The Coming Technological Singularity, The Nature of the Firm, The Wisdom of Crowds, Turing complete, Turing machine, Turing test, value engineering, Vannevar Bush, Vernor Vinge, Von Neumann architecture, Watson beat the top human players on Jeopardy!, Whole Earth Catalog, Whole Earth Review, wikimedia commons, William Shockley: the traitorous eight, Yochai Benkler

Over the course of more than three decades, the federal government, working with private industry and research universities, had designed and built a massive infrastructure project, like the interstate highway system but vastly more complex, and then threw it open to ordinary citizens and commercial enterprises. It was funded primarily by public dollars, but it paid off thousands of times over by seeding a new economy and an era of economic growth. Tim Berners-Lee (1955– ). Marc Andreessen (1971– ). Justin Hall (1974– ) and Howard Rheingold (1947– ) in 1995. CHAPTER ELEVEN THE WEB There was a limit to how popular the Internet could be, at least among ordinary computer users, even after the advent of modems and the rise of online services made it possible for almost anyone to get connected.


Four Battlegrounds by Paul Scharre

2021 United States Capitol attack, 3D printing, active measures, activist lawyer, AI winter, AlphaGo, amateurs talk tactics, professionals talk logistics, artificial general intelligence, ASML, augmented reality, Automated Insights, autonomous vehicles, barriers to entry, Berlin Wall, Big Tech, bitcoin, Black Lives Matter, Boeing 737 MAX, Boris Johnson, Brexit referendum, business continuity plan, business process, carbon footprint, chief data officer, Citizen Lab, clean water, cloud computing, commoditize, computer vision, coronavirus, COVID-19, crisis actor, crowdsourcing, DALL-E, data is not the new oil, data is the new oil, data science, deep learning, deepfake, DeepMind, Demis Hassabis, Deng Xiaoping, digital map, digital rights, disinformation, Donald Trump, drone strike, dual-use technology, Elon Musk, en.wikipedia.org, endowment effect, fake news, Francis Fukuyama: the end of history, future of journalism, future of work, game design, general purpose technology, Geoffrey Hinton, geopolitical risk, George Floyd, global supply chain, GPT-3, Great Leap Forward, hive mind, hustle culture, ImageNet competition, immigration reform, income per capita, interchangeable parts, Internet Archive, Internet of things, iterative process, Jeff Bezos, job automation, Kevin Kelly, Kevin Roose, large language model, lockdown, Mark Zuckerberg, military-industrial complex, move fast and break things, Nate Silver, natural language processing, new economy, Nick Bostrom, one-China policy, Open Library, OpenAI, PalmPilot, Parler "social media", pattern recognition, phenotype, post-truth, purchasing power parity, QAnon, QR code, race to the bottom, RAND corporation, recommendation engine, reshoring, ride hailing / ride sharing, robotic process automation, Rodney Brooks, Rubik’s Cube, self-driving car, Shoshana Zuboff, side project, Silicon Valley, slashdot, smart cities, smart meter, Snapchat, social software, sorting algorithm, South China Sea, sparse data, speech recognition, Steve Bannon, Steven Levy, Stuxnet, supply-chain attack, surveillance capitalism, systems thinking, tech worker, techlash, telemarketer, The Brussels Effect, The Signal and the Noise by Nate Silver, TikTok, trade route, TSMC

Holds Naval Exercises with Allies in Asia amid China Tension,” Reuters, July 21, 2020, https://www.reuters.com/article/us-india-usa/u-s-holds-naval-exercises-with-allies-in-asia-amid-china-tension-idUSKCN24M0RB. 76restructure global supply chains: Katrin Hille, “US and Taiwan to Work on Reshaping Supply Chains Away from China,” Financial Times, September 4, 2020, https://www.ft.com/content/64be66cd-91eb-4862-a8fe-7c998b2e4770. 76trilateral supply chain resilience initiative: Dipanjan Roy Chaudhurhy, “India-Japan-Australia Decide to Launch Resilient Supply Chain Initiative in the Indo-Pacific Region,” Economic Times, September 2, 2020, https://economictimes.indiatimes.com/news/economy/foreign-trade/india-japan-australia-decide-to-launch-resilient-supply-chain-initiative-in-the-indo-pacific-region/articleshow/77870346.cms. 76$2.2 billion to incentivize companies: David Arase, “Tokyo Prods Japanese Firms to Leave China,” interview by Mercy A. Kuo, The Diplomat, May 5, 2020, https://thediplomat.com/2020/05/tokyo-prods-japanese-firms-to-leave-china/; Isabel Reynolds and Emi Urabe, “Japan to Fund Firms to Shift Production Out of China,” Bloomberg, April 8, 2020, https://www.bloomberg.com/news/articles/2020-04-08/japan-to-fund-firms-to-shift-production-out-of-china. 76French pharmaceutical companies: Ail Laidi, “Covid-19 Forces France to Look at Relocating Its Pharmaceutical Industry,” France 24, May 14, 2020, https://www.france24.com/en/20200514-covid-19-forces-france-to-look-at-relocating-its-pharmaceutical-industry. 76reduce American dependency on China: Lin Yang, “Pandemic Exposes Perils of Global Reliance on China for Drug Supplies,” voanews.com, May 20, 2020, https://www.voanews.com/science-health/pandemic-exposes-perils-global-reliance-china-drug-supplies; David J.


pages: 1,060 words: 265,296

Wealth and Poverty of Nations by David S. Landes

Admiral Zheng, affirmative action, agricultural Revolution, Atahualpa, Ayatollah Khomeini, Bartolomé de las Casas, book value, British Empire, business cycle, Cape to Cairo, classic study, clean water, colonial rule, Columbian Exchange, computer age, David Ricardo: comparative advantage, deindustrialization, deskilling, European colonialism, Fellow of the Royal Society, financial intermediation, Francisco Pizarro, germ theory of disease, glass ceiling, high-speed rail, illegal immigration, income inequality, Index librorum prohibitorum, interchangeable parts, invention of agriculture, invention of movable type, invisible hand, Isaac Newton, it's over 9,000, James Watt: steam engine, John Harrison: Longitude, joint-stock company, Just-in-time delivery, Kenneth Arrow, land tenure, lateral thinking, Lewis Mumford, mass immigration, Mexican peso crisis / tequila crisis, MITM: man-in-the-middle, Monroe Doctrine, Murano, Venice glass, new economy, New Urbanism, North Sea oil, out of africa, passive investing, Paul Erdős, Paul Samuelson, Philip Mirowski, rent-seeking, Right to Buy, Robert Solow, Savings and loan crisis, Scramble for Africa, Simon Kuznets, South China Sea, spice trade, spinning jenny, Suez canal 1869, The Wealth of Nations by Adam Smith, trade route, transaction costs, transatlantic slave trade, Vilfredo Pareto, zero-sum game

One can show and profit by these qualities in all walks of life. Weber's argument, as I see it, is that in that place and time (northern Europe, sixteenth to eighteenth centuries), religion encouraged the appearance in numbers o f a personality type that had been exceptional and adven­ titious before; and that this type created a new economy (a new mode of production) that we know as (industrial) capitalism. Add to this the growing need for fixed capital (equipment and plant) in the industrial sector. This made continuity crucial—for the sake of continued maintenance and improvement and the accumulation of knowledge and experience.

But the sacralization of the home as enterprise, as building block o f national wealth and achievement, converted even the laggards. In 1 8 9 0 , only 30 percent o f eligible girls attended school; twenty years later, the figure was 97.4 percent. At the same time, women's actiivities changed to fit the needs o f a new economy. More and more o f them found jobs outside the home, primarily in light industry (textiles, etc.), where the workforce was 6 0 - 9 0 percent female. These branches produced 4 0 percent o f the G N P and 60 percent of foreign exchange at the end o f the nineteenth century. H o w were women wageearners going to rear and teach children?


pages: 913 words: 219,078

The Marshall Plan: Dawn of the Cold War by Benn Steil

Albert Einstein, Alistair Cooke, An Inconvenient Truth, anti-communist, Berlin Wall, Bretton Woods, Brexit referendum, British Empire, business cycle, Carmen Reinhart, centre right, currency manipulation / currency intervention, deindustrialization, democratizing finance, disintermediation, Dissolution of the Soviet Union, Donald Trump, eurozone crisis, facts on the ground, Fall of the Berlin Wall, foreign exchange controls, full employment, imperial preference, invisible hand, Kenneth Rogoff, kremlinology, land reform, Mikhail Gorbachev, Monroe Doctrine, new economy, open economy, Potemkin village, RAND corporation, Ronald Reagan, scientific management, structural adjustment programs, the market place, trade liberalization, Transnistria, Winter of Discontent, Works Progress Administration, éminence grise

Tcherneva, Pavlina. “A Global Marshall Plan for Joblessness?” New Economic Perspectives. May 12, 2016. http://neweconomicperspectives.org/2016/05/global-marshall-plan-joblessness.html. Thompson, Mark. “Soros: Ukraine Needs EU Marshall Plan.” CNNMoney. March 12, 2014. http://money.cnn.com/2014/03/12/news/economy/ukraine-europe-soros/. Time. “Cotton’s Clayton.” August 17, 1936. Time. “The Year of Decision.” January 5, 1948. Time. “THE CONGRESS: Fateful Calendar.” January 12, 1948. Time. “The Best Bargain the American People Ever Bought.” April 11, 1949. Time. “I Am an Optimist.” June 4, 1990. Tóth, Csaba.


pages: 518 words: 170,126

City for Sale: The Transformation of San Francisco by Chester W. Hartman, Sarah Carnochan

affirmative action, Albert Einstein, Bay Area Rapid Transit, benefit corporation, big-box store, business climate, Golden Gate Park, Haight Ashbury, housing crisis, illegal immigration, John Markoff, Loma Prieta earthquake, manufacturing employment, megaproject, new economy, New Urbanism, Peoples Temple, profit motive, Ralph Nader, rent control, rent stabilization, Ronald Reagan, San Francisco homelessness, Savings and loan crisis, Silicon Valley, South of Market, San Francisco, strikebreaker, union organizing, urban planning, urban renewal, very high income, young professional

