Notes

Introduction: Bodies but No Souls

“Where possessions be private, where money bearethe all the stroke”: Thomas More, Utopia, Raphe Robynson, ed. (Cambridge: Cambridge University Press, 1908), 61.

“Corporations have been enthroned and an era of corruption”: Stephen R. Barley, “Corporations, Democracy, and the Public Good,” Journal of Management Inquiry XVI, no. 201 (September 2007): 203.

Goldman Sachs’s CEO, Lloyd Blankfein, and several other top officials: Dan Farber, “Goldman CEO Blankfein Uses Don’t Ask, Don’t Tell Defense,” CBS News, April 27, 2010, www.cbsnews.com/8301-503983_162-20003586-503983.html.

Congress attacked and the Goldman executives squirmed: Louise Story, “Panel’s Blunt Questions Put Goldman on Defensive,” New York Times, April 27, 2010.

Senator Carl Levin, who chaired the hearing: U. S. Senate Committee on Homeland Security and Governmental Affairs, Wall Street and the Financial Crisis: The Role of Investment Banks; Hearing Before the Permanent Subcommittee on Investigations, 111th Cong., 2nd sess., 2010, pp. 1–7. http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_senate_hearings&docid= f:57322.wais.

Goldman Sachs doled out $15.3 billion in pay and bonuses to its staff: Jill Treanor, “Goldman Sachs Bankers to Receive $15.3bn in Pay and Bonuses,” Guardian, January 19, 2011; Colin Barr, “Trading Shortfall Smacks Goldman Sachs,” CNN Money, January 19, 2011, http://finance.fortune.cnn.com/2011/01/19/trading-shortfall-smacks-goldman-sachs/.

new financial reforms that had been passed in the middle of the year hung in limbo: “Dodd-Frank in Limbo,” New York Times, May 27, 2011.

In the United Kingdom and across Europe, anger also welled up: Jill Treanor and James Robinson, “Anger over £6.4bn Bonus Bonanza at Four City Banks,” Guardian, December 21, 2008.

were squeezed by harsh austerity programs from their governments: “European Cities Hit by Anti-austerity Protests,” BBC News, September 29, 2010, www.bbc.co.uk/news/world-europe-11432579.

the top four hundred Americans have, according to The Wall Street Journal in March 2011: Robert Frank, “Billionaires Own as Much as the Bottom Half of Americans?” Wall Street Journal, March 7, 2011, http://blogs.wsj.com/wealth/2011/03/07/billionaires-own-as-much-as-the-bottom-half-of-americans/.

protests had spread to more than nine hundred cities worldwide: Karla Adam, “Occupy Wall Street Protests Continue Worldwide,” Washington Post, October 16, 2011, www.washingtonpost.com/world/europe/occupy-wall-street-protests-continue-world-wide/2011/10/16/gIQAcJ1roL_story.html.

were assailing the “American model”: Philip Augar, “It Is Time to Put Finance Back in Its Box,” Financial Times, April 13, 2009.

“People around the world once admired us for our economy”: Quoted in “The End of American Capitalism?” Washington Post, October 10, 2008.

pitting the dangers of “big government” versus those of “big business”: See, for example, Arthur C. Brooks, The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America’s Future (New York: Basic Books, 2010).

the status China held as the world’s largest economy: Simon Cox, Economics: Making Sense of the Modern Economy (New York: Bloomberg Press, 2006), 94.

India was second after China: Eugene P. Trani and Robert D. Holsworth, The Indispensable University: Higher Education, Economic Development, and the Knowledge Economy (Lanham, MD: R&L Education, 2010), 199.

“a great vampire squid wrapped around the face of humanity”: Matt Taibbi, “The Great American Bubble Machine,” Rolling Stone, July 13, 2009, www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine.

Ida Tarbell’s landmark muckraking history of the Standard Oil Company: Ida M. Tarbell, The History of Standard Oil Company (New York: McClure, Philips and Co., 1904).

Upton Sinclair’s The Jungle: Upton Sinclair, The Jungle (New York: Doubleday, Page and Company, 1906).

Frank Norris’s novel: Frank Norris, The Octopus: A Story of California (Garden City, NY: Doubleday and Company, Inc., 1901).

Norris, basing his book on a real bloody land war: Ibid., 48.

John Trenchard and Thomas Gordon, wrote a series of 140 essays: John Trenchard and Thomas Gordon, Cato’s Letters, vol. I (4th ed., 1737). Accessed via GoogleBooks.

Trenchard and Gordon continued the theme: Ibid., vol. III, 177, 184.

three hundred years ago they asserted: Ibid., 189.

The Guardian published a column: Prem Sikka, “The Best Democracy Money Can Buy,” Guardian, June 25, 2009.

Trenchard and Gordon observed that “Companies”: Trenchard and Gordon, vol. III, 177.

“The influence of finance over political life”: Augar, “It Is Time to Put Finance Back in Its Box.”

“Merchants have no country”: Thomas Jefferson, in a letter to Horatio G. Spafford (March 17, 1814).

“In effect, U.S. multinationals have been decoupling from the U.S. economy”: Michael Mandel, “Multinationals: Are They Good for America?” BusinessWeek, February 28, 2008.

“I hope we shall crush in its birth the aristocracy of our moneyed corporations”: Thomas Jefferson, 1816, quoted in Lawrence Goodwyn, The Populist Moment: A Short History of the Agrarian Revolt in America (Oxford: Oxford University Press, 1978), xxix.

“We are in the presence of a new organization of society”: Woodrow Wilson, Woodrow Wilson: The Essential Political Writings, Ronald J. Pestritto, ed. (Oxford: Lexington Books, 2005), 107.

“Through size, corporations … have become an institution”: Quoted in Louis K. Liggett Co. v. Lee, 288 U.S. 517 (1933), available online at http://caselaw.lp.findlaw.com/cgi-bin/getcase.pl?court=us&vol=288&invol=517.

“The liberty of a democracy is not safe”: Franklin D. Roosevelt, in a message to Congress (April 20, 1939).

threaten America’s ability to lead both economically and politically: See, for example, U.S. Admiral Dennis Blair’s comments about the difficulty of achieving American objectives now that free-market policies have been increasingly criticized in the wake of the 2008 financial crisis. Dennis C. Blair, “Annual Threat Assessment of the Intelligence Community,” Testimony to the Senate Select Committee on Intelligence, Washington, D.C., February 12, 2009, 2.

As I noted in my last book, Superclass: David Rothkopf, Superclass: The Global Power Elite and the World They Are Making (New York: Farrar, Straus and Giroux, 2009), 72.

“corporations are far from the ‘engines of development’ that they claim to be”: Quoted in Robert O. Keohane, “Not ‘Innocents Abroad’: American Multinational Corporations and the United States Government,” Comparative Politics 8, no. 2 (January 1976), 307–20.

“power of the nation-state to maintain economic and political stability”: Richard J. Barnet and Ronald E. Muller, Global Reach: The Power of the Multinational Corporations (New York: Simon and Schuster, 1974), 302.

Vernon believed that the relationship between multinational companies and national governments: Raymond Vernon, Sovereignty at Bay: The Multinational Spread of U.S. Enterprises (New York: Basic Books, 1971).

notably Daniel Yergin and Joseph Stanislaw’s The Commanding Heights: Daniel Yergin and Joseph Stanislaw, The Commanding Heights: The Battle for the World Economy (New York: Simon and Schuster, 2002).

equally influential books such as John Micklethwait and Adrian Wooldridge’s The Company: John Micklethwait and Adrian Wooldridge, The Company: A Short History of a Revolutionary Idea (New York: Modern Library, 2003).

Even Vernon, writing his last book: Raymond Vernon, In the Hurricane’s Eye: The Troubled Prospects of Multinational Enterprises (Cambridge, MA: Harvard University Press, 1998).

the recent profusion of books: Ian Bremer, The End of the Free Market: Who Wins the War Between States and Corporations? (New York: Portfolio, 2010); John Kampfner, Freedom for Sale: Why the World Is Trading Democracy for Security (New York: Basic Books, 2010).

a host of other books on the lasting impact of globalization: Thomas L. Friedman, The World Is Flat: A Brief History of the Twenty-first Century (New York: Farrar, Straus and Giroux, 2005); Thomas L. Friedman, Hot, Flat, and Crowded: Why We Need a Green Revolution—and How It Can Renew America (New York: Farrar, Straus and Giroux, 2008); Anne-Marie Slaughter, A New World Order (Princeton, NJ, and Oxford: Princeton University Press, 2004).

“I think that’s why I would have made a terrible journalist”: Lawrence Summers, interview with the author, 2009.

1    The Goat with the Red Horns

much like the giant interconnected families of Armillaria ostoyae: “Armillaria Root Rot, Shoestring Root Rot, Honey Mushroom (Armillaria Ostoyae),” Washington State University Department of Natural Sciences Extension, 2011, http://ext.nrs.wsu.edu/forestryext/foresthealth/notes/armillariarootrot.htm.

observant students of the world have noted important aspects of these problems: Jessica T. Mathews, “Power Shift,” Foreign Affairs 76, 1, January/February 1997; Anne-Marie Slaughter, A New World Order (Princeton, NJ: Princeton University Press, 2004); Joseph S. Nye, Jr., The Future of Power (New York: PublicAffairs, 2011).

according to local lore, the goat was named Kare: Sven Rydberg, Stora Kopparberg: 1000 Years of Industrial Activity (Stockholm: Gullers International, 1979), 9, 58.

Because now, the previously perfectly ordinary goat’s: Aline Sullivan, “Stora’s Story: A Company as Old as the Millennium Puts On a New Face,” New York Times, November 27, 1999.

For most of the past thousand years, Stora Kopparberg was also the name: “The Oldest Corporation in the World,” Time, March 15, 1963.

Today, the company, renamed Stora Enso: “Stora Enso in Brief,” Storaenso.com, www.storaenso.com/ABOUT-US/STORA-ENSO-IN-BRIEF/Pages/stora-enso-in-brief.aspx.

You could hardly pick a place that would seem less likely: Gunnar Olsson and Burnett Anderson, Stora Kopparberg: Six Hundred Years of Industrial Enterprise (Falun, Sweden: Stora Kopparbergs Bergslags Aktiebolag, 1951), 24.

residents of Dalecarlia have continued to be known as an independent breed: Michael Roberts, The Early Vasas: A History of Sweden 1523–1611 (Cambridge: Cambridge University Press, 1968), 32.

under the region’s typically cold and often forbidding landscape: Eli F. Heckscher, An Economic History of Sweden (Cambridge, MA: Harvard University Press, 1963), 86.

producing at one point in the seventeenth century 70 percent: Olsson and Anderson, Stora Kopparberg, 19.

The Japanese construction company Kongo Gumi: James Olan Hutcheson, “The End of a 1,400-Year-Old Business,” BusinessWeek, Special Report, April 16, 2007.

What makes Stora so relevant: Henrietta M. Larson, “A Medieval Swedish Mining Company,” Journal of Economic and Business History, vol. II (Cambridge, MA: Harvard University Press, 1930), 554–55.

The idea of incorporation: Jonathan Baskin and Paul J. Miranti, Jr., A History of Corporate Finance (Cambridge: Cambridge University Press, 1997), 29, 38.

Initially, the corporation was seen as something endowed with its status: Nick Robins, The Corporation That Changed the World: How the East India Company Shaped the Modern Multinational (London and Ann Arbor, MI: Pluto Press, 2006), 7.

That document is a Deed of Exchange dated June 16, 1288: “And Still Going Great,” Economist, June 18, 1988; Olsson and Anderson, Stora Kopparberg, 5–6.

Living on a large estate featuring its own little subeconomy: Arthur Max, “Sweden’s Stora Celebrates Its First 700 Years of Success,” Los Angeles Times, July 5, 1988.

the Catholic Church was really the world’s first global “private” enterprise: Franklin D. Scott, Sweden: The Nation’s History (Carbondale and Edwardsville: Southern Illinois University Press, 1998), 126, 188.

One journalist has cited this first recorded corporate transaction: Max, “Sweden’s Stora Celebrates.”

“We, Peter, by the grace of God bishop in Vasteras”: Larson, “A Medieval Swedish Mining Company,” 554–55.

He had also married a member of the French aristocracy: Erik Opsahl, “Magnus 7 Eriksson-Utdypning (NBL_artikkel)” (Swedish), Store Norske Leksikon (no date).

What Magnus found when he got to Falun in 1347: Sullivan, “Stora’s Story.”

not seen to resemble the ‘peaceful communities filled’: Olsson and Anderson, Stora Kopparberg, 24.

“The traveler on his way here is seized by terror”: Quoted in Rydberg, Stora Kopparberg, 58.

“Sweden’s greatest wonder, but as terrible as Hell itself”: “The Falun Copper Mine,” EU 2001 Falun website, www.falun.se/eu2001/eu2001uk.nsf/dokument/DA9D010272570FC5C12569FA005948B3?OpenDocument.

“No theologus has ever been able to describe Hell”: Olsson and Anderson, Stora Kopparberg, 26.

Linne wrote, “A cave-in, in which”: Rydberg, Stora Kopparberg, 63, 44.

that E.T.A. Hoffmann, the famed German: E.T.A Hoffmann and R. J. Hollingdale, Tales of Hoffmann: The Mines of Falun (New York: Penguin Group, 1982).

The story is based loosely on the sad tale: “Work in the Mine and Outside,” Storaenso.com: http://81.209.16.116/History/Organisational_history/Stora_Kopparbergs_Bergslags/Stora_Kopparbergs_Bergslags/Work_in_the_mine_and_outside.

“In the abyss itself lie in wild confusion”: Hoffmann and Hollingdale, Tales of Hoffmann, 193.

Linne observed, “In these dark chambers”: Olsson and Anderson, Stora Kopparberg, 26.

“We, Magnus, by the grace of God King of Sweden”: Larson, “A Medieval Swedish Mining Company,” 555–59.

During those centuries, royally chartered enterprises: Karl Moore and David Lewis, Foundations of Corporate Empire: Is History Repeating Itself? (London: Pearson Education, 2000), 184.

