old-boy network

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SUPERHUBS: How the Financial Elite and Their Networks Rule Our World by Sandra Navidi

activist fund / activist shareholder / activist investor, assortative mating, bank run, barriers to entry, Bernie Sanders, Black Swan, Blythe Masters, Bretton Woods, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, commoditize, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, diversification, East Village, Elon Musk, eurozone crisis, family office, financial repression, Gini coefficient, glass ceiling, Goldman Sachs: Vampire Squid, Google bus, Gordon Gekko, haute cuisine, high net worth, hindsight bias, income inequality, index fund, intangible asset, Jaron Lanier, John Meriwether, Kenneth Arrow, Kenneth Rogoff, knowledge economy, London Whale, Long Term Capital Management, longitudinal study, Mark Zuckerberg, mass immigration, McMansion, mittelstand, money market fund, Myron Scholes, NetJets, Network effects, offshore financial centre, old-boy network, Parag Khanna, Paul Samuelson, peer-to-peer, performance metric, Peter Thiel, plutocrats, Plutocrats, Ponzi scheme, quantitative easing, Renaissance Technologies, rent-seeking, reserve currency, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, rolodex, Satyajit Das, shareholder value, Silicon Valley, social intelligence, sovereign wealth fund, Stephen Hawking, Steve Jobs, The Future of Employment, The Predators' Ball, The Rise and Fall of American Growth, too big to fail, women in the workforce, young professional

Network Plutocracy: “The Old Boys’ Club” Elite schools directly tie in with another aspect of career advancement: the old boys’ network. The term originates from the connections formed at all-male private schools; indeed, to this day alumni associations of prestigious schools are a crucial component of the superhub network. Ivy League universities have seen record donations in recent years. In 2014, hedge fund executive Kenneth Griffin made a donation of $150 million to his alma mater, Harvard, and private equity guru Steve Schwarzman gifted Yale with $150 million in 2015. Over time, an informal system developed in which affiliations ensure that “members of the club” help one another in advancing their interests. They interact at work, golf clubs, think tanks, and any other platforms with high barriers to entry, be they financial, status-wise, or both. The old boys’ network is less conservative and stereotypical than it used to be, but it is still alive and well.

$uperHubs takes you behind the scenes to their exclusive platforms: the World Economic Forum (WEF); the meetings of the International Monetary Fund (IMF); and think tank gatherings, power lunches, charity events, and private parties. We learn how the superhubs’ alpha personalities, inexorable quest for power, and desire to leave a legacy propel them to top network positions that come with access to unprecedented opportunities. We see the core characteristics most of them seem to share, such as a high degree of emotional intelligence, charisma, and charm. Molded by similar backgrounds within elite schools, the old boys’ network, and exclusive social circles, they understand and trust each other, form deep and resilient alliances, and employ their relational capital to maximize the return on their relationships. $uperHubs also draws the curtain on the personal sacrifices, pressures, and struggles that come with power and privilege. Women are grossly underrepresented in the highest ranks of finance despite the clear business case in their favor, because they are largely excluded from the predominantly male networks.

Based on loyalty, they provide mentoring, introductions, and favors. Since both old and young club members share similar views, they reinforce one another, thereby becoming even more conformist. Although the financial system has gradually become more meritocratic, increasing focus on grades and performance, it still skews in favor of those with connections. In the insider-outsider dynamic, members of the old boys’ network—without premeditation and perhaps subconsciously—exclude others merely by sticking together. They give special consideration to those of their ilk while passing over others who do not fit the mold. This results in the distinct lack of women and other minorities in leadership positions. (We will take a closer look at this in Chapter 9.) Without any checks and balances, the system continues to self-perpetuate these biases.


Sam Friedman and Daniel Laurison by The Class Ceiling Why it Pays to be Privileged (2019, Policy Press)

affirmative action, Boris Johnson, discrete time, Donald Trump, Downton Abbey, equal pay for equal work, gender pay gap, gig economy, Gini coefficient, glass ceiling, Hyperloop, if you build it, they will come, income inequality, invisible hand, job satisfaction, knowledge economy, longitudinal study, meta analysis, meta-analysis, nudge unit, old-boy network, performance metric, psychological pricing, school choice, Skype, starchitect, The Spirit Level, unpaid internship, upwardly mobile

Thus, upward progression is granted or denied based on whether established elites judge a candidate to possess the qualities they wish to see, or the ‘merits’ they value. As Turner notes, this type of ‘upward mobility is like entry into a private club, where each candidate must be sponsored by one or more members.’2 Turner saw the UK as the exemplar of sponsored mobility.3 His article conjured images of an antiquated old boy network, where elite appointments are contingent on a set of ‘old school tie’ connections who ‘pull strings’ for one another, and whose relationships are rooted in the shared experience of ‘public’4 schooling, Oxbridge and private members clubs. Yet the power of this old boy network is thought by many to have waned considerably in the last 60 years. Indeed, many have argued that a number of countervailing forces, such as the expansion of secondary and higher education, the decline of the landed 109 The Class Ceiling aristocracy, rising absolute rates of social mobility, and the achievements of second-wave feminism, have fundamentally eroded this kind of elite closure.5 This is not to say that who you know is not considered important today; research showing the power of networks in elite professions is voluminous.6 Yet in recent decades this has tended to focus on the power of what sociologist Mark Granovetter famously called ‘weak ties’.7 Here the emphasis is on the importance of forging a multitude of informal professional contacts, on being a good ‘networker’, especially with those in positions of power.

-C. 306n23, 308n14 Bourdieusian approach 186–8, 195 Breen, R. and Goldthorpe, J.H. 294n2 Bridge Group 229, 231, 235, 236 Socio-economic diversity in the Civil Service Fast Stream 230 British Broadcasting Corporation see BBC British Social Attitudes survey 2016 286n31 Britton, J. et al 295n18 C capital (Bourdieu) Bourdieu on 186–7 class as total 196–7 cultural 14–17, 162, 164, 197, 199–203 dimensions of 194 economic 14, 24, 90, 93, 105–6, 197 embodied cultural 154, 187, 197, 199–208 ‘field-specific’ 199, 201–3 social 14, 110, 149, 162, 164 technical 141, 187, 203–8 Carter, C. and Spence, C. 159 Casciaro, T. and Lobo, M.S. 301n18 CCIs see cultural and creative industries CEOs (Chief Executive Officers) 33fig, 35fig, 40, 41fig, 42fig, 53fig Charlesworth, S.J. 314n71 Chetty, R. 192 Chinese ethnic group 42–3, 49fig, 51, 52fig Civil Service, Opportunity Network 237 ‘Clarendon Schools’ 148 class ‘death of ’ 5–6 origins and destinations 10–17 as multidimensional 196 class pay gap 7–9, 47–55, 57–70 within companies 85 company size and 67–9 demographic differences 59–60 drivers of 70fig, 86fig, 217fig education and 61–5 and elite occupations 52–5 and gender pay gap 50–1 and racial-ethnic pay gap 51–2 class-structural approach 189 client matching 147, 158–64 comportment 14, 132, 200 confidence cultural 154 fallacy of 23–7 and fitting in 124, 130, 151 misinterpretation of 102 and progression 19 and sponsorship 114 and typecasting 99 confidentiality 274 contest mobility 109 Coopers (architects) 81–3, 105–7 belonging 174–5 culture of 164–8 and embodied cultural capital 206 female representation 82, 120–1 fitting in 140–3 glass ceiling 143, 207 hierarchy 83 internal and external culture 164–8 merit 225–6 opting out 175 parental financial support 105–7 privilege 82, 83fig 361 The Class Ceiling racial-ethnic representation 82 researching 246–7 and sponsored mobility 118–21 working-class 82, 83fig Corbyn, J. 287n39 corporate senior management 33fig, 35fig, 41fig, 42fig, 53fig Crawford, C. et al 295n21 Crenshaw, K. 289n75 cultural affinity 111, 116, 122, 214 cultural and creative industries (CCIs), precarity of 91 ‘EGP’ (Erikson, Goldthorpe and Portocarero) approach 288n53 Elias, N. 302n3 elite signals 148, 156 Ellis, A.J. 306n20 embodied cultural capital 154, 187, 197, 199–208 emotional cost 173–4, 175, 178–83 engineering 33fig, 35fig, 40, 41fig, 42fig, 53fig, 54 Equality Act 2010 237, 296n1 The Equality Trust 238 Erickson, B.H. 307n38 ‘cultural competency’ 126 ‘cultural guides’ 120 F failure, anticipation of 173 ‘Fairer Scotland Duty’ 237 fairness 8, 9–10 feeding back 219–20, 273 Feinstein, L. 294n5 field (Bourdieu) 186–7, 198–9 ‘field-specific capital’ 199, 201–3 film and television industry access to 33fig class pay gap 53fig, 54–5 education 136 female representation 40, 42fig, 73 micro-class reproduction 34, 35fig racial-ethnic representation 40, 41fig, 73 social exclusivity 40, 74fig finance 33fig, 35fig, 41fig, 42fig, 53fig, 54 fire service chiefs 33fig, 35fig, 40, 41fig, 42fig, 53fig first class degree, earnings premium 38, 39fig, 64 fitting in 123–44 behavioural codes 134–40 ‘glass slipper’ 125–7 merit 144 polish 127–34 technical skill 140–3 cultural capital 14–17, 162, 164, 197, 199–203 D decomposition 58, 269 degree classification 63–4 deregulation 7, 246 disability 39–40, 41–2, 49, 51 discrimination 17, 40, 45, 57, 144, 224–5, 276 domestic migration 66–7 Dorling, D. 299n22 double disadvantage 50–2, 191, 218, 302n30 dress codes 126, 128–9, 134–5 Durkheimian approach 311n34 E Eagly, A.H. and Carli, L.L. 289n71 education and access to elite occupations 35–9 Bourdieu on 172–3 and embodied cultural capital 199–200 as ‘equaliser’ 61–5 grammar schools 6, 166 private 46, 78–81, 94, 104, 121, 123, 157, 159, 162, 172 public (elite private) 148–9 362 Index Fleming, P. 125–6 France, class pay gap 47 Friedman, S. 308n14 Future Leaders scheme 123–4, 244 G gatekeepers 114, 132, 144, 147–8, 166, 187 gender anxiety and 180–2 and dress 129 and merit 226 and technical capital 207 and tradition 39–40 under-representation of females 42fig see also double disadvantage; glass ceiling; intersectionality gender pay gap 45–6, 49, 61, 143, 221 ‘gig economy’ 91, 241, 270 glass ceiling 17–19, 45, 120, 143, 186, 190–1, 218 glass escalator 310n24 glass slipper 124–7, 128, 132, 133, 136, 142–3 globalisation 7, 286n17 Goldthorpe, J. 6, 8, 10, 189, 311n31 Goldthorpe, J. et al 309n7, 311n30 Goodall, L. 46 grammar schools 6, 166 Granovetter, M. 110 gravitas 159–60 H habitus (Bourdieu) 14–15, 186, 194, 198 Bourdieu on 288n69, 307n9, 308n1, 308n18, 314n80, 314n81 Hall, T. 45–6 Harman, H. 237 Heath, A.F. 310n20 hexis 200, 202 highbrow culture at 6TV 145–7, 150–6, 206, 219 as barrier 149–50, 164, 167 Bourdieu on 200 and privileged networks 168 Ho, K. 306n28 Hoggart, R. 307n35 homophily 214–15 and glass ceiling 17, 190 sponsorships and 113–14, 119, 120, 121 horizontal segregation 69, 272 Hout, M. 61 human capital 88, 90 I imposter syndrome 179 Indian ethnic group 42, 43, 49fig, 52fig individualisation 6, 26, 114, 144, 162 industry, decline in 6 Ingram, N. and Allen, K. 126 insecurity economic 91, 93 emotional 120, 139, 173, 179–83 institutionalised cultural capital 199, 315n92 intergenerational transfer 9, 15, 192, 193, 222 internships 149, 234 intersectionality 18–19, 40–4, 139, 190–1, 223, 233, 293n17 see also double disadvantage intra-generational mobility 193 IQ (intelligence quotient) 57, 61 isolation 181–2 IT 33fig, 35fig, 41fig, 42fig, 53fig J Jencks, C. et al 290n83, 311n29 Johnson, B. 57 Jones, D. 306n20 journalism class pay gap 53fig, 294n19 363 The Class Ceiling female representation 42fig Labour Force Survey (LFS) 264t micro-class reproduction 35fig privilege and 32, 33fig, 205 racial-ethnic representation 41fig and social mobility 30fig Just Fair 238 Lizardo, O. 149 ‘locus of control’ 23 London City of 19, 132, 212 parental financial support 24 privileged employment 22, 66, 69, 80, 106, 212 salary 66–7 senior positions 77 K Kitagawa, E 320n23 Koppman, S. 305n18, 313n58 KPMG 78, 230 Kuhn, A. 17 Kynaston, D. 132 M Macron, E. 29 management consultancy 33fig, 35fig, 41fig, 42fig, 53fig Matthew, M. 304n30 May, T. 7, 29 measurement of class background 230–2 medicine 33fig, 35fig, 41fig, 42fig, 53fig ‘merit’ measures 67fig, 68fig meritocracy 232–3 City of London 132, 133 and cultural similarity 111, 168–9 as driver 58, 62, 65 education 21–2, 61–3 and fitting in 144, 212–14, 215–19, 220–2 justification 88 ‘occupational effects’ and 198–9 and popular culture 179 and privilege 102, 103, 226–7 and progression 4–5 and sponsorship 118, 122 and technical capital 204 in UK 5, 7, 38–9 Weber on 4 meritocratic ideal 209, 210, 298n4 meritocratic legitimacy 8, 104 methodology 239–83 6TV 242–4 confidentiality 274 Coopers 246–7 elite occupation definition 265–6 L Labour Force Survey see LFS Lamont, M. and Lareau, A. 315n88 language 15, 128, 137–9, 151, 155–8, 306n23 see also speech Lareau, A. 15–16, 120 law class pay gap 53fig education 37 female representation 42fig micro-class reproduction 34, 35fig privilege 32, 33fig, 54, 85 progression in 19 racial-ethnic representation 41fig unpaid internships 234 Lawler, S. 18, 51, 308n15 Lawler, S. and Payne, G. 302n6 legal protection 237–8 Lexmond, J. and Reeves, R. 302n11 LFS (Labour Force Survey) 10, 30–1, 65, 72, 189–90, 240–3, 263–8, 271 life sciences 33fig, 35fig, 41fig, 42fig, 53fig linearity of career 196 Lineker, G. 45 ‘linguistic capital’ 306n23 364 Index feeding back 219–20, 273 interviews 247, 248t–60t measurement of social mobility 262–5 Turner Clarke (TC) 244–6 see also LFS (Labour Force Survey) microaggressions 17, 190, 224–5, 304n29 micro-class reproduction 34–5, 192 middle-class socialisation 126 Mijs, J.J.B. 298n4 Milburn, A. 9, 29–30 Miller, N. 229 Mills, C.W. 132, 148, 319n16 mixed race ethnic group 42, 43fig, 49fig, 51, 52fig Morrissey, D. 84 Mosca, G. 319n16 multiple race ethnic group 42 Murray, C. 57 N ‘neo-institutional theory’ 301n21, 303n26 networks and highbrow culture 149–50, 168 and inequality 121–2 old boys’ network 17, 109, 132, 211 and sponsorship 110, 115, 118 Norway, class pay gap 47 NS-SEC (National Statistics Socio-Economic Classification) 11, 222, 263–5 nudge theory 307n37 O objectified cultural capital 199 ‘objective merit’ 2, 168, 212, 214, 221 O’Brien, D. 241 ‘occupational effects’ 198–9 ‘old boys’ network’ 17, 109, 132, 211 ‘opportunity cost’ 182 ‘opportunity hoarding’ 148, 164 other Asian ethnic group 43fig, 49fig, 52fig otherness 146 Oxbridge 2, 3, 62, 63, 148, 155 P PACT (Producers Alliance for Cinema and Television) 243, 297n5 Paired Peers project 299n18 Pakistani ethnic group 40, 41fig, 42fig, 43–4, 49, 51, 52fig parental financial support 87–107 for actors 87–105 at Coopers 105–7 at Turner Clarke (TC) 105–7 parental occupation 31–2, 231–2, 240, 263 performing arts 33fig, 41fig, 42fig, 53fig Pfeffer, J. 290n83, 320n28 Piketty, T. 286n25 police service chiefs 33fig, 35fig, 40, 41fig, 42fig, 53fig Policy Exchange 286n31 polish 19, 127–34, 142, 159, 161, 180 popular culture 149, 202, 219, 307n38 primary socialisation 153–4, 194, 199, 202 private sector pay 68 Producers Alliance for Cinema and Television see PACT professional and managerial sector, increase in 6, 59 professionalism 159 progress in career 19–20, 45–55 class pay gap 47–55 cultural barriers 164 and education 62 female 143, 167 fitting in 124–5, 129 and merit 4, 102–3, 109, 111, 210 365 The Class Ceiling and parental financial support 90, 101, 106 and polish 127–34 self-elimination 173 sponsorship 113, 115, 118, 121 technical capital and 203 public assets, sale of 7 public sector access to 32, 33fig, 34 class pay gap 53fig, 68 female representation 42fig micro-class approach 35fig racial-ethnic representation 41fig public spending cuts 7 Puwar, N. 158 R racial-ethnic minorities at 6TV 139 access to elite occupations 20–1, 43fig at Coopers 82 and glass ceiling 190 and higher education 280fig, 281fig and IQ 57 pay gap 49–50, 283fig progression 21 at Turner Clarke (TC) 114 and upward social mobility 18 see also double disadvantage; intersectionality Received Pronunciation see RP Reeves, A. and de Vries, R. 315n91 Reeves, R. 149 regional differences 66–7, 80, 106 regression analysis 58, 268–9 Reith, Lord 306n21 RIBA (Royal Institute of British Architects) 175 Rivera, L. 19, 113, 129, 131, 223 Rollock, N. 289n80 Royal Institute of British Architects see RIBA RP (Received Pronunciation) 128, 156–8 Russell Group universities 38, 39fig, 62, 63fig, 100 S Saunders, P. 294n2 Savage, M. 205, 207 Sayer, A. 299n20 science, career in 33fig, 35fig, 41fig, 42fig, 53fig self-elimination 171–83 cultural mimicry 177–8 emotional self-protection 175 opting out 174–5 playing safe 175–7 self-worth 173 service-based economy 7 Sherman, R. 103 Skeggs, B. 18 SMC (Social Mobility Commission) 9, 57 social bridging 149 social capital 14–15, 110, 149, 162, 164 social closure 147–50, 189 social mobility, measurement of 30fig, 262–5 Social Mobility Business Compact 230 Social Mobility Commission see SMC Social Mobility Employer Index 230 Social Mobility Index 2017 305n3 Socioeconomic Duty 237–8 ‘sociology of elite recruitment’ 188–9 space, egalitarian organisation of 79 speech 126, 128, 156–8 see also language speed of career 176, 196 Spence, C. and Carter, C. 298n16 sponsorship 109–21 at 6TV 115–18 366 Index at Coopers 118–21 formalisation of 235–6 at Turner Clarke (TC) 111–15 standard mobility analysis 186, 198 standard mobility tables 188, 191–2 stereotyping 17, 218, 225, 303n28 studied informality 134–40, 142, 150 Sweden, class pay gap 47 ‘symbolic capital’ 201 ‘symbolic mastery’ 15, 16, 200 traditional/technical divide 32–4 Trump, D. 29 Turner, R.

Here the metaphor of glass, and particularly the glass ceiling, has been usefully deployed to highlight the invisible yet durable barriers that these groups face in achieving the same rewards as white men in the same positions.71 A range of mechanisms is at play here, from direct discrimination (in terms of sexism and racism) to the subtler and more insidious effects of stereotyping, microagressions, tokenism and homophily (the tendency among decision-makers to favour those who are, in various ways, like themselves).72 This work has also highlighted how these groups tend to be shut out of what is colloquially called the ‘old boys’ network’, the informal social connections that help people find out about job opportunities and navigate promotions.73 17 The Class Ceiling The key point that emerges from this glass-ceiling literature is that what we conventionally understand as ‘merit’ is not the only, or maybe even the main, determinant of career success. Study upon study has shown that even when women and racial-ethnic minorities are just as capable, talented and hard-working as white men in every way these attributes can be measured, they are still less likely to get on.


pages: 371 words: 93,570

Broad Band: The Untold Story of the Women Who Made the Internet by Claire L. Evans

"side hustle", 4chan, Ada Lovelace, Albert Einstein, British Empire, colonial rule, computer age, crowdsourcing, dark matter, dematerialisation, Doomsday Book, Douglas Engelbart, Douglas Engelbart, Douglas Hofstadter, East Village, Edward Charles Pickering, game design, glass ceiling, Grace Hopper, Gödel, Escher, Bach, Haight Ashbury, Harvard Computers: women astronomers, Honoré de Balzac, Howard Rheingold, HyperCard, hypertext link, index card, information retrieval, Internet Archive, Jacquard loom, John von Neumann, Joseph-Marie Jacquard, knowledge worker, Leonard Kleinrock, Mahatma Gandhi, Mark Zuckerberg, Menlo Park, Mother of all demos, Network effects, old-boy network, On the Economy of Machinery and Manufactures, packet switching, pets.com, rent control, RFC: Request For Comment, rolodex, semantic web, Silicon Valley, Skype, South of Market, San Francisco, Steve Jobs, Steven Levy, Stewart Brand, subscription business, technoutopianism, Ted Nelson, telepresence, Whole Earth Catalog, Whole Earth Review, women in the workforce, Works Progress Administration, Y2K

“As the population becomes widely familiar”: Scarlet Pollock and Jo Sutton, “Women Click: Feminism and the Internet,” in Cyberfeminism: Connectivity, Critique, Creativity, eds. Susan Hawthorne and Renate Klein (North Melbourne, AUS: Spinifex Press, 1999), 38. “a question of survival and power”: Old Boys’ Network, “Old Boys’ Network FAQ,” 2000, http://web.archive.org/web/20000424093036/http://www.obn.org:80/faq.htm. “Cyberfeminism only exists in the plural”: Cornelia Solfrank, “The Truth About Cyberfeminism,” 1998, www.obn.org/reading_room/writings/html/truth.html. “not about boring toys for boring boys”: Old Boys’ Network, “100 Anti-Theses,” 1997. www.obn.org/cfundef/100antitheses.html. “virtual techno-paradise of the new millennium”: Renate Klein, “The Politics of CyberFeminism: If I’m a Cyborg Rather Than a Goddess Will Patriarchy Go Away?” in Cyberfeminism, 10.

“As the population becomes widely familiar with the new communications technologies,” wrote Scarlet Pollock and Jo Sutton, editors of the Canadian feminist magazine Women’space, “the challenge to feminists is whether we’ll be online and ready to greet them.” Cyberfeminist artists made revolutionary CD-ROMs, created Web-based multimedia artworks, and built virtual worlds, taking many forms as they swam through the network seeking pleasure and knowledge. They wrote howling agitprop like the Cyberfeminist Manifesto for the 21st Century. They formed coalitions, mailing lists, and discussion groups, like the Old Boys’ Network, a group that proclaimed cyberfeminism to be, above all, “a question of survival and power and fun.” VNS Matrix even made a video game, All New Gen, in which the player must hack into the databanks of Big Daddy Mainframe, the Oedipal embodiment of the techno-industrial complex, and slime him and his cohort (“Circuit Boy, Streetfighter, and other total dicks”) into oblivion, sowing the seeds of the New World Disorder and ending the rule of phallic power on Earth.

., 29–31, 70, 75 Nehru, Jawaharlal, 160 Nelson, Ted, 154 Netscape, 172, 191, 209, 215 network effect, 172 Network Information Center (NIC), 112–19, 114, 121, 122, 166 Reference Desk of, 113 WHOIS, 119–20 networks, 25 packets in, 110, 126, 202 spanning-tree protocol for, 126–28 Network Working Group, 117 Neustrup, Chris, 97–98 Newsweek, 183, 184, 191 New York, 187, 210 New York City: 9/11 attack in, 150, 200–201 Silicon Alley in, 146, 182, 184, 186–88, 191–94, 196–201, 218, 219 New-York Historical Society, 150–51 New York Times, 9–10, 50, 136, 191, 194, 199, 218, 235 New York University (NYU), 134, 195, 196 Interactive Telecommunications Program, 182 NeXT, 168 Nightline, 233 9/11 terrorist attacks, 150, 200–201, 204 NLS (oNLine System), 111–12, 115, 116, 154, 210 NoteCards, 164–66, 168, 170 nuclear bombs, 36, 55 nuclear submarines, 76 Old Boys’ Network, 239–40 online publishing, see electronic publishing OS/360 operating system, 76 Oxygen Media, 216 Pack, Ellen, 205–13, 215, 216, 219–20 packets, 110, 126, 202 PDQ Committee, 71, 73 Pearce, Naomi, 133, 208 Pearl, Amy, 162 Pearl Harbor attack, 27–29, 32 People’s Computer, 98, 119 Perlman, Radia, 123–28 Phiber Optik, 136, 187 Pickering, Edward Charles, 23 PicoSpan, 132, 135 Pierce, Julianne, 237 Plant, Sadie, 11, 21, 80, 238 PLATO (Programmed Logic for Automatic Teaching Operations), 178–81 Pleasant Company, 235 Poetics (Aristotle), 226 Pollock, Scarlet, 239 Powers, Richard, 88 presidential election of 1952, 60 programming, 25, 26, 46, 52, 64–74, 75–80, 91–92, 106, 122–24, 162, 226 and association between women and software, 51–52 automatic, 65–69, 73, 119 caving compared with, 88 compilers in, 66–69, 73 computer-written programs, 59–60, 68 conference on crisis in, 77 Cosmopolitan article about, 75, 76, 77 debugging and, 66, 68, 74 decline in women in, 76–78, 93 distinction between operating and, 52 documentation in, 37, 65, 69 Editing Generator and, 73 educational requirements for, 78, 93 EMCC and, 56, 57 ENIAC and, 44–52, 79 first programs, 21 flowcharts and, 59 hardware development and, 77 Lovelace and, 20 machine code in, 66–68 magnetic-tape, 60–62, 79, 110 Mark I and, 32–33, 46, 59 perfection required in, 76–77 professionalization and masculinization of, 76–78, 93, 222, 228 punch cards and tapes in, 12–13, 32–33, 35–36, 39, 46, 47, 60–62, 79, 110 renamed software engineering, 77–78, 93 shortage in programmers, 76 social skills and, 78–79 Sort-Merge Generator and, 59, 68, 73 subroutines in, 37, 65, 67, 68 UNIVAC and, 58–59, 65 see also software programming languages, 46, 65–73, 79, 108 COBOL, 71–73 FORTRAN, 70, 88, 89, 93 Project One, 95–108, 119 Prose, Francine, 218 Pseudo, 186–87, 199 publishing, see electronic publishing punch cards and tapes, 12–13, 32–33, 35–36, 39, 46, 47, 60–62, 79, 110 Purple Moon, 227–36 Radio Corporation of America (RCA), 69 Radio Shack, 225 Raisch, Charles, 96 Razorfish, 191, 197–99 Reddit, 149 Reed, Lou, 192 Remington Rand, 60–63, 65–70, 73 Requests for Comments (RFCs), 117–18, 120, 129 Reson, Sherry, 95, 96, 103–7 Resource One, 96–108, 109, 130, 132, 215, 242 Resource One Generalized Information Retrieval System (ROGIRS), 98 Reynolds, Joyce, 117 Rheingold, Howard, 148–49 Rhine, Nancy, 132–33, 205–12 Richardson, Ann, 75 Rockett games, 230–36 Rolling Stone, 99 routers, 86, 93 routing algorithms, 124–28 Salon, 218 Sammet, Jean E., 70, 72, 73 San Francisco Bay Area, 95–98, 100–102, 104–6, 109, 135, 179 San Francisco Public Library, 106 San Francisco Switchboard, 97 Scientific Data Systems 940 (SDS-940), 96–99, 101, 103–5, 107, 109–10 search engines, 115, 154 Sears, 225 Secret Paths games, 232, 236 Sega, 233 Semantic Web, 174 Seneca Falls Conference on the Rights of Women, 11 September 11 terrorist attacks, 150, 200–201, 204 Sharp, Elliot, 187 Shepard, Alan, 24 Sherman, Aliza, 131–32, 140, 143, 214 Shirky, Clay, 181 Shone, Mya, 96, 104–6 Silicon Alley, 146, 182, 184, 186–88, 191–94, 196–201, 218, 219 Silicon Alley Reporter, 198–99 Simpson, O.


Working the Street: What You Need to Know About Life on Wall Street by Erik Banks

accounting loophole / creative accounting, borderless world, business cycle, corporate governance, estate planning, fixed income, greed is good, old-boy network, risk/return, rolodex, telemarketer

It’s kind of sad that on Wall Street you can get to a level of seniority at which your professional skills and contributions matter less than your connections. But we won’t feel too bad for those getting squeezed out. They’ll be sipping tropical drinks at their villas in Bermuda or hot chocolate at their chateaus in the Swiss Alps. 1 1 4 | W o r k i n g th e S tr e e t THE COZY OLD BOYS’ NETWORK AT THE TOP Let’s press on with that last thought by talking about something unpopular, something that some regard as absolutely shocking and positively untrue: Wall Street is still driven by a cozy “Old Boys’ network.” Who you know, what school you went to, and how you play the game is more important than what you know, what you do, and what sort of character you have. Wall Street is still primarily run by older men, men who have been in the business a long time and have very firm ideas about the way the world works.

., maybe managing director, but almost certainly not executive management) or you can fight the system, kicking and screaming all the way. A select few have fought it successfully. Many others have not. Just remember that if you fight and lose, you’re finished at the firm, and you may be finished on The Street (funny how word gets around). It’s for you to decide how to play it. Fasten Your Seat Belt | 115 GOOD POLITICAL CONNECTIONS MEAN PAST MISTAKES DON’T MATTER Politics and the Old Boys’ network mean that if you’re in the right political camp, past job mistakes don’t matter all that much. If you know the right folks you can afford to have a couple of black marks beside your name because the system lets your sponsors gloss over them. Whatever you may have done that wasn’t particularly good or nice—maybe you accidentally blew up a client or let some key deals fall apart, maybe you failed to notice some control problems that could have prevented a loss—tends to get insulated and sanitized so that you can carry on with your career.


pages: 440 words: 108,137

The Meritocracy Myth by Stephen J. McNamee

affirmative action, Affordable Care Act / Obamacare, American ideology, Bernie Madoff, British Empire, business cycle, collective bargaining, computer age, conceptual framework, corporate governance, deindustrialization, delayed gratification, demographic transition, desegregation, deskilling, equal pay for equal work, estate planning, failed state, fixed income, gender pay gap, Gini coefficient, glass ceiling, helicopter parent, income inequality, informal economy, invisible hand, job automation, joint-stock company, labor-force participation, longitudinal study, low-wage service sector, marginal employment, Mark Zuckerberg, mortgage debt, mortgage tax deduction, new economy, New Urbanism, obamacare, occupational segregation, old-boy network, pink-collar, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, prediction markets, profit motive, race to the bottom, random walk, school choice, Scientific racism, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, upwardly mobile, We are the 99%, white flight, young professional

This problem is compounded by the departure of middle-class families from black inner-city areas, which has depleted the social capital of the remaining population and contributed to high levels of unemployment and welfare dependency (Wacquant and Wilson 1989; Wilson 1987, 1996). Women, likewise, have also historically confronted restricted access to privileged social networks, sometimes derisively referred to as “the good old boy network” that has contributed to a “glass ceiling” of limited (nonmerit) opportunities for advancement (McDonald, Lin, and Ao 2009). The process of this restriction is often subtle and can come in many forms. Women in business settings, for instance, may be restricted from inner male sanctums such as the golf course, the racquetball court, the bar, the poker game, or other arenas of mostly male interaction in which insider information is shared and business deals are often cut outside of “official” work environments.