Some observers of the Bay Area situation are not so sanguine as to believe it couldn’t happen here.”215 The horrible consequences that squeezing out the poor may cause are captured eloquently in this summary paragraph by the BAC: “Imagine: a society in which everyone can afford to drive a BMW or Mercedes but there’s no one to pump the gas.”216 Whether there’s anyone left to pump the gas remains to be seen. As of early 2002, the dot-com tsunami has abated considerably and dramatically, giving rise to front-page headlines of the type gracing the March 26, 2001, New York Times: “With New Economy Chilling, San Francisco’s Party Fizzles,” and from the March 27, 2001, Wall Street Journal, “Home Prices Are Beginning to Decline in Upscale San Francisco Neighborhoods” (although the story reports the mind-boggling statistic that the median home price the month before was $512,500). Dot-com firms are folding by the dozens, relieving the office space crunch South of Market, in the Mission and elsewhere downtown.


pages: 1,520 words: 221,543

Britain at Bay: The Epic Story of the Second World War: 1938-1941 by Alan Allport

Bletchley Park, Boris Johnson, British Empire, centre right, clean water, COVID-19, disinformation, Downton Abbey, hydroponic farming, imperial preference, lone genius, mass incarceration, military-industrial complex, moral hazard, new economy, plutocrats, trade route, éminence grise

Baldwin’s most important political achievement in the 1930s was to persuade enough working-class voters – half of them, roughly – that their interests coincided with those of men like Alfred Roberts.32 This was no mean feat at a time when 15 per cent of the nation’s insured workers, most of them manual labourers, were on the dole.33 He was able to take advantage of the ambivalent attitude that the manual workers of the booming new economy had about their place in the class structure in the 1930s. The employees of companies like Morris Motors and GEC, non-unionised and prospering under the National Government’s direction, did not feel any particular solidarity with the cotton weavers and coal miners of the beleaguered north. If (as they saw it) Lancashire and Tyneside’s workers, egged on by fanatical shop stewards, had fecklessly priced themselves out of their own jobs, then that was their problem, not Coventry’s.34 Labour and the trade unions, by this view, spoke for the selfish sectional interests of one strain of the working class alone.


pages: 828 words: 232,188

Political Order and Political Decay: From the Industrial Revolution to the Globalization of Democracy by Francis Fukuyama

Affordable Care Act / Obamacare, Andrei Shleifer, Asian financial crisis, Atahualpa, banking crisis, barriers to entry, Berlin Wall, blood diamond, British Empire, centre right, classic study, clean water, collapse of Lehman Brothers, colonial rule, conceptual framework, Cornelius Vanderbilt, cotton gin, crony capitalism, Day of the Dead, deindustrialization, Deng Xiaoping, disruptive innovation, double entry bookkeeping, Edward Snowden, Erik Brynjolfsson, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, first-past-the-post, Francis Fukuyama: the end of history, Francisco Pizarro, Frederick Winslow Taylor, full employment, Gini coefficient, Glass-Steagall Act, Great Leap Forward, Hernando de Soto, high-speed rail, Home mortgage interest deduction, household responsibility system, income inequality, information asymmetry, invention of the printing press, iterative process, Kickstarter, knowledge worker, labour management system, land reform, land tenure, life extension, low interest rates, low skilled workers, manufacturing employment, means of production, Menlo Park, Mohammed Bouazizi, Monroe Doctrine, moral hazard, Nelson Mandela, new economy, open economy, out of africa, Peace of Westphalia, Port of Oakland, post-industrial society, post-materialism, price discrimination, quantitative easing, RAND corporation, rent-seeking, road to serfdom, Ronald Reagan, scientific management, Scientific racism, Scramble for Africa, Second Machine Age, Silicon Valley, special economic zone, stem cell, subprime mortgage crisis, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, too big to fail, trade route, transaction costs, Twitter Arab Spring, Tyler Cowen, Tyler Cowen: Great Stagnation, Vilfredo Pareto, women in the workforce, work culture , World Values Survey, zero-sum game

Particularly in the United States, politicians intervened to weaken the power of trade unions and to otherwise increase the flexibility of labor markets. Individuals were advised to embrace disruptive change and were told that they would find better opportunities as knowledge workers doing creative and interesting things in the new economy. France and Italy stood at the other end of this spectrum, seeking to protect middle-class jobs by imposing onerous rules on companies attempting to lay off workers. By not recognizing the need for adjustment in work rules and labor conditions, they stopped job loss in the short run while losing competitiveness to other countries in the long run.


pages: 721 words: 238,678

Fall Out: A Year of Political Mayhem by Tim Shipman

banking crisis, Beeching cuts, Bernie Sanders, Boris Johnson, Brexit referendum, centre right, Clapham omnibus, Corn Laws, corporate governance, Dominic Cummings, Donald Trump, drone strike, Etonian, eurozone crisis, fake news, Gordon Gekko, greed is good, high-speed rail, iterative process, Jeremy Corbyn, John Bercow, Kickstarter, kremlinology, land value tax, low interest rates, mutually assured destruction, Neil Kinnock, new economy, non-tariff barriers, offshore financial centre, open borders, public intellectual, quantitative easing, Ronald Reagan, Snapchat, Steve Bannon, working poor

But what kind of Brexit is not. The choice: Tory reckless Brexit • Britain a low-wage tax haven • Workers’ rights ‘unsustainable’ (Liam Fox) Or a people’s Brexit • Access to the single market to protect jobs and living standards • Workers’ rights and consumer and environmental standards secured • Building a new economy – investing in infrastructure, skills, new technology, green industries Tories – evading scrutiny Seven years of Tory austerity, aided by LibDems, has meant: • Economic failure • Most families worse off • NHS and public services cut and plundered by privatisation • Housebuilding at its lowest since 1920s • Attacks on disabled and other vulnerable groups • Schools facing cuts and rising class sizes Tories – a Britain only for the richest – Tax handouts (2016–2022) • Corporation Tax – £63.8 billion • Inheritance Tax – £3.6 billion • Capital Gains Tax – £0.8 billion • Bank Levy – £5.4 billion Labour’s core theme Instead of a country run for the rich … Labour wants a Britain where all of us can lead richer lives Labour – 10-day policy ‘blitz’ just a taster • Free primary school meals to help learning and health • Increasing the carer’s allowance • Giving pensioners dignity and security • An environment for small businesses to grow • A £10 minimum wage • Ending high street bank closures Labour – a real alternative for Britain Core strategy for investment, job creation and upgrading the economy • A national investment bank • Regional investment banks • Modernising infrastructure • Creating a high-skill, high-tech, green economy • Employment rights for good jobs The challenge we face Polling advice: ‘Party is in a weak position with undecided and considerers, and simply attacking the Tories tends only to worsen our position.’


pages: 788 words: 223,004

Merchants of Truth: The Business of News and the Fight for Facts by Jill Abramson

"World Economic Forum" Davos, 23andMe, 4chan, Affordable Care Act / Obamacare, Alexander Shulgin, Apple's 1984 Super Bowl advert, barriers to entry, Bernie Madoff, Bernie Sanders, Big Tech, Black Lives Matter, Cambridge Analytica, Charles Lindbergh, Charlie Hebdo massacre, Chelsea Manning, citizen journalism, cloud computing, commoditize, content marketing, corporate governance, creative destruction, crowdsourcing, data science, death of newspapers, digital twin, diversified portfolio, Donald Trump, East Village, Edward Snowden, fake news, Ferguson, Missouri, Filter Bubble, future of journalism, glass ceiling, Google Glasses, haute couture, hive mind, income inequality, information asymmetry, invisible hand, Jeff Bezos, Joseph Schumpeter, Khyber Pass, late capitalism, Laura Poitras, Marc Andreessen, Mark Zuckerberg, move fast and break things, Nate Silver, new economy, obamacare, Occupy movement, Paris climate accords, performance metric, Peter Thiel, phenotype, pre–internet, race to the bottom, recommendation engine, Robert Mercer, Ronald Reagan, Saturday Night Live, self-driving car, sentiment analysis, Sheryl Sandberg, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social contagion, social intelligence, social web, SoftBank, Steve Bannon, Steve Jobs, Steven Levy, tech billionaire, technoutopianism, telemarketer, the scientific method, The Wisdom of Crowds, Tim Cook: Apple, too big to fail, vertical integration, WeWork, WikiLeaks, work culture , Yochai Benkler, you are the product

Mastromonaco was named to the senior position of chief operating officer and charged with creating a management structure, a job Smith described as “a nightmare for most status-quo managers.” What qualified her for the role, he said, was that “the only thing in this world crazier and more freaky than Vice right now is the U.S. government.” Despite her oversight, there was still chaos. With clients such as Facebook, Google, Dell, and other new-economy giants, Vice’s ad revenue and licensing fees were soaring, but its expenses were out of control and media analysts doubted whether the company was profitable. Because it was privately held—Smith controlled 90 percent—it didn’t have to file its finances publicly. Nonetheless investors kept coming to Brooklyn in their town cars.