For example, as the Reformation arrived: Both kings and the medieval bourgeois desired a centralized, territorially bounded state. See Hendrick Spruyt’s The Sovereign Nation State and Its Competitors: An Analysis of Systems Change (Princeton: Princeton University Press, 1994).

“men of Dalarna … men who are independent and unafraid”: Olsson and Anderson, Stora Kopparberg, 72.

“an almost pathological greed for power”: Vilhelm Moberg, A History of the Swedish People, vol. II, From Renaissance to Revolution (Minneapolis: University of Minnesota Press, 2005), 155.

He asserted his will in other ways: Scott, Sweden: The Nation’s History, 111–19.

the Dalesmen revolted, not once but three times: Moberg, History of the Swedish People, 175–80.

Quickly following this with strong measures: Scott, Sweden: The Nation’s History, 158, 188.

In 1613, Gustavus Adolphus, a successor to Vasa: Eli Heckscher, “The Place of Sweden in Modern Economic History,” Economic History Review 4, no. 1: 8.

a ransom that was 80 percent funded by proceeds from the mine: Heckscher, Economic History of Sweden, 85–87.

Indeed, in 1625, five years before Sweden entered the Thirty Years’ War: Ibid., 88; Olsson and Anderson, Stora Kopparberg, 19.

“The greatness of the realm”: Quoted in “And Still Going Great.”

Further, it established secular state sovereignty: Kimon Valaskakis, “Long-term Trends in Global Governance: From ‘Westphalia’ to ‘Seattle,’” in Global Governance in the 21st Century (OECD, 2000), 47–48.

Overseas trade built economies and also helped fuel a prosperity: Nathan Rosenberg and L. E. Birdzell, Jr., How the West Grew Rich: The Economic Transformation of the Industrial World (New York: Basic Books, 1987), 75.

2    1288: The Battles That Gave Birth to Modernity

Even as Rome was in decline and emperors seldom spent much time: R. Gerberding and J. H. Moran Cruz, Medieval Worlds (New York: Houghton Mifflin, 2004), 55–56.

Indeed, among the early popes of the era: F. Homes Dudden, Gregory the Great: His Place in History and Thought, vol. I (London: Longmans, Green and Co., 1905), 4.

For example, the prohibition against clerical marriage: Canons of Gregory the Illuminator, c. 2. A. Mai, Scriptorum veterum nova collectio, X, 2 (Rome 1838), p. 269.

The “Dark Ages” that followed the fall of Rome: H.W.C. Davis, Medieval Europe (Fairfield, IA: 1st World Library Literary Society, 2004), 68–84, www.1stworldpublishing.com/ebooks/e1-4218-0940-0.pdf.

His nickname was “the Hammer,” which tells you: Barbara H. Rosenwein, A Short History of the Middle Ages (Peterborough, Ontario: Broadview Press, 2004), 72–73.

the Merovingians, established in the middle of the fifth century: “Merovingian Dynasty,” Encyclopaedia Britannica Online, 2011, www.britannica.com/EBchecked/topic/376284/ Merovingian-dynasty.

So when, in 751, Pope Zachary needed help: Rosenwein, Short History of the Middle Ages, 72–73.

This “Donation of Pepin” was seen as a foundation: Hendrik Spruyt, The Sovereign State and Its Competitors: An Analysis of Systems Change (Princeton: Princeton University Press, 1994), 97.

The son, known today as Charlemagne: Alessandro Barbero, Charlemagne: Father of a Continent (Berkeley: University of California Press, 2004), 116.

(It’s worth noting that the Lombards: Sir Robert Buckley Comyn, The History of the Western Empire: From Its Restoration by Charlemagne to the Accession of Charles V (London: W. H. Allen & Co., 1851), 12.

While Charlemagne had sent his hopes: Rosenwein, Short History of the Middle Ages, 74.

Charlemagne listened as Leo enumerated the injustices: John Bagnell Bury and Zachary Nugent Brooke, The Cambridge Medieval History, vol. II (New York: Macmillan Company, 1913), 619–20.

The symbolism worked its magic: Ibid.

“Despite all the benefits that cooperation between church and king yielded”: Spruyt, Sovereign State and Its Competitors, 97.

The challenges associated with this tension: Mark Kishlansky, Patrick Geary, and Patricia O’Brien, Civilization in the West, 3rd ed. (New York: Longman, 1998), 289–91.

He “conceived of Christendom as an undivided state”: Davis, Medieval Europe, 86.

Gregory did this through a papal bull: Spruyt, Sovereign State and Its Competitors, 49.

“Henry, King not by usurpation but by pious ordination of God”: Quoted in ibid.

while en route to Germany: Uta-Renate Blumenthal, The Investiture Controversy: Church and Monarchy from the Ninth to the Twelfth Century (Philadelphia: University of Pennsylvania Press, 1988), 122–23.

“I have loved justice and hated iniquity”: Quoted in ibid., 126.

In the near term, it was resolved in 1122: Kishlansky, Geary, and O’Brien, Civilization in the West, 292.

For example, in Sweden, it was only in the twelfth century: Vilhelm Moberg, A History of the Swedish People, vol. I, From Prehistory to the Renaissance (Minneapolis: University of Minnesota Press, 2005), 73–87.

King Sverker the Elder was a major proponent of the church: Ragnar Svanstrom, A Short History of Sweden (Sweden: Stubbe Press, 2008), 25–27.

Importantly, through the charter, “a privileged clerical class came into being”: Ibid., 27.

He did brilliantly, and as a young man: Frank Barlow, Thomas Becket (Berkeley and Los Angeles: University of California Press, 1990), 10–17, 30–39.

Henry was canny in legal matters: Charles Tilly, Coercion, Capital, and European States: AD 900–1992 (Cambridge, MA: Blackwell, 1992), 154.

He sent royal justices on regular trips: Rosenwein, Short History of the Middle Ages, 140–42.

Weeks later, fuming, Henry, infirm and in his sickbed: Barlow, Thomas Becket, 235.

“The wicked knight leapt suddenly upon [Becket]”: Quoted in Christopher Lee, The Sceptred Isle: 55 BC–1901 (London: Penguin Group, 1997), 71.

Although this was not unheard of: Spruyt, Sovereign State and Its Competitors, 96–97.

In his Clericis Laicos he asserted that kings could only tax the clergy: Rosenwein, Short History of the Middle Ages, 171.

The document was called Unam Sanctum: Christopher T. Carlson, “Church and State Consistency of the Catholic Church’s Social Teaching,” Catholic Lawyer, vol. 35 (1992): 342.

In 1302, he convened the First Estates Assembly: Ephraim Emerton, The Beginnings of Modern Europe (1250–1450) (Boston: Ginn and Company, 1917), 120.

In England, for example, at the turn of the millennium: Karl Moore and David Lewis, Foundations of Corporate Empire: Is History Repeating Itself? (London: Pearson Education, 2000), 137–43.

While the owners of the companies still bore complete liability: Jonathan Baskin and Paul J. Miranti, A History of Corporate Finance (Cambridge: Cambridge University Press, 1997), 29–42.

The Peruzzi family lent money to the king of Naples: Edwin S. Hunt, The Medieval Super-Companies: A Study of the Peruzzi Company of Florence (Cambridge: Cambridge University Press, 1997), 134.

In one instance, reported by the chronicler Joceline of Brakelond: Sir Ernest Clarke, The Chronicle of Jocelin of Brakelond (London: Bury St. Edmunds Pageant Edition, 1907), 75–76.

as is expressed in The Canterbury Tales: Geoffrey Chaucer, “The Reeve’s Tale” from Canterbury Tales (Garden City, NY: International Collections Library, 1913), p. 109, 112, quoted in Moore and Lewis, Foundations of Corporate Empire, 147.

But in the end, the result was a flowering of free enterprise: Moore and Lewis, Foundations of Corporate Empire, 146–48.

They moved away from traditional strongholds of feudalism: Spruyt, Sovereign State and Its Competitors, 62.

In fact, in the biggest battle of the era: J. F. Verbruggen, The Art of Warfare in Western Europe During the Middle Ages (Woodbridge, UK: Boydell Press, 2002), 261.

That battle, four thousand to a side: Jan Mahler, The Battle of Worringen, 1288: The History and Mythology of a Notable Event, 1993, Master’s Thesis, University of Alberta, 83.

Much like the rest of Europe, Sweden had been grappling: Svanstrom, Short History of Sweden, 27.

To counterbalance the power of the church, in 1280 Magnus also issued the Alsno Decree: Franklin D. Scott, Sweden: The Nation’s History (Carbondale and Edwardsville: Southern Illinois University Press, 1998), 57, 68–69.

In 1319, after Birger’s ouster: Thomas Lindkvist, “The Making of a European Society: The Example of Sweden,” Medieval Encounters 10, no. 1–3: 178.

This led to Sweden’s involvement in the Kalmar Union: Byron J. Nordstrom, The History of Sweden (Westport, CT: Greenwood Press, 2002), 38–39.

“The peasants balked at paying taxes for the war”: Scott, Sweden, 123.

3    1648: The Beginning of the Great Leveling

Dark, cool and still, the first few hours: Michel Roberts, The Early Vasas: A History of Sweden, 1523–1611 (Cambridge: Cambridge University Press, 1968), 197.

That trend reflected the decline of the Catholic Church: Hendrik Spruyt, The Sovereign State and Its Competitors: An Analysis of Systems Change (Princeton: Princeton University Press, 1994), 61.

Sweden was a state because he had pushed out the Catholic Church: Franklin D. Scott, Sweden: The Nation’s History (Carbondale; Edwardsville: Southern Illinois University Press, 1998), 121–25.

His funeral, carefully planned prior to his demise: Joseph Gonzalez, “Rewriting History: Humanist Oration at the Funeral of Gustav Vasa, 1560,” Journal of the Society for the Advancement of Scandinavian Study 78, no. 1 (2006): 21–42.

In 1609, a forty-two-year-old nobleman: Tryntje Helfferich, The Thirty Years War: A Documentary History (Indianapolis, IN: Hackett Publishing), 19.

As part of the deal, in order to cement the support of Thurn: Peter H. Wilson, The Thirty Years War: Europe’s Tragedy (Cambridge: Harvard University Press, 2009), 112–115, 270.

He arranged to have a captain of the castle guard let his men in: Helfferich, Thirty Years War, 15.

Advances in the design of seagoing vessels: Kimon Valaskakis, “Long-term Trends in Global Governance: From ‘Westphalia’ to ‘Seattle,’” Global Governance in the 21st Century (OECD, 2000), 50.

As a consequence, some of the earliest companies: Karl Moore and David Lewis, Foundations of Corporate Empire: Is History Repeating Itself? (London: Pearson Education, 2000), 197–99.

Among the first of these ventures was the British East India Company: Sir Courtenay Ilbert, The Government of India: A Brief Historical Survey of Parliamentary Legislation Relating to India (Oxford: Clarendon Press, 1922), 4.

The anticipated duration of the company’s existence: Nick Robins, The Corporation that Changed the World: How the East India Company Shaped the Modern Multinational (London and Ann Arbor, MI: Pluto Press, 2006), 7, 27.

(The company was actually modeled in part on an earlier venture: Ann M. Carlos and Stephen Nicholas, “Giants of an Earlier Capitalism: The Chartered Trading Companies as Modern Multinationals,” Business History Review 62, no. 3 (1988): 403, 411.

holdings of the Dutch company become what we now know as: J. H. Elliott, Imperial Spain: 1469–1716 (New York: St. Martin’s Press, 1964), 44.

the Habsburgs for whom Martinitz worked were fighting a two-front war: Philip Bobbitt, The Shield of Achilles: War, Peace, and the Course of History (New York: Alfred A. Knopf, 2002), 116; Myron P. Gutmann, “The Origins of the Thirty Years’ War,” Journal of Interdisciplinary History 18, no. 4 (Spring 1988): 767.

Those holdings had reached their zenith: H. G. Koenigsberger, The Habsburgs and Europe: 1516–1600 (Ithaca, NY: Cornell University Press, 1971), 1–10.

Not long into Philip II’s reign, just such a test came: Geoffrey Parker, The Dutch Revolt (Ithaca, NY: Cornell University Press, 1977), 68–71.

Protestant nobles in the northern provinces: Wilson, Thirty Years War, 130.

This overreach led Phillip’s treasury to declare bankruptcy: Elliot, Imperial Spain, 191, 257, 280–81.

No money in the treasury meant no money for troops: Parker, Dutch Revolt, 231.

Of the Dutch Republic’s gross national product: Wilson, Thirty Years War, 138.

This enterprise, modeled on the early success of its Asian-oriented cousin: Elliot, Imperial Spain, 174–77, 262–71.

Hein returned to the Netherlands with almost two hundred thousand pounds of gold: E. H. Carter, G. W. Digby, and R. N. Murray, From Earliest Times to the 17th Century (History of the West Indian Peoples), new ed. (Nelson Caribbean, 1997), 116.

In the early years of the conflict, Denmark’s king Christian made a move: William P. Guthrie, The Later Thirty Years War: From the Battle of Wittstock to the Treaty of Westphalia (Westport, CT: Greenwood Press, 2003), 6–7.

Their defeat in turn emboldened the emperor Ferdinand: Wilson, Thirty Years War, 448–49.

They sought a champion and got one: Vladimir Brnardic, Imperial Armies of the Thirty Years’ War (1): Infantry and Artillery (Oxford: Osprey Publishing, 2009), 7.

he recognized a need to counter the Spanish tercio system: Elliot, Imperial Spain, 124.

He sought a more flexible, versatile approach: Scott, Sweden, 177.

Initially just an investor at Falun, De Geer: D. G. Kirby, Northern Europe in the Early Modern Period: The Baltic World, 1492–1772 (New York: Longman, 1990), 149.

“For those of you who wish to create a picture of the Mine”: Sven Rydberg, The Great Copper Mountain: The Stora Story (Hedmora, Sweden: Stora Kopparbergs Bergslags Aktiebolag in Collaboration with Gidlunds Publishers, 1998), 85–87.