Segregative tracking into “job ghettos”—dead-end jobs in departments or units with short mobility ladders, as well as organizational rules that do not permit movement out of such units—can be discriminatory. Assignments to “fast-track” jobs are often based on nonmerit criteria. Discriminatory informal workplace relations can create a “hostile workplace environment.” Selective mentoring, sponsorship, and exclusion from “old boy” networks can be discriminatory. Beyond these forms of discrimination, basic characteristics of the American industrial structure produce differentiated occupational opportunities that are allocated in discriminatory ways. As discussed in chapter 6, wages and benefits received for doing essentially the same job vary by the type of organization, industry, and region in which the job is performed. Large, capital-intensive, high-profit firms with large market shares in the “core” economic sector pay employees the most.

For example, though women now are graduating from law schools at rates comparable to men, for instance, few women occupy judgeships or senior partnerships in major law firms, in part because few women graduated from law schools twenty or thirty years ago, and those who did were often subjected to much more severe discrimination than occurs now, derailing their prospects for advancement. The same pattern is reflected in other professions in which women have more recently approached parity with males at the entry level, including medicine and the professoriate. On top of these lag effects, however, discrimination continues. Even among younger cohorts, research shows that women do not ascend as often or as quickly as men. Old Boy Networks Regardless of where women are located in the labor force (i.e., be they doctors or secretaries), women as a group face unique nonmerit impediments that make it more difficult to compete evenly with men. One of these impediments is lack of sponsorship—one form of social capital. Since the most powerful and influential positions are usually held by men, women are at a critical disadvantage.


pages: 419 words: 119,476

Posh Boys: How English Public Schools Ruin Britain by Robert Verkaik

accounting loophole / creative accounting, Alistair Cooke, banking crisis, Berlin Wall, Boris Johnson, British Empire, Brixton riot, Dominic Cummings, Donald Trump, Etonian, G4S, gender pay gap, God and Mammon, income inequality, Khartoum Gordon, Kickstarter, knowledge economy, Livingstone, I presume, loadsamoney, mega-rich, Neil Kinnock, offshore financial centre, old-boy network, place-making, plutocrats, Plutocrats, Robert Gordon, Robert Mercer, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, trade route, traveling salesman, unpaid internship

However, it was the town of Shrewsbury in Shropshire that established the first old boys’ network. Founded in 1552, the school’s prestige was not defined by its teaching or headmaster but by a select set of border gentlemen who came from outside the town. The most glamorous was Sir Philip Sidney, nephew of the Earl of Leicester and grandson of the Duke of Northumberland, a ‘poet and Renaissance man’. Sidney formed a friendship with another poet, the lowly Fulke Greville. Greville’s continued pursuit of his poetry was wholly supported by a series of political sinecures granted to him by the wealthy Sidney family. According to the former Financial Times journalist and author David Turner: ‘The alliance between Greville and Sidney furnishes perhaps the first clear public school example of the old boy network.’23 The early public schools separated the ranks of the high nobility from the arriviste scholars and sons of the moneyed burghers.

He and an associate had paid someone to tie them up and fake a robbery in New York, so that he could claim £1.8 million in insurance. It was his revenge on Lloyd’s, the insurance firm which had ruined his father during a notorious financial scandal in the late 1980s. Public schools breed networks, not communities. The Guppy/Johnson tape, secretly recorded by Guppy’s suspicious business partner, is a very extreme case of the old boys’ network but it illustrates the strength of the bonds between two Eton schoolmates. This perfectly understandable desire not to ‘let the side down’ can lead good people into bad situations, as C.S. Lewis understood: ‘To nine out of ten of you the choice which could lead to scoundrelism will come, when it does come, in no very dramatic colours. Obviously bad men, obviously threatening or bribing, will almost certainly not appear.

INDEX Abbott, Diane 181 Abromovich, Roman 197 abuse 207–20, 254 Adams’ Grammar School 172–3, 184 Addrison, John 210 Adonis, Andrew 240–1, 333 Africa 53–4, 314–15 Ahmad, Muhammad 37, 38–9 Aitken, Jonathan 255 Aldridge, Sir Rod 318 Alexander, Danny 148 Alfred the Great, King 14 Allan, Tim 169 Alpha Plus 316–18 Ametistova, Ekaterina 200–1 Ampleforth College 219, 237, 250–1 Anderson, Bruce 146 Andersdon, Dr Eric 105, 106, 115, 137 Anne, HRH Princess 110 Anthony, Vivian 108–9 Apostles Club 306 aristocracy 18, 22, 28 Arkwright, Richard 32 Arnold, Matthew 66 Arnold, Thomas 31, 67 Aspinall, John 156 Asquith, Herbert 64 al-Assad, Bashar 128, 196, 202 Attlee, Clement 87, 88, 89, 99, 180 Augustine, St 13–14 Australia 283 Baddiel, David 263–5 Bailey, Mark 227 Balfour, Arthur 33 Ball, Peter 216–19 banking 295–9 Banks, Arron 163, 164, 165 Bannon, Steve 164, 282 Barrington, Robert 202 Barton, Laura 305 Barttelot, Sir Brian 38, 40–1 Barttelot, Maj Edmund Musgrave 38–40 Barttelot, Sir Walter 40–1, 60–1 Bash camps 212–13, 216 BBC 298–300 beatings 21, 30, 211, 213–14, 215 Beckett, Andy 304–5 Bedales 182–3 Beefsteak Club 291–2 Bellak, Benjamin 138 Benn, Melissa 255, 268, 323–4, 339 Benn, Tony 96–7, 174, 175, 176, 180, 255–6 Bennett, Alan 1, 336–7 Bentham, Jeremy 66 Berezovsky, Boris 199 Beveridge, William 89 Blackadder Goes Forth (TV show) 62 Blair, Tony 103–6, 107, 109, 111, 179, 180–1 Blunkett, David 106–8, 109, 111 Blunt, Anthony 133 Bo Xilai 198 Board of Education 68–9, 69 ‘Boarding School Syndrome’ 270–1 Boarding Schools Corporation 98 Boer War 40, 52–4 Bonar Law, Andrew 64 Borwick, Tom 165 Bracken, Brendan 85–6 Brexit 127, 151, 161–3, 164–70; see also Farage, Nigel Bridgeman, Luke 292–3 British Army 36, 40–2, 55–64, 72–3, 224, 225 British Empire 30, 32, 33–5, 36–7, 38–40, 42–3, 44–5 and Second World War 74–5 British Expeditionary Force (BEF) 52 Brodie, Stanley 116 Brooke, Rupert 62 Brook’s 291 Brooks, Charlie 147 Brougham, Henry 29 Brown, Gordon 107, 287 Bruce, Charles 136 Brunel, Isambard Kingdom 32 Bryant, Chris 128 Buchanan, Mike 119 Buffet, Warren 329 Bullingdon Club 137, 141–2, 306 bullying 271, 273 Burgess, Guy 133 bursaries 226–35, 321–2, 332 Butler, Rab 77, 78–9, 81, 82 Butler, Robin, Lord 193 Byers, Stephen 107–8 Cable, Vince 167 Caldicott prep school 209–10, 215, 219 Callaghan, James 99, 180 Cambridge Analytica (CA) 164–6 Cambridge, HRH Catherine, Duchess of 191 Cambridge Spy Ring 133 Cambridge University 1, 25 Cameron, David 6, 105, 133–8, 139, 140, 274 and ‘big society’ 313, 315 and Conservative Party 143, 144–8 and Eton 119, 190 and EU Referendum 127, 161, 162, 166–7, 169, 170 and government 148–54 and Oxford 141–2, 143 and psychology 271, 273 and Russia 132 camps 212–16 Canning, George 33 Card, Tim 61 Cardigan, James Brudenell, 7th Earl of 56 Carey, George, Lord 217 Carpenter, John 17 Carswell, Douglas 161 Cash, Bill 161 Castle House Preparatory School 172 Catling, Susan 95, 96 Chakrabarti, Shami 181–3 Chamberlain, Neville 72 chantry schools 15, 24, 26 Charitable Uses Act (1601) 109 Charities Act (2006) 114–16, 223 charity 17, 47, 88–9, 114–21, 341 and law 109–10, 111 Charles, HRH Prince of Wales 105, 110, 143, 216, 217, 283 Charterhouse School 19–20, 195–6, 233, 257 China 197–8, 200, 203, 204 Christianity 13–14, 15, 24, 215–16 and muscular 35–8, 44, 67, 211 church, the 2, 13–15, 24, 211–19 Churchill, Winston 40, 72, 74, 78, 84, 286 and Bracken 86 and Eden 91 and Harrow 33, 77, 82–3 City, the 4, 292–3, 295–7 City of London School 17, 181 Clarendon, George Villiers, 4th Earl of 48, 49–51 Clark, Alan 62 Clark, Ross 194 Clarke, Kenneth 146, 147 class 22, 65–6, 86–7, 95, 237–8, 315–16 and the army 55–6 and government 91–3 and grammar schools 67–8 and the media 298–300 classics 30–1 Clegg, Nick 147–8, 181, 209–10, 327–8 Clifford, Adm Sir Augustus 34 Clive, Robert 42–3 Comenius, John 27 comprehensive schools 94–5, 255–6 Conrad, Joseph 39–40 conscription 52–3 Conservative Party 69, 86, 90, 92, 99–100, 101–2 and Cameron 143, 144–8 Cook, Henry 169 Cooke, Alistair 143 Coombs, Mark 163 Corbet, Richard 23 Corbyn, Ben 178 Corbyn, Jeremy 17, 121, 171–5, 176–80, 186, 314 Corbyn, Sebastian 178 corporal punishment 21 Cranmer, Thomas 11–12, 14 Crawford, David Lindsay, 27th Earl of 59–60 Crimean War 56 Cromwell, Oliver 27 Crosland, Anthony 95–6, 97, 255 Cruz, Ted 164 Cumberbatch, Benedict 252 Cummings, Dominic 165–6 Cust, Sir Lionel Henry 222 Czerin, Peter 144 Dacre, Paul 147 Daffarn, Edward 318 Dalton, Hugh 180 Damasio, Antonio 276 D’Ancona, Matthew 144 Darwin, Charles 30–1 Davidson, Jim 261–3, 266–7 Davison, Dick 108 De Carvalho, Alexander 168–9 De Freitas, Geoffrey 89 Deakin, Chloe 157, 158 Dean, Victoria 169 Debrett’s 289 Derham, Patrick 120 Dimbleby, David 149, 251 Disraeli, Benjamin 42 Doggart, Simon 215 donations 228–9 Dorries, Nadine 250–1 Dowding, Hugh 83 Duff, Grant 47–9, 50 Duffell, Nick 271, 272–3, 276–7, 284 Dulwich College 90, 156–61, 181–2, 192, 248, 330–1 and overseas franchises 203, 204 and sponsorships 239–42 Duncan, Alan 167 Eden, Anthony 64, 90–2 Edinburgh Academy 47 Edmiston, Robert, Lord 163 education 11–12, 13–15, 27, 321–4, 327–9 and Ragged Schools 37 and reforms 65–6 and rights 337–8 and Scotland 43–4 see also grammar schools; public schools; state schools Education Acts: 1902: 69 1918: 65 1944: 82, 87, 93 Education Review Group 117 Edward III, King 16 Edward IV, King 26 11-plus exam 82, 93 Elizabeth I, Queen 18, 19 Elizabeth II, Queen 133 Elliott, Matthew 165 Emms, David 157 employment 341–3 End of the ‘Old School Tie’, The (Worsley) 75–6 Endowed Schools Commission 50 English Civil War 27 entry requirements 18–19 Establishment, the 125–6 Eton College 3, 17, 19, 22, 204, 278–9 and admission 189–90 and alumni 33, 140–1 and bursaries 228–9, 230 and Cameron 119, 136–8, 140 and charity 99, 115, 221–3, 235–6 and Eden 91, 92 and exams 257 and fees 113, 188–9, 227 and foundation boys 50 and Goldsmith 155 and government 134 and grants 238 and international students 198–9 and Leggatt 293 and masters 46–7 and Oxbridge 25, 301 and poor boys 28–9 and Putin 127–32 and reforms 26–7 and Rifles 52, 53, 59 and sponsorships 242 and sport 35 and town 187–8 and Wellington 33, 41–2 see also Old Etonians EU Referendum 127, 150–1, 161–3, 164–70 Evans, Chris 298–9 exams 82, 93, 257, 267–8 Fabian Society 180 fagging 22, 29, 98, 104 faith schools 180–1 Fallon, Michael 62 Faraday, Michael 32 Farage, Nigel 156–9, 160–1, 162, 163, 167, 169, 248 and the establishment 283 and psychology 273 and Trump 282 Farr, Clarissa 278 Farron, Tim 153 fascism 157, 158 federations 238 fees 13, 19, 67, 69, 111–13, 194 and Eton 188–9 and subsidies 221–2, 224–35, 245–9 and university 260–1 Fettes College 103–6, 211 Finkelstein, Daniel 146 Finland 268, 344 First World War 54–64, 65–6 Fisher, Herbert 68–9 Fleming, David Pinkerton, Lord 79–81, 90 Fletcher, David 200, 201 Fletcher, Frank 68, 69 Foot, Michael 106, 180 Fox, Edward 156 Fox, Laurence 252–3 France 268–9 Fraser, Giles 211, 216 free scholars 16, 17, 18, 23, 50–1 Freemasons 193 French, John 61 French Revolution 28 Freud, Matthew 147 Gaitskell, Hugh 180 Galsworthy, John 66–7 Gascoigne, Michael 104 Gates, Bill 329 Geelong Grammar School 283 GEMS Education 111, 113–14, 204–6 gender pay gap 298, 299 gentlemen’s clubs 143–4, 169, 291–2 Germany 196, 268–9, 344 Ghosh, Helen 149 Gibb, Dame Moira 217, 218 Gill, Ameet 168 Girls’ Public Days School Trust 68 girls’ schools 229 Girls’ Schools Association 108 Gladstone, William 33, 37, 48 Goldsmith, James 155–6 Goodall, Lewis 298–9 Goodhart, David 320–1 Gordon, Gen Charles 36–8, 53 Gordonstoun 110, 211 Goschen, Giles, Viscount 135–6 Gove, Michael 144, 149, 161, 282, 322 and Brexit 166, 168 and psychology 273 and sponsorships 238 and subsidies 247–9 government 4–5, 6, 148–54 Gracie, Carrie 298 grammar schools 14, 15, 24, 30, 44, 56–7 and grants 93–4, 100–1 and Labour 183–5 and reforms 49–50, 67–8 Granville, Granville George Leveson-Gower, 2nd Earl of 48 Gray, Herbert Branston 45 Grayling, Chris 161 Great Depression 69–70 Green, Francis 307 Green, Michael 145 Greenwood, David 208, 219 Gregory, Pope 13 Grenfell Tower 316, 317–19 Greville, Fulke 22 Guppy, Darius 289–90 Guru-Murthy, Krishnan 234–5 Haberdashers’ Aske’s 263–5, 300 Haig, Gen Douglas 61 Haileybury College 88, 89 Haldane, Richard Burdon 53 Halfon, Robert 249, 311, 333, 336 Halls, Andrew 194 Hammond, Richard 67 Hancock, Matt 342 Hannan, Daniel 161 Hanson, David 219 Harding, David 163, 168 Hardman, Robert 144 Hargreaves, Peter 163 Harman, Harriet 181 Harrison, Rupert 144, 153, 275 Harrow School 17, 23, 24, 29, 31–2, 68 and alumni 33, 34, 252–3 and bursaries 233–4 and Churchill 83 and foundation boys 50 and overseas franchises 203 and soldiers 52, 53 Hart, Basil Liddel 62 Hasan, Mehdi 327 Hastings, Max 277 Hastings, Warren 43 Haynes, Tim 227 Headmasters’ and Headmistresses’ Conference (HMC) 51, 119 Healey, Denis 175, 176 Heart of Darkness (Conrad) 39–40 Heath, Edward 99, 287 Heath, Lt Gen Sir Lewis ‘Piggy’ Macclesfield 74 Heatherdown 135–6 Henderson, Simon 235 Hendon County Grammar School 183–5 Henry, Hugh 210 Henry VI, King 19, 26, 221, 301 Henry VIII, King 18, 26 Henty, G.A. 53 Heseltine, Michael 145, 167 Higgins, Matthew James 46–7 Hillman, Nick 99, 100, 255, 302–3 Hilton, Steve 144, 153 Hitler, Adolf 3, 73 Hobsbawm, Eric 34 Hoey, Kate 161 Hogg, Charlotte 295–6 Hogg, Dame Mary 294 Hogg, Douglas 294–5 Hogg, Quintin 97, 294, 295 Hogg, Sarah 294–5 Holle, Arnold 196 homosexuality 35–6 Hong Chin 201 Hosking, Jeremy 163 Howard, Adam 283–4 Howard, Michael 146 Howard, Nicholas 152 Howe, Geoffrey 101–2 Howell, Steve 183–5 Hughes, Billy 90 Hughes, Thomas 35 Huhne, Chris 148 Hunt, Jeremy 271, 273 Hurtwood House 225 Hutton, Will 274 Huxley, Thomas 66 Ibori, James 201 immigration 156, 157, 162, 168, 264 imperialism 33–4, 53–4; see also British Empire Independent Inquiry into Child Abuse 210–11 Independent Schools Council (ISC) 110, 113, 116, 120, 288, 325–7 and charity 223, 224, 226 and sponsorships 238 India 42–3, 53 industrial revolution 32 inequality 306–12, 314–16, 321–4, 327–9 initiation ceremonies 21 international students 196–202 internships 341–2 Iremonger, William 91 Itoje, Maro 234 Iwerne Trust 212, 214 Jameson, James Sligo 39 Japan 73–4 Jardine, Cassandra 94–5 Johnson, Boris 6, 31, 128, 142, 150–1, 272 and Brexit 162, 166, 167, 168, 169 and bursaries 321–2 and the Establishment 125–6 and Eton 136, 190 and Guppy 289–90 and psychology 271, 273, 276–7 Johnson, Jo 149 Johnson, Stanley 292 Jones, Owen 274–5, 328 Jonson, Ben 23 journalism 274–5, 297–8 Journey’s End (Sherriff) 58 judiciary 5, 292–3 Keir Hardie, James 180 Kensington Aldridge Academy (KAA) 318–19 KGB 132, 133 King Edward’s School 68, 93–4 Kingston Grammar School 56, 57 Kinnock, Neil 180 Kipling, Rudyard 53, 64 Kitchener, Gen Herbert 54–5, 57 Korski, Daniel 168–9 Kynaston, David 328–9, 337 Labour Party 6, 69, 86–8, 99, 100–1 and Corbyn 171, 174–5, 176–80 and education 180–6, 328–9 see also New Labour Lammy, David 303–4, 343 Lamont, Norman 143, 145 Lampl, Sir Peter 116 Landale, James 150 language 20–1, 277 Lansman, Jon 175–6, 178–9 Lansman, Max 178 Latin 14, 30 Laws, David 148 Leach, Arthur 14, 27 Leach, Sir John 109–10 league tables 267–8 Leanders, Rocky 214–15 Leather, Suzi 114–15, 117 Leggatt, George 292–3 Lenon, Barnaby 226–7, 228, 233–4, 258–61, 279, 303, 325–7 Leonard, Richard 186 Leslie, Chris 179 Letwin, Oliver 148, 149, 271 Levellers 27 Lewis, Sir George 48–9 Li Wei Gao 201 Liddle, Rod 299–300 Lineker, Gary 195, 298–9 literacy 14, 15, 43 Little, Steven 231–2 Little, Tony 190, 193–4, 198, 199, 205–6, 278–9 and assisted places 226, 230, 235 and parents 256 Litvinenko, Alexander 128 Livingstone, David 43, 44 Llewellyn, Ed 144, 148, 152 Lloyd George, David 65 local education authorities (LEAs) 80–1, 89–90, 98 Lockwood, Chris 144 London 316–19, 334; see also City, the London Oratory 180–1 Loom of Youth, The (Waugh) 63, 70 Lyon, John 17 Macdonald, Ramsay 180 McDonnell, John 174–5, 178–9, 186 McGovern, Steph 298 McKenna, Alison 116 Maclean, Donald 133 Macmillan, Harold 92 McNeil, Rosamund 120 Madders, Justin 185, 311–12 Made in Chelsea (TV show) 325 Magnitsky, Sergei 128 Major, John 321 Major, Lee Elliott 305 Mallinckrodt, Edward 135 Manchester Grammar School 27–8, 68 Mandelson, Peter 88, 183 Marathon Asset Management 292–3 Marlborough College 52, 55, 79, 192, 232 Marshall, Patrick 209 Marshall, Sir Paul 167–8 Marxism 177–8 Mason, A.E.W. 53 Masonic lodges 145, 193 May, Theresa 69, 118–19, 121, 127, 129 and internships 341–2 and ‘shared society’ 313–14, 322–3 and sponsorships 243 Meacher, Michael 176 media 297–300 Mercer, Robert 163, 164 Merchant Taylors’ School 17, 21, 28, 42–3, 140, 300–1 Merivale, Charles 22–3 Middleton, Kate, see Cambridge, Duchess of Milburn, Alan 315, 336 Military Cross 59 Millar, Fiona 109, 185–6, 324 Millfield School 247–8 Milne, Seumas 17, 177–9 Milton, John 27 Mitchell, Andrew 237, 271 Momentum 175–7, 178–9 monasteries 14, 15, 18, 24, 25, 26–7 money-laundering 201–2 Montgomery, Bernard 83 Moore, Thomas 42 morality 273–4 Morrison, Herbert 88 Mosley, Oswald 143, 158, 159 Mount, Ferdinand 139, 143 Mount, Harry 328 Mulcaster, Richard 20 Mumsnet 258 Murdoch, Rupert 147, 282–3 Murray, Andrew 178–9 Murray, Charles 334 Murray, Laura 178 Nash, Eric ‘Bash’ 212–13 Nash, Paul 62 National Front 157, 158 Neile, Richard 23 Nelson, Lord Horatio 44 New Labour 105, 106–7, 111 New York Military Academy (NYMA) 280–2 Newbolt, Sir Henry 55 Newmark, Brooks 292 Newsom, Sir John 97, 246 Newsome, David 273 newspapers 46–7, 297–8 Nix, Alexander 164, 165 non-cognitive skills 276 North Foreland Lodge 110 north–south divide 310–11 Norwood, Cyril 67, 70 Notting Hill Prep 316–18 Nyachuru, Guide 215 Oakes, Alex 163, 164 Oakes, Nigel 163–4 O’Brien, James 237, 250–1 Odey, Crispin 163, 167, 193 O’Dowda, Brendan 198 Office of Fair Trading (OFT) 112, 113 Officer Training Corps (OTC) 52, 53, 55, 62 old boys’ networks 21–2, 289–91 Old Etonians (OEs) 136, 140–1, 149, 192, 224, 228–9 Oldfield, Bruce 68 oligarchs 129–30, 140, 194, 197, 199, 202 Olympic Games 36 Onyeama, Dillibe 254 Operation Winthorpe 209 Organ, Bill 111–12 Orwell, George 3, 74, 76, 77, 254 and democracy 286, 309 Osborne, George 6, 144, 146, 147, 148, 153 and Brexit 162 and politics 274–5 and psychology 273 overseas franchises 202–6, 329 Oxbridge 1–2, 5, 264–5, 279, 300–6, 342–3; see also Cambridge University; Oxford University Oxford University 2, 16, 17, 18, 25, 107 and Cameron 141–2 and Union 125–6 Pakenham, Frank 180 Palmerston, Lord 33, 48 parents 194–6, 251–6, 257–8, 261–3, 265–7 and failure 278 and rights 337–8 Parker, Peter 62–3 Parris, Matthew 306, 314–15 Pasha, Emin 39 Patel, Priti 162 Patrick, Andrew 277 Paxman, Jeremy 223–4, 273 pay 298–9, 306–7 Peasants’ Revolt 16 Peat, Sir Michael 205 Peel, Robert 33 Percival, Arthur Ernest 73–4 Perry, Tom 210 Philby, Kim 133 Piers Gaveston Club 137, 141, 142–3 Pitt the Elder, William 28 Plato 313 Pleming, Richard 195 politics 91–3, 271–3, 274–5, 303–5; see also Conservative Party; government; Labour Party poor, the 16–17, 19–20, 22, 24, 28–9 and subsidised places 221–2, 224–7 Portillo, Michael 146 Portland Communications 169 ‘posh bashing’ 252–3 Powell, Enoch 93, 156–7 Powell, Hugh 138–40 prefects 21 Price, Leolin 115–16 Priestley, J.B. 76–7 private education, see public schools Profumo, John 92 property 310 psychology 270–3, 275–7 Public School Lodges’ Council 145, 193 public schools 2–7, 66–7, 258–61, 286–9, 324–5 and abolition 336–44 and abuse 207–20 and actors 252–3 and alumni 1–2, 140 and assisted places 87–8, 90, 101, 321–2, 329–33 and beginnings 15–20 and Brexit 161–2, 163, 165–6, 167, 170 and British Empire 33–4, 41, 42–3, 44–5 and business rates 243–4 and charity 88–9, 107–11, 114–21, 221–35 and class 22–4 and criticism 46–7 and demand 70–1 and entitlement 283–5 and espionage 132–3 and Europe 268–9 and facilities 193–4 and fees 111–14, 245–9 and funding 68–70 and government 91–3 and inequality 306–9 and international students 196–202 and Labour Party 180–3, 185–6 and London 316–18 and the media 297–300 and networks 21–2, 191–3, 289–91 and overseas franchises 202–6 and Oxbridge 300–6 and parents 194–6, 251–2, 253–6, 257–8, 261–3, 265–7 and psychology 270–3, 275–7 and reforms 25–7, 29–32, 47–51, 79–82, 95–100 and revolts 27–9 and Second World War 75–9 and slang 20–1 and society 334–6 and soldiers 52–64 and state schools 236–43, 326–7 Public Schools Act (1868) 51 Public Schools Commission 97–100 Puritans 27 Putin, Vladimir 127–32, 133, 154 Pyper, Mark 110 Queen’s Scholarship 19 Raab, Dominic 322 racism 156, 157, 162 Rae, John 101, 274, 302 Ragged School movement 29, 37, 38 Ranger, Terence 34 Rawls, John 5 Ray, Christopher 115 Reay, Diane 268, 269, 284–5, 335 Reckless, Mark 161 Redwood, John 161 Rees-Mogg, Jacob 31, 154, 161, 193, 251, 282 Referendum Party 155, 156 Reform Act (1832) 47 Reformation, the 26 Remain Vote 162, 163, 166, 168 Renton, Alex 219–20, 254 Repton School 302–3 Reznikov, Peter 131 Rhodes, Cecil 33, 43 Rich, Richard 11–12, 14 Richards, Amy 169 Richardson, Ed 197 Ripon Grammar School 67–8 Roberts, Frederick, Field Marshal Lord 52–3 Rock, Patrick 151–2 Roman Empire 13 Romilly, Peter 135 Rooney, Wayne 191 Rothermere, Jonathan Harmsworth, Lord 147 royal family 133, 134 Royal Military Academy Sandhurst 36, 38, 40, 56 Royal Military Academy Woolwich 36, 56 Royal Navy 44, 73 rugby 35 Rugby School 28, 31, 52, 53, 73 Ruskin, John 66 Russia 127–34, 139–40, 199–200, 202 Ruston, Mark 214 Sainsbury, David 163 St Paul’s School 14, 17, 18, 209, 227 Sandel, Michael J. 315–16 Sandhurst, see Royal Military Academy Sandhurst Sansom-Mallett, David 209 Sassoon, Siegfried 62 Sawar, Anas 186 Schaverien, Joy 270–1 Schellenberg, Walter Friedrich 3 Schneider, James 17, 177 scholarships 226–8, 240 School Teachers Superannuation Act (1918) 68 science 30 Scotland 43–4, 47, 186, 211, 341 Second World War 3, 40–1, 72–9, 82–4, 86–7 secondary schools 82, 90, 94–5 Sedbergh School 85 segregation 316 Seldon, Sir Anthony 192, 230, 242, 261, 331–3 serfdom 15 Sevenoaks School 111–12 sexual assault 207–20 Shaw, George Bernard 66 Shawcross, Hartley 99 Shawcross, William 117 Sherborne School 55, 70 Sherriff, Robert 56–7, 58 Shevkunov, Father Tikhon 130–1 Shrewsbury School 21–2, 30, 58 Shrosbree, Colin 31 Sidney, Sir Philip 21–2 Singapore 73–5 Sked, Alan 155 Smith, Ian Duncan 146, 161 Smith, Zadie 328 Smyth, John 211–12, 213–15, 216, 219 Soames, Nicholas 167 social media 165, 166 social mobility 93–4, 196, 311, 315, 321–2, 330–3 and Commission 336 socialism 86–7, 88, 95–6, 177–8 Socrates 313 song schools 14, 15 Spence, Dr Joseph 159, 160, 204, 241–2, 330–1 Spencer, Charles, 9th Earl 317 Spencer, Herbert 66 Spender, Stephen 70 Spielman, Amanda 252 spies 132–3 sponsorships 238–43 sport 20, 35–6, 233–4, 236–8 Stanley, Henry Morton 39, 40 Starkie, James 169 state schools 2, 6, 68, 83–4, 149, 318–20 and business rates 244 and Europe 268–9 and exams 257 and funds 265, 267 and Oxbridge 301–2 and parents 255–6 and public schools 120, 236–43, 326–7 Stephenson, George 32 Stephenson, Paul 168 Stewart, Rory 292 Stoics Club 142 Stowe School 233 Strachey, Lytton 38 Strategic Communication Laboratories (SCL) 164 Sudan 37, 38–40 Suez Crisis 91–2 super-rich 196–7 Sutton, Thomas 19, 233 Sutton Trust 116, 287, 296, 297, 303 Sweden 344 Taunton Commission 50 Tawney, R.H. 66, 89 taxation 243, 244–7, 248–9, 338–9; see also VAT teachers 257, 340 Thatcher, Margaret 93, 100, 101–2, 136, 138–9, 323 Thorn, John 213, 214 Timothy, Nick 121, 326 Titus Trust 215–16 Tom Brown’s School Days (Hughes) 35 Trades Union Congress 81 Transparency International 201–2 Trump, Donald 127, 163, 164, 280–2, 329 Turner, Andrew 233 Uber 151 UK Independence Party (UKIP) 155, 156, 157, 161 Ukraine 127, 128, 139–40 Ummuna, Chuka 179 United States of America 84, 164, 229, 280–2, 329 universities 260–1, 306, 308, 342–3; see also Oxbridge Utley, Tom 265–6 Vaizey, Ed 99 VAT (value added tax) 69, 107, 121, 183, 243, 247 Vereker, John 72–3 Victoria Cross (VC) 58–9 Villiers, Barbara 91 Villiers, Theresa 161–2 Viner, Katharine 67 Vote Leave 161–3, 164–6, 167–8 Vunipola, Billy 234 Wade, Rebekah 147 Waldegrave, William 342 Wang Sicong 198 Warre, Edmond 53 Warre-Dymond, Capt Godfrey 58 Warren, Justice 116 Wasserman, Gordon, Lord 102 Waterloo, Battle of 33, 42 Watson, Andrew 213 Waugh, Alec 55, 58, 59, 63, 67, 70, 254 wealth gap 309–10 Webb, Sidney 66 Welby, Justin, Archbishiop of Canterbury 79, 193, 212, 214, 216 Weller, Paul 136, 251–2 Wellington, Arthur Wellesley, Duke of 33, 41–2, 53 Wellington College 242 Westminster, Gerald Grosvenor, 6th Duke of 254 Westminster School 17, 18–19, 23, 43, 204 and Oxbridge 300, 302 Whetstone, Rachel 144, 145 Whitehouse, Mary 212 White’s 143–4, 169 Whittingdale, John 161, 177 Who’s Who 289, 292 Wilkinson, Ellen 87–8, 90 Willetts, David 93–4, 307–8 Wilshaw, Sir Michael 120, 205, 240, 340 Wilson, Harold 25, 95, 99, 180, 287 Winchester College 15–17, 23, 28, 81, 257 and abuse 212–14, 215 and bursaries 229, 230–2 and fees 111–12, 113 and international students 199–200 and Oxford 25, 301 and soldiers 52, 53 Witheridge, Rev.


pages: 319 words: 89,477

The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion by John Hagel Iii, John Seely Brown

Albert Einstein, Andrew Keen, barriers to entry, Black Swan, business process, call centre, Clayton Christensen, cleantech, cloud computing, commoditize, corporate governance, creative destruction, disruptive innovation, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, intangible asset, Isaac Newton, job satisfaction, Joi Ito, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Maui Hawaii, medical residency, Network effects, old-boy network, packet switching, pattern recognition, peer-to-peer, pre–internet, profit motive, recommendation engine, Ronald Coase, shareholder value, Silicon Valley, Skype, smart transportation, software as a service, supply-chain management, The Nature of the Firm, the new new thing, too big to fail, trade liberalization, transaction costs

But the “productive friction”7 generated by unfamiliar circumstances can be surprisingly beneficial, as can surrounding ourselves with people whose ways of perceiving the world and solving problems differ from our own.8 Note that while serendipity often occurs in social networks, where we unexpectedly encounter friends of friends or even total strangers who prove helpful, we’re not simply talking about old-style networking, where you “work” a party or a conference for anybody and everybody who might prove useful to you. We’re not talking about the mutual back-scratching of the old-boys’ network, either, to fix parking tickets or an embarrassing situation with a relative. Nor are we talking about pulling strings behind the scenes, or making Machiavellian use of information. Anyone approaching pull in a mercenary, “what’s-in-it-for-me” fashion is likely to get burned. In fact, he or she will not really be practicing pull at all, as they will offer no reciprocal benefits to the people and institutions with whom they interact.