pages: 825 words: 228,141

MONEY Master the Game: 7 Simple Steps to Financial Freedom by Tony Robbins

"World Economic Forum" Davos, 3D printing, active measures, activist fund / activist shareholder / activist investor, addicted to oil, affirmative action, Affordable Care Act / Obamacare, Albert Einstein, asset allocation, backtesting, Bear Stearns, behavioural economics, bitcoin, Black Monday: stock market crash in 1987, buy and hold, Carl Icahn, clean water, cloud computing, corporate governance, corporate raider, correlation does not imply causation, Credit Default Swap, currency risk, Dean Kamen, declining real wages, diversification, diversified portfolio, Donald Trump, estate planning, fear of failure, fiat currency, financial independence, fixed income, forensic accounting, high net worth, index fund, Internet of things, invention of the wheel, it is difficult to get a man to understand something, when his salary depends on his not understanding it, Jeff Bezos, John Bogle, junk bonds, Kenneth Rogoff, lake wobegon effect, Lao Tzu, London Interbank Offered Rate, low interest rates, Marc Benioff, market bubble, Michael Milken, money market fund, mortgage debt, Neil Armstrong, new economy, obamacare, offshore financial centre, oil shock, optical character recognition, Own Your Own Home, passive investing, profit motive, Ralph Waldo Emerson, random walk, Ray Kurzweil, Richard Thaler, risk free rate, risk tolerance, riskless arbitrage, Robert Shiller, Salesforce, San Francisco homelessness, self-driving car, shareholder value, Silicon Valley, Skype, Snapchat, sovereign wealth fund, stem cell, Steve Jobs, subscription business, survivorship bias, tail risk, TED Talk, telerobotics, The 4% rule, The future is already here, the rule of 72, thinkpad, tontine, transaction costs, Upton Sinclair, Vanguard fund, World Values Survey, X Prize, Yogi Berra, young professional, zero-sum game

Today Ray is head of engineering development for Google. But I wanted to write a book that went beyond the psychology and science of achievement to come up with a real plan, with real tools that you could use to build a better future for yourself and your family. It would be a handbook, a blueprint, an owner’s manual for the new economy. As I began to reassociate to the power of a book, I thought, “I need to put these answers in a form that’s available to anyone.” And with today’s technology, this book has a few great advantages to help push you along the way. It has electronic segments where you can go online to see some of the men and women I interviewed and hear their words.


pages: 753 words: 233,306

Collapse by Jared Diamond

biodiversity loss, Biosphere 2, California energy crisis, classic study, clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, Easter island, European colonialism, Exxon Valdez, Garrett Hardin, Great Leap Forward, illegal immigration, job satisfaction, low interest rates, means of production, Medieval Warm Period, megaproject, new economy, North Sea oil, Piper Alpha, polynesian navigation, prisoner's dilemma, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, Timothy McVeigh, trade route, Tragedy of the Commons, transcontinental railway, unemployed young men

Chapter 16 Some books, published since 2001, that provide an overview of current environmental problems and an introduction to the large literature on this subject include: Stuart Pimm, The World According to Pimm: A Scientist Audits the Earth (New York: McGraw-Hill, 2001); Lester Brown's three books Eco-economy: Building an Economy for the Earth (New York: Norton, 2001), Plan B: Rescuing a Planet Under Stress and Civilization in Trouble (New York: Norton, 2003), and State of the World (New York: Norton, published annually since 1984); Edward Wilson, The Future of Life (New York: Knopf, 2002); Gretchen Daily and Katherine Ellison, The New Economy of Nature: The Quest to Make Conservation Profitable (Washington, D.C.: Island Press, 2002); David Lorey, ed., Global Environmental Challenges of the Twenty-first Century: Resources, Consumption, and Sustainable Solutions (Wilmington, Del: Scholarly Resources, 2003); Paul Ehrlich and Anne Ehrlich, One with Nineveh: Politics, Consumption, and the Human Future (Washington, D.C.: Island Press, 2004); and James Speth, Red Sky at Morning: America and the Crisis of the Global Environment (New Haven: Yale University Press, 2004).


pages: 879 words: 233,093

The Empathic Civilization: The Race to Global Consciousness in a World in Crisis by Jeremy Rifkin

Abraham Maslow, agricultural Revolution, Albert Einstein, animal electricity, back-to-the-land, British Empire, carbon footprint, classic study, collaborative economy, death of newspapers, delayed gratification, distributed generation, emotional labour, en.wikipedia.org, energy security, feminist movement, Ford Model T, global village, Great Leap Forward, hedonic treadmill, hydrogen economy, illegal immigration, income inequality, income per capita, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), Internet Archive, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, James Watt: steam engine, Johann Wolfgang von Goethe, Lewis Mumford, Mahatma Gandhi, Marshall McLuhan, means of production, megacity, meta-analysis, Milgram experiment, mirror neurons, Nelson Mandela, new economy, New Urbanism, Norbert Wiener, off grid, off-the-grid, out of africa, Peace of Westphalia, peak oil, peer-to-peer, planetary scale, Recombinant DNA, scientific management, scientific worldview, Simon Kuznets, Skype, smart grid, smart meter, social intelligence, supply-chain management, surplus humans, systems thinking, the medium is the message, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Tragedy of the Commons, transaction costs, upwardly mobile, uranium enrichment, working poor, World Values Survey

Improved living conditions, brought on by industrial development, have shaken the foundation of the more traditional patriarchal worldview that characterized much of history. The Industrial Revolution spurred public schooling and mass literacy, preparing people for professional, technical, and vocational skills required by the new economy. These new industrial skills have liberated millions of individuals from older communal bonds by allowing them to contract for their own wage-labor and become more independent. The increasing differentiation of skills and wage-labor has nurtured a new sense of individual freedom and selfhood. As individuals in industrializing and urbanizing societies become more productive, wealthy, and independent, their values orientation shift from survival values to materialist values and eventually postmaterialist, self-expression values.


The Art of Scalability: Scalable Web Architecture, Processes, and Organizations for the Modern Enterprise by Martin L. Abbott, Michael T. Fisher

always be closing, anti-pattern, barriers to entry, Bernie Madoff, business climate, business continuity plan, business intelligence, business logic, business process, call centre, cloud computing, combinatorial explosion, commoditize, Computer Numeric Control, conceptual framework, database schema, discounted cash flows, Dunning–Kruger effect, en.wikipedia.org, fault tolerance, finite state, friendly fire, functional programming, hiring and firing, Infrastructure as a Service, inventory management, machine readable, new economy, OSI model, packet switching, performance metric, platform as a service, Ponzi scheme, power law, RFC: Request For Comment, risk tolerance, Rubik’s Cube, Search for Extraterrestrial Intelligence, SETI@home, shareholder value, Silicon Valley, six sigma, software as a service, the scientific method, transaction costs, Vilfredo Pareto, web application, Y2K

Are you increasing the switching costs for your suppliers? Are you changing the likelihood that your customers or suppliers will use substitutes rather than you or a competitor? Are you decreasing exit barriers for the competition or making it harder for new competitors to compete against you? Does this create new economies of scale for you? These are but some of the questions you should be able to answer to be comfortable with a build over a buy decision. In answering these questions, or going through a more formal analysis, recognize your natural bias toward believing that you can create competitive differentiation.


pages: 769 words: 224,916

The Bin Ladens: An Arabian Family in the American Century by Steve Coll

American ideology, anti-communist, Berlin Wall, Boeing 747, borderless world, Boycotts of Israel, British Empire, business climate, colonial rule, Donald Trump, European colonialism, Fall of the Berlin Wall, financial independence, forensic accounting, global village, haute couture, high-speed rail, independent contractor, intangible asset, Iridium satellite, Khyber Pass, Korean Air Lines Flight 007, low earth orbit, margin call, Mount Scopus, new economy, offshore financial centre, oil shock, Oscar Wyatt, RAND corporation, Ronald Reagan, Saturday Night Live, Silicon Valley, Silicon Valley startup, urban planning, Yogi Berra

Above all, his planes gave him freedom—to live as he wished, to go where he pleased. As one of his Lebanese friends summed it up: “Salem believed in his Learjet and his MU-2 and his jeans and guitar and harmonica.”27 IT WAS AN APPEALING CREED, but an expensive one. To live this way, Salem needed to adapt his family’s strategy to better profit from the new economy of the oil boom. European and American corporations swarmed into Saudi Arabia during the 1970s. They hawked televisions, telephones, fancy cars, air conditioners, and dishwashers—all the badges of modern consumerism. Saudi law required these firms to sell through local agents. Saudi merchant families competed to sign up agencies with the most desirable brands, a pathway to instant profits.


The Europeans: Three Lives and the Making of a Cosmopolitan Culture by Orlando Figes

Anton Chekhov, British Empire, Charles Babbage, glass ceiling, global village, Honoré de Balzac, Internet Archive, Murano, Venice glass, new economy, New Journalism, Open Library, Republic of Letters, Suez canal 1869, wikimedia commons

Their biographies are woven through the narrative, which follows them around Europe (between them they lived at different times in France, Spain, Russia, Germany and Britain, and travelled widely through the rest of it), engages with those people whom they knew (almost everyone of any real importance on the European cultural scene), and explores those issues that affected them as artists and promoters of the arts. In their different ways, Turgenev and the Viardots were figures in the arts adapting to the market and its challenges. Pauline had been born into a family of itinerant singers, so commercial enterprise was in her blood; but she was extremely skilful in her exploitation of the new economy and, as a woman, unusually independent for this patriarchal age. Louis acted as her manager in the early years of their marriage. As the director of the Théâtre Italien, one of Europe’s major opera houses, he had quickly learned how to operate in a free market, but his business acumen was always moderated by an academic temperament.


pages: 920 words: 237,085

Rick Steves Florence & Tuscany 2017 by Rick Steves

active transport: walking or cycling, Airbnb, Bonfire of the Vanities, call centre, carbon footprint, Dava Sobel, Google Hangouts, index card, Isaac Newton, John Harrison: Longitude, Murano, Venice glass, new economy, place-making, Skype, trade route, upwardly mobile, urban renewal, wikimedia commons, young professional

(It wasn’t what you believed, but with whom you were allied.) The names could mean something different depending on the particular place and time. Guelphs Ghibellines Supported Pope Supported Emperor Consisted of middle-class merchants and craftsmen Consisted of aristocrats of feudal order Favored an urban, new economy Based in a rural, traditional economy Wanted the independence of city-states under local Italian leaders Wanted the unification of small states under traditional dukes and kings By the 1200s, Florence was beginning to surpass its neighbors through shrewd diplomacy, military conquest, and sheer economic might.