Johann had tried to remain neutral: Geoffrey Parker, The Thirty Years’ War (New York: Routledge, 1997), 113–14.

Oxenstierna wrote of her when she was fourteen that: Oskar Garstein, Rome and the Counter-Reformation in Scandinavia: The Age of Gustavus Adolphus and Queen Christina of Sweden, 1622–1656 (Boston: Brill, 1992), 553–54.

Speaking to the gathered miners, she said: “And Still Going Great,” Economist, June 18, 1988.

agreed in 1635 to the Peace of Prague, which dissolved the Catholic League: Parker, Thirty Years’ War, 136.

Then, in 1643, the French won a striking victory over the Army of Flanders: Wilson, Thirty Years War, 667.

The simple act of convening so many different actors: Leo Gross, “The Peace of Westphalia, 1648–1948,” American Journal of International Law 42, no. 1 (1948): 20.

For centuries, hierarchy had been a central organizing principle of European society: Mark Kishlansky, Patrick Geary, and Patricia O’Brien, Civilization in the West Since 1300, 3rd ed. (New York: Longman, 1998), 481; Wilson, Thirty Years War, 672–73.

the Swedes arrived with a delegation of 165 including: Wilson, Thirty Years War, 673.

Leo Gross, the noted international legal scholar, has described the outcomes of Westphalia: Gross, “The Peace of Westphalia, 1648–1948,” 28–29.

“autonomous, unified, rational actors”: Stephen D. Krasner, “Compromising Westphalia,” International Security 20, no. 3 (1995–1996): 115.

Sweden received five million dalers: Scott, Sweden, 200.

the Swedes, the Dutch, and the French emerged particularly strengthened: Bobbit, The Shield of Achilles, 507.

The pope’s representative to Westphalia, the nuncio Fabio Chigi: Koenigsberger, The Hapsburgs and Europe, 673.

The official response of the Vatican to the treaty: Bobbitt, Shield of Achilles, 116.

It was a massive, gorgeous, unprecedented, excessive celebration: Rydberg, Great Copper Mountain, 94.

The queen herself was a contradiction: Garstein, Rome and the Counter-Reformation in Scandinavia, 505, 707–38.

a patron of knowledge and of the arts: Susanna Akerman, Queen Christina of Sweden and Her Circle: The Transformation of a Seventeenth-Century Philosophical Libertine (Leiden and New York: E. J. Brill, 1991), 289.

a new record for the mine: Maria Munk, “Världsarvstaden Falun—Ett världsarvs påverkan på marknadsföringen av en destination,” Baltic Business School (Tourism Program), 2008, 21, http://74.125.155.132/scholar?q=cache:4WbnkzvHPg8J:scholar.google.com/+stora+kopparberg+december+1650+3,000+tons+of+copper&hl=en&as_sdt=0,9.

her secret Catholicism: Francis W. Bain, Christina, Queen of Sweden (London: H. Allen & Co., 1890), 322.

she had created so many new nobles: Veronica Buckley, Christina, Queen of Sweden: The Restless Life of a European Eccentric (New York: Fourth Estate, 2004), 78.

a master miner from Germany named Hans Filip Lybecker: Rydberg, Great Copper Mountain, 118–20.

4    1776: Two Revolutions

As noted in the introduction, Thomas Jefferson was a great admirer: Joseph J. Ellis, American Sphinx: The Character of Thomas Jefferson (New York: Alfred A. Knopf, 1997), 49, 64, 335.

“Neither aiming at originality of principle or sentiment”: John P. Foley, The Jeffersonian Cyclopedia: A Comprehensive Collection of the Views of Thomas Jefferson (New York: Funk, 1900), 43.

A notable countervailing voice: Ron Chernow, Alexander Hamilton (New York: Penguin, 2005), 302–47.

Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations: James Buchan, The Authentic Adam Smith: His Life and Ideas (New York: W. W. Norton, 2006), 88–90. See also Ian Simpson Ross, The Life of Adam Smith (Oxford: Clarendon Press, 1995), 248, 269.

It would be years before the book assumed the stature: Richard F. Teichgraeber III, “‘Less Abused Than I Had Reason to Expect’: The Reception of The Wealth of Nations in Britain, 1776–90,” Historical Journal 30, no. 2 (June 1987): 339.

Smith’s book was also written in large part as a reaction: Adam Smith, The Wealth of Nations, R. H. Campbell, A. S. Skinner, and W. B. Todd, eds. (Oxford: Clarendon Press, 1976), IV.vii.b.50, V.i.e.30.

From the councils of elders or of those who were of an age: Thorkild Jacobsen, “Primitive Democracy in Ancient Mesopotamia,” Journal of Near Eastern Studies 2, no. 3 (July 1943): 166.

to the ganas of ancient India: U. B. Singh, Administrative System in India: Vedic Age to 1947 (New Delhi: APH Publishing Corporation, 1998), 49.

Even in oligarchies like Sparta: Charles D. Hamilton, “Spartan Politics and Policy, 405–401 B.C.,” American Journal of Philology 91, no. 3 (July 1970): 295.

Sometimes, of course, the institutions were more clearly the ancestors: James V. Cunningham, “Citizen Participation in Public Affairs,” Public Administration Review 32, Special Issue: Curriculum Essays on Citizens, Politics, and Administration in Urban Neighborhoods, October 1972, 590.

“Its administration favors the many instead of the few”: Quoted in Robert A. Dahl, Democracy and Its Critics (New Haven: Yale University Press, 1989), 17.

The oldest of the world’s parliaments that is still in existence: Henry Chu, “Iceland Seeks to Become Sanctuary for Free Speech,” Los Angeles Times, April 2, 2011, www.latimes.com/news/nationworld/world/la-fg-iceland-free-speech-20110403,0,5332545.story.

It was first convened in A.D. 930: Christopher J. Moore, In Other Words (New York: Walker, 2004), 65.

The chairman of the gathering was called the Lawspeaker: Jon Johannesson, Islendinga Saga: A History of the Old Icelandic Commonwealth (Ann Arbor, MI: University of Michigan Press, 2007), 47.

The concept of the “thing” was common throughout Scandinavia: “Thing,” Online Etymology Dictionary, Douglas Harper, 2010, http://dictionary.reference.com/browse/thing.

the parliament of Norway, which is called the Storting: “Storting,” Dictionary.com Unabridged, 2011, http://dictionary.reference.com/browse/storting.

the Danish parliament, which is called the Folketing: “Folketing,” Collins English Dictionary: Complete & Unabridged, 10th ed. (HarperCollins, 2011), http://dictionary.reference.com/browse/folketing.

In Sweden, the word was used to refer to provincial gatherings: Kathleen N. Daly, Norse Mythology A to Z, revised by Marian Rengel, 3rd ed. (New York: Infobase Publishing, 2009), 20.

This fact—that political participation was limited: As per Max Weber’s definition of a state: “a human community that (successfully) claims the monopoly of the legitimate use of force within a given territory.” Max Weber, “Politics As a Vocation,” in From Max Weber, translated and edited by H. H. Gerth and C. Wright Mills (New York: Oxford University Press, 1946), 78.

The surrounding armed throngs cheered so enthusiastically: Carl Ernst Sigfried Swansson, Social Wrongs and a Practical Remedy (New York: Shakespeare Press, 1913), 45–46.

Similarly, two centuries later: William Stubbs, The Constitutional History of England in Its Origin and Development, vol. I, 6th ed. (Oxford: Clarendon Press, 1903), 563–69.

Oliver Cromwell, in fact, was so dismissive of lawyers: Roy Edward Sherwood, Oliver Cromwell: King in All but Name, 1653–1658 (New York: St. Martin’s Press, 1997), 129.

It was a conflict that would bring down Charles I: Ann Lyon, Constitutional History of the United Kingdom (London: Cavendish, 2003), 206–26.

one of the target groups he quashed within his own forces: “Oliver Cromwell (English statesman): First chairman of the Council,” Encyclopaedia Britannica Online, www.britannica.com/EBchecked/topic/143822/Oliver-Cromwell.

one who would grow to become a good friend, Isaac Newton: Roger Woolhouse, Locke: A Biography (Cambridge: Cambridge University Press, 2007), 70–71, 314.

He was appointed secretary of the Board of Trade and Plantations: Neal Wood, John Locke and Agrarian Capitalism (Berkeley, Los Angeles, and London: University of California Press, 1984), 22.

An Essay Concerning Human Understanding, which explored the limits: John Locke, An Essay Concerning Human Understanding, available at Project Gutenberg, www.gutenberg.org/browse/authors/l#a2447.

and Letters Concerning Toleration, drawn in part: John Locke, An Essay Concerning Toleration, full text online at www.earlymoderntexts.com/f_locke.html.

Central to the assumption of the throne by William and Mary: William and Mary signed the English Bill of Rights in 1689. The text is available at the Yale Law School website, http://avalon.law.yale.edu/17th_century/england.asp.

“Political power, then, I take to be a right of making laws”: John Locke, Two Treatises on Government (London, Printed for R. Butler, 1821), 46–47, 189, 191, 289–29.

This document not only described limits on the power of the monarch: English Bill of Rights, available at the Yale Law School website, http://avalon.law.yale.edu/17th_century/england.asp.

This led to Locke’s Some Consideration of the Consequences: John Locke, “Some Considerations of the Consequences of the Lowering of Interest and the Raising the Value of Money,” in Antoin E. Murphy, ed., Monetary Theory, 1601–1758 (New York: Routledge, 1997), 1–99.

He served for four years, during which time: Adam Kuper and Jessica Kuper, eds., The Social Science Encyclopedia, 2nd ed. (New York: Routledge, 2003), 827.

It also ventured as far as the Straits of Malacca and China: Nick Robins, The Corporation That Changed the World: How the East India Company Shaped the Modern Multinational (London and Ann Arbor, MI: Pluto Press, 2006), 58–78.

Bengal, the richest province: Ibid., 61.

“it is not inferior in anything to Egypt”: Quoted in Sunsil K. Munsi, Calcutta Metropolitan Explosion: Its Nature and Roots (New Delhi: Peoples Publishing House, 1975), 11, 54, 66.

The company had already been involved in the Bengal textile market: John Keay, The Honourable Company: A History of the English East India Company (New York: Macmillan, 1991), 221–41.

Yet in retrospect he said, “When I think, of the marvelous riches”: P. Kanagasabapathi, Indian Models of Economy, Business and Management (New Delhi: Prentice-Hall of India, 2008), 51.

“the industrial revolution could not have happened in Britain”: Quoted in Rajeev Srinivasan, “The uncouth reality of the present is not the only possibility for India: In our many pasts lie the seeds of our future,” www.rediff.com/news/aug/04rajee1.htm.

One member of Burgoyne’s committee observed: “Never did…”: Robins, The Corporation That Changed the World, 106.

With Stora on the ropes due to declining copper output: Eli F. Heckscher, An Economic History of Sweden (Cambridge, MA: Harvard University Press, 1963), 8; Sven Rydberg, The Great Copper Mountain: The Stora Story (Hedmora, Sweden: Stora Kopparbergs Bergslags AB in Collaboration with Gidlunds Publishers, 1998), 143.

Charles had many opportunities to settle the war on favorable terms: Stewart P. Oakley, War and Peace in the Baltic, 1560–1790 (London: Routledge, 1993), 111–16.

Critics rose up among the aristocracy and, led by: Robert Nisbet Bain, Gustavus III and His Contemporaries, 1742–1792: An Overlooked Chapter of Eighteenth Century History (London: Kegan Paul, Trench, Trubner, & Co., 1894), 8.

The Hats sought to restore ties with France and to advance an international policy: Michael Roberts, The Age of Liberty: Sweden 1719–1772 (Cambridge: Cambridge University Press, 1986), 1–15.

“the Age of Freedom had discovered or reinterpreted certain democratic fundamentals”: Franklin D. Scott, Sweden: The Nation’s History (Carbondale and Edwardsville: Southern Illinois University Press, 1998), 251.

“war is not merely a political act”: Quoted in Troy S. Thomas, Stephen D. Kiser, and William D. Casebeer, Warlords Rising: Confronting Violent Non-State Actors (Oxford: Lexington Books, 2005), 164.

some of the key battles in the war took place around the world: Tom Pocock, Battle for Empire: The Very First World War, 1756–1763 (London: Michael O’Mara Books, 1991).

Boston colonists organized by Samuel Adams disguised themselves as Mohawk Indians: Garry Wills, Inventing America: Jefferson’s Declaration of Independence (New York: Vintage Books, 1979), 26–27.

Further, the governor was granted the power to try royal officials: Gordon S. Wood, The American Revolution (New York: Modern Library, 2003), 37–38.

While it is no doubt true that the stripes on the American flag: It is unclear whether the East India Company’s flag directly influenced the design of the American flag; Sir Charles Fawcett, a British historian who served in the India Civil Service, suggested that it did in a famous article written in 1937 and reproduced at www.crwflags.com/FOTW/flags/gb-eic2.html. Even if no direct influence was involved, the likeness is still remarkable.

In 2005, U.S. Federal Reserve Bank chairman Alan Greenspan: Remarks by Alan Greenspan, Chairman of the Federal Reserve Board, at the Adam Smith Memorial Lecture, Kirkcaldy, Scotland, February 6, 2005, available at the Federal Reserve Board website, www.federalreserve.gov/boarddocs/speeches/2005/20050206/default.htm.

While today The Wealth of Nations is seen as a landmark work: Ian Simpson Ross, The Life of Adam Smith (Oxford: Clarendon Press, 1995), 248, 269.

“if you wait till the fate of America be decided”: Edinbury, February 8, 1776, in Correspondence of Adam Smith, quoted in Buchan, 90.

Although he argued that Britain was more liberal: Adam Smith, The Wealth of Nations, R. H. Campbell, A. S. Skinner, and W. B. Todd, eds. (Oxford: Clarendon Press, 1976), IV.viii.b.50; subsequent Smith quotes from IV.vii.b.44, IV.vii.b.49, IV.vii.c.77, IV.vii.c.79, V.i.e.30, IV.vii.b.11, V.i.e.26, V.i.e.32.