Rather than dictating the actions that people must take, pull platforms provide people with the tools and resources (including connections to other people) required for them to take initiative and creatively address opportunities as they arise. Common Misperceptions of Pull When we talk to people about pull platforms, we sometimes run into the misperception that pull is somehow manipulative, below-board, taking place behind the scenes in a smoke-filled room. But this is not your father’s old boys’ network. Academics often harbor the same assumption, figuring that pull involves the classic “broker” who, for his own gain, acts as an unreliable, duplicitous go-between among unsuspecting innocents. Shakespeare’s plays are full of such characters: Othello’s “friend” Iago, to name one. Some academics call such a broker Tertius Gaudens, “the third who benefits.” Instead, we’re talking about what David Obstfeld has named Tertius Iungens, “the third who joins”—and who in so doing creates value for all concerned. 6 The model of behavior we’re interested in is Iungens, not Gaudens.

Microsoft as example of shaping view motivates third-party investments Mindsets for management of collaboration of control, threatened by change Minnick, Mary Mirabilis Mobile phone industry Modular design of pull platforms described Li & Fung’s specific activities, outputs motivates passionate individuals to success Moore’s Law Mor ville, Peter Motorola Mousavi, Mir-Hossein Myanmar (Burma) Saffron Revolution National Scholastic Surfing Association “The Nature of the Firm” essay (Coase) NetWeaver Networks types of, described Newspapers 9/11 attacks Noll, Greg Nonprofit organizations experiencing performance pressures shaping strategies in Novell Oahu, Hawaii Obama, Barack Obstfeld, David The Office television program Old-boy networks Online communities. See Online social networks Online role-playing games as creation spaces Online social networks attracting, sustaining, quality attention complementary talent generated by serendipity with edge connections as environments for serendipitous encounters and findability See also Social networks; World of Warcraft (WoW) Open innovation beyond, to broad forms of collaboration defined model of product development catalyzed by shaping Shai Agassi pulls SAP and Web 2.0 into teams emerge naturally Open innovation platforms form teams offline to research solutions as specialized, connecting people unknown to each other See also InnoCentive open innovation platform Open-source software sites Orbitz Ortolano, Glauco Outsourcing Pace accelerated by technology, social networking as actions and assets for shaping strategies amplified by outside-in IT architectures amplified through IT investment amplified through mindset as element of journey toward pull igigig individualized as maximizing return on attention Page, Larry Participants as element in creation spaces as influencers in shaping platforms persuaded by shaping actions roles for pursuing shaping strategies See also Individuals Passion defining professions as of employees pursuing, with questing dispositions shared within geographic spikes as transforming, motivating Pasteur, Louis Payne, Dusty with edge connections becoming part of core network introduced wins Kustom Air Strike Payne, Lisa Payne, Wendell Peres, Shimon Perez, Carlota Performance declines of corporations Performance improvement in digital infrastructures driven, increased, by new knowledge flows and experience curves through pull techniques Performance measures.


pages: 482 words: 149,351

The Finance Curse: How Global Finance Is Making Us All Poorer by Nicholas Shaxson

activist fund / activist shareholder / activist investor, Airbnb, airline deregulation, anti-communist, bank run, banking crisis, Basel III, 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, failed state, falling living standards, family office, financial deregulation, financial innovation, forensic accounting, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global supply chain, high net worth, income inequality, index fund, invisible hand, Jeff Bezos, Kickstarter, land value tax, late capitalism, light touch regulation, London Whale, Long Term Capital Management, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, 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, Plutocrats, Ponzi scheme, price mechanism, purchasing power parity, pushing on a string, race to the bottom, regulatory arbitrage, rent-seeking, road to serfdom, Robert Bork, Ronald Coase, Ronald Reagan, 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, The Chicago School, Thorstein Veblen, too big to fail, transfer pricing, wealth creators, white picket fence, women in the workforce, zero-sum game

The new market first came to the notice of officials at the Bank of England a few months before the Suez crisis, when they saw that the Midland Bank (now part of HSBC), one of the City’s more adventurous institutions, was taking US dollar deposits unrelated to any commercial or trade deals. Under Bretton Woods this was classified as speculative activity, which wasn’t allowed. The City of London in those days was an old boys’ network of elaborate rituals and agreement by gentleman’s handshake. Financial regulation was achieved, often quite effectively, by the Bank of England governor inviting in the relevant members of the banking establishment for tea and using discreet cultural signals to let them know they were stepping out of line. The Midland’s chief foreign manager was called in, and whether or not throats were cleared in his direction, a subsequent Bank of England memo noted that the Midland ‘appreciates that a warning light has been shown’.

As trust-busting US Congressman Emmanuel Celler summarised, ‘The monopolies soon got control of Germany, brought Hitler to power and forced virtually the whole world into war.’8 When the war ended, a victorious America began to spread its doctrine of benevolent antitrust around the globe like a democratising shock wave. The US inserted anti-monopoly principles into the constitutions of the defeated aggressor countries as one of its ‘four Ds’ for postwar governance: Denazification, Deconcentration, Democratisation, and Decartelisation. For a while Britain took all this rather seriously too, though in its own way. For Britain’s financial sector, run by an old boys’ network which had grown fat off the profits of empire and protected from international competition, the problem was less about monopolising giants like J. P. Morgan or Standard Oil, and more about gentlemen’s agreements to carve up turf, restrict competition and trouser the resulting profits.9 But after the war Britain’s bloodied workers were in no mood for compromise, and Clement Attlee’s Labour Party ran in the 1945 election with a manifesto that brassily declared, ‘The Labour Party is a Socialist Party, and proud of it.’

‘The basic common sense of the British public,’ assured John Redwood, the head of her policy unit, ‘will not be tempted into Get-Rich-Quick Limited.’4 Grown-up financial players and sophisticated customers could look after themselves. But when the swaggering American investment banking giants burst into town from the late 1980s, laden with dollars, the flat-footed British players, who had grown complacent in their stitched-up old-boy networks were competitive roadkill. The Americans didn’t just bring money, though; they also brought dangerous new ways of doing things. A lot of City business had until then been done by partnerships, whose members got rich when things went well but who risked collectively losing their shirts in a disaster. The real possibility of personal bankruptcy tended to focus minds and encourage prudence and vigilance, after a fashion.


pages: 429 words: 120,332

Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens by Nicholas Shaxson

Asian financial crisis, asset-backed security, bank run, battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business climate, call centre, capital controls, collapse of Lehman Brothers, computerized trading, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, David Ricardo: comparative advantage, Double Irish / Dutch Sandwich, failed state, financial deregulation, financial innovation, Fractional reserve banking, full employment, high net worth, income inequality, Kenneth Rogoff, laissez-faire capitalism, land reform, land value tax, light touch regulation, Long Term Capital Management, Martin Wolf, money market fund, New Journalism, Northern Rock, offshore financial centre, oil shock, old-boy network, out of africa, passive income, plutocrats, Plutocrats, Ponzi scheme, race to the bottom, regulatory arbitrage, reserve currency, Ronald Reagan, shareholder value, The Spirit Level, too big to fail, transfer pricing, Washington Consensus

“We would be wise, I believe, not to press the Midland any further,” the Bank concluded.3 Regulation in the City of London in those days typically consisted of your being invited to the Bank of England for tea, where an eyebrow would be raised in your direction if you were out of line. The tradition in London then, as today, was to rely heavily on self-regulation by financial firms, in stark contrast to the United States and its regulatory authorities’ far more activist, rules-based approach. The City of London proceeded along the lines of a grand British Old Boys network, bound by elaborate rule and ritual. Discount brokers would wear top hats, and every evening in the rush hour a platoon of guardsmen would troop through the City in scarlet tunics and bearskins. “A banker could show his disapproval of sharp practice by crossing the road,” wrote Anthony Sampson in the 2005 edition of his book Anatomy of Britain. “Behind all the conventions lay the assumption of a club based on common values and integrity.

“These were mainly people I knew vaguely, who would come into my office: ‘Blah blah,’ general talk, then quite openly: ‘Are you interested in joining this lodge?’ I always said I would consider it, and I never did. The type of people doing this were bankers, senior merchants, and senior politicians. You don’t look at people’s hands: you feel a lump there when you shake. For me it felt slightly dirty—covert, as if we were all part of some dirty deal; a schoolboy thing.” “Their thinking is very much of the Old Boy network—you are either one of us, or you are against us,” he continued. “It means they can trust you to do the right thing without having to be told—an insidious meaning of the word trust.” He was labeled untrustworthy and was frequently called “Not One of Us.” The media was captured. The dominant newspaper in Jersey was owned for many years until 2005 by a company chaired by Senator Frank Walker, head of the powerful Jersey Finance and Economics Committee and one of the most vociferous cheerleaders for Jersey’s finance industry.

.), 17–19, 24, 26, 54–5, 61, 63–86, 87–8, 98, 103, 105–6, 109, 115, 129–30, 134, 136, 147–8, 182, 212, 222, 224, 235n18, 236n23,25,28, 239n13, 242n27,32,34, 243n36,37,42, 244n72 and Britain’s offshore spiderweb, 68–9 and the Caribbean, 87–106 central organization of, 70–4 See City of London Corporation and City Cash, 74 controlling role of, 45–6, 96–6 and “domicile” rule, 69 global reach of, 18 history of, 63–86, 87 See “Big Bang”; Euromarkets and international financial deregulation, 85–6 and lending, 76–8 and “London-grad,” 69 and loopholes, 67–8 as old boys network, 64–5 and “rehypothecation,” 68 and secrecy, 69 and Special Purpose Vehicles (SPVs), 26 tentacles of: See British Crown Dependencies; British overseas territories; British zones of influence and the U.S., 67–8, 78–84 City of London Corporation (Corporation of London), 70–4, 76, 85–6, 224, 242n25, 243n36–37, 244n72 head of: See Lord Mayor of London history of, 71–2 and voting rights, 71 civil society, 170 Clinton, Bill, 52, 119–20, 150, 160 Clinton, Hillary, 30, 58 Coalition for Tax Competition, 150 Cold War, 75, 109, 138 Coleman, Norm, 121 Colombia, 26, 101, 111, 133, 136 Medellin drug cartel, 101, 133 colonialism, 2–8, 20, 23, 65, 88–9, 93–5, 104–5, 117, 138, 147, 161, 184 Commodity Futures Trading Committee (CFTC), 68 Compact of Free Association, 22 comparative advantage theory, 16 competition, tax, 149–56 Confidential Relationships (Preservation) Law, 101–2 Congdon, Tim, 66 ConocoPhilips, 22 Cook, Geoff, 168 Cornfeld, Bernie, 97–8 corporate governance, 39, 85, 122–5, 201–2 corporate responsibility, 228–9 The Corporation (Bakan), 158 Corporation Trust (Delaware), 125–6 corruption, 126–8, 229 Corruption Perceptions Index (CPI), 126 country-by-country reporting, 222 Cowperthwaite, Sir John, 105 Craven, John, 81 credit cards, 193–201 criminal money See arms trafficking; bribes; drug money; mob/mafia; terrorist financing Crocodile Dundee, 33 Crook, Kenneth, 93–5 Cuba, 88–9, 93 currency trading, 63–4, 70 Cyprus, 10, 27, 33, 138, 238n52 Dai Xianglong, 86 Davison, Daniel, 81 Deepwater Horizon, 22 de la Torre, Lisandro, 36, 38, 46–7 de Rugy, Veronique, 150 deferrals, tax, 112–13 Delaware, 22, 26, 39–40, 120–1, 123–6, 150, 166, 193–201, 204, 207–12, 214, 222, 228, 247n31, 248n34,39,42, 254n3,4, 255n18, 256n40 Chancery Court, 124–5, 248n34 Corporation Trust office, 125–6 history of offshoring, 39–40, 123–6 and jurisdictions, 193–201, 204, 207–12, 214 and securitization/bundling, 26, 125 and usury, 193–5, 200, 204 Delaware Statutory Trust Act (1988), 201 DeLay, Tom, 160–1 Deloitte & Touche, 25, 202, 209 DeLong, Bradford, 49, 55, 158–9 democracy, 7–8, 13, 31, 33, 42, 56, 71, 82, 102, 113, 123, 129, 131, 144–8, 162, 164, 170, 182, 185, 189, 192, 195–6, 198, 206, 210, 212, 219, 222, 224 and taxation, 144–8 Democratic party, 31, 82, 123, 185, 195, 198, 254n4 Democratic Republic of Congo, 131 deregulation, 32, 52, 66, 74–6, 85, 87, 115, 129–30, 132, 155, 159, 182, 193, 200, 209–10, 212, 217 developing countries, 8, 28–30, 57–60, 91, 93, 97, 100, 108, 126, 129–48, 155–6, 164, 169, 183, 217, 222–5, 227, 229, 236n29, 237n44, 240n22, 246n13, 250n26 and blame-the-victim, 8, 29, 140–4 and capital, 57–60 and capital flight, 139–43 and mobile phone charges, 148 and the offshore system, 129–48 and reform, 223–4 and sovereign debt funds, 143–4 and tax, 144–8 and tax treaties, 147–8 See Bank of Credit and Commerce International Deviers-Joncour, Christine, 5 Dill, James B., 39 Disney, 7, 88 Double, Paul, 73 double taxation, 26, 41–2, 130, 146 defined, 26 “Double Irish,” 14 drug money, 6, 9, 18, 20, 22, 26–7, 29, 88, 101–2, 111, 120, 131–3, 136 du Pont, Pierre S.


Au Contraire: Figuring Out the French by Gilles Asselin, Ruth Mastron

affirmative action, business climate, feminist movement, haute cuisine, old-boy network, rolodex, Rosa Parks

. • Ties between business and government are very close in France. Relations between the two are collegial rather than adversarial, as is often the case in the United States. It is not unusual to find a major privatesector company managed by graduates of the same grande école with considerable public-sector experience. Their background in l’Administration (of the country) allows them to build particularly effective old-boy networks of power and influence, which can be used to advantage in their new roles. • Competence and performance are not the only considerations for being a successful manager in France. Your personal background, seniority, education, and other intangible elements, such as your personal network of information sources, might play at least an equally important role. This may seem terribly hierarchical and class-oriented if you come from a society that in principle values egalitarianism, and you may have trouble integrating these elements into your personal way of reasoning.

See de Gramont, Sanche Muslims, 127–28, 132 N Napoléon, 14, 15, 26–27, 128 Napoleonic Code, 27, 136 National Front Party (F.N.), 26, 113, 114 national identity, 115, 155, 157, 158, 159–61 national independence, 29, 156 National School of Administration (ENA), 115, 126 native language (safety valve), 188, 193 NATO (North Atlantic Treaty Organization), 29, 156 negotiations, business, 201, 210–13 newspapers: Le Canard Enchaîné, 143 Libération, 130 Non merci, Oncle Sam, 157 296 O old-boy network, 21, 221, 232 Orleman, Paul, 166, 195 P pan-European identity, 159–60 Paris, 15, 28, 47, 63, 105, 183 Pascal, Blaise, 74 Pépe Le Pew, 35 perfection, attainment of: attitudes toward, 36, 138–41 performance appraisals. See job performance appraisals personal assessment vs. impartial test, 152–54 personality development, influences on, 69–70 pessimism vs. optimism, 137–38 as reflected in language, 138 Peyrefitte, Alain, 131 political leaders, 217 authority vested in strong, 15, 118 as examples of individualism, 156 requirements for, 115–17 response to American hegemony, 29, 157–58, 161–62 political parties, 113–115 political role, international, 154–56 politicians: attitudes toward, 117–20 media focus on private lives of, 118–20, 142 politics, 89, 111–21 ethnic minorities underrepresented in, 130–31 influence on daily life of, 111–13, 115, 156 women in, 120–21, 256 polychronism vs. monochronism, 194–96, 198, 233 deadlines and, 36, 180, 193, 195 Index 297 Polytechnique, 253, 256 Poulidor, Raymond, 204 power: in corporate setting, 183, 209–10 networks/blocs, 199–200, 237, 242 presentation styles, 37, 107, 180, 196–97 privacy, psychological, 22, 43, 53–57, 70, 77, 82, 178, 183–84, 189 private vs. public spheres, 22, 56, 67, 83, 135, 183–84 Protestantism, 127, 162 Pyramide du Louvre, 28 Q qualitative vs. quantitative evaluations, 152–54 quality vs. production schedules (speed), 201, 213–14 quoted remarks of prior sojourners, 264–67 R Rally for France (R.P.F. party), 114 Rally for the Republic (R.P.R. party), 114 rationalism, 13–14 deductive vs. inductive reasoning, 75, 137, 149–50 intellectual vs. pragmatic approaches, 146–49, 233 logic, 14, 149, 196, 211 theoretical vs. empirical analyses, 149–52, 169, 256 realism vs. idealism, 138–41, 142 regional identity, 14, 74, 160, 162 regions: Alsace, 14, 160 Alsace-Lorraine, 105 Basque, 10, 14, 160, 161, 162 Brittany, 14, 160, 162 Burgundy, 141 298 Co^ té d’Azur, 61 Gascony, 160 relationship-oriented vs. action-oriented societies, 235.


pages: 519 words: 155,332

Tailspin: The People and Forces Behind America's Fifty-Year Fall--And Those Fighting to Reverse It by Steven Brill

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, Bernie Madoff, Bernie Sanders, Blythe Masters, Bretton Woods, business process, call centre, Capital in the Twenty-First Century by Thomas Piketty, 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, Donald Trump, ending welfare as we know it, failed state, financial deregulation, financial innovation, future of work, ghettoisation, Gordon Gekko, hiring and firing, Home mortgage interest deduction, immigration reform, income inequality, invention of radio, job automation, knowledge economy, knowledge worker, labor-force participation, laissez-faire capitalism, Mahatma Gandhi, Mark Zuckerberg, mortgage tax deduction, new economy, obamacare, old-boy network, paper trading, performance metric, post-work, Potemkin village, Powell Memorandum, quantitative hedge fund, Ralph Nader, ride hailing / ride sharing, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, telemarketer, too big to fail, trade liberalization, union organizing, Unsafe at Any Speed, War on Poverty, women in the workforce, working poor

In the 1960s, colleges and universities, and then the country generally, began to apply a long-treasured, although usually ignored, American value—meritocracy—to challenge the old-boy network in determining who would rise to the top. That made those at the top smarter and better equipped to dominate what was becoming a knowledge economy. It was one of the twentieth century’s great breakthroughs for equality. As you will read, I was a beneficiary of the change and also played a role in embedding it in the legal industry. It had the unintended consequence, however, of entrenching a new aristocracy of rich knowledge workers who were much smarter and more driven than the old-boy network of heirs born on third base. From the 1970s on, they upended corporate America and Wall Street with inventions in law and finance that created an economy built on deals that moved corporate assets around instead of building new assets.

He has regularly appeared as an expert analyst on NBC, CBS, and CNN. He teaches journalism at Yale, where he founded the Yale Journalism Initiative to enable talented young people to become journalists. In 2018, he co-founded NewsGuard, which rates the legitimacy of online news sites. He lives in New York City. The equalizer: Yale College Admissions Dean R. Inslee “Inky” Clark, in 1965. He discarded the “old boy” network in favor of admitting applicants (including the author) on their merits and regardless of their ability to pay. The meritocracy revolution was a breakthrough for equality but had unintended consequences. Credit 1 Yale Law professor Daniel Markovits, addressing the school’s 2015 graduating class. The meritocracy Clark launched forty-eight years earlier, he told them, had morphed into a new, “more entrenched” aristocracy that they were about to join.


pages: 333 words: 99,545

Why We Get the Wrong Politicians by Isabel Hardman

affirmative action, Boris Johnson, crowdsourcing, deskilling, Donald Trump, gender pay gap, housing crisis, John Bercow, old-boy network

‘How do we do it, where’s the job advert?’ was the question people often asked her after she’d pointed out that if they cared so much about the problems in their community, they too should get involved. How do people end up being asked to get involved in politics? Generally, they’re already in a network socially or professionally that makes this more likely. The saying ‘it’s who you know’ applies largely to old boys’ networks, which are still alive and well in politics, but there are many other types of politically friendly networks, such as jobs with established links to politics, including the law. When the Equality and Human Rights Commission examined representation in Westminster with its Pathways to Politics report, it suggested that those from disadvantaged backgrounds were less likely to have been ‘socialised’ in politics; that is, that their family backgrounds and education meant they just hadn’t come into contact with politics as a line of work, let alone politicians themselves.