pages: 851 words: 247,711

The Atlantic and Its Enemies: A History of the Cold War by Norman Stone

affirmative action, Alvin Toffler, Arthur Marwick, Ayatollah Khomeini, bank run, banking crisis, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Bonfire of the Vanities, Bretton Woods, British Empire, business cycle, central bank independence, Deng Xiaoping, desegregation, disinformation, Dissolution of the Soviet Union, European colonialism, facts on the ground, Fall of the Berlin Wall, financial deregulation, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, gentrification, Gunnar Myrdal, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Herbert Marcuse, illegal immigration, income per capita, interchangeable parts, Jane Jacobs, Joseph Schumpeter, junk bonds, labour mobility, land reform, long peace, low interest rates, mass immigration, means of production, Michael Milken, Mikhail Gorbachev, military-industrial complex, Mitch Kapor, Money creation, new economy, Norman Mailer, North Sea oil, oil shock, Paul Samuelson, Phillips curve, Ponzi scheme, popular capitalism, price mechanism, price stability, RAND corporation, rent-seeking, Ronald Reagan, Savings and loan crisis, scientific management, Seymour Hersh, Silicon Valley, special drawing rights, Steve Jobs, Strategic Defense Initiative, strikebreaker, Suez crisis 1956, The Death and Life of Great American Cities, trade liberalization, trickle-down economics, V2 rocket, War on Poverty, Washington Consensus, Yom Kippur War, éminence grise

However, here was now an empire based on mountains of debt, with mountains of profit, from media of all sorts which could make or break governments. At around the same time, in London and New York, banks moved into the same world; vast fortunes began to appear from thin air. The Reagan-Thatcher era was associated with a new economy, in which industry of the classic sort meant a degree of backwardness, much as had happened with peasant agriculture in the later nineteenth century. Brazils and Koreas metal-bashed; Turkey produced 90 per cent of the televisions sold in England, and the main road from Istanbul to Kayseri and Antep was choked with container lorries bearing goods to central Europe.


pages: 801 words: 242,104

Collapse: How Societies Choose to Fail or Succeed by Jared Diamond

biodiversity loss, Biosphere 2, California energy crisis, classic study, clean water, colonial rule, correlation does not imply causation, cuban missile crisis, Donner party, Easter island, European colonialism, Exxon Valdez, Garrett Hardin, Great Leap Forward, illegal immigration, job satisfaction, low interest rates, means of production, Medieval Warm Period, megaproject, new economy, North Sea oil, Piper Alpha, polynesian navigation, profit motive, South Sea Bubble, statistical model, Stewart Brand, Thomas Malthus, Timothy McVeigh, trade route, Tragedy of the Commons, transcontinental railway, unemployed young men

Chapter 16 Some books, published since 2001, that provide an overview of current environmental problems and an introduction to the large literature on this subject include: Stuart Pimm, The World According to Pimm: a Scientist Audits the Earth (New York: McGraw-Hill, 2001); Lester Brown’s three books Eco-economy: Building an Economy for the Earth (New York: Norton, 2001), Plan B: Rescuing a Planet Under Stress and Civilization in Trouble (New York, Norton: 2003), and State of the World (New York: Norton, published annually since 1984); Edward Wilson, The Future of Life (New York: Knopf, 2002); Gretchen Daily and Katherine Ellison, The New Economy of Nature: The Quest to Make Conservation Profitable (Washington, D.C.: Island Press, 2002); David Lorey, ed., Global Environmental Challenges of the Twenty-first Century: Resources, Consumption, and Sustainable Solutions (Wilmington, Del.: Scholarly Resources, 2003); Paul Ehrlich and Anne Ehrlich, One with Nineveh: Politics, Consumption, and the Human Future (Washington, D.C.: Island Press, 2004); and James Speth, Red Sky at Morning: America and the Crisis of the Global Environment (New Haven: Yale University Press, 2004).


Fodor's Hawaii 2012 by Fodor's Travel Publications

big-box store, carbon footprint, Charles Lindbergh, Easter island, gentrification, global village, Maui Hawaii, new economy, off-the-grid, out of africa, place-making, polynesian navigation, urban sprawl

In ancient times, this area was known for its bountiful fishing (especially lobster) and its seaside cliffs. Pu‘u Keka‘a, today incorrectly referred to as “Black Rock,” was a lele, a place in ancient Hawai‘i from which souls leaped into the afterlife. (Today this site is near the Sheraton Maui.) But times changed and the sleepy fishing village was washed away by the wave of Hawai‘i’s new economy: tourism. | 2435 Kā‘anapali Pkwy., Kā‘anapali | 96761. Whalers Village. While the kids hit Honolua Surf Company, mom can peruse Louis Vuitton, Coach, and several fine jewelry stores at this casual, classy mall fronting Kā‘anapali Beach. Pizza and Häagen-Dazs ice cream are available in the center courtyard.


pages: 796 words: 242,660

This Sceptred Isle by Christopher Lee

agricultural Revolution, Berlin Wall, British Empire, colonial rule, Corn Laws, cuban missile crisis, Easter island, Edward Lloyd's coffeehouse, failed state, financial independence, flying shuttle, glass ceiling, half of the world's population has never made a phone call, James Hargreaves, James Watt: steam engine, Johannes Kepler, Khartoum Gordon, Khyber Pass, mass immigration, Mikhail Gorbachev, Monroe Doctrine, Nelson Mandela, new economy, Northern Rock, Ronald Reagan, sceptred isle, spice trade, spinning jenny, Suez canal 1869, Suez crisis 1956, The Wealth of Nations by Adam Smith, trade route, urban decay

Moreover, this increased trade had to be carried so there would be a need for more ships: the shipyards would do good business and the shipowners even more. Here then was a perfect example of the simplest economic rule of supply and demand. Even more than that, it was the establishment over a relatively short period of a new form of economics and a new economy for the British. This was British Empire plc. Was this the beginning of the British rape of colonized lands and people? We might as well ask if the agricultural system, from its manorial and feudal beginnings, was a rape of these lands and an exploitation of the poorest people? The answer is yes, of course it was.


Fodor's Hawaii 2013 by Fodor's

big-box store, carbon footprint, Easter island, gentrification, global village, Maui Hawaii, new economy, off-the-grid, out of africa, polynesian navigation, three-masted sailing ship, urban sprawl

In ancient times, this area was known for its bountiful fishing (especially lobster) and its seaside cliffs. Puu Kekaa, today incorrectly referred to as “Black Rock,” was a lele |a place in ancient Hawaii from which souls leaped into the afterlife. (Today this site is near the Sheraton Maui.) But times changed and the sleepy fishing village was washed away by the wave of Hawaii’s new economy: tourism. | Kaanapali | 96761. Whalers Village. While the kids hit Honolua Surf Company, Mom can peruse shops such as Louis Vuitton, Sephora, and Coach, as well as art galleries and several fine jewelry stores, at this casual, classy mall fronting Kaanapali Beach. Pizza and Häagen-Dazs ice cream are available in the center courtyard.


pages: 846 words: 250,145

The Cold War: A World History by Odd Arne Westad

Able Archer 83, Albert Einstein, American ideology, anti-communist, Ayatollah Khomeini, Berlin Wall, Bolshevik threat, Bretton Woods, British Empire, capital controls, collective bargaining, colonial rule, continuous integration, cuban missile crisis, Deng Xiaoping, disinformation, Dissolution of the Soviet Union, energy security, European colonialism, facts on the ground, failed state, Fall of the Berlin Wall, financial deregulation, full employment, Great Leap Forward, household responsibility system, imperial preference, Internet Archive, land reform, Les Trente Glorieuses, liberal capitalism, long peace, means of production, Mikhail Gorbachev, military-industrial complex, mutually assured destruction, Nelson Mandela, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, oil shock, out of africa, post-industrial society, Ronald Reagan, Ronald Reagan: Tear down this wall, South China Sea, special economic zone, Strategic Defense Initiative, Suez crisis 1956, union organizing, urban planning, War on Poverty, women in the workforce, Yom Kippur War, young professional, zero-sum game

A younger generation of secret police officers realized both that change was inevitable and that they had skills and information that would serve them well as individuals whatever the outcome of the political struggles at the top. By late 1990 a number of them were in touch with managers of enterprises planning to privatize or with foreigners hoping to invest in a new economy. Gorbachev’s main problem was therefore not disloyality in the “ministries of power” but the political contest going on within the Soviet leadership. As CPSU general secretary he was increasingly caught between two groups. His liberal advisers—Aleksandr Iakovlev, Georgii Shakhnazarov, Anatolii Cherniaev, and others—wanted him to ditch the Communist Party, call a snap union-wide presidential election, and contest it as a democratic socialist.