Smith’s ideas did provoke some unease among the landed gentry: Teichgraeber, “Less Abused Than I Had Reason to Expect,” 351.

He made three motions to Congress: Wills, Inventing America, 336–44.

So America had to assert independence not primarily out of a need: David Armitage, The Declaration of Independence: A Global History (Cambridge, MA: Harvard University Press, 2007), 33–36.

He also drew upon George Mason’s Virginia Declaration of Rights: Dumas Malone, Thomas Jefferson: A Brief Biography (Chapel Hill: UNC Press Books, 2002), 15–17.

“Nations being composed of people naturally free and independent”: Quoted in Armitage, Declaration of Independence, 39.

“When in the course of human events”: The Declaration of Independence: In Congress, July 4, 1776, “A Declaration by the Representatives of the United States of America, in General Congress Assembled,” in Armitage, Declaration of Independence, 165, 170–71.

Crossing the Delaware River in the dark of night: David Hackett Fischer, Washington’s Crossing (Oxford: Oxford University Press, 2004), 193–200.

Massachusetts, for example, granted only five charters: Oscar Handlin and Mary Flug Handlin, Commonwealth: A Study of the Role of Government in the American Economy; Massachusetts, 1774–1861 (Cambridge, MA: Belknap Press, 1969), 99, 160.

Within two decades the cases of The Trustees of Dartmouth College: Ibid., 160.

they did not produce the final chapter for the copper mountain: Sven Rydberg, The Great Copper Mountain (Stora Kopparbergs Bergslags AB in Collaboration with Gidlunds Publishers, 1988), 129–41.

5    1848: What Makes a State a State?

Factors driving those changes ranged from the Industrial Revolution to famines in Europe: Ralph W. Hidy and Muriel E. Hidy, “Anglo-American Merchant Bankers and the Railroads of the Old Northwest, 1848–1860,” Business History Review 34, no. 2 (Summer 1960): 153.

the year a fourteen-year-old Irish immigrant to America named Andrew Carnegie: Andrew Carnegie, Autobiography of Andrew Carnegie (Boston and New York: Houghton Mifflin Company, 1920), 34.

“It is not worthwhile to try to keep history from repeating itself”: Mark Twain, Eruption: Hitherto Unpublished Pages About Men and Events, Bernard DeVoto, ed. (New York: Harper & Brothers, 1940), 66.

the Congress of Vienna, where the treaty was hammered out: David King, Vienna 1814: How the Conquerors of Napoleon Made Love, War, and Peace at the Congress of Vienna (New York: Crown Publishing Group, 2008), 2.

The maestro of the Vienna negotiations was the Austrian nobleman Prince Klemens Wenzel von Metternich: Mike Rapport, 1848: Year of Revolution (New York: Basic Books, 2008), 4.

Kissinger made his first notable headlines on the public stage: Henry Kissinger, A World Restored: Metternich, Castlereagh and the Problems of Peace, 1812–1822 (New Haven, CT: Phoenix Press, 2000).

Kissinger was seen to have emulated Metternich’s strategies and values: Robert D. Kaplan, “Kissinger, Metternich, and Realism,” Atlantic Online, June 1999, www.theatlantic.com/past/docs/issues/99jun/ 9906kissinger.htm.

messy French emulation of the American experiment in democracy: Peter Jones, The 1848 Revolutions (Burnt Mill: Longman Group Limited, 1981), 21.

industrial revolution was undoing and reshaping economies: Jonathan Sperber, The European Revolutions, 1848–1851 (Cambridge: Cambridge University Press, 1994), 18; Jones, 1848 Revolutions, 6.

many felt that the return to stability in France that came in the person of Napoleon: Arnold Whitridge, “1848: The Year of Revolution,” Foreign Affairs 26, no. 2, January 1948, 272.

he turned to nationalism to give his people a sense of purpose: Philip G. Dwyer, “Napoleon and the Foundation of the Empire,” Historical Journal 53, no. 2, 2010, http://newcastleau.academia.edu/PhilipDwyer/Papers/167092/Napoleon_and_the_Foundation_of_the_Empire.

Metternich and his sponsors sought to do so in a way that would restore the monarchy: Rapport, 1848: Year of Revolution, 4–5.

“It is in times of crisis that monarchs are principally called upon”: Quoted in Rapport, 1848: Year of Revolution, 5.

put a final end to feudalism and ultimately aristocracy, monarchy, and the “old way”: Jones, 1848 Revolutions, 28, 45.

Alexis de Tocqueville, who recognized on his visit to the United States: Richard Swedberg, Tocqueville’s Political Economy (Princeton, NJ: Princeton University Press, 2009), 17, 58. 65.

“depraved taste for equality”: Alexis de Toqueville, Democracy in America, vol. 1 (Charleston, SC: CreateSpace, April 27, 2011), 50, 419.

a redistribution of power that elevated commoners and civil centers of power: Alexis de Tocqueville, Democracy in America, vol. 2, unabridged ed., translated by Henry Reeve (Lawrence, KS: Digireads.com, January 1, 2007), 11, 148.

Tocqueville decried America’s obsession with money: Tocqueville, Democracy in America, vol. 2, 261.

Old ways dating back to the guild structures: Sperber, European Revolutions, 18; Jones, 1848 Revolutions, 6.

“Artisans and craft workers”: Rapport, 1848: Year of Revolution, 31.

“In their obscure cellars, in their rooms”: Quoted in Rapport, 1848: Year of Revolution, 35.

Advances in farming promoted a shift: Niek Koning, The Failure of Agrarian Capitalism: Agrarian Politics in the UK, Germany, the Netherlands, and the USA, 1846–1919 (London: Routledge, 1994), 14–16.

“Iron and leather manufacture”: Sperber, European Revolutions, 40.

Stora had become both one of Europe’s pig iron producers: Sven Rydberg, The Great Copper Mountain: The Stora Story (Hedmora, Sweden: Stora Kopparbergs Bergslags AB in Collaboration with Gidlunds Publishers, 1998), 170, 176.

Sperber suggests the ramifications of these conflicts: Sperber, European Revolutions, 42.

Phytophthora infestans was known commonly as potato blight: Arline Tartus Golkin, Famine, a Heritage of Hunger: A Guide to Issues and References (Claremont, CA: Regina Books, 1987), 52.

the disease took a devastating toll on the potato crops: Terry Glavin, The Sixth Extinction: Journeys Among the Lost and Left Behind (New York: Thomas Dunne, 2007), 220.

with agonizing consequences for poor workers: Helge Berger and Mark Spoerer, “Economic Crises and the European Revolutions of 1848,” Journal of Economic History 61, no. 2 (June 2001): 296–303.

falling demand for manufactured goods and businesses failing throughout Europe: Berger and Spoerer, “Economic Crises and the European Revolutions of 1848,” 303–304.

Hundreds of major mills closed: Ibid., 306; Arthur L. Dunham, “Unrest in France in 1848,” Journal of Economic History, vol. 8 (1948): 75.

there was little money to help import food: Dunham, “Unrest in France in 1848,” 77, 81.

Metternich, Guizot, and their confreres were children of the upheavals: Rapport, 1848: Year of Revolution, x, 2, 4, 37.

“I believe that right now we are sleeping on a volcano”: Quoted in Rapport, 1848: Year of Revolution, 42.

the Enlightenment’s attacks on all forms of arbitrary power: Jones, 1848 Revolutions, 21, 23.

The first person to use the term socialisme: Aruther John Booth, Saint-Simon and Saint-Simonism: A Chapter in the History of Socialism in France (Charleston, SC: Nabu Press, 2010), 4–5, 56–57.

Louis Blanc was another early socialist: Branko Horvat and Mihailo Markovic, Self-governing Socialism: A Reader (Armonk, NY: M. E. Shape, 1976), 9.

Guizot’s opponents had intended to hold a dinner: Rapport, 1848: Year of Revolution, 50–56.

given the uncreative pseudonyms “Mr. and Mrs. Smith”: Arnold Whitridge, “1848: The Year of Revolution,” Foreign Affairs 26, no. 2 (January 1948): 265.

“France into the family of republics”: Ibid., 264.

conceived by Blanc to use railway income to fund a program for workers: Jones, 1848 Revolutions, 36.

“After 1848 … the workers acquired a new status in the community”: Whitridge, “1848: The Year of Revolution,” 275.

Metternich was seventy-four when the news of Louis Philippe’s downfall reached Vienna: Rapport, 1848: Year of Revolution, 4.

there were concerns the old man had already been in office for too long: Jones, 1848 Revolutions, 42.

the dilemma of how to reconcile social justice with individual liberties: Rapport, 1848: Year of Revolution, 255, 407.

This was why Marx was so troubled by what he saw as a journalist: Karl Marx and Friedrich Engels, The Communist Manifesto (New York: Tribeca Books, 2011); Eduard Heimann, “Marxism: 1848 and 1948,” Journal of Politics 11, no. 3 (August 1949): 530.

“We see then: the means of production and of exchange”: Marx and Engels, Communist Manifesto, 5.

He sought to reverse or forestall the rampant inequality: Marx and Engels, Communist Manifesto, 81; Heimann, “Marxism: 1848 and 1948,” 523.

“These laborers, who must sell themselves piece-meal”: Marx and Engels, Communist Manifesto, 479.

“Not only are [the workers] the slaves of the bourgeois class”: Ibid.

With words like these, accompanied by his call for the socialization of private goods: Heimann, “Marxism: 1848 and 1948,” 524.

“Let the ruling classes tremble at a communistic revolution”: Marx and Engels, Communist Manifesto, 500.

the United Kingdom enjoyed comparative stability: Miles Taylor, “The 1848 Revolutions and the British Empire,” Past and Present Society, no. 166 (February 2000): 146–58.

From British Guiana to Canada there were peasant uprisings: Ibid., 171.

the East India Company was at a turning point in its existence: Nick Robins, The Corporation That Changed the World (London and Ann Arbor, MI: Pluto Press, 2006), 6.

Tensions had run high between the British and the Indians: Ibid., 162–63.

one Indian soldier named Mangal Pandey protested and announced he would rebel: Lion M. G. Agrawal, Freedom Fighters of India (McMinnville, TN: Isha Books, 2008), 145.

“With all my love for the army, I must confess”: Quoted in ibid., 74.

with Dickens coauthoring a call for destruction: Priti Joshi, “Mutiny Echoes: India, Britons, and Charles Dickens’s A Tale of Two Cities,” Nineteenth-Century Literature 62, no. 1 (June 2007): 49.

Under the Government of India Act of 1858: Robins, Corporation That Changed the World, 163–64.

“Mill first of all argued that the Company had”: Quoted in ibid., 164.

“no civilized government ever existed on the face of this earth”: Quoted in ibid.

On March 10, 1848, the U.S. Congress ratified the Treaty of Guadalupe Hidalgo: John S. D. Eisenhower, So Far from God: The U.S. War with Mexico 1846–1848 (New York: Random House, 1989), 383.

two men made a discovery on a riverbank in Coloma, California, that changed the world: H. W. Brands, The Age of Gold: The California Gold Rush and the New American Dream (New York: Doubleday, 2002), 15, 23–24.

made large-scale enterprises possible: Glenn Porter, The Rise of Big Business, 1860–1820 (Wheeling, IL: Harlan Davidson, 2006), 34–35.

English and Dutch investors, among others, who sought to invest: Hidy and Hidy, “Anglo-American Merchant Bankers,” 153–55.

railway tracks tripling in length between 1850 and 1860: Porter, Rise of Big Business, 35, 37–38.

he needed the railroads to get oil from those fields to market: Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York: Simon and Schuster, 1991), 29–30.

Because his company, Standard Oil, became the largest refinery in the United States: Peter Collier and David Horowitz, The Rockefellers: An American Dynasty (Austin, TX: Holt, Rinehart and Winson, 1976), 22; ibid., 40. At the time, refineries that bought crude from the producers and then transported it using the railroad companies, acting as middlemen, were well positioned to organize crude production and stabilize freight traffic.

enabling Rockefeller to negotiate excellent rates: Porter, Rise of Big Business, 72–73.

“One capitalist always kills many”: Marx, Capital, vol. 1, part vii: Primitive Accumulation, chapter 32: Historical Tendency of Capitalist Accumulation, http://marxists.org/archive/marx/works/1867-c1.ch32.htm.

the immigrant bobbin boy who got his first job in 1848: Carnegie, Autobiography, 34.

Erik Johan Ljungberg, the general manager of Stora Kopparberg: Sven Rydberg, The Great Copper Mountain: The Stora Story (Hedmora, Sweden: Stora Kopparbergs Bergslags Aktiebolag in Collaboration with Gidlunds Publishers, 1998), 171–191.

Ljungberg’s father squandered his savings: Gunnar Olsson and Burnett Anderson, Stora Kopparberg: Six Hundred Years of Industrial Enterprise (Falun, Sweden: Stora Kopparbergs Bergslags Aktiebolag, 1951), 37.

“prevent speculators from ruthlessly exploiting these resources”: Rydberg, Great Copper Mountain, 179.

Ljungberg too promoted education, the welfare of his workers: Ibid., 188.

“The old nations of the Earth crawl forward”: Quoted in Rydberg, Great Copper Mountain, 191.

6    How the Rule of Law Backfired

he proposed a variety of reforms: Goran B. Nilsson, “Sweden 1848: On the Road to the ‘Middle Way,’” in Dieter Dowe et al., eds., Europe in 1848: Revolution and Reform (New York: Berghahn Books, 2001), 326.

Sweden passed limited liability laws for the first time: John Micklethwait and Adrian Wooldridge, The Company: A Short History of a Revolutionary Idea (New York: Modern Library, 2003), 24; Oskar Broberg, “The Emergence of Joint-Stock Companies During the Industrial Breakthrough in Sweden,” in Gerald D. Feldman and Peter Hertner, eds., Finance and Modernization: A Transnational and Transcontinental Perspective for the Nineteenth and Twentieth Centuries (Burlington: Ashgate Publishing, 2008), 165–86.