INDEX abortion, 66–7, 113 Abu Qatada, 157 abuse, 6, 28–30, 74, 154, 164–7 addiction, xviii–xx, 6, 30, 160–62 adoption, xvi, 233 Advice Plus, 67 Afghanistan War (2001–14), 257 Airports Commission, 212 alcohol, xvii, xviii, 44, 140, 141, 157–62 Alcohol Concern, 160, 162 All-Party Parliamentary Group on Fire Safety, 203 all-women shortlists (AWS), 15 Alternative Vote referendum (2011), 270 Altmann, Rosalind, 196 ambition, 120 Amin, Afzal, 7–8, 18 anorexia, 162 Antcliffe, Katherine, 143 anti-Semitism, xii, 99, 154, 165, 179 asbestos, 232 Asda, xiv Ashfield, Nottinghamshire, xxv al-Assad, Bashar, 258 asylum, 61 Atkinson, Andrew, 21 Atlantic, The, 260 Atlas Stones, 3 Atos Healthcare, 242, 243 Austen, Jane, 165 Australia, 65, 109 aviation policy, 211–13 Bad Laws (Johnston), 226 Bailey, Bex, 147 Baker, Kenneth, 226 Baker, Steve, 77–8 Balls, Edward, 53, 186, 195 Bank of England, 89 Barker, Greg, 174 Barwell, Gavin, 204 Bath, Somerset, 29, 178–9 Batley and Spen, Yorkshire, 72–4 bedroom tax, 234–41 benefits, xx, 28, 61, 68, 87, 94, 107, 198, 234–45 Benghazi, Libya, 259 Benn, Anthony ‘Tony’, 172 Bennett, Kate, 143 Bercow, John, 55–6, 112, 269–70, 271, 274 bereavement, 122 Berger, Luciana, 165 Bermondsey and Old Southwark, London, 117 Best, Richard Stuart, Baron Best, 238 Billington, Polly, 9–10, 31 bills, 85–100, 105–6, 113–5, 127, 136–7, 273 ‘Christmas tree bills’, 105–6 Crime and Courts Bill (2012–13), 223–6 European Union Withdrawal Bill (2017–), 93, 262 Health and Social Care Bill (2011–12), 88, 127–8, 245–52 Immigration Bill (2014), 93 Investigatory Powers Bill (2015–16), 87 Legal Aid, Sentencing and Punishment of Offenders Bill (2011–12), 98, 230–34 and rebellion, 17, 92, 94–6, 136–7, 229 Welfare Reform Bill (2011–12), 235–41 Birmingham Yardley, 75 Birstall, Yorkshire, 73 black pudding, 109 Blackford, Ian, 22 Blackman, Robert ‘Bob’, 104–5 Blackwood, Nicola, 78 Blair, Anthony ‘Tony’, xx, 27, 175, 177, 216, 251 and Field’s welfare reform proposals, 129–30 and Iraq invasion (2003), 254–6, 259 Royal Commission on social care, 216 ‘sofa government’, 259 Teenage Pregnancy Strategy (1999), 135 Blears, Hazel, 154 bobbing, 52 de Bois Nick, 181, 182 Boles, Nicholas, 130 Bolsover, Derbyshire, 54 Bonehill-Paine, Joshua, 165 Borwick, Victoria, 202, 205 Botting, Peter, 10–11, 17 Brady, Graham, 85, 89, 268 Brand, Russell, xi–xii Bray, Angie, 104–5 bread-throwing, 78 Brennan, Kevin, 91 Brexit, x, 65, 93, 136, 175, 212, 262–5, 270–71 Brexit Select Committee, 265 Bridgen, Andrew, 239 British Broadcasting Corporation (BBC), xi–xii, 99, 203, 205, 222, 258 British Medical Association, 248 Brixton, London, 193 Brooke, Heather, 45 Brown, Gordon, 65, 121, 134, 196, 258 Buck, Karen, 67–70, 79, 205, 238 Budgets, 53, 101, 110, 134, 157, 194–8, 235 Building Control Alliance, 206 Bundestag, 273 Burn Book, 277 Burnham, Andrew, 216, 220, 279 Burstow, Paul, 248 Bush, George Walker, 255 Butler Review (2004), 258 by-elections, 6, 9 2012 Rotherham, 15 2014 Clacton, 139 2016 Richmond Park, 212 Byrne, Liam, xviii, 161 Cable, Vince, 41 Cairns, Alun, 79 Cameron, David, xv, xix, 12, 30, 58, 112, 127, 175, 196 constituency work, 64–7, 175, 234 EU negotiations (2016), 54 EU referendum (2016), 175 expenses scandal (2009), 45 Forestry Commission privatisation (2011), 117 and Halfon, 122 Health and Social Care Bill (2011–12), 127, 246, 248–9, 251 and Heathrow Airport third runway, 212 Islamic State airstrikes (2014), 259 legal aid cuts U-turn (2016), 64, 82, 233–4 Libya intervention (2011), 259–62 Lopresti–Jenkyns affair (2015), 142 on Major, 175 and Morgan, 127 National Security Council, establishment of (2010), 259 ‘neighbours from hell’, 223 ‘new politics’, 88 and pay rise, 48 and peerages, 98 and phone hacking, 223–4 reshuffles, 121 resignation (2016), 175–6, 177 and riots (2011), 222 and Smith, 134 and Syria debate (2013), 258 ‘We’re all in this together’, 194 and women’s issues, 201–2 Cameron, Ivan, 66 Cameron, Samantha, 201–2 Camira Fabrics, 109 Campaign to Protect Rural England, 116 Campbell, Menzies, 53–4, 161 Canada, 79 Cann, Jamie, 160 caravan tax, 195 Care Quality Commission, 65, 217 Carlton Club, 34 Carswell, Douglas, 96, 139 cash-for-access scandals, xii Census of Local Authority Councillors, xxiv Chakrabarti, Shami, 99 Champion, Sarah, 15 Change.org, 117 Channel Four, 150 charity tax, 196 Chaytor, David, 46 Chief Medical Officer, 67 Chilcot inquiry (2009–16), 255, 256, 258, 261 children, 9, 16, 28, 154–6, 280 child benefit, 198 childcare, 9, 16, 280 China, 109 Choudhry, Roshonara, 76 ‘Christmas tree bills’, 105–6 church roof tax, 196 Churchill, Winston, 57, 60 circular chamber, 56–7 City Seats Initiative, 26 clapping, 52 Clarke, Kenneth, 174–5 Clarke, Mark, xxi–xxii, 8, 18, 24 Clegg, Nicholas, 12, 99, 248, 249 Clifford Chance, xxi Coalition government (2010–15) Crime and Courts Bill (2012–13), 223–6 Dilnot Commission, 216–17 and fire regulations, 207 Fixed Term Parliaments Act (2011), 184, 213 Health and Social Care Bill (2011– 12), 88, 127, 245–52 House of Lords Reform Bill (2012), 272 legal aid cuts, 64, 82, 229–34 and National Trust, 116 Omnishambles Budget (2012), 134, 194–7 and petitions, 118 and Wright report (2010), 271–2, 274 Welfare Reform Bill (2011–12), 235–41, 242 Coffey, Therese, 52, 80 Colne Valley, Yorkshire, 109 Colorado, United States, 3 committee rooms, 37 Communities and Local Government, 106, 130, 133, 203, 222, 236–7 community charge, 193, 197 Cones Hotline (1992), 226–7 conferences, 6, 7 Conservative Party Amin scandal (2015), 7–8, 18 and bills, scrutiny of, 84, 85, 88, 89–90, 93, 96–7 Budgets, 101, 134, 194–8, 235 Carswell defection (2014), 96, 139 City Seats Initiative, 26 Cones Hotline (1992), 226–7 constituency work, 64–7, 77–9, 80 cost of candidacy, 18, 19, 21, 32 Criminal Injuries Compensation Scheme (2012), 103–5 Dangerous Dogs Act (1991), 226 divorce rates, 138 Education Regulations (2015), 102–3 EU Withdrawal Bill (2017–), 93, 262 expenses scandal (2009), 45 Health and Social Care Bill (2011–12), 88, 127, 245–52 and Heathrow Airport third runway, 211–13 heckling, 53–4 and homosexuality, 16, 29 and housing benefit, 235 and incapacity benefit, 242 Immigration Bill (2014), 93 Islamic State airstrikes (2014), 259 Johnson, suicide of (2015), xxi and legal aid, 64, 82, 229–34 legislation, scrutiny of, 84, 85, 88, 89–90, 93, 96–7 Libya intervention (2011), 259–62 long-term economic plan, 110 losing candidates, 34, 178–83 membership figures, xxii National Security Council, establishment of (2010), 259 and National Trust, 116 1922 Committee, 85, 89, 176, 268 parliamentary assessment boards, 7–8, 14 parliamentary private secretaries (PPSs), 125 partners and spouses event (2015), 140 peers, 98 and phone hacking, 223–6 Plebgate (2012), 167 and pointless questions, 109–12 poll tax (1989–90), 193, 197, 219 Reckless defection (2014), 158 and riots (2011), 222 Road Trip, xxi selection process, 7–8, 9, 10–11, 12, 14, 16, 17–18 sex scandals, 142–3, 146–7, 152 and social care, 214, 216–20 Syria debate (2013), 258, 259 Treasury Questions (2014), 109–10 Victims of Overseas Terrorism Compensation Scheme (2012), 103–5 voter contact targets, 26 ‘We’re all in this together’, 194 Welfare Reform Bill (2011–12), 235–41 whipping, 89, 90, 93, 96–7 Women2Win, 14, 15 youth wing, xxi–xxii ConservativeHome, 18, 132 consideration of amendments, 100 constituency work, 38, 40, 42–4, 60–82, 139, 173, 192, 198, 205, 207, 229, 275 Conway, Derek, 45 Cook, Chris, 205–6 Cook, Robin, 254 Corbyn, Jeremy, 210–11 constituency work, 40 and heckling, 54 and House of Lords, 99 leadership election (2015), xxiii, 102, 210–11 Marris resignation (2016), 92 and Prime Minister’s Questions, 56, 217–18, 275 rebellions, 95, 136 and Venezuela, 277 cost of candidacy, 18–23, 32, 35 councillors, xxiv–xxv, 21, 80 Cowdy, Serena, 143 Cox, Brendan, 73, 74 Cox, Helen Joanne ‘Jo’, 63, 72–4, 76, 165 Crabb, Stephen, 145 Creasy, Stella, 15, 165 Crewe, Ivor, 90, 273 Crime and Courts Bill (2012–13), 223–6 Criminal Injuries Compensation Scheme (2012), 103–5 cross-benchers, 97 Crouch, Tracey, 155, 163 Croydon South, London, 11 Cumbria, England, 70–71 Daily Mail, 136, 143 Daily Politics, 123 Daily Telegraph, 45 Dalyell, Thomas ‘Tam’, 257 Dangerous Dogs Act (1991), 226 Davies, Howard, 212 Davies, Philip, 114 Davis, David, 264–5 Davis, Rowenna, 4–5 death penalty, 113 death tax, 216, 220 dementia tax, 215, 219–20 dementia, 65–6, 209, 215 demotions, 133–5, 174 Denham, John, 4 Department of Health, 132, 133 departmental question sessions, 108–13 depression, 163, 167–8 Devine, James ‘Jim’, 46 Devizes, Wiltshire, 14 Devon, England, 88 Dickens, Charles, 54 Dilnot Commission, 216–17 disabled people, xiv, 66 Dismore, Andrew, 114 divorce, 6, 30, 80, 138–41, 163 Dobson, Frank, 84 domestic violence, xx, 199, 201, 232, 237 Don Valley, Doncaster, xvi dopamine, xix Dorrell, Stephen, 252 Dorries, Nadine, 35 Down’s syndrome, 66–7 Doyle-Price, Jackie, 31 draft bills, 87 Draft Criminal Injuries Compensation Scheme (2012), 103–5 Draft Victims of Overseas Terrorism Compensation Scheme (2012), 103–5 dressing-downs, 26 Dugher, Michael, 53 Duncan Smith, Iain, 257 dysfunctional upbringings, xvi East Ham, London, 76 East Worthing and Shoreham, Sussex, 79 eating disorders, 161, 162 Economic and Social Research Council, xxiii Ecorys, 222 Education Department, 135–6 Education Regulations (2015), 102–3 Education Select Committee, 135–6 ego of government, 87, 109, 240, 250 elephant, 27 Ellwood, Tobias, 48–9 Elphicke, Charles, 152 Emergency Budget (2010), 235 Employment and Support Allowance Regulations (2008), 242 Enfield North, London, 181 English Defence League, 7–8 Equality and Human Rights Commission, xxvi ‘Equity and Excellence’, 247 Erskine May, 54 ethnic minority MPs, xiii–xiv, 17 Eton College, xiii European Council, 64 European Union (EU), x, 54, 64, 65, 93, 129, 136, 175, 212, 262–5 European Union Withdrawal Bill (2017–), 93, 262 Evans, Jonathan, 104–5 Evans, Nigel, 230, 233 Evening Standard, 56, 176 executive, 84, 93, 95, 100–106, 111, 113, 120, 122, 136, 254–65 expenses scandal (2009), xii, 44–7, 173, 271 Fabian Society, 9, 16 Fabricant, Michael, 78–9 Facebook, 29, 30 Fallon, Michael, 146 family, 29, 39, 141, 158, 172 children, 9, 16, 28, 39, 154–6, 280 and constituencies, 43, 139–40 and loneliness, 158, 163 and losing seats, 154, 187–8 marriage, 6, 30, 80, 138–46, 163, 173, 187–8 money problems, 20, 32 and resignations, 172, 173 sitting hours, 39, 158 Farage, Nigel, 210 Farron, Timothy, 70–71, 98 Field, Frank, 130 Field, Mark, 143 filibustering, 113–15, 278 Fixated Threat Assessment Centre, 74 Fixed Term Parliaments Act (2011), 184, 213 Fleetwood, Lancashire, xvii Flint, Caroline, xvi–xviii, 134 Flint, Peter, xvi–xvii Folkestone and Hythe, Kent, 11 food banks, 72 Foreign Affairs Select Committee, 257, 261, 264 Forestry Commission, 117 Forth, Eric, 54 Frazer, Lucy, 59 Freedom of Information, 45 Friday sessions, 113–15 Friends of the Earth, 116 Fuller, Richard, 239 Gaddafi, Muammar, 259–61 Gardiner, Barry, 55 Garrick Club, london, 114 gastrointestinal surgeons, 228 Gauke, David, 112, 270 Gay, Oonagh, 62 gender pay gap, 9 general election, 1997, xvii, 31, 175 general election, 2001, 15, 160 general election, 2005, 15, 35 general election, 2010, 14, 20, 31, 185, 237 general election, 2015 Amin, Afzal, 7–8, 18 Atkinson, Andrew, 21 Billington, Polly, 9–10, 31 Burnham, Andrew, 279 Cable, Vince, 41 cost of candidacy, 18, 20–21, 22, 23, 32, 35 Davis, Rowenna, 4–5 Godfrey, Kate, 27 Liberal Democrat losses, 34 ‘long-term economic plan’, 110 losing candidates, 179, 181, 185 Mathias, Tania, 40–41 Onn, Melanie, 15 Mann, Scott, 25 national swing, 31, 34 resignations, 174 Scott, Lee, 179 Scottish Labour, 38–9 selection process, 4–5, 7–8, 9–10, 15 Slade, Vikki, 20–21, 32 Streeting, Wes, 35 tax lock, 218 Watkins, Dan, 24 general election, 2017, x, xiii, xxiii, 5, 31, 176, 181, 213, 281 Atkinson, Andrew, 21 Cable, Vince, 41 cost of candidacy, 21, 23 Goldsmith, 212 Howlett, Ben, 178–9 losing candidates, 181–2, 183, 184 and social care, 218–20 General Medical Council, xi Germany, 273 Gerrard, Neil, 243 Gilligan, Andrew, 258 Glasgow Central, Scotland, 71–2 Glen, John, 78 ‘glorified social work’, 60, 63, 173 Godfrey, Kate, 27–8, 32 Goldsmith, Zac, 212 Goldsworthy, Alison, 150–51 Goodman, Helen, 52 Google, 111 gossip, 123, 129, 170 Gove, Michael, xvi, 64, 128, 133, 143, 233–4 granny tax, 195–6 Grant, Helen, 104–5 Gray, James, 81 Grayling, Christopher, 132–3, 233 Great Grimsby, Lincolnshire, 15 Greatrex, Thomas, 91 Green Belt, 116 green papers, 87 Green, Damian, 146 Green Party, xxiii, 96, 280 Greening, Justine, 129, 212 Greggs, 195 Grenfell Tower fire (2017), 198, 202–8 Grieve, Dominic, 93 Guildford, Surrey, ix Gummer, Ben, 231 Gurling, Sarah, 160 Hackney, London, 9 Hague, William, 174, 260 Halfon, Robert, 122 Hames, Duncan, 155 Hammond, Philip, 270 Hancock, Matt, 121 Hands, Greg, 121, 139–40 Hanningfield, Lord, see White, Paul Hansard Society, 40, 49, 56, 102, 111, 262 Harlow, Essex, 122 Harman, Harriet, 15 Harrow East, London, 29 Hartley-Brewer, Julia, 146 Harvey Nichols, xxii Havant, Hampshire, 111 Have I Got News for You, 123 Healey, John, 78 Health and Social Care Bill (2011– 12), 88, 127–8, 245–52 Heath, David, 188 Heathrow Airport, 211–13 heckling, 53–5 Hereford, Herefordshire, 21 Heys, Mary Kate, 65 Hill, Fiona, 182 Hinds, Damian, 231 Hinduism, 29 HMRC (Her Majesty’s Revenue and Customs), 106–7 Hodge, David, 217 Hodge, Margaret, 106–7, 108, 174, 247 homelessness, 199 homogeneity, 192 homosexuality, 16, 29, 113 Hosie, Stewart, 143 House Business Committee, 272 House of Commons, 36–43, 51–9, 276–7 address, terms of, 51 bobbing, 52 Budget, 53 clapping, 52 debates, 37, 38, 39, 42 departmental question sessions, 108–13 as dysfunctional, 41–3 facilities, 36 Friday sessions, 113–15 heckling, 53–5 language rules, 51–5 layout, 36, 41 legislation, 13, 17, 37, 50, 52, 58, 81–2, 83–97 maiden speeches, 51, 63, 72 private members’ bills, 113–15 Press Gallery, 73 Prime Minister’s Questions, 52, 53, 55–6, 112, 123, 199, 217–18, 271, 275–6, 277 Queen’s Speech, 55 renovation, need for, 36, 214 sitting hours, 39, 158 Scottish Questions, 110–11 Speaker, 51–2, 55 House of Lords, 84, 85, 86, 94, 95, 97–100, 102, 238, 250, 267 housing, 67–70, 82, 87, 107, 116, 130, 202–8, 234–41 Howlett, Ben, 29, 161, 162, 178–9, 182 Huddersfield, Yorkshire, 109 Hughes, Simon, 117 Hunt, Jeremy, 125, 128, 219, 252 Hunt, Tristram, 68 Hutton, John, 242, 243 Hutton inquiry (2003–4), 258 ICAP, 98 Ilford North, London, 35, 179 immigration, 61, 71–2, 77, 118, 233 Immigration Bill (2014), 93 Impress, 225 incapacity benefit, 241–5 incumbency factor, 24 Independent Parliamentary Standards Authority (IPSA), 47, 74–5, 181–2 Independent Press Standards Organisation (IPSO), 225 Inglese, Anthony, 107 Inside Housing, 203 Inside Out (Watt), xix International Development, 260 Investigatory Powers Bill (2015–16), 87 Iran, 128 Iraq War (2003–11), 76, 254–9 Islamic State (IS), 258, 260 Jackson, Stewart, 182 Javid, Sajid, 219 Jenkin, Anne, 14 Jenkyns, Andrea, 142–3 Jobseeker’s Allowance, 94 John Lewis, 45 Johnson, Alan, 48 Johnson, Boris, 123, 128–9, 166, 210, 212 Johnson, Elliott, xxi Johnston, Philip, 226 jolly hockey sticks, 15 Jones, Fiona, 160 Jones, Kevan, 168, 169 journalists, 36, 42, 73, 123, 131, 133, 159, 167, 198–9 phone hacking, 223–6 Jowell, Tessa, 132 Kelly, David, 258 Kempen, Katie, 200 Kennedy, Charles, 160, 161 Kenny, Bernard, 73 Kensal Rise, London, 70 Kerevan, George, 89 KGB (Komitet gosudarstvennoy bezopasnosti), 78–9 King, Anthony, 12, 90, 273 Kumaran, Uma, 29 Labour Party all-women shortlists (AWS), 15–16 and anti-Semitism, 99 Bailey rape scandal (2017), 147 and bills, scrutiny of, 87, 89, 91, 92 constituency Labour Party (CLP), 7 constituency work, 62, 67–70, 72–7, 79, 80 cost of candidacy, 19, 22, 23, 35 Cox murder (2016), 73, 76, 165 divorce rates, 138 dressing-downs, 26 Education Regulations (2015), 102–3 Employment and Support Allowance Regulations (2008), 242–3 expenses scandal (2009), 45, 46 Facebook support group shutdown, 30 factions, 27–8 and Health and Social Care Bill (2011–12), 247 heckling, 53, 54–5 and incapacity benefit, 242 and Iraq War (2003–11), 76, 254–9 leadership election (2015), xxiii, 102, 210–11 Legal Aid, Sentencing and Punishment of Offenders Bill (2011–12), 98 legislation, scrutiny of, 87, 89, 91, 92 and Libya intervention (2011), 259 losing candidates, 32, 182–3 Marris resignation (2016), 92 membership figures, xxiii peers, 99 and phone hacking, 224 Progress, 27 Representation Committee, 27–8 Scottish Labour, 38–9 selection process, 7, 9–10, 13, 14, 15–16 sexual harassment scandals, 147, 152 and social care, 216, 220 Teenage Pregnancy Strategy (1999), 135 Timms, stabbing of (2010), 76–7 and trade unions, 10, 13 voter contact targets, 26–7 and Welfare Reform Bill (2011–12), 237–8, 239, 240 whipping, 91 Lakanal House fire (2009), 202–3 Lansley, Andrew, 127, 174, 245–52 Law Society, 233 Leadsom, Andrea, 264 Leapman, Ben, 45 legal aid, 64, 82, 229–34 Legal Aid, Sentencing and Punishment of Offenders Bill (2011–12), 98, 230–34 legislation, 13, 17, 37, 50, 52, 58, 81–2, 83–119, 177 bills, 85–100, 105–6, 113–5, 127, 136–7, 273 executive, 100–106, 254–65 secondary legislation, 100–106, 253 Leveson Inquiry (2011–12), 224–5 Lewis, Brandon, 203 Lewis, Ivan, 147 Liberal Democrats assessment days, 7, 8 constituency work, 61, 70–71 cost of candidacy, 19, 20–21 divorce rates, 138 and Health and Social Care Bill (2011–12), 245, 247–8, 249, 250 House of Lords Reform Bill (2012), 272 Leadership Programme, 15 and legal aid, 231 losing candidates, 34 membership figures, xxiii pavement politics, 61 peers, 99 Rennard scandal (2013), 150–51 selection process, 7, 8, 12, 15 tuition fee U-turn (2010), xxiii and Welfare Reform Bill (2011–12), 239, 240 see also Coalition government ‘Liberating the NHS’, 247 Libor crisis (2012), 98 Libya, 259–62 Lichfield, Staffordshire, 78–9 Liddell, Helen, 155 line-by-line scrutiny, 85 Livermore, Spencer, 26 Llwyd, Elfyn, 188, 257 lobby groups, 115–19 Local Government Association, xxiv, 217 local government, xxiv–xxv loneliness, 73, 160–61, 162, 163, 164, 170 Lopresti, Jack, 142–3 Los Angeles, California, 109 losing, 32–4, 177–88 loss-of-office payments, 181–2 Loughton, Timothy, 79, 135–6 Lucas, Caroline, 96, 280 MacNeil, Angus, 143 MacShane, Denis, 46 Madan, Ira, 159–60 Magic Rock, 109 Magritte, René, 224 maiden speeches, 51, 63, 72 maintenance grants, 102 Mair, Thomas, 73–4 Major, John, 175, 226, 252 Mak, Alan, 111–12 Maltby, Kate, 146 Mann, Scott, 25 Marie Antoinette, Queen consort of France, 195 marriage, 6, 30, 80, 138–46, 163, 173, 187–8 Marris, Robert, 92 Mathias, Tania, 40–41 matrons’, 62 May, Philip, 140–41 May, Theresa and Brexit impact assessments, 265 and ‘disloyalty’, 129 and domestic abuse, 201 general election (2017), x, 5, 176, 182, 183, 213, 281 and Heathrow Airport third runway, 212 and Hunt, 128 and Immigration Bill (2014), 93 and Morgan, 136 and National Trust, 116 and Reckless, 157 and sex scandals, 143 and social care, 217 McBride, Damian, 196 McCartney, Jason, 109–10 McDonagh, Siobhain, 199 Meacher, Michael, 89 Mean Girls, 277 mental health, 6, 68, 153, 161, 162– 71, 179, 183 Merrick, Jane, 146 mice, 77, 84, 199 Mid-Dorset and North Poole, 20–21 middle class, 171 Miliband, Edward, 5, 166, 195, 211, 224, 259 military, xv Miller, Maria, 224 Mills, Iain, 160–61 Milnthorpe, Cumbria, 70–71 Milton, Anne, ix, 169 ministerial positions, 126–37 Mirror, 143 Mitcham and Morden, London, 199 Mitchell, Andrew, 167 Mone, Michelle, 98 Monster Raving Loony Party, 19 Moran, Margaret, 46 Morgan, Nicola ‘Nicky’, 127, 136 Morley, Elliot, 46 Morris, David, 143 Mr Blair’s Poodle Goes to War (Tyrie), 255–6 Mulberry, 136 Mumsnet, 279 Mundell, David, 110 Murdoch, Rupert, 125 National Audit Office, 244 National Care Service, 216 National Council for Teaching and Leadership, x–xi National Health Service (NHS), 4, 48, 128, 169, 215, 245–52 National House Building Council, 206 National Planning Policy Framework, 116 National Security Council, 259, 261 National Trust, 116, 130 ‘neighbours from hell’, 223 Neil, Andrew, 99 Neill, Robert ‘Bob’, 233 ‘new politics’, 88 Newmark, Brooks, 142, 162 Newsholme foods, 109 Newsnight, 134, 222 Nimmo, John, 165 no platforming, 75 North Cornwall, 25 North Curtain Corridor, House of Commons, 36 Norton, Philip, 62 Nunn, Peter, 165 Obama, Barack, 260 Observer, 252 Obsessive Compulsive Disorder, 168 old boys’ networks, xxvi, 158 Omnishambles Budget (2012), 134, 194–7 Onn, Melanie, 15 Opposition Day, 264 Order Papers, 52, 206, 225, 263 Osborne, George, 176–7, 196 Budget (2012), 193–7 Budget (2015), 101, 197–8 Evening Standard editorship, 176–7 and Gauke, 112, 270 and Health and Social Care Bill (2011–12), 248–9 patronage, 121 and social care, 217, 248–9 Treasury Questions, 109–10 out of touch, 49, 60, 80, 192, 209 Oxford University, 197 Oxford West and Abingdon, 78 Panorama, 203 paperwork, 67–8, 229 Paralympics, 196 parenthood, 9, 16, 28, 154–6 parking, 71 Parkinson’s disease, 66 parliamentary assessment boards, 7–8 parliamentary private secretaries (PPSs), 112, 124–5, 271 pasty tax, 195 Pathways to Politics, xxvi patronage, 57, 84, 95, 110, 121, 268 pavement politics, 61 Paxman, Jeremy, 111, 134 pay rise, 47–9 peerages, 98–9 Perry, Claire, 14–15, 121 personality cults, xxi–xxii Peter Pan, 114 petitions, 117–19 Pew Research Center, 269 Phillips, Jessica, 75, 123, 200 Philp, Chris, 11 phone hacking, 223–6 Pickles, Eric, 116, 130, 203, 237 de Piero, Gloria, xxv–xxvi, 48 Pincher, Chris, 54 ‘ping pong’, 100, 238 Plaid Cymru, 188, 257 pointless questions, 108–12, 277 poll tax, 193, 197 ‘pork barrel politics’, 269 pornography, 146 Portcullis House, London, 36, 90, 97, 161, 184 poshness, 14–15 postmen, 25, 104 pre-legislative scrutiny, 87 Prescott, John, 79 Press Association, 124 Press Gallery, 73 Prime Minister’s Questions, 52, 53, 55–6, 112, 123, 199, 217–18, 271, 275–6, 277 Prisk, Mark, 130, 133 private members’ bills, 113–15 private schools, xiii Privy Council, 51 programme motions, 272 Progress, 27 prospective parliamentary candidates (PPCs), 3–18 Public Accounts Committee (PAC), 106–7, 244 Public Administration Select Committee, 271–2, 274 public payback, 275–6 Pudsey, Yorkshire, 109 Pugh, John, 247–8 Purnell, James, 242 Queen Mary University, London, xxiii Queen’s Jubilee, 78 Queen’s Speech, 55 Question Time, xi–xii Quince, William, 122 Raab, Dominic, 93 Radio Four, 160, 171 Reading, Berkshire, 125 rebellion, 17, 92, 94–6, 136–7, 229 Reckless, Mark, 157–8 red boxes, 126, 132 Redwood, John, 104–5 Rees-Mogg, Jacob, 114 Reeves, Rachel, 15, 195 Reform, 276 relationships, 6, 29–30, 80, 138–56, 163, 173 Remy, 11 Rennard, Christopher John, Baron Rennard, 150–51 Repeal Bill, see European Union Withdrawal Bill Republican Party, 269 researchers, 36, 43, 91, 92, 117, 143, 144, 145, 146 reshuffles, 121, 126, 133–5, 174 responsibilities, 37–40 Richards, David, 260 Richmond Park, London, 212 riots (2011), 222 River Mersey Order (2016), 101 Road Trip, xxi Robertson, Ian, xix, xx Rochester and Strood, Kent, 157 Ross, Skye and Lochaber, Scotland, 22 rotten boroughs, 23 Ruddock, Joan, 37 Saddam Hussein, 254, 255, 256, 258, 259 ‘safe spaces’, 75 Saga, 196 salary, 47–51 Salisbury, Wiltshire, 78 Sandys, Duncan, 60 Sarkozy, Nicolas, 260 Scott, Lee, 141, 179–80 Scotland general election (2015), 32–3, 38–9, 52 independence referendum (2014), xxiii, 32–3, 39 Parliament, 273 Scottish Labour, 38–9 Scottish National Party and bills, 89 clapping, 52 constituency work, 71–2 cost of candidacy, 19–20, 22 Cowdy scandal (2016), 143 divorce rates, 138 independence referendum (2014), xxiii, 32–3 membership figures, xxiii Scottish Questions, 110–11 secondary legislation, 100–106, 253 Seldon, Anthony, 260 select committees, 106–8, 128, 264, 270, 272, 276, 278 Brexit Select Committee, 265 Education Select Committee, 135–6 Foreign Affairs Select Committee, 257, 261, 264 Public Administration Select Committee, 271–2, 274 selection process, xxi–xxiv, 7–18, 192 separation of powers, 267–71 sex-and-sleaze scandals, x, xii, 138, 142–54 sexual harassment, 146–54, 156 Shapps, Grant, 130, 236–7 Shaw, Brian, 3 Sheehan, Shaista, Baroness Sheehan, 99 Shelter, 199 Sheridan, James ‘Jim’, 231 Short, Clare, 254 single-parent households, xvi Six Figure Society, 19 Skinner, Dennis, 54–5 Slade, Vikki, 20–21, 32 Smith, Chloe, 134 Smith, David James, 160 Smith, Jacqui, 15, 45 Snake Pit, House of Commons, 36 social care, 65–6, 88, 127, 214–20, 245–52 Social Democratic Party (SDP), 61 social housing, 234–41 social media, 29, 139, 142, 165–7 Social Mobility Foundation, 279 ‘sofa government’, 259 Southampton, Hampshire, 4–5, 203 Southwark, London, 4, 202 Spain, 109 Speaker of the House of Commons, 51–2, 55–6, 112 Speaker’s Conference on Parliamentary Representation, 37 Speaker’s Parliamentary Placement Scheme, 279 special advisers, 6, 13, 22, 43, 85, 121, 130, 131, 144, 187, 192, 279 Spectator, The, 219, 224, 255 Spencer, Michael, 98 St Faith’s, Havant, 111 St George’s Day Court, 78–9 St Paul’s school, London, 197 Stafford, Staffordshire, 27 Stagecoach, 70 statutory instruments, 101, 102–3, 104 Stevens, Simon, 252 stillbirths, 122 Stoke-on-Trent, Staffordshire, 68 Streatham and Norwood, London, 60 Streeting, Wesley, 35, 84, 102–3, 180 Suffolk, England, 80 suicide, xxi, 152, 161, 229, 240, 244 Sun, 28, 122, 175, 194–6 Sunday Times, 136 ‘support groups’, 110–11 surgeries, 60, 63–82, 192, 198, 205, 207, 229, 275 Surrey Council, 217 Sussex University, xxiii Sutton Trust, xiii Swann, Alexandra, 143 Swinson, Joanne, 155 Sylvester, Rachel, 248 Syria, 73, 258, 259, 260 ‘taking the politics out’, 211–13 talking heads, 186 tax credit, 101, 197–8 taxation social care, 214–20 taxation, 106–7, 122, 193–8 Taylor, John, Baron Taylor of Warwick, 46 teachers, x–xi, 133 Teenage Pregnancy Strategy, 135 Telegraph, 224 temporary accommodation, 199 testosterone, xix Thatcher, Margaret, 193, 197 Thewliss, Alison, 71–2 ‘they’, 221 TheyWorkForYou, 42 38 Degrees, 117 Thompson, Louise, 92 Thornberry, Emily, 15 Thurrock, Essex, 9, 31 Times, The, 233, 248, 251 Timmins, Nicholas, 249, 250 Timms, Stephen, 63, 76–7 Timothy, Nicholas, 182, 219–20 Tomlinson, Justin, 143 Tooting, London, xxii, 24 Totnes, Devon, 88 ‘totty’, 144, 148–9 town criers, 77–8 trade unions, 10, 12, 13, 22 Trainspotting, xviii Transparency of Lobbying, Non-Party Campaigning and Trade Union Administration Act (2014), 117–18 Treasury, 106, 112, 122, 127, 195 Budgets, 53, 101, 110, 134, 157, 194–8 Questions, 109–10 trolls, 164–7 Troubled Families Programme, 222 Trump, Donald, 119 Truss, Elizabeth ‘Liz’, 143, 231 Tugendhat, Thomas, 129 Turnbull, Malcolm, 65 Twickenham, London, 41 Twitter, 29, 139, 142, 165–7 Tyler, Liv, 246 Tyrie, Andrew, 89, 255–6, 257 UK Independence Party anti-politics, 210 and bills, 96 Carswell defection (2014), 96, 139 general election (2015), 5 membership figures, xxiii Reckless defection (2014), 158 Umunna, Chuka, 56–7 unconscious bias, 14, 228 Ungoed-Thomas, Jon, 45 United Nations (UN), 255, 256 Educational, Scientific and Cultural Organisation (UNESCO), 214 United States, 268–9, 270 Universal Credit, 107, 238 University of Southampton, 50 Unum, 242 urgent questions (UQs), 112–13 Utterly Pointless Questions (UPQs), 111, 277 VAT (value-added tax), 195 Venezuela, 277 Victims of Overseas Terrorism Compensation Scheme (2012), 103–5 Vine, Sarah, 143–4 ‘Vly Be on the Turmut, The’, 78 Wakeley, Amanda, 136 Walker, Charles, 163, 164, 166, 168, 169, 171, 224–5 Watkins, Dan, 24 Watt, Peter, xix ‘We’re all in this together’, 194 weapons of mass destruction, 255, 258 Webb, Steven, 84, 94–5 weighing of dignitaries, 77–8 Weinstein, Harvey, 146 Welfare Reform Act (2007), 242–3 Welfare Reform Bill (2011–12), 235–41 Wentworth and Dearne, Yorkshire, 78 West Oxfordshire Conservative Association, 66 Westminster Bubble, ix–x, xii, xv Westminster North, London, 67–70 Westmorland and Lonsdale, Cumbria, 70–71 whips, 36, 57, 74, 83, 86–91, 94–7, 103, 136, 153, 169–70, 229 White, Paul, Baron Hanningfield, 46 Who Governs Britain?


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, AI winter, Airbnb, Albert Einstein, 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, connected car, crowdsourcing, dark matter, dematerialisation, Downton Abbey, Edward Snowden, Elon Musk, Filter Bubble, Freestyle chess, game design, 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, Kevin Kelly, Kickstarter, lifelogging, linked data, Lyft, M-Pesa, Marc Andreessen, Marshall McLuhan, means of production, megacity, Minecraft, Mitch Kapor, multi-sided market, natural language processing, Netflix Prize, Network effects, new economy, Nicholas Carr, old-boy network, peer-to-peer, peer-to-peer lending, personalized medicine, placebo effect, planetary scale, postindustrial economy, recommendation engine, RFID, ride hailing / ride sharing, 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, the scientific method, transport as a service, two-sided market, Uber for X, uber lyft, Watson beat the top human players on Jeopardy!, Whole Earth Review, zero-sum game

Indeed, a close examination of the governing kernel of, say, Wikipedia, Linux, or OpenOffice shows that these efforts are a bit further from the collectivist nirvana than appears from the outside. While millions of writers contribute to Wikipedia, a smaller number of editors (around 1,500) are responsible for the majority of the editing. Ditto for collectives that write code. A vast army of contributions is managed by a much smaller group of coordinators. As Mitch Kapor, founding chair of the Mozilla open source code factory, observed, “Inside every working anarchy, there’s an old-boy network.” This isn’t necessarily a bad thing. Some types of collectives benefit from a small degree of hierarchy while others are hurt by it. Platforms like the internet, Facebook, or democracy are intended to serve as an arena for producing goods and delivering services. These infrastructural courtyards benefit from being as nonhierarchical as possible, minimizing barriers to entry and distributing rights and responsibilities equally.

tried to harness readers’ reports: Rachel McAthy, “Lessons from the Guardian’s Open Newslist Trial,” Journalism.co.uk, July 9, 2012. OhMyNews in South Korea: “OhMyNews,” Wikipedia, accessed July 30, 2015. Fast Company signed up 2,000: Ed Sussman, “Why Michael Wolff Is Wrong,” Observer, March 20, 2014. smaller number of editors: Aaron Swartz, “Who Writes Wikipedia?,” Raw Thought, September 4, 2006. “an old-boy network”: Kapor first said this about the internet pre-web in the late 1980s. Personal communication. not exactly a bastion of equality: “Wikipedia: WikiProject Countering Systemic Bias,” Wikipedia, accessed July 31, 2015. 9,000 startups in 2015: Mesh, accessed August 18, 2015, http://meshing.it. Babylonian chants: Stef Conner, “The Lyre Ensemble,” StefConner.com, accessed July 31, 2015.


Decoding Organization: Bletchley Park, Codebreaking and Organization Studies by Christopher Grey

call centre, computer age, glass ceiling, index card, iterative process, knowledge economy, knowledge worker, old-boy network

She did, and was then called for an interview in London leading to appointment to Hut 3, where she found that staff already ‘knew things about her’ she had not told them. This was clearly a personalized targeting even though the actual approach was indirect. 4. An English Public (i.e. private) School. The reference to Sidney Sussex College is significant because this was Welchman’s college and he, as noted above, was pivotal in early recruitment to BP. 5. It is, of course, debatable whether it is an entirely reliable basis. This ‘old boy network’ mode of recruitment allowed some spectacular security breaches to occur in the Cold War era, as in the famous cases of Kim Philby, Guy Burgess, Donald Maclean and Antony Blunt (Boyle, 1979). See also Andrew (1985b). On the other hand, one might say that it is remarkable how rare such cases were and, in this sense, that the ‘old boy’ method was fairly effective as regards trustworthiness. 6.

‘professional bureaucracy’ model 217 ‘structure in fives’ 213, 236 monotonous work 157, 158, 189, 192–195, 217 Moore, Miss 144 morale 177, 190–192, 215, 253 popular 118 Morgan, G. 264 Morris, C. 196 motorbike dispatch riders 204–205 Muddiman, D. 221 Munich crisis 80 Murray, Joan 170 myth 120 National Archives of the United Kingdom (TNA) 23–24 Natural History Museum 60 Naval (Kriegsmarine) Enigma 34, 63 keys 84, 222–223 Naval Intelligence Division (NID) 64 navy and GC & CS 54, 57–58 Nazis, defeat of 129 neo-institutionalism 256–257 networks heterogeneous 218 personalized 177–187 Newman, Professor Max 157, 187–188 Newmanry 157 informal meetings 223 management in 187–188 ‘tea parties’ 223 Nohria, N. 42 Norris, R. 272 Noskwith, Rolf 172 ‘old boy’ network 180 Official Secrets Acts (OSA) 38, 122, 139, 154 i n d e x 319 operational watches, knowledge work 221–222 oral history 26–30 organization ambidextrous 236 and environment 50 types 213 of work 173 organization studies references 248 theoretical improvisations 247–248 organizational charts 48–49, 52, 69, 70, 93, 95–96 organizational culture 12–13, 107–110, 132, 138–139, 140, 165–167, 258–259 organizational design 213–214 organizational learning 222–225 organizational structure 47, 97–101 and culture 145–146, 153 and conflict 71 organizational charts and 48–49 processual approaches 50, 255 Orwell, George 32 Oxbridge culture 113–114, 137–139, 140, 223, 258 image 253–254 management style 187–190, 231, 238 networks 238 Page, G. 144 Page, S.


pages: 190 words: 53,970

Eastern standard tribe by Cory Doctorow

airport security, call centre, forensic accounting, high net worth, moral panic, offshore financial centre, old-boy network, pirate software, Silicon Valley, the payments system

Now he was pushing for the abolishment of "core hours," Corporate Eurospeak for the time after lunch but before afternoon naps when everyone showed up at the office, so that they could get some face-time. Enough of this, and GMT would be the laughingstock of the world, and so caught up in internecine struggles that the clear superiority of the stress-feeding EST ethos would sweep them away. That was the theory, anyway. Of course, there were rival Tribalists in every single management consulting firm in the world working against us. Management consultants have always worked on old-boys' networks, after all -- it was a very short step from interning your frat buddy to interning your Tribesman. "That's it? A meeting? Jesus, it's just a meeting. He probably wants you to reassure him before he presents to the CEO, is all." "No, I'm sure that's not it. He's got us sniffed -- both of us. He's been going through the product-design stuff, too, which is totally outside of his bailiwick.