The Dawn of Everything by David Graeber, David Wengrow

"World Economic Forum" Davos, agricultural Revolution, Anthropocene, Atahualpa, British Empire, Columbian Exchange, conceptual framework, cryptocurrency, David Graeber, degrowth, European colonialism, founder crops, Gini coefficient, global village, Hernando de Soto, Hobbesian trap, income inequality, invention of agriculture, invention of the steam engine, Isaac Newton, labour mobility, land tenure, Lewis Mumford, mass immigration, means of production, Murray Bookchin, new economy, New Urbanism, out of africa, public intellectual, Scientific racism, spice trade, spinning jenny, statistical model, Steven Pinker, theory of mind, trade route, Tragedy of the Commons, urban planning, urban renewal, urban sprawl

Still, whatever the reasons, over thousands of years such local innovations – everything from non-shattering wheat to docile sheep – were exchanged between villages, producing a degree of uniformity among a coalition of societies across the Middle East. A standard ‘package’ of mixed farming emerged, from the Iranian Zagros to the eastern shores of the Mediterranean, and then spread beyond it, albeit, as we’ll see, with very mixed success. But from its earliest beginnings, farming was much more than a new economy. It also saw the creation of patterns of life and ritual that remain doggedly with us millennia later, and have since become fixtures of social existence among a broad sector of humanity: everything from harvest festivals to habits of sitting on benches, putting cheese on bread, entering and exiting via doorways, or looking at the world through windows.


pages: 965 words: 267,053

A History of Zionism by Walter Laqueur

Albert Einstein, anti-communist, British Empire, business cycle, illegal immigration, joint-stock company, land reform, Mahatma Gandhi, mass immigration, means of production, MITM: man-in-the-middle, Mount Scopus, new economy, plutocrats, profit motive, strikebreaker, Suez canal 1869, the market place, éminence grise

According to this school of thought the workers had shown an inability to make ends meet in their agricultural settlements and even less aptitude in their building cooperatives and industrial enterprises. The Socialist leaders did not deny that there had been substantial deficits, but they argued that they had been engaged in pioneering work, building the foundations of a new economy, and that consequently profits could not be expected for a long time to come. Private enterprise would never have been ready to invest in projects which were of the greatest national importance but from which few if any immediate rewards could be expected. These arguments were rejected by the fourteenth and fifteenth Zionist congresses.


pages: 898 words: 266,274

The Irrational Bundle by Dan Ariely

accounting loophole / creative accounting, air freight, Albert Einstein, Alvin Roth, An Inconvenient Truth, assortative mating, banking crisis, Bear Stearns, behavioural economics, Bernie Madoff, Black Swan, Broken windows theory, Burning Man, business process, cashless society, Cass Sunstein, clean water, cognitive dissonance, cognitive load, compensation consultant, computer vision, Cornelius Vanderbilt, corporate governance, credit crunch, Credit Default Swap, Daniel Kahneman / Amos Tversky, delayed gratification, Demis Hassabis, Donald Trump, end world poverty, endowment effect, Exxon Valdez, fake it until you make it, financial engineering, first-price auction, Ford Model T, Frederick Winslow Taylor, fudge factor, Garrett Hardin, George Akerlof, Gordon Gekko, greed is good, happiness index / gross national happiness, hedonic treadmill, IKEA effect, Jean Tirole, job satisfaction, John Perry Barlow, Kenneth Arrow, knowledge economy, knowledge worker, lake wobegon effect, late fees, loss aversion, Murray Gell-Mann, name-letter effect, new economy, operational security, Pepsi Challenge, Peter Singer: altruism, placebo effect, price anchoring, Richard Feynman, Richard Thaler, Saturday Night Live, Schrödinger's Cat, search costs, second-price auction, Shai Danziger, shareholder value, Silicon Valley, Skinner box, Skype, social contagion, software as a service, Steve Jobs, subprime mortgage crisis, sunk-cost fallacy, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, Tragedy of the Commons, ultimatum game, Upton Sinclair, Walter Mischel, young professional

While I was talking to John, I was especially interested in his description of his own wishful blindness. Even though he consulted for Enron while the company was rapidly spinning out of control, he said he hadn’t seen anything sinister going on. In fact, he had fully bought into the worldview that Enron was an innovative leader of the new economy right up until the moment the story was all over the headlines. Even more surprising, he also told me that once the information was out, he could not believe that he failed to see the signs all along. That gave me pause. Before talking to John, I assumed that the Enron disaster had basically been caused by its three sinister C-level architects (Jeffrey Skilling, Kenneth Lay, and Andrew Fastow), who together had planned and executed a large-scale accounting scheme.


pages: 1,066 words: 273,703

Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze

"there is no alternative" (TINA), "World Economic Forum" Davos, Affordable Care Act / Obamacare, Alan Greenspan, Apple's 1984 Super Bowl advert, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Bear Stearns, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, bond market vigilante , book value, Boris Johnson, bread and circuses, break the buck, Bretton Woods, Brexit referendum, BRICs, British Empire, business cycle, business logic, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, company town, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, currency risk, dark matter, deindustrialization, desegregation, Detroit bankruptcy, Dissolution of the Soviet Union, diversification, Doha Development Round, Donald Trump, Edward Glaeser, Edward Snowden, en.wikipedia.org, energy security, eurozone crisis, Fall of the Berlin Wall, family office, financial engineering, financial intermediation, fixed income, Flash crash, forward guidance, friendly fire, full employment, global reserve currency, global supply chain, global value chain, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, high-speed rail, housing crisis, Hyman Minsky, illegal immigration, immigration reform, income inequality, interest rate derivative, interest rate swap, inverted yield curve, junk bonds, Kenneth Rogoff, large denomination, light touch regulation, Long Term Capital Management, low interest rates, margin call, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, military-industrial complex, mittelstand, money market fund, moral hazard, mortgage debt, mutually assured destruction, negative equity, new economy, Nixon triggered the end of the Bretton Woods system, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, old-boy network, open economy, opioid epidemic / opioid crisis, paradox of thrift, Peter Thiel, Ponzi scheme, Post-Keynesian economics, post-truth, predatory finance, price stability, private sector deleveraging, proprietary trading, purchasing power parity, quantitative easing, race to the bottom, reserve currency, risk tolerance, Ronald Reagan, Savings and loan crisis, savings glut, secular stagnation, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, Steve Bannon, structural adjustment programs, tail risk, The Great Moderation, Tim Cook: Apple, too big to fail, trade liberalization, upwardly mobile, Washington Consensus, We are the 99%, white flight, WikiLeaks, women in the workforce, Works Progress Administration, yield curve, éminence grise

A boast confirmed by economic analysis that suggests that the haircut was, in fact, minimal. J. Zettelmeyer, C. Trebesch and M. Gulati, “The Greek Debt Restructuring: An Autopsy,” Economic Policy 28, no. 75 (2013), 513–563. 62. For this and the following, “EU Leaders Must Now Persuade Investors That New Drive Can Work,” July 22, 2011, http://business.financialpost.com/news/economy/eu-leaders-must-now-persuade-investors-that-new-drive-can-work. 63. R. Milne and J. Wilson, “Deutsche Bank Hedges Italian Risk,” Financial Times, July 26, 2011. 64. V. Damiani, “Italian Prosecutor Investigates Deutsche Bank over 2011 Bond Sale,” Reuters, May 6, 2016. 65. T. E. Mann and N.


pages: 935 words: 267,358

Capital in the Twenty-First Century by Thomas Piketty

accounting loophole / creative accounting, Asian financial crisis, banking crisis, banks create money, Berlin Wall, book value, Branko Milanovic, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, carbon tax, central bank independence, centre right, circulation of elites, collapse of Lehman Brothers, conceptual framework, corporate governance, correlation coefficient, David Ricardo: comparative advantage, demographic transition, distributed generation, diversification, diversified portfolio, European colonialism, eurozone crisis, Fall of the Berlin Wall, financial intermediation, full employment, Future Shock, German hyperinflation, Gini coefficient, Great Leap Forward, high net worth, Honoré de Balzac, immigration reform, income inequality, income per capita, index card, inflation targeting, informal economy, invention of the steam engine, invisible hand, joint-stock company, Joseph Schumpeter, Kenneth Arrow, low interest rates, market bubble, means of production, meritocracy, Money creation, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, open economy, Paul Samuelson, pension reform, power law, purchasing power parity, race to the bottom, randomized controlled trial, refrigerator car, regulatory arbitrage, rent control, rent-seeking, Robert Gordon, Robert Solow, Ronald Reagan, Simon Kuznets, sovereign wealth fund, Steve Jobs, Suez canal 1869, Suez crisis 1956, The Nature of the Firm, the payments system, The Theory of the Leisure Class by Thorstein Veblen, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade liberalization, twin studies, very high income, Vilfredo Pareto, We are the 99%, zero-sum game

For instance, the liberal economist Charles Dunoyer, who served as a prefect under the July Monarchy, had this to say in his 1845 book De la liberté du travail (in which he of course expressed his opposition to any form of labor law or social legislation): “one consequence of the industrial regime is to destroy artificial inequalities, but this only highlights natural inequalities all the more clearly.” For Dunoyer, natural inequalities included differences in physical, intellectual, and moral capabilities, differences that were crucial to the new economy of growth and innovation that he saw wherever he looked. This was his reason for rejecting state intervention of any kind: “superior abilities … are the source of everything that is great and useful.… Reduce everything to equality and you will bring everything to a standstill.”8 One sometimes hears the same thought expressed today in the idea that the new information economy will allow the most talented individuals to increase their productivity many times over.


pages: 872 words: 259,208

A History of Modern Britain by Andrew Marr

air freight, Albert Einstein, anti-communist, battle of ideas, Beeching cuts, Big bang: deregulation of the City of London, Bletchley Park, Bob Geldof, Bretton Woods, British Empire, Brixton riot, clean water, collective bargaining, computer age, congestion charging, cuban missile crisis, deindustrialization, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, financial independence, floating exchange rates, full employment, gentleman farmer, Herbert Marcuse, housing crisis, illegal immigration, Kickstarter, liberal capitalism, Live Aid, loadsamoney, market design, mass immigration, means of production, Mikhail Gorbachev, millennium bug, Neil Kinnock, Nelson Mandela, new economy, North Sea oil, Northern Rock, offshore financial centre, open borders, out of africa, Parkinson's law, Piper Alpha, post-war consensus, Red Clydeside, reserve currency, Right to Buy, road to serfdom, Ronald Reagan, Silicon Valley, strikebreaker, upwardly mobile, Winter of Discontent, working poor, Yom Kippur War