In 1840, he published a book titled What Is Property?: Pierre-Joseph Proudon, What Is Property? An Inquiry into the Principle of Right and Government (Middlesex: Echo Library, 2008).

He wrote, “The economic idea of capitalism”: Quoted in Iain Mckay, ed., Property Is Theft! A Pierre-Joseph Proudon Anthology (Edinburgh, Oakland, and Baltimore: AK Press, 2011), 4.

the socialist movement gradually gained momentum in Europe: Michael Rapport, 1848: Year of Revolution (New York: Basic Books, 2008), 260–62.

A young tailor named August Palme: Franklin D. Scott, Sweden: The Nation’s History, enl. ed. (Carbondale: Southern Illinois University Press, 1998), 429.

and toward a view of “social reform as a way to socialism”: Ibid.

abetted by the parallel rise of labor unions: Jae-Hung Ahn, “Ideology and Interest: The Case of Swedish Social Democracy, 1886–1911,” Politics & Society 24, no. 2 (June 1996): 175.

as Stora’s Ljungberg had appreciated: Sven Rydberg, The Great Copper Mountain (Stora Kopparbergs Bergslags AB in Collaboration with Gidlunds Publishers, 1988), 188.

The change in those rights has come by marrying the legal concept: Brian Lane, “The Abuses of Corporate Personhood,” USA Today Magazine, May 2004.

medieval Europeans inherited from Rome the idea: Karl Moore and David Lewis, Foundations of Corporate Empire (London: Pearson Education, 2000), 100–106, 114–16; Janet McLean, “The Transnational Corporation in History: Lessons for Today?” Indiana Law Journal 79, no. 363 (April, 2003): 364–65.

Just before the South Sea bubble burst: John Carswell, The South Sea Bubble (Stroud, Gloucestershire: Alan Sutton Publishing, 1993), 129.

in the eyes of legal scholars like Douglas Arner: Douglas Arner, “Development of the American Law of Corporations to 1832,” HeinOnline, 55 SMU L. Rev. 23, 2002, 33, http://heinonline.org/HOL/Page?collection=journals&handle=hein.journals/smulr55&type=Text&id=35.

something of a surge in the formation of companies: Gregory A. Mark, “The Court and the Corporation: Jurisprudence, Localism, and Federalism,” Supreme Court Review, vol. 1997, no. 403, 410–12.

James Madison proposed an amendment: Ibid., 412 n. 27, citing Charles C. Tansill, ed., Documents Illustrative of the Formation of the United States (Washington, D.C.: Government Printing Office, 1927), Madison’s notes, 724.

Hamilton was an advocate for a U.S. version of the Bank of England: Ibid., 344.

“to attach full confidence to an institution of this nature”: Report on a National Bank (1790), in Papers on Public Credit, Commerce, and Finance by Alexander Hamilton, Samuel McKee, ed. (New York: Columbia University Press, 1934), 53–83.

Congress chartered the Bank of the United States early in 1791: Ron Chernow, Alexander Hamilton (New York: Penguin, 2005), 349–51.

He argued that Hamilton was playing fast and loose: Thomas Jefferson, “Opinion on the Constitutionality of Establishing a National Bank,” in Noble E. Cunningham, Jr., Jefferson vs. Hamilton: Confrontations That Shaped a Nation (New York: Palgrave Macmillan, 2000), 53.

Hamilton, who responded vehemently: Alexander Hamilton, “Opinion on the Constitutionality of Establishing a National Bank,” in Cunningham, Jefferson vs. Hamilton, 56.

“[Hamilton] made your bank”: Quoted in Broadus Mitchell, “Alexander Hamilton, Vol. II,” 99, cited in Chernow, Alexander Hamilton, 353.

the Court decided the case of Head & Amory: Head & Amory v. Providence Insurance Co., 6 U.S. 127 (1804), 167.

in 1809, in his opinion in the case Bank of the United States v. Deveaux: Mark, “The Court and the Corporation,” 421.

one of the Marshall era’s most famous decisions, McCulloch v. Maryland : Ibid., 422.

later in 1819, Marshall participated in a decision that would dramatically alter: The Trustees of Dartmouth College v. Woodward, 17 U.S. 518 (1804), Preface, 2–7. See also Albert J. Beveridge, The Life of John Marshall, vol. iv (Orlando, FL: Houghton Mifflin Company, 1919), 223–25.

When Wheelock died a decade later: Beveridge, Life of John Marshall, 226–36.

Daniel Webster … presented arguments on behalf of the college: Trustees of Dartmouth College v. Woodward, Preface, 68–73.

Webster then made a connection as remarkable: Ibid., 76.

Webster closed his case by arguing: Ibid., 95–96, 115.

According to witnesses, when Webster finished his arguments: Rufus Choate, “A Discourse Commemorative of Daniel Webster,” in Samuel Gilman Brown, The Works of Rufus Choate: With a Memoir of His Life, vol. I (Boston: Little, Brown, & Co. 1862), 516–17.

When the Court announced its decision: The Trustees of Dartmouth College v. Woodward, 625–57.

“A corporation is an artificial being”: Ibid., 636.

When King James II had decided in 1686: George Louis Beer, The Old Colonial System: 1660–1754 (Charleston, SC: BiblioLife 2008 ed., 1913), 324.

Parliament was also able to cancel the East India Company’s charter: Nick Robins, The Corporation That Changed the World: How the East India Company Shaped the Modern Multinational (London and Ann Arbor: Pluto Press, 2006), 164.

Seven years later Connecticut created what would be a popular model: John Mickelthwait and Adrian Wooldridge, The Company: A Short History of a Revolutionary Idea (New York: Modern Library, 2005), 46.

more than 50 percent of publicly traded corporations are incorporated in that state: Delaware Department of State, Division of Corporations, official website of the State of Delaware, January 19, 2011, www.corp.delaware.gov/aboutagency.shtml.

in the case of Santa Clara County v. Southern Pacific Railroad, the Court declared without argument: Santa Clara County v. Southern Pacific Railroad, 118 U.S. 394 (1886), 396.

In 1890, it used this principle to start a series of rulings: Carl. J. Mayer, “Personalizing the Impersonal: Corporations and the Bill of Rights,” Hastings Law Journal 41, no. 3, March 1990, 588–93.

U.S. Supreme Court justice Hugo Black lamented: Connecticut General Life Ins. Co. v. Johnson, 303 U.S. 77 (1938), 90 (dissent by Justice Black).

The language of the amendment speaks of protections: U.S. Constitution, Amendment XIV.

they were seen as quasipublic extensions of the state: Mayer, “Personalizing the Impersonal,” 580.

the theory of corporations evolved: Ibid., 581.

presided over by Chief Justice Morrison “Mott” Waite: Andrew Glass, “House Funeral for U.S. Chief Justice, March 29, 1888,” Politico, Life section, www.politico.com/news/stories/0311/52015.html.

Chief Justice Waite informed the participants: Santa Clara County v. Southern Pacific Railroad Company, 118 U.S. 394 (1886).

Justice Louis Brandeis would later write: Mayer, “Personalizing the Impersonal,” 585.

The Court thereby essentially identified a “substantive economic doctrine”: Ibid., 588–89.

corporations have successfully asserted the applicability of five: Stephen G. Wood and Brett G. Scharffs, “Applicability of Human Rights Standards to Private Corporations: An American Perspective,” American Journal of Comparative Law, vol. 50, Supplement: “American Law in a Time of Global Interdependence: U.S. National Reports to the 16th International Congress of Comparative Law” (Autumn 2002): 548–51.

For example, in a 1977 case, the Court held: Mayer, “Personalizing the Impersonal,” 606.

Dow Chemical was upheld when it objected to Environmental Protection Agency overflights: Ibid., 610–611.

The Fifth Amendment protects against double jeopardy: U.S. Constitution, Amendment V.

“All contributions by corporations to any political committee”: United States v. Automobile Workers, 352 U.S. 567 (1957), 572 (quoting 40 Cong. Rec. 96).

Justice John Paul Stevens cited “the enormous power corporations had come to wild”: Citizens United v. Federal Election Commission, 08 U.S. 205 (2009), 42–43.

That ban was made permanent by the Taft-Hartley Act of 1947: Federal Election Commission v. Wisconsin Right to Life, 551 U.S. 06-969 (2007), 7–9 (dissent by Justice Souter).

a campaign finance case called Buckley v. Valeo: Buckley v. Valeo, 424 U.S. 1 (1976).

this case was silent on the specific issue of corporate political free speech “rights”: Wood and Scharffs, “Applicability of Human Rights Standard to Private Corporation,” footnote 91.

the Supreme Court found in First National Bank of Boston v. Bellotti: First National Bank of Boston v. Bellotti, 435 U.S. 765 (1977), footnote 26.

“corrosive and distorting efforts”: Austin v. Michigan Chamber of Commerce, 494 U.S. 652 (1990).

A later case allowed a not-for-profit organization to use its treasury: Federal Election Commission v. Beaumont et al., 539 U.S. 146 (2003).

Obama, a former professor of constitutional law, argued that the case: “2010 Barack Obama,” transcript, 2010 State of the Union address, January 27, 2010, http://stateoftheunionaddress.org/2010-barack-obama.

“the showstopper moment”: Benjamin F. Carlson, “Seeking a Second Joe Wilson, Press Pounces on Alito,” Atlantic Wire, January 28, 2010, http://atlanticwire.theatlantic.com/opinions/view/opinion/Seeking-a-Second-Joe-Wilson-Press-Pounces-on-Alito-2334.

It asserted it had no other choice “without chilling political speech”: Citizens United v. Federal Election Commission, majority opinion by Justice Kennedy, 12.

Further, they argue that even if PACs were construed: Ibid., 21–22.

a statement arguing that favoritism and influence are unavoidable in politics: Ibid., 45.

“The Court’s opinion is thus a rejection of the common sense”: Citizens United v. Federal Election Commission, dissent by Justice Stevens, 90.

7    Beyond Borders

We cannot wait for governments to do it all: Kofi Annan, “A New Coalition for Universal Values,” International Herald Tribune, July 26, 2000, www.un.org/News/ossg/sg/stories/articleFull.asp?TID=31&Type=Article.

economist Joseph Stiglitz calls it “the removal of barriers to free trade”: Joseph Stiglitz, Globalization and Its Discontents (New York: W. W. Norton, 2002), ix.

Left-wing social scientists who clearly have an ax to grind dub it: Alex MacGillivray, A Brief History of Globalization (New York: Carrol and Graf, 2006), “The International Forum on Globalization,” 5.

T. N. Harper … called it a “recolonization”: T. N. Harper, “Empire, Diaspora, and Languages of Globalism 1850–1914,” in A. G. Hopkins ed., Globalization in World History (London: Pimlico, 2002), 141.

“The obligations of subjects to the sovereign”: Thomas Hobbes, Leviathan, quoted in Larry May, Crimes Against Humanity: A Normative Account (Cambridge: Cambridge University Press, 2005), 74.

multinational actors can take advantage of the absence of regulations: Brian Roach, “A Primer on Multinational Corporations,” in Alfred D. Chandler, Jr., and Bruce Mazlish, eds., Leviathans: Multinational Corporations and the New Global Industry (Cambridge: Cambridge University Press, 2005), 38.

the number of connected countries reached a hundred: “Intellectual Property on the Internet: A Survey of Issues,” World Intellectual Property Organization, 2002, ii, www.wipo.int/copyright/en/ecommerce/ip_survey/.

when the Egyptian government cut off Internet access: Daily Mail Reporter, “How the Internet Refused to Abandon Egypt: Authorities Take Entire Country Offline … but Hackers Rally to Get the Message Out,” Daily Mail Online, January 30, 2011, www.dailymail.co.uk/news/article-1351904/Egypt-protests-Internet-shut-hackers-message-out.html.

Thomas L. Friedman, passing through Tahrir Square, noted: Thomas Friedman, “Egyptians Finally Find Their Voice in Tahrir Square,” New York Times, February 8, 2011.

According to the United Nations, it is now nearly five billion: Donald Melanson, “UN: Worldwide Internet Users Hit Two Billion, Cellphone Subscriptions Top Five Billion,” engadget website, January 28, 2011, www.engadget.com/2011/01/28/un-worldwide-internet-users-hit-two-billion-cellphone-subscript/.

Advances in nautical technologies enabled a new era in global trade: Kevin H. O’Rourke and Jeffrey G. Williamson, Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy (Cambridge: MIT Press, 1999), 93.

Ice from frozen ponds in New England was shipped: Debra Cottrell, “Ice Harvesting,” Heart of New England online magazine, www.theheartofnewengland.com/LifeInNewEngland-Ice-Harvesting.html.

Steamships replaced clippers and enhanced the safety of transoceanic voyages: Karl Moore and David Lewis, Foundations of Corporate Empire: Is History Repeating Itself? (London: Pearson Education, 2000), 270.

Alexander Graham Bell spoke the words “Mr. Watson, come here”: “Mr. Watson—Come here!” American Treasures of the Library of Congress, Reason Gallery A, July 27, 2010, www.loc.gov/exhibits/treasures/trr002.html.

the SS Great Western became the first steamship to ply the Atlantic: Ewan Corlett, The Iron Ship: The Story of Brunel’s S.S. Great Britain, (London: Conway Maritime, 1990).

called by Friedman “Globalization 1.0.”: Thomas L. Friedman, The World Is Flat: A Brief History of the Twenty-first Century (New York: Farrar, Straus and Giroux, 2006), 9.

we can go back to the Assyrians, the Romans, and the early caravan leaders: Moore and Lewis, Foundations of Corporate Empire, 1–5.

the Hanseatic League of traders that linked: Philippe Dollinger, The Emergence of International Business 1200–1800, vol. I, The German Hansa (London: Routledge/ Thoemmes Press, 1999).

there were perhaps 1,500 to 2,500 enterprises that could be called “multinational”: Medard Gabel and Henry Bruner, Global Inc: An Atlas of the Multinational Corporation (New York: W. W. Norton, 2003), 3.