American Secession: The Looming Threat of a National Breakup by F. H. Buckley

Affordable Care Act / Obamacare, Andrei Shleifer, Bernie Sanders, British Empire, Cass Sunstein, colonial rule, crony capitalism, desegregation, diversified portfolio, Donald Trump, Francis Fukuyama: the end of history, hindsight bias, illegal immigration, immigration reform, income inequality, old-boy network, race to the bottom, Republic of Letters, reserve currency, Ronald Coase, transaction costs, Washington Consensus, wealth creators

.… When local law enforcement officials become involved as participants in violent crime and use their position, power and authority to accomplish this, there is very little to be hoped for, except with assistance from the Federal Government.22 What had protected the murderers before the federal government stepped in was Mississippi’s crony culture, in which judges hung out with lawyers, officials traded off favors and a code of silence kept people from talking to outsiders. Years later, the same kind of old-boy network, and some of the same players, created Mississippi’s corrupt trial lawyer industry, where lawyers schmoozed with and bribed judges. Mississippi’s justice system winked at this, and it took the federal government, in the form of the U.S. Attorney’s Office and the FBI, to put people in jail.23 Would there be more or less corruption, then, if a state or region of America were to secede? If Mississippi seceded, there would be no John Doar to come in from the outside to prosecute corrupt local officials.


pages: 190 words: 56,531

Where We Are: The State of Britain Now by Roger Scruton

bitcoin, blockchain, business cycle, Corn Laws, Donald Trump, Downton Abbey, Fellow of the Royal Society, fixed income, garden city movement, George Akerlof, housing crisis, invention of the printing press, invisible hand, Khartoum Gordon, mass immigration, Naomi Klein, New Journalism, old-boy network, open borders, payday loans, Peace of Westphalia, sceptred isle, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, web of trust

And by internalizing the code of honour they did not, as Barnett supposes, make themselves defenceless in a world of chicanery and crime, but endowed themselves with the only real defence that human life can offer – the instinctive trust between strangers, which enables them in whatever dangerous circumstances to act together as a team. Barnett’s cavils fill only one shelf in the growing library of declinist literature. From Anthony Sampson’s attacks on the old-boy network to Paul Mason’s dismissal of the financial system, from Tom Nairn’s warnings of the break-up of Britain to the description by David Coates and others of our industrial decline, the message is again and again rubbed in that the British are falling behind, losing out, failing to be where they should be in the ongoing march of the modern nations.8 But where, exactly, should they be? And whom are they falling behind?


pages: 613 words: 151,140

No Such Thing as Society by Andy McSmith

anti-communist, Ayatollah Khomeini, Berlin Wall, Big bang: deregulation of the City of London, Bob Geldof, Boris Johnson, British Empire, Brixton riot, call centre, cuban missile crisis, Etonian, F. W. de Klerk, Farzad Bazoft, feminist movement, fixed income, Francis Fukuyama: the end of history, friendly fire, full employment, glass ceiling, God and Mammon, greed is good, illegal immigration, index card, John Bercow, Kickstarter, liberal capitalism, light touch regulation, Live Aid, loadsamoney, long peace, means of production, Mikhail Gorbachev, mortgage debt, mutually assured destruction, negative equity, Neil Kinnock, Nelson Mandela, North Sea oil, Northern Rock, old-boy network, popular capitalism, Right to Buy, Ronald Reagan, Rubik’s Cube, Sloane Ranger, South Sea Bubble, spread of share-ownership, strikebreaker, The Chicago School, union organizing, upwardly mobile, urban decay, Winter of Discontent, young professional

This was crudity of a kind not seen before on mainstream television, and it was not to everyone’s taste. The show owed a comic debt to Spike Milligan; he was not flattered, however. He once said: ‘Rik Mayall is putrid – absolutely vile. He thinks nose-picking is funny and farting and all that. He is the arsehole of British comedy.’14 That, of course, was part of his appeal to the young target audience. Mayall rivalled Rowan Atkinson as the most popular comic of his generation. There were old-boy networks even in this meritocratic world. Ben Elton, who had known Mayall and Edmondson at Manchester University, had his first big break when he was drafted in as a scriptwriter on The Young Ones. Afterwards, he teamed up with Richard Curtis, one of the regular writers from Not the Nine O’Clock News, to create a new vehicle for Rowan Atkinson, whom Curtis had known at Oxford. The producer, again, was John Lloyd.

Enfield, a Labour supporter, did not mind that, but he did not like it when the Sun took it up as a celebration of Thatcherism, using ‘£oadsamoney’ to plug its Lotto and Bingo games. He instructed his solicitors to try to warn them off, but gave up after the Sun counterattacked, telling him to ‘buy yourself a sense of humour’.1 The phenomenon that Enfield was observing did not originate in Tottenham’s White Hart Lane. It came out of the City of London, which in a few dramatic years was transformed from a club run by an old-boy network of public-school alumni to a place where the ambitious sons of working-class families were given free rein to make a great deal of money quickly. This development could be said to have begun when Margaret Thatcher called Cecil Parkinson to her office in June 1983 to reward him for his valiant work as chairman of the Conservative Party, presiding over the party’s best election result since the 1930s.


pages: 535 words: 158,863

Superclass: The Global Power Elite and the World They Are Making by David Rothkopf

airport security, anti-communist, asset allocation, Ayatollah Khomeini, bank run, barriers to entry, Berlin Wall, Bob Geldof, Branko Milanovic, Bretton Woods, BRICs, business cycle, carried interest, clean water, corporate governance, creative destruction, crony capitalism, David Brooks, Doha Development Round, Donald Trump, financial innovation, fixed income, Francis Fukuyama: the end of history, Gini coefficient, global village, high net worth, income inequality, industrial cluster, informal economy, Internet Archive, Jeff Bezos, jimmy wales, joint-stock company, knowledge economy, liberal capitalism, Live Aid, Long Term Capital Management, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Martin Wolf, mass immigration, means of production, Mexican peso crisis / tequila crisis, Mikhail Gorbachev, Nelson Mandela, old-boy network, open borders, plutocrats, Plutocrats, Ponzi scheme, price mechanism, shareholder value, Skype, special economic zone, Steve Jobs, Thorstein Veblen, too big to fail, trade liberalization, trickle-down economics, upwardly mobile, Vilfredo Pareto, Washington Consensus, William Langewiesche

On every level the connections between our company and the government are amazingly deep.” It’s a delicate balance. Military leaders need to earn a living when they leave the armed forces, and they should not be penalized for having chosen to serve their country—nor should their country be deprived of their know-how or the experience for which the country has already paid. Having said that, it is a short trip from an inadvertent old boys’ network to the military-industrial complex self-dealing that has—in the past, in countries all over the world—led to overspending, delays, overlooked flaws, and outright corruption. In its international form it has also had an impact on the important role that arms sales have in foreign policy, leading to the promotion of symbolic deals that sometimes involve weapons systems that may not be optimum for countries involved but have been advocated by well-connected interests in the defense establishment—as in the case of the $20 billion, ten-year arms deal the United States began to develop with Saudi Arabia in 2007 as a way of countering Iranian influence in the Persian Gulf.

Some initiates are invited to choose their own name. Revealingly, according to Robbins, when George W. Bush was presented with this opportunity, “nothing came to mind,” and the Yale junior was dubbed “Temporary.” As New York Observer contributor Ron Rosenbaum says, “Skull and Bones is not some ordinary frathouse; the initiation was just the beginning, the first of a lifelong series of bonding rituals that helped forge the powerful Bones Old Boy network—a network at the heart of the heart of the American Establishment. Historically, the people who had done so much to shape America’s character in the world—the Tafts, the Luces, the Stimsons, the Harrimans, the Buckleys, the Bundys and the Bushes, among others—had their character shaped in the Tomb of Skull and Bones.” Conspiracy theories about Bones have blamed them for funding Adolf Hitler, infiltrating the CIA, controlling American media (including, notably, owning publishing house Farrar, Straus and Giroux), choreographing the Bay of Pigs invasion and the Kennedy assassination, and generally running the United States.


Interventions by Noam Chomsky

Albert Einstein, Ayatollah Khomeini, cuban missile crisis, energy security, facts on the ground, failed state, Monroe Doctrine, nuremberg principles, old-boy network, Ralph Nader, Thorstein Veblen, uranium enrichment, Washington Consensus, éminence grise

The editor of the page, Michael Kinsley, shook his head at the mathematical difficulties of any attempt to broaden the debate and on March 20, 2005 wrote in the Los Angeles Times: If pressure for more women succeeds—as it will—there will be fewer black voices, fewer Latinos, and so on. Why should this be so? Aren’t there black women and conservative Latinos? Of course there are. There may even be a wonderfully articulate disabled Latina lesbian conservative who is undiscovered because she is outside the comfortable old-boy network. But there probably aren’t two. It’s not a question of effort, it’s mathematics. Each variable added to the equation subverts efforts to maximize all the other variables. That sort of thinking is unfortunately common. Writing in the New York Times in 1990, Anna Quindlen recalled that one editor had told her, “I’d love to run your column, but we already run Ellen Goodman”—presumably one female writer was all the page could handle.


pages: 648 words: 165,654

Dreams and Shadows: The Future of the Middle East by Robin Wright

Anton Chekhov, Ayatollah Khomeini, Berlin Wall, central bank independence, colonial rule, Fall of the Berlin Wall, feminist movement, Mahatma Gandhi, Nelson Mandela, old-boy network, rolodex, Saturday Night Live, Thomas L Friedman, uranium enrichment

Fatah ministers also filled vacancies and promoted followers in the civil service so it would be top-heavy with Fatah loyalists. President Abbas assumed control of lucrative border crossings from the interior ministry, and transferred authority over the Palestinian Broadcasting Corporation and the Palestinian News Agency from the information ministry to the president’s office.28 He also failed to clean up rampant corruption. After promising to rebuild the party from the ground up, Abbas instead allowed the old-boys’ network to largely remain in place. Adding to the political tensions, Fatah’s militias roamed the streets as if they still owned them. At a rally in Damascus shortly before my visit, Mashaal condemned Fatah as “traitorous” for “robbing us of our powers as well as our people’s rights.” Hamas, in turn, used the network of mosques to lambaste Fatah. The Islamic party, which already had the largest Palestinian militia, the al Qassam Brigade, mobilized a new government security force loyal only to its officials.

The Revolutionary Guards were increasingly the instrument of mischief—not only in securing the country’s borders. They became a pivot around which central parts of the system turned. Their rise mirrored Ahmadinejad’s evolution into the presidency, as the young men who had fought in the Iran-Iraq war grew into middle age. Politically, Revolutionary Guards officers moved from the battlefield into mayoralties, governates, and management of ministries.39 Economically, an old-boys’ network of current and former commanders staked claims in the oil and gas sectors, won bids on major government construction contracts, and even gained lucrative franchises, such as Mercedes-Benz dealerships. Within the military, the Revolutionary Guards also evolved from the days when they had served mainly as human minesweepers and cannon fodder in the war with Iraq. By 2007, they controlled Iran’s deadliest arms, including missiles with ranges of up to 1,200 miles and programs for both chemical and biological weapons.


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

airport security, Asian financial crisis, asset allocation, Bernie Madoff, British Empire, business intelligence, collapse of Lehman Brothers, collateralized debt obligation, corporate governance, delayed gratification, estate planning, Etonian, glass ceiling, high net worth, kremlinology, 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

After independence, the company’s ownership increasingly fell into the hands of Indians and its name changed to reflect its new complexion—first it was christened India Tobacco Company and ultimately ITC. Every year, ITC hired a number of students with postgraduate management degrees as trainees. It also took a few bright undergraduates straight into its management program. But the company is not without its prejudices. It has its own good old boy network. When students interview at ITC, as a running joke goes, they are asked not what school they attended but what house they were in. The company is filled with “Doscos”—men who went to India’s preeminent boys’ school, the Doon School. Since its founding in 1935 by a moderate group of Indian nationalists led by an eminent Calcutta barrister intent on establishing an Indian version of England’s venerable Eton College, the Doon School had been the preserve of India’s privileged.

Raj and his kid brother Rengan in Kenya for Raj’s fiftieth-birthday bash. At the August 2007 event, guests wore black T-shirts that read “The Riotous, Rowdy, Rebellious Raj Tribe.” The campus of IIT Delhi, where Rajat Gupta graduated in 1971. The school has become an incubator for global leaders in technology and finance. (Courtesy of the Hindu.) Kashmir House at the Doon School. The old boy network of Doscos, India’s answer to Etonians, aided Anil Kumar as he helped launch McKinsey’s business in India. The aspiration of a Doon School boy as laid out by its first headmaster. Sanjay Wadhwa, senior associate regional director of the New York office, came to the United States from India in 1986. Wadhwa paid for his undergraduate education by working fifty-hour weeks as a stockroom boy and cashier at a local drugstore.


pages: 252 words: 70,424

The Self-Made Billionaire Effect: How Extreme Producers Create Massive Value by John Sviokla, Mitch Cohen

business cycle, Cass Sunstein, Colonization of Mars, corporate raider, Daniel Kahneman / Amos Tversky, Elon Musk, Frederick Winslow Taylor, game design, global supply chain, James Dyson, Jeff Bezos, John Harrison: Longitude, Jony Ive, loss aversion, Mark Zuckerberg, market design, old-boy network, paper trading, RAND corporation, randomized controlled trial, Richard Thaler, risk tolerance, self-driving car, Silicon Valley, smart meter, Steve Ballmer, Steve Jobs, Steve Wozniak, Tony Hsieh, Toyota Production System, young professional

For more detail about Yan Cheung, see Evan Osnos, “Wastepaper Queen: She’s China’s Horatio Alger Hero. Will Her Fortune Survive?” New Yorker, March 30, 2009. 2. Ibid.: ‘They had to fight their way in,’ Maurice (Big Moe) Colontonio, a paper recycler in South Jersey, told me. . . . ‘The Chinese came to us packers, and they said, “Will you sell to us?”’ Colontonio told me one afternoon as we sat in the plant office. ‘But it was always an old-boy network in this business. I sold to someone I knew, and that person sold to people he knew. And now we’ve got these people—we don’t know them—and they’re selling to China? How are we going to be paid? Who are we going to chase?’ 3. http://onlinenevada.org/kirk_kerkorian. 4. Michael Specter, “Branson’s Luck,” New Yorker, May 14, 2007. 5. The original paper was published by Econometrica.


pages: 226 words: 69,893

The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal by Ben Mezrich

different worldview, Mark Zuckerberg, old-boy network, Peter Thiel, rolodex, side project, Silicon Valley, social web

It was, arguably, the most elite and secretive club in America—comparable to the Skull and Bones at Yale. Founded in 1791, named in 1794 in honor of a bacchanalian pig roast that the graduating members had thrown for themselves—feasting on a pig, the story goes, that one member had brought to classes with him, hiding the porcine pet in a window box whenever a professor came near—the Porcellian was the ultimate old boys’ network on a campus that had defined the term. The clubhouse—“the old barn,” as the members referred to it—was a place of legend and history. Teddy Roosevelt had been a Porc, along with many members of the Roosevelt clan; FDR had been rejected from the club, and had called the incident “the greatest disappointment of his life.” The Porcellian’s motto—dum vivimus, vivamus, “while we live, let’s live”—did not apply simply to a member’s experience at college, but well after, as he went out and made his way into the world.


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

banking crisis, Bernie Madoff, Bernie Sanders, business cycle, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, facts on the ground, financial deregulation, fixed income, housing crisis, invisible hand, Long Term Capital Management, mega-rich, mortgage debt, new economy, old-boy network, Ponzi scheme, profit motive, Ralph Nader, Ronald Reagan, too big to fail, trickle-down economics

Such outdated gender ideas were still common in the 1950s, of course, and Born soon realized she was not going to achieve much if she continued to listen to such naysayers. So, armed with what she later recalled for Washington Lawyer as a “ferocious sense of injustice,” and urged on by her mother, she entered Stanford Law School, where she would become the first female editor of the Stanford Law Review, a prestigious honor for which she was nationally recognized. To understand how Born years later could go toe-to-toe with the intimidating old boys’ network of Greenspan, Rubin, and Summers, one must realize that she had been doing that sort of thing her entire life. She became an attorney at a time when only 3 percent of the country’s lawyers were women. She entered Stanford Law in a class of 155 men and 10 women—only 4 of whom would graduate from this bastion of testosterone three years later, in 1961. Born was not a quitter. Nor was she a political neophyte.


pages: 230 words: 71,320

Outliers: The Story of Success by Malcolm Gladwell

affirmative action, Bill Gates: Altair 8800, computer age, corporate raider, crew resource management, medical residency, old-boy network, Pearl River Delta, popular electronics, Silicon Valley, Steve Ballmer, Steve Jobs, union organizing, upwardly mobile, why are manhole covers round?

Among Silicon Valley insiders, Joy is spoken of with as much awe as someone like Bill Gates of Microsoft. He is sometimes called the Edison of the Internet. As the Yale computer scientist David Gelernter says, "Bill Joy is one of the most influential people in the modern history of computing/' The story of Bill Joy's genius has been told many times, and the lesson is always the same. Here was a world that was the purest of meritocracies. Computer programming didn't operate as an old-boy network, where you got ahead because of money or connections. It was a wide-open field in which all participants were judged solely on their talent and their accomplishments. It was a world where the best men won, and Joy was clearly one of those best men. It would be easier to accept that version of events, however, if we hadn't just looked at hockey and soccer players. Theirs was supposed to be apure meritocracy as well.


pages: 564 words: 178,408

Citizens of London: The Americans Who Stood With Britain in Its Darkest, Finest Hour by Lynne Olson

Alistair Cooke, Bretton Woods, British Empire, Charles Lindbergh, colonial rule, European colonialism, financial independence, full employment, imperial preference, indoor plumbing, jobless men, old-boy network, South China Sea

In addition to his own tough reports on Chamberlain’s policies, he invited Winston Churchill and other members of a small band of anti-appeasement Conservative MPs to broadcast to America via CBS. It was the only radio outlet for most of the parliamentary rebels, who had been barred from BBC broadcasts because of their views. Most of Chamberlain’s critics in the Conservative Party were members of the public school old-boy network that dominated British society and government, and they welcomed Murrow and his wife into their upper-class circle. Throughout the Murrows’ stay in England, they were frequent guests at elegant Mayfair dinner parties, lunches at exclusive private clubs, and weekend get-togethers at grand country houses. A crack shot, Murrow hunted grouse and pheasant with Lord Cranborne, the future Marquess of Salisbury and scion of one of the most noted aristocratic families in England, at Cranborne’s family estate in Hertfordshire.

“He would get whatever he needed—the best horses, coaches, equipment, his own bowling alley or croquet lawn—and work like the devil to win.” While his grades were as mediocre at Yale as they had been at Groton, Harriman’s education at those two schools gave him a priceless advantage. Like the sons of British industrialists who attended Eton and Oxford, he was given an entrée into his country’s elite old-boy network, which presided over the business, social, and government establishments. Among his fellow Yale alumni were Lovett and Dean Acheson, who, like Harriman himself, would go on to play major roles in the emergence of the United States as the leading world power in the 1940s and 1950s. Four years after Harriman’s graduation from Yale, the United States entered World War I, but, unlike most of his college classmates, he chose not to enlist.


In the Age of the Smart Machine by Shoshana Zuboff

affirmative action, American ideology, blue-collar work, collective bargaining, computer age, Computer Numeric Control, conceptual framework, data acquisition, demand response, deskilling, factory automation, Ford paid five dollars a day, fudge factor, future of work, industrial robot, information retrieval, interchangeable parts, job automation, lateral thinking, linked data, Marshall McLuhan, means of production, old-boy network, optical character recognition, Panopticon Jeremy Bentham, post-industrial society, RAND corporation, Shoshana Zuboff, social web, The Wealth of Nations by Adam Smith, Thorstein Veblen, union organizing, zero-sum game

The conference quickly became one of the most popular, with 130 members sharing information aimed at "helping pro- fessional women cope with life in a male-dominated corporation." The Panoptic Power and the Social Text 383 conference often addressed issues related to the conflicting demands of work and family life. Many women described it as "our effort to build our own 'old boy's network.' " The "old boy's network" drew a good deal of its power from its invisibility, but the Women's Professional Improvement conference, despite its technical precautions, was all too visible. A number of inci- dents in the conference created a stir within the management hierar- chy. In one case, a member had posted information about affirmative action in the conference. In another case, some members discussed a personal issue with little business relevance.


pages: 268 words: 76,709

Tomatoland: How Modern Industrial Agriculture Destroyed Our Most Alluring Fruit by Barry Estabrook

Bernie Sanders, biofilm, collective bargaining, Columbian Exchange, McMansion, medical malpractice, old-boy network, urban sprawl, women in the workforce

After dropping out of high school, Cisneros took a series of jobs and eventually found herself employed by a crew boss as the driver of a bus that transported farmworkers from Immokalee to the fields. Within a few years, she had managed to save enough money for a down payment on a used school bus and became the boss of her own crew of ten to forty workers. At the time, she was the only female crew leader in the area. “It was a good old boy network,” she told me. The “boys,” however, turned out to be not very “good” and didn’t take kindly to having a woman among their ranks. Frequently, they hired employees away from Cisneros. Or taunted them: “Oh, you work for a prissy woman’s crew.” She was given an often-used nickname, “The Bitch.” On occasion, she was threatened with physical harm, but she persisted. Farm managers knew that her crew members were good workers.


pages: 244 words: 76,192

Execution: The Discipline of Getting Things Done by Larry Bossidy

Albert Einstein, business process, complexity theory, Iridium satellite, Long Term Capital Management, NetJets, old-boy network, shareholder value, six sigma, social software, Socratic dialogue, supply-chain management

As a result, the organization below is totally confused. At EDS, Dick Brown moved quickly to make sure the performers got rewarded more than the nonperformers. Lack of accountability had been a major problem in the company, as the leadership ranks well understood. “There were no negative consequences for poor performance,” recalled one executive. “Not only no consequences, but if you were part of the good old boy network, there really wasn’t accountability for negative behavior toward the company.” Added another, “It was always somebody else’s problem.” Brown instituted a system that ranked all executives in quintiles by how well they performed compared with their peers, and rewarded them accordingly. It is similar to the “vitality curve” Jack Welch introduced at GE to differentiate “A,” “B,” and “C” players.


pages: 215 words: 76,414

In Stitches by Nick Edwards

deskilling, job satisfaction, old-boy network

They then had the audacity to blame the senior doctors (via the Royal Colleges) who were the very ones urging caution against this whole system. I know the politicians have said that doctors need to live in the real world and not expect a job for life and should expect competition for popular jobs. That is completely fair and in the past it was totally wrong that some doctors were helped by an ‘old boys’ network’. However it is the utter lack of care that the system shows for its employees that is upsetting. No other group of workers would accept such a shambolic arrangement: where thousands of junior doctors have had their contracts expire in August and then have to apply for new jobs where they can’t show their CVs, don’t know where they will work or what their pay or conditions will be. Then if they are lucky and get a new job, they will only have a couple of weeks notice to uproot themselves and their families before they start their new jobs–remember, this is not just happening to people just out of medical school, but to doctors in their mid thirties who have up to eight years experience and who have roots and families which they need to consider as well.


pages: 235 words: 74,200

We're Going to Need More Wine: Stories That Are Funny, Complicated, and True by Gabrielle Union

double helix, equal pay for equal work, jitney, old-boy network, period drama, pre–internet, Snapchat, women in the workforce

Because we’ve all seen a pal replaced for a younger, cheaper model with lower expectations and more free time for overtime or courting clients. Modern business is set up to squeeze out women who “want it all”—which is mostly just code for demanding equal pay for equal work. But the more empowered women in the workforce, the better. The more that women mentor women, the stronger our answer is to the old-boys’ network that we’ve been left out of. We can’t afford to leave any woman behind. We need every woman on the front lines lifting each other up . . . for the good of all of us and the women who come behind us. It’s tough to get past my own fears, so I have to remind myself that this is an experiment, to boldly go where no grown-ass woman has gone before. When we refuse to be exiled to the shadows as we mature, we get to be leaders who choose how we treat other women.


pages: 264 words: 76,643

The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations by David Pilling

Airbnb, banking crisis, Bernie Sanders, Big bang: deregulation of the City of London, Branko Milanovic, call centre, centre right, clean water, collapse of Lehman Brothers, collateralized debt obligation, commoditize, Credit Default Swap, credit default swaps / collateralized debt obligations, dark matter, Deng Xiaoping, Diane Coyle, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, falling living standards, financial deregulation, financial intermediation, financial repression, Gini coefficient, Goldman Sachs: Vampire Squid, Google Hangouts, Hans Rosling, happiness index / gross national happiness, income inequality, income per capita, informal economy, invisible hand, job satisfaction, Mahatma Gandhi, market fundamentalism, Martin Wolf, means of production, Monkeys Reject Unequal Pay, mortgage debt, off grid, old-boy network, Panopticon Jeremy Bentham, peak oil, performance metric, pez dispenser, profit motive, purchasing power parity, race to the bottom, rent-seeking, Robert Gordon, Ronald Reagan, Rory Sutherland, science of happiness, shareholder value, sharing economy, Simon Kuznets, sovereign wealth fund, The Great Moderation, The Wealth of Nations by Adam Smith, Thomas Malthus, total factor productivity, transaction costs, transfer pricing, trickle-down economics, urban sprawl, women in the workforce, World Values Survey

Suddenly all you can think is how unfair life is, how the system is stacked against you. Before you know it, you’re breaking the law, cutting into the other lane. This is bad inequality. In America people have historically been quite tolerant of inequality. The attitude has been, Good luck to them. It shows we can do it too. But that is changing. If other people gain advantages by access to expensive education or inheritance or old boys’ networks, your goodwill toward the success of others turns to resentment. “If you’re white and working class in America, you’ve had no income gain for thirty years,” says Angus Deaton. “If everybody was getting no income gain and there was some good reason for it, a war or something, I think people would have no difficulty with it.” But there is no war and some people are forging way ahead. “When they see these bankers with their enormous salaries or the head of New York–Presbyterian hospital, who gets paid $3 million a year, they see that these guys are getting really rich, and the white working classes are getting nothing.”14 * * * — The middle class is flourishing.


pages: 241 words: 78,508

Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg

affirmative action, business process, Cass Sunstein, constrained optimization, experimental economics, fear of failure, gender pay gap, glass ceiling, job satisfaction, labor-force participation, longitudinal study, Mark Zuckerberg, meta analysis, meta-analysis, old-boy network, Richard Thaler, risk tolerance, Silicon Valley, social graph, women in the workforce, young professional

Asking for input is not a sign of weakness but often the first step to finding a path forward. Mentoring and sponsoring relationships often form between individuals who have common interests or when the junior members remind the more senior members of themselves.7 This means that men will often gravitate toward sponsoring younger men, with whom they connect more naturally. Since there are so many more men at the top of every industry, the proverbial old-boy network continues to flourish. And since there are already a reduced number of women in leadership roles, it is not possible for the junior women to get enough support unless senior men jump in too. We need to make male leaders aware of this shortage and encourage them to widen their circle. It’s wonderful when senior men mentor women. It’s even better when they champion and sponsor them. Any male leader who is serious about moving toward a more equal world can make this a priority and be part of the solution.


pages: 255 words: 90,456

Frommer's Irreverent Guide to San Francisco by Matthew Richard Poole

Bay Area Rapid Transit, Chuck Templeton: OpenTable:, game design, glass ceiling, Golden Gate Park, Haight Ashbury, haute cuisine, Loma Prieta earthquake, Maui Hawaii, old-boy network, pez dispenser, sensible shoes, Silicon Valley, South of Market, San Francisco, Torches of Freedom, upwardly mobile

La Rondalla (Valencia St.) is fun for lunch or early dinner because of the goofy decorations and the traditional Mexican food, familiar to most kids— and not too fiery. (Later in the evening, the bar livens up and the atmosphere is less suitable for younger children.) If the kids do like hot-and-spicy treats, take them to Coriya Hot Pot City (Richmond District), where they can have a ball playing chef and cooking their own meat on the grills. Where to seal a deal... This, of course, depends upon the client. The Old Boy network tends to be wary of fancy food and effusive waiters, which you’ll never find at Harris’ (Van Ness Ave.). Old-school attorneys love the Fly Trap Restaurant, the traditional San Francisco grill (with a few culinary updates) across from the courthouse. If your clients are food lovers who don’t want to be bothered with trendy trappings, take them to my favorite small French bistro, Fringale (South of Market).


pages: 287 words: 86,919

Protocol: how control exists after decentralization by Alexander R. Galloway

Ada Lovelace, airport security, Berlin Wall, bioinformatics, Bretton Woods, computer age, Craig Reynolds: boids flock, discovery of DNA, Donald Davies, double helix, Douglas Engelbart, Douglas Engelbart, easy for humans, difficult for computers, Fall of the Berlin Wall, Grace Hopper, Hacker Ethic, informal economy, John Conway, John Markoff, Kevin Kelly, Kickstarter, late capitalism, linear programming, Marshall McLuhan, means of production, Menlo Park, moral panic, mutually assured destruction, Norbert Wiener, old-boy network, packet switching, Panopticon Jeremy Bentham, phenotype, post-industrial society, profit motive, QWERTY keyboard, RAND corporation, Ray Kurzweil, RFC: Request For Comment, Richard Stallman, semantic web, SETI@home, stem cell, Steve Crocker, Steven Levy, Stewart Brand, Ted Nelson, telerobotics, the market place, theory of mind, urban planning, Vannevar Bush, Whole Earth Review, working poor

If they are deemed uninteresting or unnecessary, they simply disappear after their expiration date of six months. They are not RFCs and receive no number. If an Internet-Draft survives the necessary revisions and is deemed important, it is shown to the IESG and nominated for the standards track. If the IESG agrees (and the IAB approves), then the specification is handed off to the RFC editor and put in the queue for future publication. Cronyism is sometimes a danger at this point, as the old-boys network—the RFC editor, the IESG, and the IAB—have complete control over which Internet-Drafts are escalated and which aren’t. 31. That said, there are protocols that are given the status level of “required” for certain contexts. For example, the Internet Protocol is a required protocol for anyone wishing to connect to the Internet. Other protocols may be given status levels of “recommended” or “elective” depending on how necessary they are for implementing a specific technology.