It was a time of immense optimism, despite warnings that the whole digital world would collapse because of the ‘millennium bug’ – the alleged inability of computers to deal with the last two digits in ‘2000’, which was taken very seriously at the time. In fact, the bubble was burst by its own excessive expansion, like any bubble, and after a pause and a lot of ruined dreams, the ‘new economy’ roared on again. By 2000, according to the Office of National Statistics, around 40 per cent of Britons had accessed the internet at some time. Cyber frenzy swept the country, and business; three years later, nearly half of British homes were connected. By 2004 the spread of broadband had brought a new mass market in downloading music and video online.


pages: 932 words: 307,785

State of Emergency: The Way We Were by Dominic Sandbrook

anti-communist, Apollo 13, Arthur Marwick, back-to-the-land, banking crisis, Bretton Woods, British Empire, centre right, collective bargaining, Corn Laws, David Attenborough, Doomsday Book, edge city, estate planning, Etonian, falling living standards, fear of failure, Fellow of the Royal Society, feminist movement, financial thriller, first-past-the-post, fixed income, full employment, gentrification, German hyperinflation, global pandemic, Herbert Marcuse, mass immigration, meritocracy, moral panic, Neil Kinnock, new economy, New Urbanism, Norman Mailer, North Sea oil, oil shock, Own Your Own Home, post-war consensus, sexual politics, traveling salesman, union organizing, upwardly mobile, urban planning, Winter of Discontent, young professional

In the long run, however, the title was more fitting than any of them realized.56 But it would be a misleading portrait of Britain that focused entirely on decline, decay and disappointment. Change brought prosperity as well as poverty: in East Anglia, for example, the growth of agri-business, the opening of the M11 motorway and the development of a new economy based on technology and computers brought unparalleled growth to old market towns such as Norwich and Ipswich. In Cambridge, the nation’s first science park opened in 1970 and proved a sensational success, hosting 25 technology firms by 1980 and more than 1,000 by the end of the century. Further east was an even more compelling success story: Felixstowe, already on its way to becoming the nation’s busiest container port, its workforce drawn from former agricultural labourers, its rapid growth a deterrent to the labour disputes that crippled London and Liverpool.


pages: 992 words: 292,389

Conspiracy of Fools: A True Story by Kurt Eichenwald

"World Economic Forum" Davos, Alan Greenspan, Asian financial crisis, Bear Stearns, book value, Burning Man, California energy crisis, computerized trading, corporate raider, currency risk, deal flow, electricity market, estate planning, financial engineering, forensic accounting, intangible asset, Irwin Jacobs, John Markoff, junk bonds, Long Term Capital Management, margin call, Michael Milken, Negawatt, new economy, oil shock, price stability, pushing on a string, Ronald Reagan, transaction costs, value at risk, young professional

And they felt sure management would work through it—with asset sales, restructurings, whatever. The billions of dollars in debts associated with those deals were mostly off balance sheet. That was the past. Enron had to move to the future. And they had a plan. Ramp up Enron Communications. The Internet was hot, the new economy was everything. Push hard, hire employees, invest plenty. That would catapult Enron ahead. But they needed somebody to take charge, to lead the troops onto the next battlefield. They knew exactly who it should be. At three on November 18, Enron’s directors gathered for a special meeting. Their mood was sharp with anticipation.


pages: 1,072 words: 297,437

Africa: A Biography of the Continent by John Reader

agricultural Revolution, British Empire, Cape to Cairo, clean water, colonial rule, discovery of the americas, illegal immigration, land reform, land tenure, Livingstone, I presume, military-industrial complex, Neil Armstrong, Nelson Mandela, new economy, out of africa, Scramble for Africa, spice trade, surplus humans, the market place, Thomas Malthus, trade route, transatlantic slave trade, urban sprawl, women in the workforce

During the colonial period, and especially under the apartheid rule which succeeded colonial government in South Africa, the spread of Bantu-speakers was commonly depicted31 as a mass movement of people and cattle, sweeping all before them, conquering new territory. In fact, there were no massive waves of migration into southern Africa. There was no conquest, but rather ‘a migratory drift’, and gradual territorial expansion which absorbed the region's earlier occupants into a new economy.32 In the cycles of change, success, and failure that no society can avoid, some of the Khoisan hunters and gatherers acquired cattle and became pastoralists; some Bantu herders lost their cattle and resorted to hunting and gathering. Everywhere, however, a recognition of property and ownership laid the foundations of an economy that was based on trade and a social order that respected wealth.


pages: 913 words: 299,770

A People's History of the United States by Howard Zinn

active measures, affirmative action, agricultural Revolution, Alan Greenspan, Albert Einstein, American ideology, anti-communist, Bartolomé de las Casas, Bernie Sanders, British Empire, classic study, clean water, colonial rule, company town, Cornelius Vanderbilt, cotton gin, death from overwork, death of newspapers, desegregation, equal pay for equal work, feminist movement, friendly fire, full employment, God and Mammon, Herman Kahn, Howard Zinn, Ida Tarbell, illegal immigration, jobless men, land reform, Lewis Mumford, Mercator projection, Mikhail Gorbachev, military-industrial complex, minimum wage unemployment, Monroe Doctrine, new economy, New Urbanism, Norman Mailer, offshore financial centre, plutocrats, profit motive, Ralph Nader, Ralph Waldo Emerson, RAND corporation, Ronald Reagan, Rosa Parks, Savings and loan crisis, scientific management, Seymour Hersh, Silicon Valley, strikebreaker, Telecommunications Act of 1996, The Wealth of Nations by Adam Smith, Timothy McVeigh, transcontinental railway, Triangle Shirtwaist Factory, union organizing, Upton Sinclair, very high income, W. E. B. Du Bois, War on Poverty, work culture , Works Progress Administration

It was in the 1820s and 1830s, Nancy Cott tells us (The Bonds of Womanhood), that there was an outpouring of novels, poems, essays, sermons, and manuals on the family, children, and women’s role. The world outside was becoming harder, more commercial, more demanding. In a sense, the home carried a longing for some utopian past, some refuge from immediacy. Perhaps it made acceptance of the new economy easier to be able to see it as only part of life, with the home a haven. In 1819, one pious wife wrote: “. . . the air of the world is poisonous. You must carry an antidote with you, or the infection will prove fatal.” All this was not, as Cott points out, to challenge the world of commerce, industry, competition, capitalism, but to make it more palatable.


pages: 950 words: 297,713

Crucible: The Long End of the Great War and the Birth of a New World, 1917-1924 by Charles Emmerson

Albert Einstein, anti-communist, British Empire, continuation of politics by other means, currency peg, disinformation, Eddington experiment, Etonian, European colonialism, Ford Model T, ghettoisation, Isaac Newton, land reform, Mahatma Gandhi, Monroe Doctrine, Mount Scopus, new economy, plutocrats, strikebreaker, Suez canal 1869, trade route, W. E. B. Du Bois

He calls for national rather than class consciousness to be the governing principle of society. He is dismissive of capitalists who fail to realise how crooked and corrupt capitalism has become. He pleads for the concept of the Volk–the ethno-national people of Germany–to be at the heart of building a new economy. The local reception is positive. Hitler’s speech is amongst the best received of the festival. He uses his moment in the limelight to make his pitch for ownership of the radical nationalist movement as a whole. ‘Our symbol’, he says, pointing to the swastika, ‘is not the symbol of an association; it is a victory banner’.


The Empire Project: The Rise and Fall of the British World-System, 1830–1970 by John Darwin

anti-communist, banking crisis, Bretton Woods, British Empire, capital controls, classic study, cognitive bias, colonial rule, Corn Laws, disinformation, European colonialism, floating exchange rates, full employment, imperial preference, Joseph Schumpeter, Khartoum Gordon, Kickstarter, labour mobility, land tenure, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, Mahatma Gandhi, Monroe Doctrine, new economy, New Urbanism, open economy, railway mania, reserve currency, Right to Buy, rising living standards, scientific management, Scientific racism, South China Sea, Suez canal 1869, Suez crisis 1956, tacit knowledge, the market place, The Wealth of Nations by Adam Smith, trade route, transaction costs, transcontinental railway, undersea cable

London was the principal centre for insurance. Railway, mining and shipping enterprise also required the services of non-financial expertise: consulting engineers and other technical specialists. In short, there was scarcely any large commercial or financial venture linking Britain (and much of Continental Europe) to the ‘new economies’ of the wider world that, in one aspect or many, did not pass through a London agent. In a vast swathe of the world outside Europe and the United States, commercial development and even financial solvency turned upon decisions made in the City. Here was a plenitude of influence that matched that of Whitehall and Westminster, the political capital of the British system.


pages: 892 words: 91,000

Valuation: Measuring and Managing the Value of Companies by Tim Koller, McKinsey, Company Inc., Marc Goedhart, David Wessels, Barbara Schwimmer, Franziska Manoury

accelerated depreciation, activist fund / activist shareholder / activist investor, air freight, ASML, barriers to entry, Basel III, Black Monday: stock market crash in 1987, book value, BRICs, business climate, business cycle, business process, capital asset pricing model, capital controls, Chuck Templeton: OpenTable:, cloud computing, commoditize, compound rate of return, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, currency risk, discounted cash flows, distributed generation, diversified portfolio, Dutch auction, energy security, equity premium, equity risk premium, financial engineering, fixed income, index fund, intangible asset, iterative process, Long Term Capital Management, low interest rates, market bubble, market friction, Myron Scholes, negative equity, new economy, p-value, performance metric, Ponzi scheme, price anchoring, proprietary trading, purchasing power parity, quantitative easing, risk free rate, risk/return, Robert Shiller, Savings and loan crisis, shareholder value, six sigma, sovereign wealth fund, speech recognition, stocks for the long run, survivorship bias, technology bubble, time value of money, too big to fail, transaction costs, transfer pricing, two and twenty, value at risk, yield curve, zero-coupon bond

The events of the economic crisis that began in 2007, as well as the Internet boom and its fallout almost a decade earlier, have strengthened our conviction that the core principles of value creation are general economic rules that continue to apply in all market circumstances. Thus, the extraordinarily high anticipated profits represented by stock prices during the Internet bubble never materialized, because there was no “new economy.” Similarly, the extraordinarily high profits seen in the financial sector for the two years preceding the start of the 2007–2009 financial crisis were overstated, as subsequent losses demonstrated. The laws of competition should have alerted investors that those extraordinary profits couldn’t last and might not be real.