Current estimates for the number of multinationals are over eighty thousand: “The Number of Transnational Companies Grows by 2,500 a Year,” PPI Trade Fact of the Week, December 3, 2008, www.dlc.org/ndol_ci.cfm?contentid=254841&kaid=108&subid=900003.

global exports equaled less than 5 percent of global economic output: Gabel and Bruner, Global Inc., 18.

divisions arose in the early eighteenth century: O’Rourke and Williamson, Globalization and History, 77.

Reformers argued that the Corn Laws benefited agriculture: Betty Kemp, “Reflections on the Repeal of the Corn Laws,” Victorian Studies, 5.3 (March 1962): 194.

he concluded that if he gave in to them on this one issue: Michael Lusztig, “Solving Peel’s Puzzle: Repeal of the Corn Laws and Institutional Reservation,” Comparative Politics 27.4 (July 1995): 393–408, 393.

Ironically, this came from a man who in 1841 made the famous proclamation: H. L. Wesseling, Certain Ideas of France: Essays on French History and Civilization (Westport, CT: Greenwood Publishing Group, 2002), 12.

and who expelled Karl Marx from Paris in 1845: François Furet, Revolutionary France, 1770–1880 (Indianapolis, IN: Wiley-Blackwell, 1995), 377.

Cobden’s first work, England, Ireland and America: Richard Cobden, The Political Writings of Richard Cobden, vol. I (1835), with a Preface by Lord Welby, Introductions by Sir Louis Mallet, C.B., and William Cullen Bryant, Notes by F. W. Chesson and a Bibliography (London: T. Fisher Unwin, 1903), http://oll.libertyfund.org/title/82/39682.

Cobden became a member of Parliament: John Morley, The Life of Richard Cobden (London: T. Fisher Unwin, 1905).

Reading Cobden’s arguments, one is struck by the parallels: Richard Cobden, Speeches on Questions of Public Policy, vol. I, John Bright and James E. Thorold Rogers, eds. (London: Macmillan and Co., 1870), 385.

“Peace will come to earth when people have more to do with each other”: Quoted in Toby Baxendale, “David Miliband’s Rejection of State-Directed Socialism,” The Cobden Center (Economics), September 23, 2010, www.cobdencentre.org/2010/09/david-milibands-rejection-of-state-directed-socialism/.

“The great rule of conduct for us”: Quoted in Ralph Raico, “The Case for an America First Foreign Policy,” in The Failure of America’s Foreign Wars, Richard M. Ebeling and Jacob G. Hornberger, eds. (Fairfax, VA: Future of Freedom Foundation, 1996), 22.

Hirst wrote of Cobden that he “believed in individual liberty”: Francis W. Hirst, Richard Cobden and John Morley. Being the Richard Cobden Lecture for 1941 (The Cobden Club, 1941), 37–38.

the aristocracy had come to an end in England: O’Rourke and Williamson, Globalization and History, 92.

itinerant actor and sometime inventor named Isaac Singer: Lin Van Buren, “Isaac Merritt Singer,” The USGenWeb Project, www.rootsweb.ancestry.com/~nyrensse/bio206.htm.

supporting an acting company that spent five years touring with him: Nicholas Fox Weber, The Clarks of Cooperstown: Their Sewing Machine Fortune, Their Great and Influential Art Collections, Their Forty-Year Feud (New York: Alfred A. Knopf, 2007), 19.

Singer went to New York in an attempt to take a crack at marketing a new machine: Mira Wilkens, The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914 (Cambridge, MA: Harvard University Press, 1970), 37–38.

“I worked on it day and night”: Quoted in ibid.

Callebaut proved unreliable and uncooperative: Fred V. Carstensen, American Enterprise in Foreign Markets: Studies of Singer and International Harvester in Imperial Russia (Chapel Hill: University of North Carolina Press, 1984), 17.

Singer recalled his British manager, George B. Woodruff: Wilkens, Emergence of Multinational Enterprise, 41–44.

“We can never make our business”: Ibid.

Within a few decades, other big U.S. companies such as Ford: Mira Wilkens, “Multinational Enterprise to 1930: Discontinuities and Continuities,” in Alfred D. Chandler, Jr., and Bruce Mazlish, eds., Leviathans: Multinational Corporations and the New Global Industry (Cambridge, MA: Harvard University Press, 2005), 75.

John D. Rockefeller, son of a snake oil salesman: Ron Chernow, Titan: The Life of John D. Rockefeller, Sr. (New York: Random House, 1998), 63–64.

“Standard has done everything with the Pennsylvania legislature”: Quoted in Kevin Phillips, American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century (New York: Viking, 2006), 34.

Rockefeller’s articulated mantra was “competition is a sin”: Chernow, Titan, 149.

Rockefeller sought every possible advantage including domination: Elizabeth Granitz and Benjamin Klein, “Monopolization by ‘Raising Rivals’ Costs’: The Standard Oil Case,” Journal of Law and Economics 39, no. 1 (April 1996): 26–27.

Standard would account for 33 million barrels of America’s 36-million-barrel refining capacity: Peter Collier, and David Horowitz, The Rockefellers: An American Dynasty (Austin, TX: Holt, Rinehart and Winston, 1976), 28–29.

it would unilaterally decide the price of American crude: Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York: Simon and Schuster, 1991), 53–54.

(JOHN D. ROCKEFELLER IMITATES A CLAM, read one headline): Ibid., 97.

(“The art of forgetting is possessed by Mr. Rockefeller in its highest degree”): Quoted in Collier and Horowitz, Rockefellers, 43.

the business community worried about how he might deal with the trusts: James MacGregor and Susan Dunn, The Three Roosevelts: Partician Leaders Who Transformed America (New York: Grove Press, 2001), 69.

by returning $100,000 in campaign donations made to him: Yergin, The Prize, 107; MacGregor and Dunn, Three Roosevelts, 96–97.

the author, Ida Tarbell, pointedly attacked Rockefeller: Quoted in Yergin, The Prize, 105.

The legal proceedings were as gargantuan as their target: Ibid., 108.

“We believe that the defendants have acquired a monopoly”: The Standard Oil Company of New Jersey et al. v. the United States, 221 U.S. 1 (May 1911), 504, http://biotech.law.lsu.edu/cases/antitrust/ Standard_Oil_case.htm.

Edward Douglass White, slowly and almost inaudibly read out the decision: Ibid., 512.

The total sales of the successor companies: See their sales on the Fortune 500, http://money.cnn.com/magazines/fortune/fortune500/2010/full_list/index.html.

GM played an important role in supporting the German war effort: Joel Bakan, The Corporation: The Pathological Pursuit of Profit and Power (New York: Free Press, 2004), 87–88.

“The head office in New York had a complete understanding”: Edwin Black, IBM and the Holocaust, quoted in Bakan, The Corporation, 88.

“Corporations have no capacity to value political systems”: Bakan, The Corporation, 88.

it agreed to work with the Nazi regime to make the chemicals: Peter Hayes, Industry and Ideology: IG Farben in the Nazi Era (Cambridge: Cambridge University Press, 2001).

“The democratic countries in the developing world are losing ground”: “Globalization Survey Reveals U.S. Corporations Prefer Dictatorships,” by R. C. Longworth, Global Exchange, November 19, 1999, www.globalexchange.org/campaigns/econ101/survey.html.

Ivan Kreuger was the heir to a small, struggling Swedish match factory: Archibald MacLeish, “The Grand Scheme of the Swedish Match King,” CNN Money, April 28, 2009, http://money.cnn.com/2009/04/24/news/companies/swedish_match_king.fortune/index.htm.

merging his United Swedish Match Factories with the Vulcan Group: “Business: Poor Kreuger,” Time, March 21, 1932, www.time.com/time/magazine/article/0,9171,743409-2,00.html.

He would issue bonds in his company and use the capital to buy market domination: Ibid.

“great aversion to divulging information”: Quoted in Bill Wilson, “Kreuger: The original Bernie Madoff?” BBC News, March 13, 2009, http://news.bbc.co.uk/2/hi/7939403.stm.

“Kreuger’s financial methods were becoming increasingly devious”: Ibid.

undid his waistcoat, and shot himself through the heart: “Business: Poor Kreuger.”

Stora bought Swedish Match: Arthur Max, “Sweden’s Stora Celebrates Its First 700 Years of Success,” Los Angeles Times, July 5, 1988, http://articles.latimes.com/1988-07-05/business/fi-5265_1_swedish-match-ab.

“history’s most sweeping reorganization of the international order”: G. John Ikenberry, After Victory: Institutions, Strategic Restraint, and the Rebuilding of Order After Major Wars (Princeton, NJ: Princeton University Press, 2001), 163.

to lock the formerly warring countries of Europe into “an open multilateral economic order”: Ibid., 165.

to impede approval of component steps of the agreement like the Kyoto Protocol: Bob Ward, “Why ExxonMobil Must Be Taken to Task over Climate Denial Funding,” Guardian, Guardian.co.uk, July 1, 2009, www.guardian.co.uk/environment/cif-green/2009/jul/01/bob-ward-exxon-mobil-climate.

In the “Uruguay Round” of GATT negotiations: Uruguay Round Agreement, Annex 2, “Understanding and Procedures Governing the Settlement of Disputes,” World Trade Organization, www.wto.org/english/ docs_e/legal_e/28-dsu_e.htm.

The headline in the next day’s New York Times: Keith Bradsher, “Kodak Is Loser in Trade Ruling on Fuji Dispute,” New York Times, December 6, 1997.

when Kodak hired George Fisher as its chairman in 1993: Jeffrey L. Dunoff, “The Misguided Debate over NGO Participation at the WTO,” Journal of International Economic Law 1, issue 3 (1998): 433, 442.

Fisher lobbied the U.S. government to step in and act on his behalf: Bradsher, “Kodak Is Loser in Trade Ruling on Fuji Dispute”; Dunoff, “The Misguided Debate over NGO Participation at the WTO,” 442.

he hired a very big, high-priced law firm: Dunoff, “Misguided Debate,” 443 (note 43).

Kodak announced it was cutting fourteen thousand jobs: “Can George Fisher Fix Kodak?” BusinessWeek, October 20, 1997, www.businessweek.com/1997/42/b3549001.htm.

thousands of bilateral investment treaties exist: Susan D. Franck, “The Legitimacy Crisis in Investment Treaty Arbitration: Privatizing Public International Law Through Inconsistent Decisions,” Fordham Law Review 73 (March 2005): 1522–23.

Forestry had continued to become one of its most important lines of business: “Report on Sweden: Stora Celebrations Will Cap Turnaround in Forest Products Industry,” Globe and Mail (Canada), March 14, 1988.

in 1962, it made a bold venture overseas: Rydberg, Stora Kopparberg, 89.

Stora’s spraying of local forests with dioxin: Douglas Martin, “Fearing Illness, 15 Sue to Bar Spraying of Dioxin,” New York Times, May 2, 1983.

Stora reduced its increasingly uncompetitive exposure to the steel business: “Stora Enso History,” Storaenso.com, http://81.209.16.116/History/History_timeline.

“owns forests half the size of Belgium”: Max, “Sweden’s Stora Celebrates Its First 700 Years of Success.”

Stora either owns, manages, or leases land in Europe, Asia, and South America: “Stora Enso Oyj,” Stora Enso website, Storaenso.com, http://81.209.16.116/History/Stora_Enso.

the largest cash and securities deal in Sweden’s history: Max, “Sweden’s Stora Celebrates Its First 700 Years of Success.”

“We have been a fairly quiet, silent company over the years”: Quoted in Joanne Mason, “700-Year-Old Swedish Timber Company Is Still Going Strong by Branching Out,” Los Angeles Times, June 7, 1988, http://articles.latimes.com/1988-06-07/business/fi-3731_1_swedish-match.

hosted to celebrate the seven hundredth anniversary of Bishop Peter of Vasteras’s deal: Ibid.; Max, “Sweden’s Stora Celebrates Its First 700 Years of Success”; “After 700 Years, Stora Throws a Party,” Globe and Mail (Canada), June 17, 1988.

“Our future lies in European integration”: Quoted in “After 700 years, Stora Throws a Party.”

Arguing that the new Stora was now “too big to be ignored: Max, “Sweden’s Stora Celebrates Its First 700 Years of Success.”

Par Nuder, a Social Democrat: Par Nuder, interview with the author, 2010.

“I think that’s an interesting point”: Charlene Barshefsky, interview with the author, 2010.

It merged with the Finnish forest products and packaging giant Enso: “History,” Stora Enso website, http://81.209.16.116/WebRoot/503425/Taso2_content_siivottu.aspx?id=515562.

8    The Coin of Whose Realm?

I had lunch with the U.S. National Economic Council director, Larry Summers: Larry Summers, interview with the author, 2009.

the days of the British Parliament when 10 percent of all members were in some way direct beneficiaries: Arnold A. Sherman, “Pressure from Leadenhall: The East India Company Lobby, 1600–1678,” Business History Review 50.3 (Autumn 1976): 329–55, 344.

to be worth enough to be useful in most transactions, many of the coins: Eli F. Heckscher, An Economic History of Sweden (Cambridge, MA: Harvard University Press, 1954), 88–89.

monetary sovereignty … “is incompatible with globalization”: Benn Steil and Manuel Hinds, Money, Markets and Sovereignty (New Haven: Yale University Press, 2009), 10.

It first appeared in China during the Song dynasty: Valerie Hansen and Kenneth R. Curtis, Voyages in World History (Boston: Wadsworth Cengage Learning: 2010), 336.

The bank was called Stockholms Banco, and it was operated by an entrepreneurial character named Johan Palmstruch: “Stockholms Banco, Sveriges Riksbank,” Riksbank website, www.riksbank.com/templates/Page.aspx?id=30894.

The tiny Dutch Republic, for example, already had an army of 60,000: Maarten Roy Prak and Diane Webb, The Dutch Republic in the Seventeenth Century: The Golden Age (Cambridge: Cambridge University Press, 2005), 69.