Crisis and Dollarization in Ecuador: Stability, Growth, and Social Equity by Paul Ely Beckerman, Andrés Solimano

banking crisis, banks create money, barriers to entry, business cycle, capital controls, Carmen Reinhart, carried interest, central bank independence, centre right, clean water, currency peg, declining real wages, disintermediation, financial intermediation, fixed income, floating exchange rates, Gini coefficient, income inequality, income per capita, labor-force participation, land reform, London Interbank Offered Rate, Mexican peso crisis / tequila crisis, microcredit, money: store of value / unit of account / medium of exchange, offshore financial centre, old-boy network, open economy, pension reform, price stability, rent-seeking, school vouchers, seigniorage, trade liberalization, women in the workforce

Also see World Bank 2001. 28. According to estimates for other countries, Ecuador presents a moderate salary gap. For instance, in 1994 women’s average wage was 75 percent that of men’s average wage; in Brazil, women’s wages were 60 percent that of men’s (FLACSO 1995). 29. These may be the result of unmeasurable productivity factors (for example, differential treatment in schooling, family expectations, “old boys’ networks”, and so on) that could not be statistically removed from the numbers, or from “market-induced” differences, that is, discrimination. When the researchers looked at industries that were typically female (food production, textiles, clothes, small commerce, restaurants, public sector, teachers, medical, and domestic labor), women actually earned more than men, with similar, observable characteristics in the food, textile, teaching, and domestic services industries.


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, Any sufficiently advanced technology is indistinguishable from magic, Apple's 1984 Super Bowl advert, barriers to entry, Berlin Wall, big-box store, bitcoin, business climate, call centre, Cass Sunstein, centralized clearinghouse, Chelsea Manning, citizen journalism, cloud computing, collaborative consumption, collaborative editing, commoditize, creative destruction, crony capitalism, cross-subsidies, crowdsourcing, David Brooks, death of newspapers, disruptive innovation, Donald Trump, Douglas Engelbart, Douglas Engelbart, en.wikipedia.org, Exxon Valdez, Fall of the Berlin Wall, Filter Bubble, Firefox, global supply chain, Google Chrome, Gordon Gekko, Hacker Ethic, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, Lean Startup, Mark Zuckerberg, minimum viable product, Mitch Kapor, Mohammed Bouazizi, Mother of all demos, Narrative Science, new economy, Occupy movement, old-boy network, peer-to-peer, period drama, Peter Thiel, pirate software, publication bias, Robert Metcalfe, Ronald Reagan, Ronald Reagan: Tear down this wall, sharing economy, Silicon Valley, Skype, social web, Steve Jobs, Steve Wozniak, Stewart Brand, Stuxnet, Ted Nelson, Telecommunications Act of 1996, telemarketer, The Wisdom of Crowds, transaction costs, uranium enrichment, Whole Earth Catalog, WikiLeaks, Zipcar

Although inarguably elitist, the parties (and the old-boy systems that comprised them) made sure candidates for major office deserved to be leaders—that they possessed some essential mettle or fitness for office. Bad apples aside, most of party rank and file evinced a strong sense of morality and social responsibility born of a class-based mentality—quite a shift from what we see today. As the New York Times columnist David Brooks has observed: Today’s elite lacks the self-conscious leadership ethos that the racist, sexist and anti-Semitic old boys’ network did possess. If you went to Groton a century ago, you knew you were privileged. You were taught how morally precarious privilege was and how much responsibility it entailed. You were housed in a spartan 6-foot-by-9-foot cubicle to prepare you for the rigors of leadership. … The best of the WASP elites had a stewardship mentality, that they were temporary caretakers of institutions that would span generations.5 Before the age of radio and television, it was pretty hard to see candidates up close, so the political parties and their grand political conventions functioned as a process that delivered trustworthy leaders and policies to America.


pages: 444 words: 84,486

Radicalized by Cory Doctorow

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Bernie Sanders, call centre, crowdsourcing, cryptocurrency, Edward Snowden, Flash crash, G4S, high net worth, information asymmetry, license plate recognition, obamacare, old-boy network, six sigma, TaskRabbit

The first time Joe saw one of these files, he thought of how chilling it must be to see your home, your family, your picture, your license plate on a list like this. It gave him a lot of satisfaction that he tried not to think about too much. DamFool lived in Montana and, for such a sparsely populated state, Montana sure had a hell of a lot of high-value targets. Small populations had big old-boy networks, and they made it easy for corruption to spread, favor to favor, friend to friend. You could see the diffusion pattern in the hit list, which was extensive. The Great Old Ones were good at this pitch. They were just hinting now, not giving DamFool the hard sell. That would come after Tommy’s demise. Right now, they were just getting him in position. Joe had seen the playbook before. It was his cue to dive in with a highly symbolic and largely ornamental bid to save his soul.


pages: 340 words: 81,110

How Democracies Die by Steven Levitsky, Daniel Ziblatt

Affordable Care Act / Obamacare, Ayatollah Khomeini, basic income, Berlin Wall, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, Charles Lindbergh, clean water, David Brooks, Donald Trump, Fall of the Berlin Wall, Gunnar Myrdal, illegal immigration, immigration reform, income inequality, Jeff Bezos, Nate Silver, Norman Mailer, old-boy network, Robert Gordon, Ronald Reagan, single-payer health, The Rise and Fall of American Growth, universal basic income

Real power remained in the hands of party insiders, or what contemporaries called “organization men.” For prospective candidates, securing the backing of the organization men was the only viable road to the nomination. The old convention system highlights the trade-offs inherent to gatekeeping. On the one hand, the system wasn’t very democratic. The organization men were hardly representative of American society. Indeed, they were the very definition of an “old boys” network. Most rank-and-file party members, especially the poor and politically unconnected, women, and minorities, were not represented in the smoke-filled rooms and were thus excluded from the presidential nomination process. On the other hand, the convention system was an effective gatekeeper, in that it systematically filtered out dangerous candidates. Party insiders provided what political scientists called “peer review.”


pages: 244 words: 85,379

On Writing: A Memoir of the Craft by Stephen King

Bonfire of the Vanities, fear of failure, In Cold Blood by Truman Capote, old-boy network, pink-collar, telemarketer, traveling salesman, War on Poverty

If Frank hasn’t placed it, the Jackdaw editor would certainly like a look. No promises, but … Frank doesn’t need promises; like most beginning writers, all he needs is a little encouragement and an unlimited supply of take-out pizza. He mails the story off with a letter of thanks (and a letter of thanks to the ex-Lodgepine editor, of course). Six months later “Two Kinds of Men” appears in the premiere issue of Jackdaw. The Old Boy Network, which plays as large a part in publishing as it does in many other white-collar/pink-collar businesses, has triumphed again. Frank’s pay for this story is fifteen dollars, ten contributor’s copies, and another all-important credit. In the next year, Frank lands a job teaching high school English. Although he finds it extremely difficult to teach literature and correct student themes in the daytime and then work on his own stuff at night, he continues to do so, writing new short stories and getting them into circulation, collecting rejection slips and occasionally “retiring” stories he’s sent to all the places he can think of.


pages: 334 words: 82,041

How Did We Get Into This Mess?: Politics, Equality, Nature by George Monbiot

Affordable Care Act / Obamacare, Alfred Russel Wallace, bank run, bilateral investment treaty, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, Corn Laws, creative destruction, credit crunch, David Attenborough, dematerialisation, demographic transition, drone strike, en.wikipedia.org, first-past-the-post, full employment, Gini coefficient, hedonic treadmill, income inequality, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, invisible hand, land reform, land value tax, market fundamentalism, meta analysis, meta-analysis, Mont Pelerin Society, moral panic, Naomi Klein, Northern Rock, obamacare, oil shale / tar sands, old-boy network, peak oil, place-making, plutocrats, Plutocrats, profit motive, rent-seeking, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, urban sprawl, wealth creators, World Values Survey

Its [sic] the ultimate in ‘We pretend to abide by the rules, and you pretend to enforce the rules, and everyone’s happy’ concepts. Take 10 mins to fill your form in once a year and be very glad Defra have decided this is the way to go.6 Yet even this is now deemed too onerous. Soon after it took office, the coalition government set up a Farming Regulation Task Force, chaired by a former director-general of the National Farmers’ Union. I’ve come across plenty of self-serving reports by old boys’ networks, but seldom anything as bad as this. It insisted that ‘food and farming businesses must be freed from unnecessary bureaucracy’, by which it appeared to mean almost any regulation at all. ‘Government must trust industry … we suggest that Government should invite industry to play a leading role in drafting guidance.’7 On protecting the soil, it had this to say: ‘We recommend: that the Soil Protection Review becomes voluntary … not completing the Review correctly (or at all) should not result in a breach.’8 In other words, give us the subsidies, but please remove the last remaining conditions attached to them.


pages: 283 words: 87,166

Reaching for Utopia: Making Sense of an Age of Upheaval by Jason Cowley

anti-communist, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, centre right, Charles Lindbergh, coherent worldview, Corn Laws, corporate governance, crony capitalism, David Brooks, deindustrialization, deskilling, Donald Trump, Etonian, eurozone crisis, Fall of the Berlin Wall, illegal immigration, liberal world order, Neil Kinnock, Occupy movement, offshore financial centre, old-boy network, open borders, plutocrats, Plutocrats, Right to Buy, Robert Mercer, Ronald Reagan, University of East Anglia

Yet, when the time came, he chose to send his sons away to boarding schools, a decision he regards as a ‘tragic mistake’. After leaving Sherborne prematurely (he was sixteen), David went to live in Bern, Switzerland. There he read Goethe, studied German and was in tentative contact with the British security services. He completed his national service and, assisted by a contact from Sherborne (the old boy network doing its thing), won a place to study modern languages at Oxford, where he mixed with the privileged sons of inherited wealth without being one of them. Before long he was also serving as an informer for MI5, betraying the confidences of many left-wing university friends and acquaintances. ‘He had chosen loyalty to his country over loyalty to his friends,’ his biographer writes. Adam Sisman has written a curious biography.


pages: 365 words: 88,125

23 Things They Don't Tell You About Capitalism by Ha-Joon Chang

"Robert Solow", affirmative action, Asian financial crisis, bank run, banking crisis, basic income, Berlin Wall, Bernie Madoff, borderless world, Carmen Reinhart, central bank independence, collateralized debt obligation, colonial rule, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, David Ricardo: comparative advantage, deindustrialization, deskilling, ending welfare as we know it, Fall of the Berlin Wall, falling living standards, financial deregulation, financial innovation, full employment, German hyperinflation, Gini coefficient, hiring and firing, Hyman Minsky, income inequality, income per capita, invisible hand, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, light touch regulation, Long Term Capital Management, low skilled workers, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, microcredit, Myron Scholes, North Sea oil, offshore financial centre, old-boy network, post-industrial society, price stability, profit maximization, profit motive, purchasing power parity, rent control, shareholder value, short selling, Skype, structural adjustment programs, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, Tobin tax, Toyota Production System, trade liberalization, trickle-down economics, women in the workforce, working poor, zero-sum game

Usually, a company becomes transnational and sets up activities in foreign countries because it possesses some technological and/or organizational competences that the firms operating in the host countries do not possess. These competences are usually embodied in people (e.g., managers, engineers, skilled workers), organizations (e.g., internal company rules, organizational routines, ‘institutional memory’) and networks of related firms (e.g., suppliers, financiers, industrial associations or even old-boy networks that cut across company boundaries), all of which cannot be easily transported to another country. Most machines may be moved abroad easily, but it is much more costly to move skilled workers or managers. It is even more difficult to transplant organizational routines or business networks on to another country. For example, when Japanese automobile companies started setting up subsidiaries in Southeast Asia in the 1980s, they asked their subcontractors also to set up their own subsidiaries, as they needed reliable subcontractors.


pages: 299 words: 91,839

What Would Google Do? by Jeff Jarvis

23andMe, Amazon Mechanical Turk, Amazon Web Services, Anne Wojcicki, barriers to entry, Berlin Wall, business process, call centre, cashless society, citizen journalism, clean water, commoditize, connected car, credit crunch, crowdsourcing, death of newspapers, different worldview, disintermediation, diversified portfolio, don't be evil, fear of failure, Firefox, future of journalism, G4S, Google Earth, Googley, Howard Rheingold, informal economy, inventory management, Jeff Bezos, jimmy wales, Kevin Kelly, 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, search inside the book, Silicon Valley, Skype, social graph, social software, social web, spectrum auction, speech recognition, Steve Jobs, 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

It would make them ask questions before they are told answers. It could reveal to them their own talents and needs. The skeptic will say that not every student is responsible enough or a self-starter. Perhaps. But how will we know students’ capabilities unless we put them in the position to try? And why structure education for everyone around the lowest denominator of the few? Another byproduct of a university’s society is its network—its old-boy network, as we sexistly if accurately called it. That club has long held value for getting jobs, hiring, and making connections. But now that we have the greatest connection machine ever made—the internet—do we still need that old mechanism for connections? LinkedIn, Facebook, and other services enable us to create and organize extended networks (any friend of yours…) springing out of not just school but employment, conferences, introductions, even blogs.


pages: 395 words: 94,764

I Never Knew That About London by Christopher Winn

Alfred Russel Wallace, British Empire, Clapham omnibus, Desert Island Discs, Edmond Halley, Edward Lloyd's coffeehouse, God and Mammon, Isaac Newton, John Snow's cholera map, joint-stock company, Khartoum Gordon, Mahatma Gandhi, Nelson Mandela, Nick Leeson, old-boy network, Ronald Reagan, South Sea Bubble

Any number of left-wing protest marches have set off from here, fired by revolutionary rhetoric, including the march addressed by Annie Beasant and William Morris that ended in the original BLOODY SUNDAY at Trafalgar Square in 1887, and THE WORLD’S FIRST MAY DAY MARCH in 1890. May Day marches still leave from here today. At No. 37 a fine 18th-century house plays host to the MARX MEMORIAL LIBRARY. BRITAIN’S FIRST SOCIALIST PRESS, the TWENTIETH CENTURY PRESS, moved in here in 1892, and LENIN published 17 issues of Iskra here in 1902–3. Charterhouse Old Boy Network CHARTERHOUSE SQUARE IS a delightful mix of Tudor, Georgian and Victorian buildings lying outside the gatehouse of the 14th-century Carthusian Priory of the Salutation of the Mother of God, on the site of LONDON’S BIGGEST PLAGUE PIT. Charterhouse is an English corruption of the French name Chartreuse. In 1611 the property was bought by an Elizabethan merchant adventurer Thomas Sutton, who founded a home here for poor gentlemen and a free school for boys.


pages: 326 words: 91,559

Everything for Everyone: The Radical Tradition That Is Shaping the Next Economy by Nathan Schneider

1960s counterculture, Affordable Care Act / Obamacare, Airbnb, altcoin, Amazon Mechanical Turk, back-to-the-land, basic income, Berlin Wall, Bernie Sanders, bitcoin, blockchain, Brewster Kahle, Burning Man, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Clayton Christensen, collaborative economy, collective bargaining, Community Supported Agriculture, corporate governance, creative destruction, crowdsourcing, cryptocurrency, Debian, disruptive innovation, do-ocracy, Donald Knuth, Donald Trump, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, Food sovereignty, four colour theorem, future of work, gig economy, Google bus, hydraulic fracturing, Internet Archive, Jeff Bezos, jimmy wales, joint-stock company, Joseph Schumpeter, Julian Assange, Kickstarter, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, mass immigration, means of production, multi-sided market, new economy, offshore financial centre, old-boy network, Peter H. Diamandis: Planetary Resources, post-work, precariat, premature optimization, pre–internet, profit motive, race to the bottom, Richard Florida, Richard Stallman, ride hailing / ride sharing, Sam Altman, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, Silicon Valley, Slavoj Žižek, smart contracts, Steve Jobs, Steve Wozniak, Stewart Brand, transaction costs, Turing test, Uber and Lyft, uber lyft, underbanked, undersea cable, universal basic income, Upton Sinclair, Vanguard fund, white flight, Whole Earth Catalog, WikiLeaks, women in the workforce, working poor, Y Combinator, Y2K, Zipcar

But by the time of Lumumba’s death, the Jackson-Kush Plan was secret no more, and the city’s business class was better prepared to oppose it. Socrates Garrett is Jackson’s most prominent black entrepreneur. He went into business for himself in 1980, selling cleaning products to the government; now, he and about one hundred employees specialize in heavy-duty environmental services. The story of his success is one of breaking through Mississippi’s white old-boy network, and to do that his politics have become mainly reducible to his business interests. He is a former chairman of the chamber of commerce and serves on the boards of charities. He is a self-described progressive who supported the Republican governor Haley Barbour. He became a political operator—one with less ideological freight than the partisans of MXGM. “I had to have relationships with politicians,” Garrett told me.


pages: 297 words: 89,206

Social Class in the 21st Century by Mike Savage

call centre, Capital in the Twenty-First Century by Thomas Piketty, Clapham omnibus, Corn Laws, deindustrialization, deskilling, Downton Abbey, financial independence, gender pay gap, Gini coefficient, income inequality, liberal capitalism, Mark Zuckerberg, megacity, moral panic, New Urbanism, Occupy movement, old-boy network, precariat, psychological pricing, Sloane Ranger, The Spirit Level, unpaid internship, upwardly mobile, very high income, winner-take-all economy, young professional

Notwithstanding the languor of the Oxbridge college, the late-summer glory of country estates and the proliferation of ‘gentry’ brands, the symbolic power of these icons needs to be understood as a foil against which an ‘ordinary’ wealth-elite can define itself in more meritocratic ways. The fact that this aristocratic class is so routinely caricatured and lampooned is now central to its ongoing significance. By classifying this supposed stereotypical group as cohesive, socially inward, even inbred, and by characterizing the upper class as a nepotistic ‘old boys’ network’ where informal contacts developed at school and university often act as pivotal lubricants of prestigious professional trajectories, a wider, ordinarily wealthy elite class can emphasize its distance from those wellsprings of old elitedom and claim a more modest place for themselves. The ‘ordinary’ elite class is fundamentally marked by meritocratic motifs – but in ways which should not be taken at face value, but which instead mark today’s performance of privilege.


We Need New Stories: Challenging the Toxic Myths Behind Our Age of Discontent by Nesrine Malik

affirmative action, Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, Boris Johnson, British Empire, centre right, cognitive dissonance, continuation of politics by other means, currency peg, Donald Trump, feminist movement, financial independence, Francis Fukuyama: the end of history, gender pay gap, ghettoisation, glass ceiling, illegal immigration, invisible hand, mass immigration, moral panic, Nate Silver, obamacare, old-boy network, payday loans, planetary scale, Ponzi scheme, race to the bottom, Ronald Reagan, Saturday Night Live, sexual politics, Steven Pinker, The Bell Curve by Richard Herrnstein and Charles Murray, Thomas L Friedman, transatlantic slave trade

In 2014, UN special rapporteur Rashida Manjoo said that sexism in the UK is more ‘in your face’ and generally worse than in other countries that she has visited. The response was a howl of denial, protesting that the UK had come a long way, and that it was absurd to compare it to countries where women suffer FGM or forced marriage. But Manjoo had not compared the UK to Somalia or Saudi Arabia. She had made a rather obvious statement that described the pervasive ‘old boys’ network in the UK, and the aggressiveness and ubiquity of commercial sexualised depictions of women. She also said that ‘violence against women needs to be addressed within the broader struggles against inequality and gender-based discrimination.’ More revealing was how the debate was then framed. Rather than engaging with what Manjoo said, which was anodyne and generic, the conversation became a comparative one.


pages: 385 words: 99,985

Pattern Recognition by William Gibson

carbon-based life, Frank Gehry, lateral thinking, Mars Rover, Maui Hawaii, offshore financial centre, old-boy network, pattern recognition

"Then what does he sell?" Cayce asks. "Sometimes," Voytek says, lowering his voice slightly, "I think he locates information for people." "He's a spy!" declares Magda, gleefully. Voytek winces. "He perhaps has retained certain connections," Ngemi qualifies, "and can find certain things out. I imagine there are men in the City…" His wide black brow creases with seriousness. "Nothing illegal, one hopes. Old-boy networks are something one understands, here. One doesn't ask. We assume Hobbs has his own, still." "Sig-int," Magda says, triumphantly. "Voytek says he sells sig-int." Voytek stares gloomily at his glass. SIGINT, Cayce knows. Signals intelligence. She decides to change the subject. Whatever this is about, it's detracting from what pleasure she's able to take in the evening. AFTER leaving the restaurant, they stop at a crowded pub near the station.


pages: 364 words: 99,613

Servant Economy: Where America's Elite Is Sending the Middle Class by Jeff Faux

back-to-the-land, Bernie Sanders, Black Swan, Bretton Woods, BRICs, British Empire, business cycle, call centre, centre right, 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, hiring and firing, Howard Zinn, Hyman Minsky, illegal immigration, indoor plumbing, informal economy, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kickstarter, lake wobegon effect, Long Term Capital Management, market fundamentalism, Martin Wolf, McMansion, medical malpractice, mortgage debt, Myron Scholes, Naomi Klein, new economy, oil shock, old-boy network, Paul Samuelson, plutocrats, Plutocrats, price mechanism, price stability, private military company, Ralph Nader, reserve currency, rising living standards, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, school vouchers, Silicon Valley, single-payer health, South China Sea, statistical model, Steve Jobs, 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

Reducing the serendipity involved in making the connections to help one up the career ladder has long been a middle-class preoccupation. Dale Carnegie’s 1936 book, How to Win Friends and Influence People, the granddaddy of self-help books, was a milestone. It legitimized the manipulation of human relationships in the service of career and provided the psychological techniques for doing it. Selling themselves with these techniques, clever ambitious outsiders might bypass the “old boys’” network in their ascent up their career ladders. The Internet has revolutionized networking—Rolodexes replaced by e-mail lists replaced by Facebook and Twitter—and according to Slaughter, therein lies America’s great advantage. Slaughter notes, “Every CEO advice manual published in the past decade has focused on the shift from the vertical world of hierarchy to the horizontal world of networks. Media are networked: online blogs and other forms of participatory media depend on contributions from readers to create a vast, networked conversation.


pages: 241 words: 90,538

Unequal Britain: Equalities in Britain Since 1945 by Pat Thane

Ayatollah Khomeini, British Empire, call centre, collective bargaining, equal pay for equal work, full employment, gender pay gap, longitudinal study, mass immigration, moral panic, Neil Kinnock, old-boy network, pensions crisis, sexual politics, Stephen Hawking, unpaid internship, women in the workforce

The growth of commercially successful ethnic minority media in the 1980s and 1990s may have been a factor in the increasing ability of minority communities to influence the language used to describe them. Publications like The Voice and Asian Age have also provided ethnic minority journalists with a route into the mainstream media, although research suggests that ‘low-level racism’ still pervades the culture of the newsroom.33 A heavy reliance on unpaid internships and personal contacts as ways into the media tends to exclude those who are outside the ‘old boys’ network’ and those with fewer financial resources. Television has a better record than newspapers, with the success of pioneers such as Trevor MacDonald and Moira Stewart in the 1970s, replicated by Krishnan Guru-Murthy and Zeinab Badawi since the 1990s, although minority ethnic groups remain under-represented in the mainstream media. It is difficult to determine whether these trends have had a significant effect on the way in which minority ethnic groups are represented in newspapers and on television or are perceived by viewers and readers.


pages: 261 words: 103,244

Economists and the Powerful by Norbert Haring, Norbert H. Ring, Niall Douglas

"Robert Solow", accounting loophole / creative accounting, Affordable Care Act / Obamacare, Albert Einstein, asset allocation, bank run, barriers to entry, Basel III, Bernie Madoff, British Empire, buy and hold, central bank independence, collective bargaining, commodity trading advisor, 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, law of one price, light touch regulation, Long Term Capital Management, low skilled workers, mandatory minimum, market bubble, market clearing, market fundamentalism, means of production, minimum wage unemployment, 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, rolodex, 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, transaction costs, ultimatum game, union organizing, Vilfredo Pareto, working-age population, World Values Survey

Outside directors are people who are not and have not been employees of the company. This has not proven overly successful. It disregards a phenomenon that sociologists (particularly Bourdieu) have long recognized but economists have eschewed, the “corporate small world” phenomenon. Each knows each other and respects each other’s sphere of influence and authority of decision making. 116 ECONOMISTS AND THE POWERFUL For France, where old boys’ networks based on elite academic institutions are particularly important, Nguyen-Dang (2008) found that the firm performs worse if the CEO and at least one board member are graduates from the same elite college than it does if the board has no graduates from elite colleges. Furthermore, if at least two directors have graduated from the same elite college with the CEO, the normal relationship between poor CEO performance and more firings disappears.


pages: 345 words: 100,135

Snakes in Suits: When Psychopaths Go to Work by Dr. Paul Babiak, Dr. Robert Hare

business process, computer age, fixed income, greed is good, job satisfaction, laissez-faire capitalism, Norman Mailer, old-boy network, risk tolerance, twin studies

As the reader can appreciate, formal succession planning provides multiple assessments from a variety of sources across a lengthy period of time, thus assuring that almost every aspect of the future leader’s behavior has been reviewed and cross-checked. If the reader feels that the process is quite bureaucratic, this is in fact the case, for succession planning systems were originally developed during the period when bureaucracy was the organization model in vogue. Succession planning was an attempt to improve the chances of making the right promotional choices while removing cronyism, nepotism, and other “old boy network” influences from the process. Formal succession planning is one of the few bureaucratic processes that transitional companies can benefit from and should retain. Yet we would argue that there are still some risks involved, and holes in the process can be taken advantage of by manipulative employees. One problem is that the psychopathic employee has had a significant amount of time to establish a cadre of supporters, some of them patrons who, shielded from any negative information, advocate for the psychopath’s candidacy.


Powers and Prospects by Noam Chomsky

anti-communist, Berlin Wall, Bretton Woods, colonial rule, declining real wages, deindustrialization, deskilling, Fall of the Berlin Wall, invisible hand, Jacques de Vaucanson, John von Neumann, liberation theology, Monroe Doctrine, old-boy network, RAND corporation, Ronald Reagan, South China Sea, theory of mind, Tobin tax, Turing test

Concerned about ‘the creation of an entrenched underclass’, she is running a training class to teach proper attitudes to people who had ‘egalitarian values drilled into their minds’ in the days when ‘the proud slogan used to be: “I am a miner, who else is better?”’. The fast learners now know the answer to that question: the ex- Nomenklatura, rich beyond their wildest dreams as they become the agents of foreign enterprises, which naturally favour them because of their skills and experience; the bankers set up in business through the ‘old boy network’; the Polish women enjoying consumer delights; the government-assisted manufacturers of elegant dresses for export to other rich women. In brief, the right kind of people. Those are the successes of American values. Then there are the failures, still on the slow lane. Perlez selects as her example a 43-year-old coal miner, who ‘sits in his wood-paneled living room admiring the fruits of his labor under Communism—a television set, comfortable furniture, a shiny, modern kitchen’, now unemployed after 27 years in the mines and thinking about the years before 1989.


pages: 382 words: 100,127

The Road to Somewhere: The Populist Revolt and the Future of Politics by David Goodhart

Affordable Care Act / Obamacare, agricultural Revolution, assortative mating, Big bang: deregulation of the City of London, borderless world, Boris Johnson, Branko Milanovic, Bretton Woods, British Empire, call centre, capital controls, carbon footprint, central bank independence, centre right, coherent worldview, corporate governance, credit crunch, deglobalization, deindustrialization, Donald Trump, Downton Abbey, Edward Glaeser, en.wikipedia.org, Etonian, European colonialism, eurozone crisis, falling living standards, first-past-the-post, gender pay gap, gig economy, glass ceiling, global supply chain, global village, illegal immigration, income inequality, informal economy, job satisfaction, knowledge economy, labour market flexibility, low skilled workers, market friction, mass immigration, mittelstand, Neil Kinnock, New Urbanism, non-tariff barriers, North Sea oil, obamacare, old-boy network, open borders, Peter Singer: altruism, post-industrial society, post-materialism, postnationalism / post nation state, race to the bottom, Richard Florida, Ronald Reagan, selection bias, shareholder value, Skype, Sloane Ranger, stem cell, Thomas L Friedman, transaction costs, trickle-down economics, ultimatum game, upwardly mobile, wages for housework, white flight, women in the workforce, working poor, working-age population, World Values Survey

This is an inevitable aspect of modern life but it sets up a tension with that more egalitarian promise of a citizen’s entitlement to security and a decent life—perhaps even to recognition and esteem. (‘The workers have struck for fame …’, as David Bowie observed.) As societies become more mobile and less caste or class based so do differences in cognitive ability between people become more salient. Exams and selection by talent are better than inheritance and the old-boy network. And many more people in today’s Britain have opportunities that their grandparents could only have dreamt of. But with greater opportunity comes greater exposure to risk. Creating many losers may be impossible to avoid in an achievement society in which you have to earn your place rather than have it assigned to you. Meritocracy is unassailable in principle but—as Michael Young saw in his famous parable The Rise of the Meritocracy—in practice it can legitimise inequality and reduce empathy for the poor.


pages: 415 words: 103,801

The Last Kings of Shanghai: The Rival Jewish Dynasties That Helped Create Modern China by Jonathan Kaufman

anti-communist, Berlin Wall, British Empire, Charles Lindbergh, colonial rule, Deng Xiaoping, Fall of the Berlin Wall, Honoré de Balzac, indoor plumbing, joint-stock company, life extension, Mahatma Gandhi, Mark Zuckerberg, Mikhail Gorbachev, old-boy network, plutocrats, Plutocrats, rent control, Steve Jobs, trade route

Realizing the value of being able to negotiate with local businessmen, he learned Hindustani and became close friends with one of India’s biggest cotton traders. From him, David learned that British brokers were complaining that the bales bought from India contained too many stones. Using this information, David imported new cotton gins that solved this problem and produced more marketable cotton. When he was turned away from the old-boy network of British banks, he helped found the Bank of Bombay, which enabled him to finance new railway lines to ship cotton from the countryside more quickly. Two decades later, when the North blockaded the South in the American Civil War, cutting off the biggest supplier of cotton to Britain, David was perfectly situated to step into the breach—and to make millions. David became a bridge between the traditional trading practices of the Middle East and the new global system developing under the British Empire.


pages: 316 words: 105,384

Moneyball by Michael Lewis

Cass Sunstein, high batting average, Norman Mailer, old-boy network, placebo effect, RAND corporation, Richard Thaler, systematic trading, the new new thing, the scientific method, upwardly mobile

Next to Feiny, at one end of the video room, sat David Forst, twenty-five-year-old former Harvard shortstop. Two years earlier, after he’d graduated with an honors degree in sociology, Forst had been invited to the Red Sox spring training camp. Dismissed in the final cut, he sent his résumé around big league front offices and it caught Paul DePodesta’s eye. And so, surely for the first time since the dead ball era, the Harvard Old Boys’ network came to baseball. Paul himself sat at the desk on the other end of the room. I ask them if it ever troubled them to devote their lives, and expensive educations, to a trivial game. They look at me as if I’ve lost my mind, and Paul actually laughed. “Oh, you mean as opposed to working in some deeply meaningful job on Wall Street?” he said. It wasn’t hard to see what Billy had seen in Paul when he’d hired him: an antidote to himself.


pages: 273 words: 34,920

Free Market Missionaries: The Corporate Manipulation of Community Values by Sharon Beder

anti-communist, battle of ideas, business climate, corporate governance, en.wikipedia.org, full employment, income inequality, invisible hand, 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, Upton Sinclair, Washington Consensus, wealth creators, young professional

At the time, Australia was facing some economic problems such as high inflation and low economic growth, and these think tanks represented the situation as an economic crisis caused by a failure of the welfare state. They attacked government and union power and spending and praised the virtues of free and unimpeded enterprise.31 Although these corporate-funded pro-market think tanks still used the ‘old boys networks’ of ‘the club, the state, the media, the university, etc.’, they ‘developed new ways of operating, for example, the conference circuit, and the journal’ as well as the submission, the report, and the consultancy; all used to apply ‘focused pressure on target bodies’.32 A number of Australian think tanks are modelled on US think tanks and have close ties with some of them, including the Heritage Foundation, the Cato Institute and the American Enterprise Institute.33 Millions of dollars were being channelled into these organizations each year for the promotion of conservative, market-oriented ideas.34 132 FREE MARKET MISSIONARIES PROLIFERATING THINK TANKS The Centre for Policy Studies (CPS), based at Monash University, was founded and headed by Professor Michael Porter, a member of the Mont Pèlerin Society.


pages: 390 words: 108,171

The Space Barons: Elon Musk, Jeff Bezos, and the Quest to Colonize the Cosmos by Christian Davenport