Costa Rica by Matthew Firestone, Carolina Miranda, César G. Soriano

airport security, Berlin Wall, centre right, desegregation, illegal immigration, Monroe Doctrine, new economy, off-the-grid, Pepto Bismol, purchasing power parity, Ronald Reagan, Rosa Parks, Skype, sustainable-tourism, the payments system, trade route, urban sprawl, women in the workforce, young professional

Things didn’t remain quiet for long, however. With tourism on the rise in the 1990s, it wasn’t long before this modest mountain town became known for having access to some of the best white-water rafting on the planet. By the early 2000s, Turrialba was a simmering hot-bed of international rafters looking for Class-V thrills. But this new economy faced a troubled future. In the early part of the new millennium, the national power company (ICE) began to make good on a long-running plan to dam the lower Río Pacuare – the most popular stretch of white water in the country – to increase hydroelectric production. The dam, however, would destroy the rapids and, with them, part of Turrialba’s economy.


Eastern USA by Lonely Planet

1960s counterculture, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, Apollo 11, Bear Stearns, Berlin Wall, bike sharing, Bretton Woods, British Empire, car-free, carbon footprint, centre right, Charles Lindbergh, collective bargaining, congestion pricing, Cornelius Vanderbilt, cotton gin, cuban missile crisis, Day of the Dead, desegregation, Donald Trump, East Village, fake news, Fall of the Berlin Wall, Ford Model T, Frank Gehry, gentleman farmer, gentrification, glass ceiling, Guggenheim Bilbao, haute cuisine, Hernando de Soto, illegal immigration, immigration reform, information trail, interchangeable parts, jitney, Ken Thompson, Kickstarter, license plate recognition, machine readable, Mason jar, mass immigration, McMansion, megacity, Menlo Park, Neil Armstrong, new economy, New Urbanism, obamacare, Quicken Loans, Ralph Waldo Emerson, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, Skype, the built environment, the High Line, the payments system, three-martini lunch, transcontinental railway, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, walkable city, white flight, Works Progress Administration, young professional

Military spending and tax cuts created enormous federal deficits, which hampered the presidency of Reagan’s successor, George HW Bush. Despite winning the Gulf War – liberating Kuwait in 1991 after an Iraqi invasion – Bush was soundly defeated in the 1992 presidential election by Southern Democrat Bill Clinton. Clinton had the good fortune to catch the 1990s high-tech internet boom, which seemed to augur a ‘new economy’ based on white-collar telecommunications. The US economy erased its deficits and ran a surplus, and Clinton presided over one of America’s longest economic booms. Ronald Reagan broke ‘Tecumseh’s Curse’. Tecumseh was a Shawnee warrior from Ohio whom William Henry Harrison defeated at the Battle of Tippecanoe in 1811.


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

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

And sophisticated networks of gangsters and Gypsies, working with traditional drug traffickers from Nigeria, Afghanistan, Pakistan, and the Asian Golden Triangle, were moving across the newly porous borders behind the once-Iron Curtain. “If you look at stable economies [such as the United States] there has been little increase in drug use in recent years,” Bem said. “But these new economies are great opportunities for organized crime. And they are holding their prices way down at introductory levels.” Following universal rules of marketing, drug traffickers were creating clienteles in the region by selling everything from raw opium to heroin at rockbottom prices, more than tenfold lower than equivalent drug sales in New York City.


pages: 1,318 words: 403,894

Reamde by Neal Stephenson

air freight, airport security, autism spectrum disorder, book value, crowdsourcing, digital map, drone strike, Google Earth, industrial robot, informal economy, Jones Act, large denomination, megacity, messenger bag, MITM: man-in-the-middle, Neal Stephenson, new economy, off-the-grid, pattern recognition, Ponzi scheme, pre–internet, ransomware, restrictive zoning, scientific management, side project, Skype, slashdot, Snow Crash, South China Sea, SQL injection, the built environment, the scientific method, young professional

But there is a little snag. You see, the last Soviet soldier left Hungary in 1991. But there were other Russians who came in during the Cold War who took a little bit longer to leave.” “These guys,” Zula said, cocking her head in the direction of the neighboring plane. “Mafia, yes,” said Csongor. “So Step 1 of the new economy was that everything got very bad. Step 2 was that things got better and everyone obtained credit cards. And Step 3—” “Step 3 was credit card fraud,” said Peter. “Yes, and this was attempted in a number of different ways. Some better than others. The best of all ways is like this. A waiter in a restaurant has a little credit card reader in his pocket.


pages: 1,336 words: 415,037

The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

affirmative action, Alan Greenspan, Albert Einstein, anti-communist, AOL-Time Warner, Ayatollah Khomeini, barriers to entry, Bear Stearns, Black Monday: stock market crash in 1987, Bob Noyce, Bonfire of the Vanities, book value, Brownian motion, capital asset pricing model, card file, centralized clearinghouse, Charles Lindbergh, collateralized debt obligation, computerized trading, Cornelius Vanderbilt, corporate governance, corporate raider, Credit Default Swap, credit default swaps / collateralized debt obligations, desegregation, do what you love, Donald Trump, Eugene Fama: efficient market hypothesis, Everybody Ought to Be Rich, Fairchild Semiconductor, Fillmore Auditorium, San Francisco, financial engineering, Ford Model T, Garrett Hardin, Glass-Steagall Act, global village, Golden Gate Park, Greenspan put, Haight Ashbury, haute cuisine, Honoré de Balzac, If something cannot go on forever, it will stop - Herbert Stein's Law, In Cold Blood by Truman Capote, index fund, indoor plumbing, intangible asset, interest rate swap, invisible hand, Isaac Newton, it's over 9,000, Jeff Bezos, John Bogle, John Meriwether, joint-stock company, joint-stock limited liability company, junk bonds, Larry Ellison, Long Term Capital Management, Louis Bachelier, low interest rates, margin call, market bubble, Marshall McLuhan, medical malpractice, merger arbitrage, Michael Milken, Mikhail Gorbachev, military-industrial complex, money market fund, moral hazard, NetJets, new economy, New Journalism, North Sea oil, paper trading, passive investing, Paul Samuelson, pets.com, Plato's cave, plutocrats, Ponzi scheme, proprietary trading, Ralph Nader, random walk, Ronald Reagan, Salesforce, Scientific racism, shareholder value, short selling, side project, Silicon Valley, Steve Ballmer, Steve Jobs, supply-chain management, telemarketer, The Predators' Ball, The Wealth of Nations by Adam Smith, Thomas Malthus, tontine, too big to fail, Tragedy of the Commons, transcontinental railway, two and twenty, Upton Sinclair, War on Poverty, Works Progress Administration, Y2K, yellow journalism, zero-coupon bond

They were cashing in on all the leverage from the low interest rates the Federal Reserve had provided. So many people were raking in stock options and taking fees of two-and-twenty percent of other people’s money in private equity funds, hedge funds, and funds of funds, that billionaires were becoming as common as raccoons around a garbage can. A lot of the quick-bucks wealth of the new economy bothered Buffett because of the way it had been transferred in massive amounts from investors to middlemen without producing anything in return. The average investor was still getting—of course—the average return, but with all of these fees gouged out. One of Buffett’s least favorite ways for the rich to get richer was through stock options—since his famous “no” vote on the pay package at Salomon, no other board had ever asked him to serve on its compensation committee.


Ireland (Lonely Planet, 9th Edition) by Fionn Davenport

air freight, Berlin Wall, Bob Geldof, British Empire, carbon credits, carbon footprint, Celtic Tiger, centre right, classic study, country house hotel, credit crunch, Easter island, glass ceiling, global village, haute cuisine, Intergovernmental Panel on Climate Change (IPCC), Jacquard loom, Kickstarter, McMansion, new economy, period drama, reserve currency, risk/return, sustainable-tourism, three-masted sailing ship, urban planning, urban renewal, urban sprawl, young professional

Outside the capital things are a little better, but not much: if you’re in a tourist hot zone, it’ll be reflected in the prices, which are only marginally better than in Dublin. * * * HOW MUCH? Irish Times €1.80 1km taxi fare €1.60 Cinema ticket €9.50 Admission to Gaelic football match €12-18 Aran sweater €55 * * * Although restaurants are closing down all over the country, the new economy hasn’t resulted in a marked decrease in the price of food. For less than €10, don’t expect much more than soup and what comes between two slices of bread. Very ordinary meals will cost €20 or more; the better restaurants won’t blink twice when charging €35 for fish in a fancy sauce. In Northern Ireland, the bite isn’t as deep.


pages: 1,445 words: 469,426

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

anti-communist, Ascot racecourse, Ayatollah Khomeini, bank run, Berlin Wall, book value, British Empire, Carl Icahn, 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, geopolitical risk, guns versus butter model, Ida Tarbell, informal economy, It's morning again in America, joint-stock company, junk bonds, land reform, liberal capitalism, managed futures, megacity, Michael Milken, 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, stock buybacks, Suez canal 1869, Suez crisis 1956, Thomas Malthus, tontine, vertical integration, Yom Kippur War

Despite the ferocity of the Standard assault, Nobel and the Rothschilds fought back fiercely and successfully, and Standard's executives watched with dismay as the region of what they ominously labeled "Russian competition" broadened across the map.[5] At 26 Broadway in New York City, some members of Standard's Executive Committee had been pushing for Standard to set up its own marketing companies in foreign countries, rather than sell to independent local merchants, so that it could compete more aggressively. Moreover, the development of bulk shipment in tankers brought new economies of scale to the business. John D. Rockefeller himself, exasperated with the slowness of decision, even wrote a chiding poem to the Executive Committee in 1885: We are neither old nor sleepy and must "Be up and doing, with a heart for any fate; Still achieving, still pursuing, learn to labor and to wait."