The Spanish army grew to 300,000 by the 1630s: Olaf Van Nimwegen, The Dutch Army and the Military Revolutions, 1588–1688 (Rochester, NY: Boydell Press, 2010), 11.

French army grew threefold in a century: Stephane Thion, French Armies of the Thirty Years War (Auzielle: Little Round Top Editions, 2008), 79.

the cost of outfitting an infantry company rose 150 percent: M. S. Anderson, War and Society in Europe of the Old Regime 1618–1789 (Buffalo: McGill–Queen’s University Press, 1998), 17.

commercial or financial failure meant defeat: Mark Kishlansky, Patrick Geary, and Patricia O’Brien, Civilization in the West, vol. II, Since 1355, 5th ed. (New York: Pearson, 2002), 464.

almost three-quarters of French government revenue was being spent on land warfare: Anderson, War and Society in Europe, 87.

The Bank of England, for example, was established in 1694: Charles Tilly, Coercion, Capital, and European States, AD 990–1992 (Malden, MA: Wiley-Blackwell, 1992), 157.

accelerated the development of capitalism: Ernesto Screpanti and Stefano Zamagni, An Outline of the History of Economic Thought (Oxford: Clarendon Press, 1993), 16.

seen as evidence of sinful impulses like greed: E. K. Hunt, Property and Prophets: The Rise of Economic Institutions and Ideologies (New York: M. E. Sharpe, 2003), 10–12.

what Max Weber later addressed in his essay “The Protestant Ethic and the Spirit of Capitalism”: Hunt, Property and Prophets, 35–37; Luciano Pellicani, The Genesis of Capitalism and the Origins of Modernity (New York: Telos Press, 1994), 31–32.

“one who has the gold does as he wills”: Quoted in Michel Beaud, History of Capitalism: 1500–2000 (New York: Monthly Review Press, 2000), 15.

“in a well-organized government”: Quoted in Beaud, History of Capitalism, 17.

one of the directors of the Company produced a series of influential writings: Lynn Muchmore, “A Note on Thomas Mun’s ‘England Treasure by Forraign Trade,’” Economic History Review, 23.3 (December 1970): 498–503, 498; Henry William Spiegel, The Growth of Economic Thought (Durham: Duke University Press, 1991), 107–8.

“the title of Mun’s Book became a fundamental maxim”: Quoted in Spiegel, Growth of Economic Thought, 107.

“the individual’s self-regarding propensities”: Jerry Z. Muller, The Mind and the Market: Capitalism in Modern European Thought (New York: Alfred A. Knopf, 2002), 35.

In his Philosophical Letters, Voltaire argued that market activity: Quoted in Muller, The Mind and the Market, 27, 29.

Go into the Exchange in London: Voltaire, Philosophical Letters (Letters Concerning the English Nation), trans. Ernest Dilworth (Mineola, NY: Dover Publications, 2003), 26.

“He did not anticipate the baronial power”: Douglas Dowd, Capitalism and Economics: A Critical History (London: Pluto Press, 2000), 30.

As Smith himself acknowledged, he was heavily influenced by David Hume: Cited in Steil and Hinds, Money, Markets, and Sovereignty, 6.

became the richest in the world during the period of greatest dominance: Jacob Strieder, Norman Scott Brien Gras, and Mildred L. Hartsough, Jacob Fugger the Rich: Merchant and Banker of Augsburg, 1459–1525 (Washington, D.C.: Bearbooks, 2001).

Rothschild was born in a Jewish ghetto in Frankfurt: Niall Ferguson, The Ascent of Money: A Financial History of the World (New York: Penguin Press, 2008), 79–82.

the Napoleonic wars, which fueled the rise of the Rothschild family: Liaquat Ahamed, Lords of Finance: The Bankers Who Broke the World (New York: Penguin Press, 2009), 210.

a ballooning of the national debt to £745 million, twice the country’s GDP: Ferguson, Ascent of Money, 82.

the English chancellor of the exchequer instructed his representatives: Ibid., 82.

the response of a grateful British government: Ibid., 83.

they made significant profits on these transactions: Herbert H. Kaplan, Nathan Meyer Rothschild and the Creation of a Dynasty: The Critical Years, 1806–1816 (Stanford: Stanford University Press, 2006), 137; Ferguson, Ascent of Money, 84–89.

“Dearest friend, I have now done my duty”: Quoted in Ferguson, Ascent of Money, 87.

John Jacob Astor, the son of a village butcher from Waldorf: John N. Ingham, Biographical Dictionary of American Business Leaders, vol. I (Westport, CT: Greenwood Press, 1983), 26–27.

In 1886, the number hit one million: Micklethwait and Wooldridge, The Company, 61.

“Pirates are not extinct”: Glenn Porter, The Rise of Big Business 1860–1920 (Wheeling, IL: Harlan Davidson, 2006), 41.

Through reorganization and consolidation, he built these: Charles Morris, The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy (New York: Henry Holt, 2005), 235–36.

Morgan engineered the creation of enterprises: Micklethwait and Wooldridge, The Company, 62.

the aging banker who was seen as the natural savior of the system: Morris, The Tycoons, 249–50.

Cortelyou made $25 million available to the Morgan group: Ron Chernow, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance (New York: Atlantic Monthly Press, 1990), 123.

“Thomas wanted to shut the Exchange”: Quoted in ibid., 125.

Joining the president were: William Safire, Before the Fall: An Inside View of the Pre-Watergate White House (New York: Doubleday, 1975), 509.

the Germans, the Swiss, the Dutch, the Belgians, and the Austrians all shut their markets: Susan Strange, “The Dollar Crisis 1971,” International Affairs 48, no. 2 (April 1972): 191, 199.

In the months before the Camp David retreat: Ibid., 202; Yergin and Stanislaw, Commanding Heights, 44.

Nixon “was not about to stick his thumb in the dike”: Safire, Before the Fall, 512, 518.

“We must protect the position of the American dollar”: Richard Nixon, speech made August 15, 1971, www.ena.lu/speech_richard_nixon_15_august_1971-2-5019.

In 1972, the British followed suit: Robert Solomon, The International Monetary System, 1945–1981 (New York: Harper and Row, 1982), 209, 233.

Today, global foreign exchange volumes are approximately $4 trillion a day: “Global Forex Reserves Exceeding 4 Trillion USD for the First Time,” People’s Daily Online, December 23, 2005, http://english.peopledaily.com.cn/200512/23/eng20051223_230380.html.

Currently, the country with the world’s largest reserves is China: “Country Comparison: Reserves of Foreign Exchange and Gold,” CIA World Factbook, www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html.

China applies perhaps only $2 billion a day to market trading: Mike Mish Shedlock, “China’s Foreign Exchange Reserves Jump by Record $199 Billion,” Minyanville, January 12, 2011, www.minyanville.com/businessmarkets/articles/china-china-economy-exchange-reserves-inflation/1/12/2011/id/32145.

as Joseph Stiglitz has suggested: Joseph Stiglitz, “What I Learned at the World Economic Crisis,” New Republic, April 17, 2000, www.globalpolicy.org/component/content/article/209/42760.html.

Just ten currencies account for virtually all of foreign exchange trading today: “Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2007,” Bank for International Settlements, December 19, 2007, www.bis.org/publ/rpfxf07t.pdf.

with some rough estimates of the world’s total physical currencies at over eight trillion dollars: Josh Clark, “How Much Actual Money Is There in the World?” http://money.howstuffworks.com/how-much-money-is-in-the-world.htm.

the total value of the world’s derivatives is estimated at approximately $791 trillion: “International Banking and Financial Market Developments,” BIS Quarterly Review, December 2008, www.bis.org/publ/qtrpdf/r_qa0812.pdf.

about fourteen times global GDP: According to Google public data, global GDP was $58.26 trillion in 2009, www.google.com/publicdata?ds=wb-wdi&met=ny_gdp_mktp_cd&tdim=true&dl=en&hl=en&q=global+gdpm.

$82.2 trillion in worldwide debt securities: World Stock and Bond Markets and Portfolio Diversity,” Asset Allocation Advisor, November 2009, www.aametrics.com/pdfs/world_stock_and_bond_markets_ nov2009.pdf.

$36.6 trillion in equity value: “World Equity Market Declines: –$25.9 Trillion,” Seeking Alpha, October 8, 2008, http://seekingalpha.com/article/99256-world-equity-market-declines-25-9-trillion.

In The Commanding Heights, Dan Yergin and Joe Stanislaw describe: Yergin and Stanislaw, Commanding Heights, 47, 48.

“The intellectual roots of tax reform”: Martin Feldstein, “American Economic Policy in the 1980s: A Personal View,” in American Economic Policy of the 1980s, Martin Feldstein, ed. (Chicago: University of Chicago Press, 1995), 13.

More business-friendly judges were appointed: Martin Feldstein, “Antitrust Policy: Summary of Discussion,” in Feldstein, ed., American Economic Policy in the 1980s, 620–21.

“the Reagan administration believed that economic regulation was wrong”: Martin Feldstein, “Economic Regulation: Summary of Discussion,” in Feldstein, ed., American Economic Policy in the 1980s, 452.

each of his three successors at Goldman also had senior roles: John Arlidge, “I’m Doing ‘God’s Work.’ Meet Mr Goldman Sachs,” Sunday Times, November 8, 2009, www.timesonline.co.uk/tol/news/world/ us_and_americas/article6907681.ece.

there is frequent movement in both directions: “Revolving Door: Top Agencies,” OpenSecrets.org, www.opensecrets.org/revolving/top.php?display=G.

prior to becoming White House chief of staff in 2011, William Daley served: Biographical data available at OpenSecrets.org, www.opensecrets.org/revolving/rev_summary.php?id=70872.

battling even other top Clinton appointees: Matt Taibbi, “The Great American Bubble Machine,” Rolling Stone, July 13, 2009, www.rollingstone.com/politics/story/29127316/the_great_american_ bubble_machine.

the ratio of the average American home price to the median household income: John Cassidy, How Markets Fail: The Logic of Economic Calamities (New York: Farrar, Straus and Giroux, 2009), 238–39.

even raised by some heads of state and top government officials: Philip Augar, “It Is Time to Put Finance Back in Its Box,” Financial Times, April 13, 2009, http://delong.typepad.com/egregious_moderation/2009/04/philip-augar-it-is-time-to-put-finance-back-in-its-box.html; Bertrand Benoit, “US ‘will lose financial superpower status,” Financial Times, September 25, 2008, www.stwr.org/global-financial-crisis/us-will-lose-financial-superpower-status.html.

Among other financial firms, Morgan Stanley: Bradley Keoun and Phil Kuntz, “Wall Street Aristocracy Got $1.2 Trillion in Secret Loans,” Bloomberg, August 22, 2011, www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html.

The Enron and WorldCom scandals: Alexei Barrionuevo, “Enron Chiefs Guilty of Fraud and Conspiracy,” New York Times, May 26, 2006; “WorldCom Company Timeline,” Reuters and Washington Post, March 15, 2005, www.washingtonpost.com/wp-dyn/articles/A49156-2002Jun26.html.

In a New York Times article titled: David Kocieniewski, “G.E. Strategies Let It Avoid Taxes All Together,” New York Times, May 24, 2011.

When a congressional staffer later learned of the letter: Taibbi, “The Great American Bubble Machine.”

Paulson called Blankfein twenty-four times: Arlidge, “I’m Doing ‘God’s Work.’ Meet Mr. Goldman Sachs”; Bethany Mclean, “The Bank Job,” Vanity Fair, January 2010, www.vanityfair.com/business/features/2010/01/goldman-sachs-200101.

“The collective message of all this”: Taibbi, “The Great American Bubble Machine.”

a claim that even the former Goldmanite Kashakari believes is absurd: Mclean, “The Bank Job.”

“We’re very important. We help companies grow”: Quoted in Arlidge, “I’m Doing ‘God’s Work.’ Meet Mr. Goldman Sachs.”

Even in little Sweden, Par Nuder made the case: Par Nuder, interview with the author, 2010.

9    The Decline of Force

conflict has become so costly: Bernard Loo, ed., Military Transformation and Strategy: Revolutions in Military Affairs and Small States (New York: Routledge, 2009), 50.

a state of war, which, for Hobbes, was one of “every many against every man”: Thomas Hobbes, Leviathan, chapter XIII, http://oregonstate.edu/instruct/phl302/texts/hobbes/leviathanc.html.

Similarly, Locke agreed that avoidance of the state of war: John Locke, “Second Treatise of Government,” in Michael J. Sandel, ed., Justice: A Reader (Oxford: Oxford University Press, 2007), 89, 98–109.

they rebelled three times: Vilhelm Moberg, A History of the Swedish People, vol. II, From Renaissance to Revolution, Paul Britten Austen, trans. (Minneapolis: University of Minnesota Press, 1973), 175–76.

the master miners of the late Middle Ages were granted the right: Gunnar Olsson and Burnett Anderson, Stora Kopparberg: Six Hundred Years of Industrial Enterprise (Falun, Sweden: Stora Kopparbergs Bergslags Aktiebolag, 1951), 13.

Loyalty to the guild transcended that to local law: Sven Rydberg, The Great Copper Mountain: The Stora Story (Stora Kopparbergs Bergslags Aktiebolag, 1988), 50.

These units, called “free companies”: P. W. Singer, Corporate Warriors: The Rise of the Privatized Military Industry (Ithaca, NY: Cornell University Press, 2003), 22–26.

“Mercenaries and auxiliaries are at once useless and dangerous”: Niccolò Machiavelli, The Prince, chapter XII (Harvard Classics, 1909–1914), www.bartleby.com/36/1/12.html.

Sir Francis Drake and Sir Walter Raleigh: Peter Whitfield, Sir Francis Drake (New York: NYU Press, 2004), 29–36.

with the benefit of a navy partially provided by Louis de Geer: Peter H. Wilson, The Thirty Years War: Europe’s Tragedy (Cambridge, MA: Belknap Press of Harvard University Press, 2009), 185, 299–407, 458.