Affordable Care Act / Obamacare, Burning Man, Charles Lindbergh, cloud computing, Colonization of Mars, cuban missile crisis, Donald Trump, Elon Musk, high net worth, Isaac Newton, Jeff Bezos, Kickstarter, life extension, low earth orbit, Mark Zuckerberg, Mikhail Gorbachev, multiplanetary species, obamacare, old-boy network, Peter H. Diamandis: Planetary Resources, Peter Thiel, private space industry, risk tolerance, Ronald Reagan, Silicon Valley, Stephen Hawking, Steve Jobs, X Prize, zero-sum game

Kistler was hurting, Sarsfield wrote to him, noting that its executive had long ties to NASA and that “I worry that Kistler’s financial arrangements are shaky (a conservative word), but the money is pocket change when you look at how much we blow through per annum.” SpaceX shouldn’t worry, Sarsfield wrote; there would be other contracts coming. But that only made Musk angrier, and more determined. Like Andy Beal, he felt that NASA’s role wasn’t to prop up chosen companies. Competition would promote better and safer technologies, at lower costs. This was an old-boys network, and he wanted in—or to smash it. Musk took his complaint to top NASA officials, and in a meeting at NASA headquarters in Washington, threatened to file a legal challenge over the no-bid contract with the Government Accountability Office (GAO). His colleagues warned him that it was not a smart business decision to threaten an agency that could make or break SpaceX. At the meeting, NASA officials intimated that a lawsuit would not be in SpaceX’s best interests.


pages: 452 words: 110,488

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

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

Labor unions are also less corrupt, while the influence of organized crime has declined notably in many sectors. And believe it or not, stronger ethical codes have been enacted in nearly all of society's major institutions over the past quarter century—especially in the business world. Another major victory for fairness and equal justice has come from the triumphs of feminism and multiculturalism since the '60s, which have slowly weakened the exclusionary bonds of old-boy networks in numerous sectors of society. Still, amid all these important gains, "the Brazilianization" of American society marches forward and could grow worse.38 If vast income gaps are left unaddressed, as they are in Brazil; if so many Americans continue to feel economically insecure, as so many Brazilians do; and if a two-tier system of justice continues to prevail—one for the rich and one for everyone else—as it does in Brazil, more and more people will question the basic legitimacy of the social contract governing our society, as many long have in Brazil.


pages: 414 words: 108,413

King Icahn: The Biography of a Renegade Capitalist by Mark Stevens

corporate governance, corporate raider, Donald Trump, Gordon Gekko, Irwin Jacobs, laissez-faire capitalism, old-boy network, Ponzi scheme, profit motive, shareholder value, yellow journalism

But why not allow a dissident to have a seat on a corporate board? If management were truly interested in maximizing shareholder value, one would think that a man of Icahn’s talents and temperament would be invited to serve as a director. That the idea was noxious—to the extent that the company would prefer to pay greenmail rather than tolerate dissent—gives credence to Icahn’s charge that America’s corporate suits are packed with an old-boy network whose primary purpose is to protect the members’ mediocrity. “In many big corporations, the person who makes waves, who gives criticism, who does things to rock the boat—hell, he’s a persona non grata,” Icahn said. “The guys above him who are worrying about their jets and their other perks see to it that he’s kept down in the ranks. That he doesn’t make trouble. “In most cases, boards don’t rock the boat either.


pages: 440 words: 117,978

Cuckoo's Egg by Clifford Stoll

affirmative action, call centre, Golden Gate Park, hiring and firing, John Markoff, Menlo Park, old-boy network, Paul Graham, Richard Stallman, Silicon Valley, undersea cable

I warned her that, as a peon, I had no authority to even be talking to her, let alone asking for legal services. She reassured me, “Don’t be silly. This is more fun than worrying about patent law.” The laboratory police wanted to know all about the phone trace. I told them to prepare to stake out the entire state of Virginia. Despite my cynicism, they were surprisingly sympathetic to my problem with the Virginia search warrant, and offered to use their old-boy-network to get the information through some informal channel. I doubted it would work, but why not let them try? The phone company might conceal the hacker’s phone number, but my printers showed his every move. While I talked to Tymnet and the telephone techs, the hacker had prowled through my computer. He wasn’t satisfied reading the system manager’s mail; he also snooped through mail for several nuclear physicists.


pages: 459 words: 118,959

Confidence Game: How a Hedge Fund Manager Called Wall Street's Bluff by Christine S. Richard

activist fund / activist shareholder / activist investor, Asian financial crisis, asset-backed security, banking crisis, Bernie Madoff, Blythe Masters, buy and hold, cognitive dissonance, collateralized debt obligation, corporate governance, corporate raider, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, family office, financial innovation, fixed income, forensic accounting, glass ceiling, Long Term Capital Management, market bubble, money market fund, moral hazard, old-boy network, Ponzi scheme, profit motive, short selling, statistical model, white flight, zero-sum game

Ackman was far from the only investor to make money on the collapse of the financial system, Blumenthal says. Many people made money betting against financial firms, but they did it without ever going public, he says, describing the conventional wisdom: “‘Why should I be the bearer of bad news? Why should I have everyone at the country club or the commuter train or the downtown eating club upset with me? It’s the old boys’ network, and they won’t let me in on deals. I know this is going to come crashing down. Why warn the world?’” Ackman adopted a different tactic, Blumenthal says. Ackman and Katzovicz were getting some traction in Washington as well. Ackman had written to Massachusetts congressman Barney Frank, reminding him that the bond insurers’ situation had continued to deteriorate since Ackman and Frank met in June.


pages: 390 words: 119,527

Armed Humanitarians by Nathan Hodge

Andrei Shleifer, anti-communist, Berlin Wall, British Empire, clean water, colonial rule, European colonialism, failed state, friendly fire, IFF: identification friend or foe, jobless men, Khyber Pass, kremlinology, land reform, Mikhail Gorbachev, old-boy network, Potemkin village, private military company, profit motive, RAND corporation, Ronald Reagan, Silicon Valley, South China Sea, The Wealth of Nations by Adam Smith, too big to fail, walking around money

The counterinsurgents were talking about something bigger. They were framing the problem in terms of nation building. And the set of tools they wanted to develop could apply as easily to Haiti as they could to Iraq. Part of the problem was cultural. In January of 2006, Hillen flew out to Iraq for a short fact-finding trip. The brief stay of about five days was frustrating. To get around the country, Hillen had to draw on the old-boy network from his days in the military, hitching rides on helicopters and a C-12 transport plane. He spent one night out in the field with the Third Armored Cavalry Regiment, commanded by his old friend, Colonel H. R. McMaster. The visit to Iraq cemented Hillen’s views: The 80 percent political side of counterinsurgency was missing from the equation. A traditional mind-set still prevailed: Diplomats should stay inside the Green Zone, while the military conducted its business out in the Red Zone—all of the rest of Iraq.


pages: 422 words: 113,830

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

algorithmic trading, asset-backed security, bank run, banking crisis, 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 innovation, fixed income, Francis Fukuyama: the end of history, George Gilder, housing crisis, Hyman Minsky, imperial preference, income inequality, index arbitrage, index fund, interest rate derivative, interest rate swap, Joseph Schumpeter, Kenneth Rogoff, large denomination, Long Term Capital Management, market bubble, Martin Wolf, Menlo Park, 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, Plutocrats, Ponzi scheme, profit maximization, Renaissance Technologies, reserve currency, risk tolerance, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, Satyajit Das, shareholder value, short selling, sovereign wealth fund, The Chicago School, Thomas Malthus, too big to fail, trade route

Kevin Phillips casts his keen eye upon the making of the Bush family dynasty across four generations, documenting how it has perfectly exemplified many of the growing trends in American political life—political and economic dynastization, favoritism to the top 1 percent even after a tight election, paper entrepreneurialism and crony capitalism à la Enron (Bush-Enron dealings go back to 1986), and the further rise of the military-industrial complex. In this devastating book, onetime Republican strategist Phillips reveals how four generations of Bushes have ascended the ladder of national power since World War I, becoming entrenched within the American establishment—Yale, Wall Street, the Senate, the CIA, the vice presidency, and the presidency—through a recurrent flair for old-boy networking, national security involvement, and political deception. “Fresh and damning . . . Phillips’s marshaling of evidence has cumulative power. None of the other recent critical, liberal books about George W. Bush have this sort of sweep or impact. American Dynasty is so sober and steeped in learning that readers will wonder how President Bush, or any man’s family, could stand this depth of exposure. . . .


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, Ben Horowitz, bitcoin, blockchain, Chuck Templeton: OpenTable:, commoditize, correlation does not imply causation, cryptocurrency, delayed gratification, DevOps, Donald Trump, Elon Musk, endowment effect, 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, move fast and break things, NetJets, Network effects, new economy, old-boy network, pattern recognition, Paul Graham, ride hailing / ride sharing, Silicon Valley, slashdot, Snapchat, Steve Jobs, subscription business, TaskRabbit, the medium is the message, Travis Kalanick, Uber for X, uber lyft, Y Combinator, young professional

Whether we work within companies or on our own, we demand the freedom to run experiments, participate in multiple projects at once, and move our ideas forward. We thrive on flexibility and are most productive when we feel fully engaged. We make stuff often, and we therefore fail often. Ultimately, we strive for little failures that help us course-correct along the way, and we view every failure as a learning opportunity that’s simply part of our experiential education. We have little tolerance for the friction of bureaucracy, old-boy networks, and antiquated business practices. We question standard operating procedures and assert ourselves. And when we can’t, we don’t surrender to the friction of the status quo: Instead, we find clever ways (and hacks) around it. We expect to be fully utilized and constantly optimized, regardless of whether we’re working in a start-up or a large organization. When our contributions and learning plateau, we leave.


pages: 401 words: 115,959

Philanthrocapitalism by Matthew Bishop, Michael Green, Bill Clinton

Albert Einstein, anti-communist, barriers to entry, battle of ideas, Bernie Madoff, Bob Geldof, Bonfire of the Vanities, business process, business process outsourcing, Charles Lindbergh, clean water, cleantech, corporate governance, corporate social responsibility, Dava Sobel, David Ricardo: comparative advantage, don't be evil, family office, financial innovation, full employment, global pandemic, global village, God and Mammon, Hernando de Soto, high net worth, Intergovernmental Panel on Climate Change (IPCC), invisible hand, James Dyson, John Harrison: Longitude, joint-stock company, knowledge economy, knowledge worker, Live Aid, lone genius, Marc Andreessen, market bubble, mass affluent, microcredit, Mikhail Gorbachev, Nelson Mandela, new economy, offshore financial centre, old-boy network, peer-to-peer lending, performance metric, Peter Singer: altruism, plutocrats, Plutocrats, profit maximization, profit motive, Richard Feynman, risk tolerance, risk-adjusted returns, Ronald Coase, Ronald Reagan, shareholder value, Silicon Valley, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, 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, wealth creators, winner-take-all economy, working poor, World Values Survey, X Prize

“IF WE can unleash a new entrepreneurial, collaborative kind of philanthropy, we can create new patterns that will help reshape the entire system—combining the innovation of the business world, the passion and humanity of the nonprofit world, and the inclusive, networked culture of the digital world to generate transformative change,” argued Steve Case, a philanthropist who made his fortune as cofounder of Internet giant AOL, in a speech to fellow donors in 2006. His last point is important. In the for-profit world, networking is hot, online and off-line. Increasingly, the same is true in philanthropy, as some philanthrocapitalists— Bill Clinton first among them—even believe they can have a greater impact by leveraging their personal networks of contacts for good than by the money they give. This is certainly not your father’s idea of the old boy network. The big, high-profile off-line networking events are the CGI and the World Economic Forum in Davos. But many philanthropists are joining one or more of the growing number of smaller networking organizations that champion giving, allow givers to share experiences and lessons, and generally seek to spread best practice. Though they do not have the in-your-face, deal-oriented networking that takes place at the CGI, they are no less serious for being lower key.


pages: 412 words: 113,782

Business Lessons From a Radical Industrialist by Ray C. Anderson

addicted to oil, Albert Einstein, banking crisis, business cycle, carbon footprint, centralized clearinghouse, clean water, cleantech, corporate social responsibility, Credit Default Swap, dematerialisation, distributed generation, energy security, Exxon Valdez, fear of failure, Gordon Gekko, greed is good, Indoor air pollution, Intergovernmental Panel on Climate Change (IPCC), intermodal, invisible hand, late fees, Mahatma Gandhi, market bubble, music of the spheres, Negawatt, new economy, oil shale / tar sands, oil shock, old-boy network, peak oil, renewable energy credits, shareholder value, Silicon Valley, six sigma, supply-chain management, urban renewal, Y2K

So, you can divide our efforts into two parts: what happens inside the circle, and what we can do to bring more people into it from the outside. Let’s talk about what happens inside, first. Our own culture shift in the direction of sustainability has many components. It begins with constant emphasis on safety in the workplace. It extends to organizing women’s networks within the company, to counterbalance any good old boy networks still in place. And it includes diversity efforts, both inside the company and outside in our marketplace. It includes our Fairworks™ program, which purchases carpeting from traditional weavers in poor, rural Indian villages. These beautiful, handwoven products are adapted into modular flooring designs that find a natural home in some of the most elegant buildings in the world’s greatest cities.


Poisoned Wells: The Dirty Politics of African Oil by Nicholas Shaxson

Asian financial crisis, Berlin Wall, blood diamonds, business climate, clean water, colonial rule, energy security, Exxon Valdez, failed state, Fall of the Berlin Wall, Hernando de Soto, income per capita, inflation targeting, Kickstarter, Martin Wolf, mobile money, Nelson Mandela, offshore financial centre, old-boy network, Ronald Reagan, Scramble for Africa, Yom Kippur War, zero-sum game

It is a tremendous cultural difference.”9 Joly found that Elf Gabon, the local subsidiary of the French state oil firm Elf Aquitaine, had been funneling cash through Switzerland and Luxembourg to the industrialist Maurice Bidermann (whom she was probing),10 to pay for a divorce settlement for the head of Elf, one of Bidermann’s friends. She had opened up a paper trail that would reveal Elf Gabon—also part-owned by the Gabonese state and by Bongo—as the origin of giant, oily offshore slush funds for funneling cash to French political parties, and for tides of corrupt money sluicing around the globe. Joly faced an intimidating old-boy network, a caste of mandarins from elite finishing schools like the École Nationale d’Administration, who have controlled political power and the bureaucracy for centuries, rotating among political posts, the secret services, and state companies like Air France, Thomson-CSF, and, of course, Elf. The system of revolving doors is sometimes known as pantouflage—from the French word for slippers— because moving from one post to the next is so easy that when you get to your next job, your slippers are waiting for you.


pages: 372 words: 115,094

Reagan at Reykjavik: Forty-Eight Hours That Ended the Cold War by Ken Adelman

anti-communist, Berlin Wall, British Empire, cuban missile crisis, Deng Xiaoping, Dissolution of the Soviet Union, Donald Trump, F. W. de Klerk, Fall of the Berlin Wall, Haight Ashbury, Kitchen Debate, kremlinology, Mikhail Gorbachev, mutually assured destruction, Nelson Mandela, old-boy network, Ronald Reagan, Ronald Reagan: Tear down this wall, Saturday Night Live, Sinatra Doctrine, War on Poverty, Yogi Berra

The brilliant theorist and historian was academic enough to think that some high school kid in a bathing suit might be interested in hearing his latest theories on the role of nuclear weapons in postwar U.S. security. In this case, he was right. In fact, Perle became interested enough to specialize in strategic theory at the University of Southern California. After a year at the London School of Economics, he attended Princeton to earn a master’s degree and was well on his way to a doctorate when Wohlstetter steered him to Nitze, then looking for a bright researcher. Before long, the old boys’ network kicked in again when Nitze introduced Perle to Senator Henry Jackson, who quickly hired him to focus on U.S. relations with the Soviet Union. Perle joined Scoop Jackson’s staff in 1969, just after losing both of his parents. The senator became not only his boss but a father figure, with deep affection flowing both ways until Scoop’s sudden death in 1983. The two constituted a formidable force against Presidents Nixon, Ford, and Carter when they pursued détente with the Soviet Union.


eBoys by Randall E. Stross

barriers to entry, business cycle, call centre, carried interest, cognitive dissonance, disintermediation, edge city, high net worth, hiring and firing, Jeff Bezos, job-hopping, knowledge worker, late capitalism, market bubble, Menlo Park, new economy, old-boy network, passive investing, performance metric, pez dispenser, railway mania, rolodex, Sand Hill Road, shareholder value, Silicon Valley, Silicon Valley startup, Steve Ballmer, Steve Jobs, Y2K

A firm’s culture is what is most important, and to him Benchmark’s founding principle of an equal partnership had been essential: “Same salaries, same carry, one person, one vote, no managing director.” Regardless of where younger venture capitalists worked, there was one universal way for them to promote their own careers: Serve entrepreneurs, the Benchmark refrain. “This isn’t the old days—there’s no longer an old boys’ network,” he noted, so when capital was a commodity, service was the only way to differentiate oneself. “Managing a Career” was simple: “You will succeed,” he advised, “by helping others succeed.” In his own case, he had discovered so far that it was his prior experience as an entrepreneur, not in high-tech executive search, that had proven to be most useful to the entrepreneurs he was working with.


pages: 387 words: 119,244

Making It Happen: Fred Goodwin, RBS and the Men Who Blew Up the British Economy by Iain Martin

asset-backed security, bank run, Basel III, beat the dealer, Big bang: deregulation of the City of London, call centre, central bank independence, computer age, corporate governance, corporate social responsibility, credit crunch, Credit Default Swap, deindustrialization, deskilling, Edward Thorp, Etonian, Eugene Fama: efficient market hypothesis, eurozone crisis, falling living standards, financial deregulation, financial innovation, G4S, high net worth, interest rate swap, invisible hand, joint-stock company, Kickstarter, light touch regulation, London Whale, Long Term Capital Management, moral hazard, negative equity, Neil Kinnock, Nick Leeson, North Sea oil, Northern Rock, old-boy network, pets.com, Red Clydeside, shareholder value, The Wealth of Nations by Adam Smith, too big to fail, upwardly mobile, value at risk

This was designed to emphasise that the Labour leadership was not composed of radical socialists hell-bent on nationalising either the Stock Exchange or the banks. Despite these efforts, the Presbyterian Brown seemed initially distrustful of the City’s culture. A little like his fellow Scot George Mathewson at the Royal Bank of Scotland, the Chancellor was an outsider in that world and correctly detected the hand of various old-boy networks. If New Labour won power there would have to be changes in the way the City of London and financial services were regulated, in order to make them fit for Brown’s new era. City scandals certainly suggested change was necessary. In 1991 BCCI, the Bank of Credit and Commerce International, the London-based international bank, imploded. Then the historic merchant bank Barings (founded 1762) was brought down in 1995 by the ‘rogue trader’ Nick Leeson.


pages: 374 words: 114,600

The Quants by Scott Patterson

Albert Einstein, asset allocation, automated trading system, beat the dealer, Benoit Mandelbrot, Bernie Madoff, Bernie Sanders, Black Swan, Black-Scholes formula, Blythe Masters, Bonfire of the Vanities, Brownian motion, buttonwood tree, buy and hold, buy low sell high, capital asset pricing model, 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, Edward Thorp, Emanuel Derman, Eugene Fama: efficient market hypothesis, fixed income, 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, job automation, John Meriwether, John Nash: game theory, Kickstarter, law of one price, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, merger arbitrage, money market fund, Myron Scholes, NetJets, new economy, offshore financial centre, old-boy network, Paul Lévy, Paul Samuelson, Ponzi scheme, 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, Sergey Aleynikov, short selling, 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

He’d also warned that quants might someday blow the financial system to smithereens. In “The Use, Misuse and Abuse of Mathematics in Finance,” published in 2000 in Philosophical Transactions of the Royal Society, the official journal of the United Kingdom’s national academy of science, he wrote: “It is clear that a major rethink is desperately required if the world is to avoid a mathematician-led market meltdown.” Financial markets were once run by “the old-boy network,” he added. “But lately, only those with Ph.D.’s in mathematics or physics are considered suitable to master the complexities of the financial market.” That was a problem. The Ph.D.’s might know their sines from their cosines, but they often had little idea how to distinguish the fundamental realities behind why the market behaved as it did. They got bogged down in the fine-grained details of their whiz-bang models.


The Code Book: The Science of Secrecy From Ancient Egypt to Quantum Cryptography by Simon Singh

Donald Davies, friendly fire, Mikhail Gorbachev, old-boy network, Ronald Reagan, Schrödinger's Cat, Simon Singh, Turing machine, unbiased observer, undersea cable, Zimmermann PGP

Polish progress had ground to a halt on the introduction of the new scramblers and extra plugboard cables, but the fact remained that Enigma was no longer considered a perfect cipher. The Polish breakthroughs also demonstrated to the Allies the value of employing mathematicians as codebreakers. In Britain, Room 40 had always been dominated by linguists and classicists, but now there was a concerted effort to balance the staff with mathematicians and scientists. They were recruited largely via the old-boy network, with those inside Room 40 contacting their former Oxford and Cambridge colleges. There was also an old-girl network which recruited women undergraduates from places such as Newnham College and Girton College, Cambridge. The new recruits were not brought to Room 40 in London, but instead went to Bletchley Park, Buckinghamshire, the home of the Government Code and Cypher School (GC&CS), a newly formed codebreaking organization that was taking over from Room 40.


pages: 388 words: 125,472

The Establishment: And How They Get Away With It by Owen Jones

anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, plutocrats, Plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent

A yellow badge meant that you were a trainee, you could run around, ask prices, but couldn’t deal, and you spent a lot of time getting sandwiches, taking phone calls.’ Back then, two strands dominated: one from public school, and the other from ‘barrowboy’ backgrounds in the East End, with few university graduates. ‘The Big Bang changed everything massively,’ says Darren, who became a trader in derivatives, or complex financial products. The public school ‘old boys’ network was broken up: after all, this new Establishment was not bound together by personal backgrounds, but by a shared way of thinking. The trading floor disappeared in favour of electronic transactions. The City after Big Bang could cater for higher demand than it had previously, and money surged into London’s financial heart. ‘Britain became a semi-offshore financial sector,’ says Ha-Joon Chang.


pages: 367 words: 122,140

A Very Strange Way to Go to War: The Canberra in the Falklands by Andrew Vine

clockwatching, old-boy network, Ronald Reagan, trade route

As May began, and Canberra prepared to sail south from Ascension, the chairman of P&O, the Earl of Inchcape, wrote to the Secretary of State for Trade, Lord Cockfield, saying, ‘We have become increasingly anxious about our inability to reach firm agreements with your officials on a number of pressing commercial and legal matters.’ Those matters were to be addressed over lunch between the noble lords two days before Canberra anchored in Bomb Alley, the unspoken understanding being that the old boys’ network would reach a gentlemanly agreement. It did, Inchcape setting out a series of headline costs that P&O was incurring in the service of the country. The company was £4m out of pocket so far from the loss of the £8m that its four ships under requisition earned every month. Insurance premiums for them already ran to £1.7m, and a further round would be due in June. Now he came to Canberra, this irreplaceable, iconic liner born of a lost age, reinvented as its most profitable cruise ship.


pages: 404 words: 124,705

The Village Effect: How Face-To-Face Contact Can Make Us Healthier, Happier, and Smarter by Susan Pinker

assortative mating, Atul Gawande, Bernie Madoff, call centre, cognitive dissonance, David Brooks, delayed gratification, Edward Glaeser, epigenetics, Erik Brynjolfsson, estate planning, facts on the ground, game design, happiness index / gross national happiness, indoor plumbing, invisible hand, Kickstarter, longitudinal study, Mark Zuckerberg, medical residency, Menlo Park, meta analysis, meta-analysis, neurotypical, Occupy movement, old-boy network, place-making, Ponzi scheme, Ralph Waldo Emerson, randomized controlled trial, Ray Oldenburg, Silicon Valley, Skype, social intelligence, Stanford marshmallow experiment, Steven Pinker, The Great Good Place, The Wisdom of Crowds, theory of mind, Tony Hsieh, urban planning, Yogi Berra

I called his house and his wife told me he was at “Urology Patel’s” house, and when I called there I learned he and “Pulmonary Patel” had gone to “Gastroenterology Patel’s” house. Gastroenterology Patel’s teenage daughter, a first generation Indian American, told me in a perfect Appalachian accent that she “reckoned they’re over at the Mehtas’ playing rummy,” which they were.40 If Verghese were white and from Boston instead of from Addis Ababa, his splendid achievements might seem diminished by the suggestion that he simply tapped into an old boys’ network. But he and the medical Patels had intuitively done what successful immigrants do: make the most of their weak bonds. Whether it’s how to be a good doctor or how to find one, we’re more likely to discover redemptive solutions to concrete problems through people we see only occasionally or who are friends of friends of friends. This loosely linked network is what largely powered the roaring Silicon Valley engine in its early days, according to Granovetter, who has written extensively about how individual social networks alter business or cultural horizons on a grand scale.


pages: 1,013 words: 302,015

A Classless Society: Britain in the 1990s by Alwyn W. Turner

Berlin Wall, Bob Geldof, Boris Johnson, British Empire, call centre, centre right, deindustrialization, demand response, Desert Island Discs, endogenous growth, Etonian, eurozone crisis, facts on the ground, Fall of the Berlin Wall, falling living standards, first-past-the-post, Francis Fukuyama: the end of history, friendly fire, full employment, global village, greed is good, inflation targeting, lateral thinking, means of production, millennium bug, minimum wage unemployment, moral panic, negative equity, Neil Kinnock, Nelson Mandela, offshore financial centre, old-boy network, period drama, Ronald Reagan, sexual politics, Stephen Hawking, upwardly mobile, Winter of Discontent, women in the workforce

This was the result, said Brown, of ‘an interview system more reminiscent of an old boy network and the old school tie than genuine justice for society’. He added: ‘It is about time we had an end to the old Britain, where all that matters is the privileges you were born with, rather than the potential you actually have. It is time that these old universities opened their doors to women and people from all backgrounds.’ Unfortunately, Brown had garbled the facts. He referred to Spence’s A-level results, when she had yet to sit the exams, and he failed to notice that of the twenty-seven applicants for five places to study medicine at Magdalen, all had comparable GCSE results, while three of the successful applicants were from ethnic minorities and three were women. It wasn’t quite so clear a case of an ‘old boy network’ as it seemed from the initial newspaper reports, which appeared to be the only information from which Brown was working.


pages: 457 words: 143,967

The Bank That Lived a Little: Barclays in the Age of the Very Free Market by Philip Augar

activist fund / activist shareholder / activist investor, Asian financial crisis, asset-backed security, bank run, banking crisis, Big bang: deregulation of the City of London, Bonfire of the Vanities, bonus culture, break the buck, call centre, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, family office, financial deregulation, financial innovation, fixed income, high net worth, hiring and firing, index card, index fund, interest rate derivative, light touch regulation, loadsamoney, Long Term Capital Management, Martin Wolf, money market fund, moral hazard, Nick Leeson, Northern Rock, offshore financial centre, old-boy network, out of africa, prediction markets, quantitative easing, Ronald Reagan, shareholder value, short selling, Sloane Ranger, Social Responsibility of Business Is to Increase Its Profits, sovereign wealth fund, too big to fail, wikimedia commons, yield curve

The New York office, where she discovered weak governance and compliance, problems with the regulators, overpaid staff and ongoing sexual harassment suits, was a particular concern to her. Sally wanted to tell someone and the new chief executive looked like exactly the right man. REALITY DAWNS Taylor and Bott met for the first time at the end of January 1994. She spoke about the lack of diversity and the old boy network. She told him that the City was living in the past. Band wanted BZW to be like J. P. Morgan but she warned Taylor that that would not happen without a transformation in people, process and culture. BZW was better than many other British banks but it was not in the global league and under present management never would be. At first Taylor thought she was a drama queen. Her message contrasted with the consistent bullishness he heard round the board table and he thought she must be exaggerating.


pages: 510 words: 141,188

Bottle of Lies: The Inside Story of the Generic Drug Boom by Katherine Eban

Affordable Care Act / Obamacare, Bernie Madoff, global pandemic, Mahatma Gandhi, Nelson Mandela, offshore financial centre, old-boy network, Ponzi scheme, rolodex, Ronald Reagan, Skype, Upton Sinclair, urban planning

Afterward, Thakur got a call from the unit’s director, explaining that the connectivity at the hospital unit was poor, so the records would be impossible to digitize. Thakur assured him that they would put in a new link between the hospital and Ranbaxy’s data center. Thakur sent another member of his team back. This time they weren’t even allowed to enter the facility. To Thakur, the most logical explanation for this behavior was that he’d entered a hierarchical old-boys’ network, whose long-term staff felt usurped. Not only was he new to the company, but he had come from the world of branded drugs. He figured his new colleagues might be on the lookout for a superior attitude. Thakur resolved to move slowly and politely, so he would not be accused of pushing them around—a point echoed in a management review that he’d undergone not long after he arrived at Ranbaxy. The finished report noted Thakur’s self-confidence, self-reliance, and high expectations of others, as well as his emotional control under pressure.


pages: 589 words: 128,484

America's Bank: The Epic Struggle to Create the Federal Reserve by Roger Lowenstein

bank run, Berlin Wall, Bretton Woods, business cycle, capital controls, central bank independence, Charles Lindbergh, corporate governance, fiat currency, financial independence, full employment, Long Term Capital Management, moral hazard, old-boy network, quantitative easing, The Wealth of Nations by Adam Smith, Upton Sinclair, walking around money

According to Joseph Tumulty, soon to be Wilson’s White House secretary, the president-elect said he wanted “to take away from certain financial interests in the country the power they had unjustly exercised of ‘hazing’ the Democratic Party at every Presidential election.” As if another rationale were needed, days before the inauguration Samuel Untermyer submitted the final report of the Money Trust investigation. It was a scorching indictment of the old-boy network that dominated American finance. Untermyer’s relentless cross-examinations and eye-catching charts had documented the web of interlocking directorships that knit Wall Street and corporate America. (Frank Vanderlip testified, to his embarrassment, that he held directorships in thirty-five corporations.) Just as damning, Untermyer proved that competition in securities was a farce. None other than George Baker, Morgan’s friend, supplied the crucial testimony.


pages: 470 words: 130,269

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

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

The parents and grandparents of school members gained noble titles for their contributions to Austrian modernization. The Mengers, Böhms, and Wiesers all carried a “von” in their names, designating aristocratic privileges. So would Mises, Hayek, Haberler, and others. The Austrian School was from its inception at the same time a “most successful scientific school” and a “highly influential ‘old boy’ network.”15 It was within this liberal world of cultural, political, and business elites that the Austrians developed their theories. It was also where they fought for relevance. As Menger and his allies introduced the marginal utility revolution, they faced multiple adversaries—in the Habsburg state and bureaucracy and in German-speaking universities and professional associations. Their marginal revolution was a transnational event.


pages: 1,335 words: 336,772

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow

always be closing, bank run, banking crisis, Big bang: deregulation of the City of London, Bolshevik threat, Boycotts of Israel, Bretton Woods, British Empire, buy and hold, California gold rush, capital controls, Charles Lindbergh, collective bargaining, corporate raider, Etonian, financial deregulation, fixed income, German hyperinflation, index arbitrage, interest rate swap, margin call, money market fund, Monroe Doctrine, North Sea oil, oil shale / tar sands, old-boy network, paper trading, plutocrats, Plutocrats, Robert Gordon, Ronald Reagan, short selling, strikebreaker, the market place, the payments system, too big to fail, transcontinental railway, undersea cable, Yom Kippur War, young professional

The Knickerbocker’s failure triggered runs on other trusts, especially the Trust Company of America, which was just down Wall Street from the Morgan bank. On Wednesday, October 23, Pierpont summoned the trust presidents and tried to prod them into a rescue pool. It turned out they didn’t know one another, making it difficult for them to band together in a crisis. The situation illustrated why bankers believed implicitly in their old-boy networks. After Ben Strong delivered a favorable report on the Trust Company of America, Pierpont made his ex cathedra pronouncement: “This is the place to stop the trouble, then.”7 Morgan, George F. Baker of First National Bank, and James Stillman of National City Bank provided $3 million to save the Trust Company of America. For two weeks, Morgan and his associates stood fast against a spreading typhoon.