England by David Else

active transport: walking or cycling, Albert Einstein, back-to-the-land, Berlin Wall, Bletchley Park, Boris Johnson, British Empire, call centre, car-free, carbon footprint, colonial rule, Columbine, company town, congestion charging, country house hotel, Crossrail, David Attenborough, David Brooks, Edward Jenner, Etonian, food miles, gentrification, glass ceiling, haute cuisine, high-speed rail, Isaac Newton, James Watt: steam engine, Kickstarter, Mahatma Gandhi, mass immigration, Nelson Mandela, new economy, New Urbanism, out of africa, period drama, place-making, retail therapy, sceptred isle, Skype, Sloane Ranger, South of Market, San Francisco, Stephen Hawking, the market place, trade route, transatlantic slave trade, unbiased observer, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent

Today, however, it’s not the steel of the foundries, mills and forges that made the city’s fortune, or the canteens of cutlery that made ‘Sheffield steel’ a household name, but the steel of scaffolding and cranes, of modern sculptures and supertrams, and of new steel-framed buildings rising against the skyline. The steel industry that made the city famous is long since gone, but after many years of decline Sheffield is on the up again –like many of northern England’s cities it has grabbed the opportunities presented by urban renewal with both hands and is working hard to reinvent itself. The new economy is based on services, shopping and the ‘knowledge industry’ that flows from the city’s universities. This renaissance got off to a shaky start in 2000 when the city’s signature millennium project, the National Centre for Popular Music, closed down due to lack of visitors only 15 months after it opened.


pages: 1,993 words: 478,072

The Boundless Sea: A Human History of the Oceans by David Abulafia

Admiral Zheng, Alfred Russel Wallace, Bartolomé de las Casas, British Empire, colonial rule, computer age, Cornelius Vanderbilt, dark matter, David Ricardo: comparative advantage, discovery of the americas, domestication of the camel, Easter island, Edmond Halley, Eratosthenes, European colonialism, Fellow of the Royal Society, John Harrison: Longitude, joint-stock company, Kickstarter, land reform, lone genius, Malacca Straits, mass immigration, Maui Hawaii, megacity, new economy, out of africa, p-value, Peace of Westphalia, polynesian navigation, Scramble for Africa, South China Sea, spice trade, Suez canal 1869, Suez crisis 1956, trade route, transaction costs, transatlantic slave trade, transcontinental railway, undersea cable, wikimedia commons, yellow journalism

The merger took place in 1934, the year that the Queen Mary was launched on the Clyde.20 This degree of government intervention was not unique: Dutch and German shipping companies were also shored up by the state, and in Germany government interference went a stage further, as Jews were forced out of their positions in the HAPAG company: ‘Jewish identity was purged from the collective memory of the firm, although the firm would have had no meaningful history without it.’21 Sir Percy Bates, chairman of Cunard White Star, looked back on the performance of the Queen Mary in 1941, when it and the Queen Elizabeth had been converted into troop ships, with proud nostalgia for its brief but brilliant pre-war career: I think the time has come for me to be more particular on the financial performance of Queen Mary . She is widely known as a masterpiece of British construction; it may not be equally appreciated that financially she has been very successful from the start, as the progress made in marine engineering has focused in Queen Mary a new economy in transportation across the Atlantic. Since 1922, when the full effect of the U.S. Immigration Quota Law first made itself felt, no steamer has ever made so much money in successive twelve months, as Queen Mary has done since being commissioned.22 It was not, though, simply a matter of profits.


pages: 2,323 words: 550,739

1,000 Places to See in the United States and Canada Before You Die, Updated Ed. by Patricia Schultz

Albert Einstein, Alfred Russel Wallace, American Society of Civil Engineers: Report Card, Apollo 11, Apollo 13, Boeing 747, Bretton Woods, Burning Man, California gold rush, car-free, Charles Lindbergh, Columbine, company town, Cornelius Vanderbilt, cotton gin, country house hotel, David Sedaris, Day of the Dead, Donald Trump, East Village, El Camino Real, estate planning, Ford Model T, Frank Gehry, gentrification, glass ceiling, Golden Gate Park, Guggenheim Bilbao, Haight Ashbury, haute cuisine, indoor plumbing, interchangeable parts, Mars Rover, Mason jar, Maui Hawaii, Mikhail Gorbachev, Murano, Venice glass, Neil Armstrong, Nelson Mandela, new economy, New Urbanism, Norman Mailer, out of africa, Pepto Bismol, place-making, Ralph Waldo Emerson, Ronald Reagan, Rosa Parks, Saturday Night Live, scientific management, sexual politics, South of Market, San Francisco, Suez canal 1869, The Chicago School, three-masted sailing ship, transcontinental railway, traveling salesman, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, wage slave, white picket fence, Works Progress Administration, Yogi Berra, éminence grise

It was a time of transition in the Lehigh Valley, but the development of alternative industries and a vibrant preservation movement have combined to make a region that thrives today. Bethlehem is a mix of its three distinct eras, part 18th-century colonial museum, part 19th-and 20th-century industrial giant, and part 21st-century New Economy work-in-progress. But within the oldest section of town, off the north bank of the Lehigh River, lovely slate and brick sidewalks lead to 20-plus colonial-era buildings. The oldest, the Gemeinhaus, erected in 1741—and the largest 18th-century log building in the U.S.—is today the home of the Moravian Museum of Bethlehem.


Great Britain by David Else, Fionn Davenport

active transport: walking or cycling, Albert Einstein, Beeching cuts, Boris Johnson, British Empire, call centre, car-free, carbon footprint, clean water, colonial rule, Columbine, congestion charging, country house hotel, credit crunch, Crossrail, David Attenborough, Etonian, food miles, gentrification, glass ceiling, global village, haute cuisine, high-speed rail, illegal immigration, Isaac Newton, James Watt: steam engine, Kickstarter, land reform, Livingstone, I presume, Mahatma Gandhi, mass immigration, mega-rich, negative equity, new economy, North Ronaldsay sheep, North Sea oil, Northern Rock, offshore financial centre, period drama, place-making, retail therapy, Skype, Sloane Ranger, South of Market, San Francisco, Stephen Hawking, the market place, three-masted sailing ship, trade route, transatlantic slave trade, upwardly mobile, urban planning, urban renewal, urban sprawl, Winter of Discontent

Today, however, it’s not the steel of the foundries, mills and forges that made the city’s fortune, or the canteens of cutlery that made ‘Sheffield steel’ a household name, but the steel of scaffolding and cranes, of modern sculptures and supertrams, and of new steel-framed buildings rising against the skyline. The steel industry that made the city famous is long since gone, but after many years of decline Sheffield is on the up again – like many of northern England’s cities it has grabbed the opportunities presented by urban renewal with both hands and is working hard to reinvent itself. The new economy is based on services, shopping and the ‘knowledge industry’ that flows from the city’s universities. Orientation The most interesting parts of Sheffield are clustered in the ‘Heart of the City’ district about 300m northwest of the train station (and immediately west of the bus station), a compact area outlined by Arundel Gate, Furnival St, Carver St, West St, Church St and High St.


USA Travel Guide by Lonely, Planet

1960s counterculture, active transport: walking or cycling, Affordable Care Act / Obamacare, Albert Einstein, Apollo 11, Apollo 13, Asilomar, Bay Area Rapid Transit, Bear Stearns, Berlin Wall, Big bang: deregulation of the City of London, big-box store, bike sharing, Biosphere 2, Bretton Woods, British Empire, Burning Man, California gold rush, call centre, car-free, carbon footprint, centre right, Charles Lindbergh, Chuck Templeton: OpenTable:, congestion pricing, Cornelius Vanderbilt, cotton gin, cuban missile crisis, Day of the Dead, desegregation, Donald Trump, Donner party, Dr. Strangelove, East Village, edge city, El Camino Real, fake news, Fall of the Berlin Wall, feminist movement, Ford Model T, Frank Gehry, gentleman farmer, gentrification, glass ceiling, global village, Golden Gate Park, Guggenheim Bilbao, Haight Ashbury, haute couture, haute cuisine, Hernando de Soto, Howard Zinn, illegal immigration, immigration reform, information trail, interchangeable parts, intermodal, jitney, Ken Thompson, Kickstarter, license plate recognition, machine readable, Mars Rover, Mason jar, mass immigration, Maui Hawaii, McMansion, Menlo Park, military-industrial complex, Monroe Doctrine, Neil Armstrong, new economy, New Urbanism, obamacare, off grid, off-the-grid, Quicken Loans, Ralph Nader, Ralph Waldo Emerson, retail therapy, RFID, ride hailing / ride sharing, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, South of Market, San Francisco, starchitect, stealth mode startup, stem cell, supervolcano, the built environment, The Chicago School, the High Line, the payments system, three-martini lunch, trade route, transcontinental railway, union organizing, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, Virgin Galactic, walkable city, white flight, working poor, Works Progress Administration, young professional, Zipcar

Military spending and tax cuts created enormous federal deficits, which hampered the presidency of Reagan’s successor, George HW Bush. Despite winning the Gulf War – liberating Kuwait in 1991 after an Iraqi invasion – Bush was soundly defeated in the 1992 presidential election by Southern Democrat Bill Clinton. Clinton had the good fortune to catch the 1990s high-tech internet boom, which seemed to augur a ‘new economy’ based on white-collar telecommunications. The US economy erased its deficits and ran a surplus, and Clinton presided over one of America’s longest economic booms. In 2000 and 2004, George W Bush, the eldest son of George HW Bush, won the presidential elections so narrowly that the divided results seemed to epitomize an increasingly divided nation.