After Guinness, reformers wanted to toughen up the SIB, making it more like the SEC and less of a City-dominated body. There were proposals to outlaw guarantees for third parties who bought shares during a takeover (the “Seelig clause”) and to avert share buying by companies with a commercial stake in the outcome (the “Riklis clause,” after Meshulam Riklis of Schenley Industries). The City shifted further from the old-boy network to a strictly policed financial center. Awaiting the outcome of the interminable government investigations, Morgan Grenfell found itself in a terrible limbo. In May 1987, Ernest Saunders was arrested for allegedly destroying and fabricating Guinness documents. Later that year, Roger Seelig was arrested and charged with faking £2.5 million in invoices that were used, at least in part, as covers to indemnify members of the “fan club.”


pages: 629 words: 142,393

The Future of the Internet: And How to Stop It by Jonathan Zittrain

A Declaration of the Independence of Cyberspace, Amazon Mechanical Turk, Andy Kessler, barriers to entry, book scanning, Brewster Kahle, Burning Man, c2.com, call centre, Cass Sunstein, citizen journalism, Clayton Christensen, clean water, commoditize, corporate governance, Daniel Kahneman / Amos Tversky, disruptive innovation, distributed generation, en.wikipedia.org, Firefox, game design, Hacker Ethic, Howard Rheingold, Hush-A-Phone, illegal immigration, index card, informal economy, Internet Archive, jimmy wales, John Markoff, license plate recognition, loose coupling, mail merge, national security letter, old-boy network, packet switching, peer-to-peer, post-materialism, pre–internet, price discrimination, profit maximization, Ralph Nader, RFC: Request For Comment, RFID, Richard Stallman, Richard Thaler, risk tolerance, Robert Bork, Robert X Cringely, SETI@home, Silicon Valley, Skype, slashdot, software patent, Steve Ballmer, Steve Jobs, Ted Nelson, Telecommunications Act of 1996, The Nature of the Firm, The Wisdom of Crowds, web application, wikimedia commons, zero-sum game

in 1998 for $49 million.23 He finished his degree and is now a tenured professor at MIT24 As a postmortem to the Morris worm incident, the Internet Engineering Task Force, the far-flung, unincorporated group of engineers who work on Internet standards and who have defined its protocols through a series of formal “request for comments” documents, or RFCs, published informational RFC 1135, titled “The Helminthiasis of the Internet.”25 RFC 1135 was titled and written with whimsy, echoing reminiscences of the worm as a fun challenge. The RFC celebrated that the original “old boy” network of “UNIX system wizards” was still alive and well despite the growth of the Internet: teams at university research centers put their heads together—on conference calls as well as over the Internet—to solve the problem.26 After describing the technical details of the worm, the document articulated the need to instill and enforce ethical standards as new people (mostly young computer scientists like Morris) signed on to the Internet.27 These reactions to the Morris worm may appear laughably inadequate, an unwarranted triumph of the principles of procrastination and trust described earlier in this book.


pages: 497 words: 153,755

The Power of Gold: The History of an Obsession by Peter L. Bernstein

Albert Einstein, Atahualpa, Bretton Woods, British Empire, business cycle, California gold rush, central bank independence, double entry bookkeeping, Edward Glaeser, Everybody Ought to Be Rich, falling living standards, financial innovation, floating exchange rates, Francisco Pizarro, German hyperinflation, Hernando de Soto, Isaac Newton, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, large denomination, liquidity trap, long peace, money: store of value / unit of account / medium of exchange, old-boy network, Paul Samuelson, price stability, profit motive, random walk, rising living standards, Ronald Reagan, seigniorage, the market place, The Wealth of Nations by Adam Smith, Thomas Malthus, too big to fail, trade route

Although much of this chapter applies equally to Europe and the United States, the differences between what happened on the opposite sides of the Atlantic Ocean may have been more profound than the similarities. The key distinctions were political in nature. All of these differences were shaped by the unique character of a brand-new country only one hundred years old when all of these events were taking place. The United States was also situated far away from Europe's two thousand years of shared history and the old-boy network that dominated its financial institutions. On top of all that, American society was more open and fluid than European society, the forces of democracy and the passion for liberty and equality were more vocal and more determined, and most of the wealth was "new wealth" rather than wealth handed down by a landed aristocracy or the ancestral fortunes like those of the Rothschilds or Barings. Until the very end of the nineteenth century, therefore, many Americans were reluctant to join in the European enthusiasm for the system, especially with the constraints it imposed on freedom of action.


pages: 651 words: 161,270

Global Spin: The Corporate Assault on Environmentalism by Sharon Beder

American Legislative Exchange Council, battle of ideas, business climate, centre right, clean water, corporate governance, Exxon Valdez, Gary Taubes, global village, Intergovernmental Panel on Climate Change (IPCC), invisible hand, laissez-faire capitalism, oil shale / tar sands, old-boy network, price mechanism, profit maximization, Ralph Nader, RAND corporation, Ronald Reagan, shareholder value, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, the market place, The Wealth of Nations by Adam Smith, urban planning

“For the first time since the 1930s, business found its political influence seriously challenged by a new set of interest groups.”5 Grefe and Linsky describe the traditional business approach in their book The New Corporate Activism: Back then, it was standard for organizations to conduct their government relations in accordance with a “fix-it” mentality. They had a problem. They hired a lobbyist. They said, “Fix-it!” What they meant was “Kill it or make it go away”. . . It was ‘influence peddling’, quite simply—that is, finding the person who knew the legislator or regulator and getting him (it was always a ‘him’ in those days of the old-boy network) to bury the problem.6 The First Wave of Corporate Activism in the US In various business meetings, corporate executives lamented their decline in influence. “The truth is that we’ve been clobbered”, the Chief Executive Officer of General Motors told chiefs from other corporations. The Chairman of the Board of General Foods asked “How come we can’t get together and make our voices heard?”


pages: 537 words: 149,628

Ghost Fleet: A Novel of the Next World War by P. W. Singer, August Cole

3D printing, Admiral Zheng, 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, MITM: man-in-the-middle, new economy, old-boy network, RAND corporation, reserve currency, RFID, Silicon Valley, Silicon Valley startup, South China Sea, sovereign wealth fund, stealth mode startup, trade route, Wall-E, We are Anonymous. We are Legion, WikiLeaks, zero day, zero-sum game

It was that particular screen that held Secretary Claiburne’s attention, a pitcher’s-cap-cam focusing in on the squinting eyes behind the catcher’s faceplate. The pitcher then pivoted and threw out the runner on first, ending the inning. “All right, let’s light it up,” she said. The secretary of defense, who’d been an aerospace executive before she was brought into the administration, casually held a cigar in her right hand. It was part of her shtick, that she was more of an old boy than anyone in the old boys’ network she’d knocked down on her way to the top of the business. Simmons noticed the cigar was the real thing, not the e-cigar his former mentor smoked indoors. Admiral Murray seemed unfazed by the purple smoke starting to cloud up the room, but this was the first time anybody had smoked inside the Z during his command. He had no idea where she would put it out. There was no ashtray aboard the ship.


pages: 547 words: 148,799

Market Forces by Richard K. Morgan

call centre, land reform, old-boy network, Ronald Reagan, strikebreaker, urban decay

Or maybe it was just the energy again. ‘Now. You transfer that idea, not just for trainees but for everyone. Think about the times. The domino recessions are scratching at the door, you’ve got to do something. Most investment houses and major corporations are waterlogged with top-end personnel. Ex-politicians on sinecure non-executive directorships, useless executive directors shipped around on the old-boy network from golden handshake to golden handshake, headhunted bright young things staying the obligatory two years then shipping out for the next move up on rep vapour and nothing else, because I ask you what, in two years, have you really achieved in a corporate post? And that’s just how we were fucking things up at the anglo end of the cultural scale. Elsewhere, you’ve got fuckwit younger sons and daughters being cut in on Daddy’s pie straight out blatantly, because in those cultures who’s going to tell Daddy otherwise?


How to Be a Liberal by Ian Dunt

4chan, Alfred Russel Wallace, bank run, battle of ideas, Big bang: deregulation of the City of London, Boris Johnson, bounce rate, British Empire, Brixton riot, Carmen Reinhart, centre right, David Ricardo: comparative advantage, Dominic Cummings, Donald Trump, eurozone crisis, experimental subject, feminist movement, Francis Fukuyama: the end of history, full employment, Growth in a Time of Debt, illegal immigration, invisible hand, John Bercow, Kenneth Rogoff, liberal world order, Mark Zuckerberg, mass immigration, means of production, Mohammed Bouazizi, Northern Rock, old-boy network, Paul Samuelson, Peter Thiel, price mechanism, profit motive, quantitative easing, recommendation engine, road to serfdom, Ronald Reagan, Saturday Night Live, Scientific racism, Silicon Valley, The Wealth of Nations by Adam Smith, too big to fail, upwardly mobile, Winter of Discontent, working poor, zero-sum game

And the people who had been marginalised from society were finally in a position to make their claim. France, Germany, Italy, Belgium, Luxembourg and the Netherlands enshrined equal pay for men and women in the 1957 Treaty of Rome. The US passed the Equal Pay Act in 1963, outlawing separate pay scales for women and men. Britain implemented similar legislation in 1970. Firms were forced to change the way they did business. They could no longer perpetuate the old boys’ network by filling vacancies through word of mouth. Now they had to advertise each post, which made it harder – although by no means impossible – to discriminate against qualified applicants. Women gained control over their own body. In 1967, Britain significantly expanded the conditions for legal abortion. Six years later, two Supreme Court cases – Roe vs Wade and Doe vs Bolton – did the same in the US.


pages: 552 words: 168,518

MacroWikinomics: Rebooting Business and the World by Don Tapscott, Anthony D. Williams

accounting loophole / creative accounting, airport security, Andrew Keen, augmented reality, Ayatollah Khomeini, barriers to entry, Ben Horowitz, bioinformatics, Bretton Woods, business climate, business process, buy and hold, car-free, carbon footprint, 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, disruptive innovation, distributed generation, don't be evil, en.wikipedia.org, energy security, energy transition, 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, Marc Andreessen, Marshall McLuhan, mass immigration, medical bankruptcy, megacity, mortgage tax deduction, Netflix Prize, new economy, Nicholas Carr, oil shock, old-boy network, online collectivism, open borders, open economy, pattern recognition, peer-to-peer lending, personalized medicine, 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, text mining, the scientific method, The Wisdom of Crowds, transaction costs, transfer pricing, University of East Anglia, urban sprawl, value at risk, WikiLeaks, X Prize, young professional, Zipcar

Yet many VCs won’t even look at a business plan, let alone hear a pitch, from someone who doesn’t come highly referred. The theory is that if a VC relies on a trusted network of contacts s/he can effectively lessen the number of crappy ideas that s/he has to sift through to find a golden nugget. But in today’s global knowledge economy, the next Facebook, Google, or Tesla Motors is as likely to be born in Tel Aviv as it is to be born in Silicon Valley, as likely in Bangalore as in Boston. And while the “old boys’ network” is good if you are an old boy, it’s not so good if you are a young woman from Brazil with a billion-dollar business innovation. Unfortunately, an unfavorable economic climate has prevented many VCs from exploring new opportunities. Due to the recession, fewer companies are going public and the ones that do are taking longer to become profitable. VCs have been forced to keep their money locked in for longer than usual, which means fewer start-ups can get funding.


pages: 600 words: 165,682

The Accidental Empire: Israel and the Birth of the Settlements, 1967-1977 by Gershom Gorenberg

anti-communist, bank run, colonial rule, facts on the ground, illegal immigration, MITM: man-in-the-middle, old-boy network, urban planning, Yom Kippur War

A committee recommended slashing the size of the department.84 Building settlements to create facts belonged to the era of ethnic struggle, not to a time when a state existed, marked on the map, with an army on its borders. YEHIEL ADMONI reported back for work at the Settlement Department on June 12. A forty-year-old Palmah veteran and agricultural adviser, Admoni had spent the last two years studying at Purdue University in Indiana. Through the old boys’ network, he managed to get a flight home in mid-war. He found the department office ruled by euphoria and chaos. The decade of decline was over. “Within six days, the fullness of the land had become ours,” he later wrote. A fever to work seized bored bureaucrats. Plans blossomed. “The golden opportunity had fallen into our hands to go out to the open expanses,” says Admoni, who was particularly impressed by how quickly Meir Shamir, the head of the department’s Galilee office, got to work on settling the high ground taken from Syria.85 Admoni, who took over as the department’s number-two man, under Mapai politician Ra’anan Weitz, explains that after the war, settlement “was again needed, as in the ’30s, to share in the political and defense effort by settling…regions that the state saw as essential to its security.”86 The comment is remarkable in two ways.


Inside British Intelligence by Gordon Thomas

active measures, Albert Einstein, Ayatollah Khomeini, Berlin Wall, British Empire, cuban missile crisis, Etonian, Fall of the Berlin Wall, job satisfaction, Khyber Pass, kremlinology, lateral thinking, license plate recognition, Mikhail Gorbachev, Nelson Mandela, old-boy network, Ronald Reagan, sensible shoes, Silicon Valley, South China Sea, University of East Anglia, uranium enrichment, Yom Kippur War

He often strode into the Home Office to see the home secretary and afterward returned to his own office to dictate more memos for his secretaries to type and dispatch; they were among some of the busiest in Century House. In all Duff said or did, there was the sense of a man on a mission: to restore the Security Service’s reputation. He spent nights reading the key files his department heads had recommended. He realized one of the problems he faced was that under Jones the old-boy network had operated, in which officers had been promoted not on merit but with whom they drank. Duff had many quietly retired and replaced by younger recruits, and he promoted more women than ever before. Among the first to move up was Stella Rimington. Duff put her in charge of B-Branch, to run counterespionage. Duff and Casey had a friendship going back many years, cemented by a common interest in the history of naval warfare, and one of the first calls Duff made on his appointment was to discuss with him not only the ongoing threat from the KGB, but the emerging one posed by Islamic fundamentalism.


pages: 446 words: 578

The end of history and the last man by Francis Fukuyama

affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bonfire of the Vanities, business cycle, centre right, cuban missile crisis, deindustrialization, Deng Xiaoping, Donald Trump, European colonialism, Exxon Valdez, F. W. de Klerk, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, Gini coefficient, Gunnar Myrdal, Hernando de Soto, income inequality, Isaac Newton, Joan Didion, joint-stock company, Joseph Schumpeter, kremlinology, land reform, liberal world order, liberation theology, life extension, linear programming, long peace, means of production, Mikhail Gorbachev, Nelson Mandela, New Journalism, nuclear winter, old-boy network, open economy, post-industrial society, RAND corporation, Ronald Reagan, Socratic dialogue, strikebreaker, the scientific method, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, zero-sum game

Spain’s economic development in the 1950s and 60s introduced modern market relationships into the countryside, and thereby brought about an unplanned social revolution that destroyed these traditional patron-client relationships.22 Masses of peasants were drawn off the land into cities, depriving local notables of supporters; the bosses themselves evolved into more efficient agricultural producers who were oriented outwards to national and international markets; and the peasants who remained on the land become contractual employees selling their labor.23 A modern-day, would-be Franco would lack the social basis on which to recruit any army. The pressure of economic rationalization also explains why the Mafia persists in the relatively underdeveloped south of Italy rather than in its industrialized north. Patron-client relationships based on non-economic ties obviously persist in modern societies—everyone knows of a boss’ son who was promoted ahead of his colleagues, or old-boy networks used in hiring—but they are usually declared illegal and have to be carried out sub rosa. In this chapter, we have sought to pose the question: Is history directional? We have done this in a deliberately naive form, since there are so many pessimists among us who would deny that history exhibits any directionality whatsoever. We have selected modern natural science as a possible underlying “mechanism” of directional historical change, because it is the only large-scale social activity that is by consensus cumulative and therefore directional.


pages: 563 words: 179,626

A Life in Secrets by Sarah Helm

anti-communist, British Empire, clockwatching, haute couture, large denomination, old-boy network

Former colleagues still remembered him as the grand old man of F Section, but ever since his death in 1992 there had been much talk of his “gullibility” and “naivety.” Some said he had arrived at SOE with a chip on his shoulder—perhaps because he had not taken his exhibition up to Oxford. Then when he unexpectedly secured the post as head of F Section, he felt a need to prove himself and secure, in the words of Colin Gubbins, “the highest possible dividend” for F Section—but zeal and patriotism, and a link to the old-boy network, were not enough. Perhaps Buckmaster sensed, as Gubbins said after the war, that he got the job “because there was nobody else.” When things went wrong, Buckmaster, rather than face up to reality, retreated into fantasy, from which he rarely seems to have emerged. In his later years, when confronted with the facts of his gaffes, he, like others, took refuge in conspiracy theories, saying, for example, that he had known all along that Déricourt was a double agent but he had been following orders from on high.


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

Ayatollah Khomeini, British Empire, business climate, business process, colonial exploitation, corporate governance, global village, haute cuisine, hiring and firing, invention of writing, 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 area for bargaining may be somewhat greater with the British (remember that they have hundreds of years of experience with India, the Middle East and the Far East). Representatives of a British company will make normal use of their firm’s reputation, size and wealth in their negotiating hand, and you can do likewise in dealing with them. What they do not reveal so readily is the strength of their behind-the-scenes connections. The “old school tie,” or the “old-boys’ network,” is very much a reality in British executive life and should not be underestimated. It is particularly active in the City, the ministries and in legal circles, and nationals from a small country should always bear in mind that they may be dealing with greater influences than are apparent on the surface. Finally, there is the question of British insularity. Brits generally have a feeling that “foreigners” intend to outsmart them.


pages: 733 words: 179,391

Adaptive Markets: Financial Evolution at the Speed of Thought by Andrew W. Lo

"Robert Solow", Albert Einstein, Alfred Russel Wallace, algorithmic trading, Andrei Shleifer, Arthur Eddington, Asian financial crisis, asset allocation, asset-backed security, backtesting, bank run, barriers to entry, Berlin Wall, Bernie Madoff, bitcoin, Bonfire of the Vanities, bonus culture, break the buck, Brownian motion, business cycle, business process, butterfly effect, buy and hold, capital asset pricing model, Captain Sullenberger Hudson, Carmen Reinhart, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computerized trading, corporate governance, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, Daniel Kahneman / Amos Tversky, delayed gratification, Diane Coyle, diversification, diversified portfolio, double helix, easy for humans, difficult for computers, Ernest Rutherford, Eugene Fama: efficient market hypothesis, experimental economics, experimental subject, Fall of the Berlin Wall, financial deregulation, financial innovation, financial intermediation, fixed income, Flash crash, Fractional reserve banking, framing effect, Gordon Gekko, greed is good, Hans Rosling, Henri Poincaré, high net worth, housing crisis, incomplete markets, index fund, interest rate derivative, invention of the telegraph, Isaac Newton, James Watt: steam engine, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Meriwether, Joseph Schumpeter, Kenneth Rogoff, London Interbank Offered Rate, Long Term Capital Management, longitudinal study, loss aversion, Louis Pasteur, mandelbrot fractal, margin call, Mark Zuckerberg, market fundamentalism, martingale, merger arbitrage, meta analysis, meta-analysis, Milgram experiment, money market fund, moral hazard, Myron Scholes, Nick Leeson, old-boy network, out of africa, p-value, paper trading, passive investing, Paul Lévy, Paul Samuelson, Ponzi scheme, predatory finance, prediction markets, price discovery process, profit maximization, profit motive, quantitative hedge fund, quantitative trading / quantitative finance, RAND corporation, random walk, randomized controlled trial, Renaissance Technologies, Richard Feynman, Richard Feynman: Challenger O-ring, risk tolerance, Robert Shiller, Robert Shiller, Sam Peltzman, Shai Danziger, short selling, sovereign wealth fund, Stanford marshmallow experiment, Stanford prison experiment, statistical arbitrage, Steven Pinker, stochastic process, stocks for the long run, survivorship bias, Thales and the olive presses, The Great Moderation, the scientific method, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, Thomas Malthus, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, Triangle Shirtwaist Factory, ultimatum game, Upton Sinclair, US Airways Flight 1549, Walter Mischel, Watson beat the top human players on Jeopardy!, WikiLeaks, Yogi Berra, zero-sum game

These mathematical methods spawned an unprecedented wave of innovation in finance, just as they did in physics. Sophisticated quantitative models, pioneered by academics and the academically trained, quickly spread throughout the financial industry. These new quantitative models became part of the standard financial toolkit for traders, bankers, risk managers, and even regulators. The quantitative revolution triggered an evolutionary change on Wall Street. The old boys’ network was replaced by the computer network. What you knew became more important than who you knew. And for the first time in modern history, the graduates of MIT and Caltech found themselves more employable on Wall Street than the graduates of Harvard and Yale. The “quants” who could speak the new mathematical language of the Street—alpha, beta, mean-variance optimization, and the Black-Scholes/Merton option-pricing formula—were given great status and even greater compensation.


pages: 619 words: 197,256

Apollo by Charles Murray, Catherine Bly Cox

cuban missile crisis, fault tolerance, index card, low earth orbit, old-boy network, orbital mechanics / astrodynamics, The Bell Curve by Richard Herrnstein and Charles Murray, War on Poverty, white flight

O’Malley soon decided that North American had been running what he called a “country club” down at the Cape. One of the first days after he took the job, an engineer came to him to get a routine signature on a travel order—he was going out to a convention of retired Air Force officers in San Francisco. O’Malley told him that they weren’t doing business that way any more. The engineer was outraged—those conventions were an important way for a company like North American to tie into the old-boy network, and such trips had always been one of the perks. He got hold of an ex-general who was a senior executive at Downey. The ex-general complained to Bill Bergen. Bill Bergen chewed out the ex-general for interfering with O’Malley, and said that anyway O’Malley was right. The word quickly spread that the old days were over. O’Malley was out at the pad one day, watching liquid oxygen being pumped from a tank up onto the umbilical tower.


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

"side hustle", A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, AltaVista, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, carried interest, clean water, cleantech, cloud computing, cognitive dissonance, commoditize, computer age, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Frank Gehry, George Gilder, gig economy, Googley, Hacker Ethic, high net worth, Hush-A-Phone, immigration reform, income inequality, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, Jeff Bezos, Joan Didion, job automation, job-hopping, John Markoff, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, move fast and break things, mutually assured destruction, new economy, Norbert Wiener, old-boy network, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, supercomputer in your pocket, technoutopianism, Ted Nelson, the market place, the new new thing, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, transcontinental railway, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, Y Combinator, Y2K

The feds were a demanding client. Los Alamos staff reminded IBM in early planning meetings that “high reliability [was] required” and “compact” size desired. The result was a machine that, at least for a few years, reigned as the world’s fastest computer. Ann Hardy was one of the few people who knew how to program it.26 By the time the Stretch was done, however, Hardy had become tired of fighting the old boys’ network at Big Blue. She had loyally moved “up and down the Hudson” as she transitioned from one unit of the company to another, bouncing from New York to Ossining to Poughkeepsie as IBM demanded. Her standout programming skills had gotten her promoted to middle management, but she couldn’t advance any further without an MBA—ideally, her supervisors suggested, from Harvard. Except Harvard didn’t take women.


pages: 615 words: 191,843

Not a Good Day to Die: The Untold Story of Operation Anaconda by Sean Naylor

digital map, friendly fire, Iridium satellite, job satisfaction, old-boy network

This one was to be held the next day in the Dagger safe house in Kabul, and Larsen was welcome to hitch a ride with the Dagger contingent driving down the next morning. But there was a catch: He would have to wear civilian clothes, so as not to attract attention en route to the capital (as if a couple of vehicles full of well-armed American-looking young men in mufti would pass unnoticed by the locals). Larsen didn’t have any civilian clothes in his rucksack. But the Ranger old-boy network came through yet again for him. An ex-Ranger assigned to TF Bowie loaned Larsen a set of civilian clothes for the journey. Combined with an Afghan hat and scarf somehow procured for him by another Rakkasan staff officer, the civvies did the trick. No one would mistake Larsen for an Afghan tribesman any time soon, but at least the Dagger guys would let him ride in their pickup trucks. The next morning the two-vehicle convoy assembled by the AOB.


The Rise and Fall of the British Nation: A Twentieth-Century History by David Edgerton

active measures, Berlin Wall, Big bang: deregulation of the City of London, blue-collar work, British Empire, business cycle, call centre, centre right, collective bargaining, colonial exploitation, Corn Laws, corporate governance, deglobalization, deindustrialization, dematerialisation, deskilling, Donald Davies, double helix, endogenous growth, Etonian, European colonialism, feminist movement, first-past-the-post, full employment, imperial preference, James Dyson, knowledge economy, labour mobility, land reform, land value tax, manufacturing employment, means of production, Mikhail Gorbachev, Neil Kinnock, new economy, non-tariff barriers, North Sea oil, offshore financial centre, old-boy network, packet switching, Philip Mirowski, Piper Alpha, plutocrats, Plutocrats, post-industrial society, rising living standards, road to serfdom, Ronald Reagan, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, trade liberalization, union organizing, very high income, wages for housework, wealth creators, Winter of Discontent, women in the workforce, working poor

It is rather telling that Harold Wilson so liked the popular historian Arthur Bryant, a national-imperialist protectionist of the 1930s, knighted by the Conservatives in 1954, that he raised him to the Companionship of Honour in the 1960s. 15 Social Democracy, Nationalism and Declinism There is no more dangerous illusion than the comfortable doctrine that the world owes us a living. One of the dangers of the old-boy network approach to life is … that it is international, that whatever we do, whenever we run into trouble, we can always rely on a special relationship with someone or other to bail us out. From now on Britain will have just as much influence in the world as we can earn, as we can deserve. We have no accumulated reserves on which to live. Harold Wilson, speech at Scarborough, 1963 the old idols of gentlemanly sloth and corpse-like ‘stability’ had to give way to the over-riding demands of one new, hard god: production.


pages: 898 words: 253,177

Cadillac Desert by Marc Reisner

affirmative action, Albert Einstein, California gold rush, clean water, Golden Gate Park, hacker house, jitney, Joan Didion, Maui Hawaii, oil shale / tar sands, old-boy network, RAND corporation, Ronald Reagan, Rosa Parks, Silicon Valley, trade route, transcontinental railway, uranium enrichment, Works Progress Administration, yellow journalism

In 1978, before he had even set foot in Washington, Senator-elect Alan Simpson of Wyoming was paid a special visit by three high-ranking officers in the Corps of Engineers asking if there was anything they could “do” for him. Once in Washington, Simpson was approached again, this time by the leaders of the appropriate committees, who made him the same offer. Every freshman Senator and Congressman got the same treatment, even Bob Edgar. “The old-boy network comes to you,” says Edgar, who was elected to the House of Representatives in 1974, at the age of thirty-one. “They say, ‘You’ve got a water project in your district? You want one? Let us take care of it for you.’ Then they come around a few months later and get their pound of flesh. You actually risk very little by going along. You get a lot of money thrown into your district for a project that few of your constituents oppose.


pages: 1,066 words: 273,703

Crashed: How a Decade of Financial Crises Changed the World by Adam Tooze

Affordable Care Act / Obamacare, Apple's 1984 Super Bowl advert, Asian financial crisis, asset-backed security, bank run, banking crisis, Basel III, Berlin Wall, Bernie Sanders, Big bang: deregulation of the City of London, Boris Johnson, break the buck, Bretton Woods, BRICs, British Empire, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Celtic Tiger, central bank independence, centre right, collateralized debt obligation, corporate governance, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, currency peg, 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 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, housing crisis, Hyman Minsky, illegal immigration, immigration reform, income inequality, interest rate derivative, interest rate swap, Kenneth Rogoff, large denomination, light touch regulation, Long Term Capital Management, margin call, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, mittelstand, money market fund, moral hazard, mortgage debt, mutually assured destruction, negative equity, new economy, Northern Rock, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, old-boy network, open economy, paradox of thrift, Peter Thiel, Ponzi scheme, predatory finance, price stability, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, reserve currency, risk tolerance, Ronald Reagan, savings glut, secular stagnation, Silicon Valley, South China Sea, sovereign wealth fund, special drawing rights, structural adjustment programs, 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

The keeper of the lists in the transition team was Michael Froman, Rubin’s former chief of staff at the Treasury. Froman continued to draw a salary as Citigroup’s head of emerging markets strategy while he moonlighted for the Obama campaign.115 In 2009 he joined the Obama administration as deputy assistant to the president and deputy national security adviser for international economic affairs. The only figure on the Obama economics team who did not belong to the Clinton-era “old boys” networks was Christina Romer, a “new Keynesian” economist from Berkeley and noted expert on the history of the Great Depression, who was appointed to be chair of the Council of Economic Advisers.116 The market liked the news. As one investment adviser noted, “Geithner assures a smooth transition between the Bush administration and that of Obama, because he’s already co-managing what’s happening now.”117 Indeed, even to talk in terms of a transition from the Bush administration to Obama is to exaggerate the break.


Rainbow Six by Tom Clancy

active measures, air freight, airport security, centre right, clean water, computer age, Exxon Valdez, Live Aid, old-boy network, plutocrats, Plutocrats, RAND corporation, rent control, rolodex, superconnector, urban sprawl

The FBI has cordial relationships with all manner of businesses. Visa and MasterCard were no exceptions. An FBI agent called the headquarters of both companies from his desk in the Hoover Building, and gave the card numbers to the chiefs of security of both companies. Both were former FBI agents themselves-the FBI sends many retired agents off to such positions, which creates a large and diverse old-boy network-and both of them queried their computers and came up with account information, including name, address, credit history, and most important of all, recent charges. The British Airways flight from London Heathrow to Chicago O'Hare leaped off the screen-actually the faxed page-at the agent's desk in Washington. "Yeah?" Gus Werner said, when the young agent came into his office. "He caught a flight from London to Chicago late yesterday, and then a flight from Chicago to New York, about the last one, got a back-room ticket on standby.


From Peoples into Nations by John Connelly

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

According to Guardist Vasile Marin, democracy produced the “universal, abstract, ideal man, always identical to himself, whereas we need men who are solidly rooted in our soil, in our history, and in our national consciousness.”39 The racist sociologist Traian Herseni added that no one besides the Legion represented “a political position that is valid and capable of electrifying the people. Beyond the Legion, there is only darkness and chaos.” Against sham democracies, the Iron Guard and Arrow Cross promised action, and against “old boy” networks, they seemed to personify self-sacrifice for the sake of the poor.40 But they did not impress through depth of thought. Ferenc Szálasi offered followers this retort to Marxism in his 1936 Road and Goal: Social Nationalism is life’s only genuine physics and biology. The true individual forms matter within his soul; his hand is but an instrument. And since this is so, the formed matter is a value and not a ware.


pages: 1,445 words: 469,426

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

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

"For the first time in the economic history of Italy," the United States embassy in Rome reported with some wonder in 1954, a government-owned entity in Italy "has found itself in the unique position of being financially solvent, capably led, and responsible to no one other than its leader." ENI's future would be profoundly shaped, the report continued, by "the limitless ambition evidenced in the person of Enrico Mattei." Mattei himself became a popular hero, the most visible man in the country. He embodied great visions for postwar Italy: antifascism, the resurrection and rebuilding of the nation, and the emergence of the "new man" who had made it himself, without the old boy network. He also promised Italians their own secure supply of oil. Italy was a resource-poor country that was not only very conscious of its shortages but also blamed many of its woes, including its military reverses, on them. Now, with Mattei, these problems, at least in the energy realm, were to be solved. He appealed to national pride and knew how to capture the imagination of the public. Along the roads and autostradas of Italy, AGIP built new gas stations that were larger, more attractive, and more commodious than those of the international competitors.