Four out of every ten members of the British army were not British: Janice E. Thomson, Mercenaries, Pirates, and Sovereigns (Princeton: Princeton University Press, 1996), 28–29.

“From this moment until such time as its enemies shall have been driven”: Quoted in Christon I. Archer et al., World History of Warfare (Lincoln: University of Nebraska Press, 2008), 790.

The French army swelled from 290,000 men to 700,000: John J. Mearsheimer, The Tragedy of Great Power Politics (New York: W. W. Norton, 2003), 283–84.

he used the state’s resources to field an army: Philip Bobbitt, The Shield of Achilles: War, Peace, and the Course of History (New York: Alfred A. Knopf, 2002), 162.

This led to the passage of the Neutrality Act in 1794: Thompson, Mercenaries, Pirates, and Sovereigns, 78–81.

France’s grew from 132,000 after Napoleon’s defeat to 544,000 by 1880: Mearsheimer, Tragedy of Great Power Politics, 303.

While Prussia’s army had been 130,000 men: Paul Kennedy, The Rise and Fall of the Great Powers (New York: Vintage Books, 1987), 154.

Later they served in the Landwehr: E. J. Hobsbawm, Nations and Nationalism Since 1780: Programme, Myth, Reality (Cambridge: Cambridge University Press, 1990), 83; Kennedy, Rise and Fall of the Great Powers, 182–91.

the United States emerged as a stronger union: Kennedy, Rise and Fall of the Great Powers, 178–82, 206–9.

By 1910, the Russians had 1.2 million men in their regular army: Mearsheimer, Tragedy of Great Power Politics, 303, 320.

Wilson’s rules envisioned a League of Nations: Bobbitt, Shield of Achilles, 471.

In the U.N. Charter: United Nations Charter. “Chapter VII: Action with Respect to Threats to the Peace, Breaches of the Peace, and Acts of Agression,” United Nations, www.un.org/en/documents/charter/chapter7.shtml.

In 1986 the court went further: The Republic of Nicaragua v. The United States of America, 1986 I.C.J. 520, www.icj-cij.org/docket/files/70/6503.pdf.

a wide prohibition against the use of force “has the nature of a preemptory norm”: Natalino Ronzitti, “The Current Status of Legal Principles Prohibiting the Use of Force and Legal Justifications of the Use of Force,” in Michael Bothe, Mary Ellen O’Connell, and Natalino Ronzitti, eds., Redefining Sovereignty: The Use of Force After the Cold War (Ardsley, NY: Transnational Publishers, 2005): 91–110, 93.

the ICJ ruled against the United States: Military and Paramilitary Activities In and Against Nicaragua (Nicaragua v. United States of America), Jurisdiction and Admissibility, 1984 ICJ REP.

the United States pressured a new Nicaraguan government to drop the case: Mark A. Uhlig, “U.S. Urges Nicaragua to Forgive Legal Claim,” New York Times, September 30, 1990.

“at home and abroad, the Reagan Administration has made it clear”: Quoted in B. S. Chimni, “The International Court and the Maintenance of Peace and Security: The Nicaragua Decision and the United States Response,” International and Comparative Law Quarterly 35.4 (October 1986): 960–70, 965.

The Soviets vetoed the Security Council’s resolution: Brendan I. Koerner, “Can You Bypass a U.N. Security Council Veto?” Slate, March 12, 2003.

When the United States invoked its “right of self-defense”: Raymond Hinnebusch, “The Iraq War and International Relations: Implications for Small States,” Cambridge Review of International Affairs 19.3 (September 2006): 451–63, 452.

many feel less free to do so: Hakan Wiberg, “The Security of Small Nations: Challenges and Defences,” Journal of Peace Research 24.4 (December 1987): 339–63, 343.

seeking to pressure Libya’s Muammar Qaddafi to desist: David D. Kirkpatrick, Steven Erlanger, and Elisabeth Bumiller, “Allies Open Air Assault on Qaddafi’s Forces in Libya,” New York Times, March 19, 2011, www.nytimes.com/2011/03/20/world/africa/20libya.html.

America’s interventions in Iraq and Afghanistan will cost: Joseph Stiglitz and Linda Blimes, “The Three Trillion Dollar War,” Sunday Times, February 23, 2008, www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article3419840.ece.

Its closest rival, China, spends only one-tenth as much as does the U.S.: Global Firepower database, available at www.globalfirepower.com/active-military-manpower.asp.

The total defense spending of the remaining 175 countries of the world: Stockholm International Peace Research Institute’s 2009 Year Book on Armaments, Disarmament, and International Security in 2008, summary available at www.globalissues.org/article/75/world-military-spending#WorldMilitarySpending.

It is estimated that the real dollar cost of new bomber aircraft: Thomas R. Cusack, “Sinking Budgets and Ballooning Prices: Recent Developments Connected to Military Spending,” in Francis G. Castles, ed., The Disappearing State? Retrenchment Realities in an Age of Globalization (Cheltenham, England: Edward Elgar, 2007): 103–32, 121.

Only forty of almost two hundred countries have active forces: International Institute for Strategic Studies, The Military Balance 2010: The Annual Assessment of Global Military Capabilities and Defence Economics (New York: Taylor and Francis, 2010).

there are more admirals and generals in the Swedish military today: “Sweden Can No Longer Defend Itself,” The Local (Sweden’s News in English), May 15, 2008, www.thelocal.se/11782/20080515/.

the sixteenth century saw 34 such wars: Charles Tilly, Coercion, Capital, and European States, AD 990–1992 (Malden, MA: Wiley-Blackwell, 1992), table 3.1, “Wars Involving Great Powers,” 72.

“When the war of the giants is over”: Winston Churchill, Triumph and Tragedy (New York: Houghton Mifflin Harcourt, 1986), 377.

that set in motion the first Anglo-Afghan war in 1839: Christine Noelle, State and Tribe in Nineteenth-Century Afghanistan: The Reign of Amir Dost Muhammad Khan (1862–1863) (London: RoutledgeCurzon, 2004), 38–56.

The conflict became the Soviet equivalent of Vietnam: Philip B. Heymann, Living the Policy Process (Oxford: Oxford University Press, 2008), 21–51, 64–82.

fewer members and affiliates than, say, the Swedish army: Deb Riechmannm “Petraeus: Al-Qaida Is Not on Rise in Afghanistan,” Associated Press, April 10, 2011, www.azcentral.com/news/articles/2011/04/10/20110410afghanistan0410.html.

the U.S. Senate Foreign Relations committee has estimated that coalition spending in Afghanistan: Karen DeYoung, “Afghan Nation-building Programs Not Sustainable, Report Says,” Washington Post, June 7, 2011.

The Ethiopians attempted to impose the fourteenth new government: Jeffrey Gettleman, “The Most Dangerous Place in the World,” Foreign Policy (March/April 2009), www.foreignpolicy.com/story/cms.php?story_id=4682.

trying to contain them has motivated an effort incorporating support from the navies: Jeffrey Gettleman, “The Pirates Have Seized the Ship,” GQ, February 2009, www.gq.com/news-politics/big-issues/200902/somalia-pirates; Jeffrey Gettleman, “Somali Pirates Get Ransom and Leave Arms Freighter,” New York Times, February 5, 2009, www.nytimes.com/2009/02/06/world/africa/06pirates.html?scp=6&sq=gettleman+faina&st=nyt.

A report released in 1996 by the Department of Defense: “Improving the Combat Edge Through Outsourcing,” a Department of Defense report, March 1, 1996, available online at www.defense.gov/speeches/speech.aspx?speechid=890.

The next year, the Defense Department’s Quadrennial Defense Review announced: United States Department of Defense, “Report of the Quadrennial Defense Review” (DIANE Publishing, 1997), available online as a Google eBook, http://books.google.com/books?id=1buLAnPa0ZYC&source=gbs_navlinks_s.

And, as secretary of defense under George W. Bush, he would oversee: On September 10, 2001, Defense Secretary Donald Rumsfeld made a speech in front of twenty-three thousand Pentagon employees in which he declared that he wanted to “save” the Pentagon from its own wasteful bureaucracy. Remarks by Donald H. Rumsfeld, Secretary of Defense, at the DOD Acquisition and Logistics Excellence Week Kickoff at the Pentagon, September 10, 2001, www.defense.gov/Speeches/Speech.aspx?SpeechID=430.

“we crossed the Rubicon in 2002”: Quoted in Allison Stanger, One Nation Under Contract: The Outsourcing of American Power and the Future of Foreign Policy (New Haven: Yale University Press, 2009), 87.

According to Stanger, over 80 percent of Department of Defense funds: Allison Stanger, “Addicted to Contractors,” Foreign Policy, December 1, 2009, www.foreignpolicy.com/articles/2009/12/01/addicted_to _contractors.

Once a low-profile private security company that performed increasingly “mission-critical” assignments: Jeremy Scahill, Blackwater: The Rise of the World’s Most Powerful Mercenary Army (New York: Norton Books, 2007), 69–72.

the company’s work in Fallujah that day: Ibid., 91–104; Jeffrey Gettleman, “4 From U.S. Killed in Ambush in Iraq; Mob Drags Bodies,” New York Times, April 1, 2004, www.nytimes.com/2004/04/01/international/middleeast/01IRAQ.html?scp=7&sq=blackwater%20fallujah&st=cse.

hiring 1.8 million new contract employees between 2002 and 2005: Stanger, One Nation Under Contract, 87.

when servicemen are injured in situations that “arise”: Scahill, Blackwater, 251.

the company has also asserted that its employees are not liable: Jeffrey Rosen, “Contractors Status in Iraq Hits Gray Area,” Sacramento Bee, May 23, 2004.

L. Paul Bremer, the U.S. “viceroy” in Iraq who was famously protected: Alissa J. Rubin and Paul von Zielbauner, “Blackwater Case Highlights Legal Uncertainties,” New York Times, October 11, 2007.

The U.S. Justice Department avoided wading into these waters until September 2007: Ginger Thompson and James Risen, “Plea by Blackwater Guard Helps Indict Others,” New York Times, December 8, 2008.

Al Clark, a former mentor of Prince’s [Blackwater’s CEO], quit because of a difference: Scahill, Blackwater, 103.

Other instances have seen contractors illegally inflate their invoices to the governments: Rajiv Chandrasekaran, Imperial Life in the Emerald City (New York: Vintage Books, 2006), 155–161; in April, the Fourth Circuit Court of Appeals reinstated a jury verdict holding the firm liable for five false claims under the False Claims Act, overruling the trial judge’s limit on potential damages. See Ellen Nakashima, “Court Revives Suit Over Iraq Work, Door Could Be Opened for Other Fraud Cases,” Washington Post, April 11, 2009.

In Africa, the exploits of another private contractor named Executive Outcomes: Deborah D. Avant, The Market for Force: The Consequences of Privatizing Security (Cambridge: Cambridge University Press, 2005), 10–15, 82–98; Singer, 110–15.

EO warned this would lead to problems for the government: Avant, Market for Force, 82–89.

another problem cited by Stanger: Stanger, One Nation Under Contract, 91–92.

And in August 2009, two former Blackwater employees testified in federal court: Jeremy Scahill, “Blackwater Founder Implicated in Murder,” The Nation, August 4, 2009; see also CNN.com “Ex-guards’ Statements Implicate Blackwater Founder in Iraq Crimes,” CNN, August 4, 2009, www.cnn.com/2009/US/08/04/iraq.blackwater.lawsuit/index.html.

Allegedly, unlike the program initially reported by Panetta: Jeremy Scahill, “The Secret U.S. War in Pakistan,” Nation, November 23, 2009, www.thenation.com/doc/20091207/scahill; see also Adam Ciralsky, “Tycoon, Contractor, Soldier, Spy,” Vanity Fair, January 2010, www.vanityfair.com/politics/features/2010/01/blackwater-201001.

the attack would not have been possible without support from Siemens: Saeed Kamali Dehghan, “Iran Accuses Siemens of Helping Launch Stuxnet Cyber-attack,” Guardian, April 17, 2011, www.guardian.co.uk/world/2011/apr/17/iran-siemens-stuxnet-cyber-attack.

the case in rural Brazil in which women of the peasant network Via Capesina: “Stora Enso’s Brazilian Imbroglio,” Forbes.com, March 5, 2008.

Protesters allege that the reason: “What You Should Know About Stora Enso,” Friends of the Earth International, available online at www.foei.org/en/resources/publications/pdfs/2010/what-you-should-know-about-stora-enso/view.

10    Supercitizens and Semi-States

We live in a time when people are losing confidence: “Remarks as Prepared for Wal-Mart CEO and President Lee Scott at the Wal-Mart U.S. Year Beginning Meeting,” July 30, 2008, http:walmartstores.com/pressroom/news/7896.aspx.

Wal-Mart Stores, Inc., has revenues higher than the GDP: Authors Tracey Keys and Thomas W. Malnight write in their report “Corporate Clout: The Influence of the World’s Largest 100 Economic Entities” that “in 2009, Wal-Mart Stores had revenues exceeding the respective GDPs of 174 countries including Sweden, Saudi Arabia and Venezuela and employed over 2 million people, more than the entire population of Qatar.” Available online at www.strategy-dynamics.com/features/shapers-and-influencers/66-corporate-clout-the-influence-of-the-worlds-largest-100-economic-entities.

BlackRock, controls assets greater than the national reserves of any country on the planet: Sheelah Kolhatkar and Sree Vidya Bhaktavatsalam, “The Colossus of Wall Street,” Bloomberg Businessweek, December 9, 2010.

the Gates Foundation, spends as much worldwide on health care as does the World Health Organization: Both the Gates Foundation and the World Health Organization spend about $800 million on global health issues each year. Scott T. Firsing, Disturbing Times: The State of the Planet and Its Possible Future (Johannesburg: 30° South Publishers, 2008), 47; Tom Paulson, “Gates Foundation Out to Break the Cycle of Disease,” Seattle Post-Intelligencer, December 8, 2003.

Whether or not there was ever a truly Westphalian moment: Stephen D. Krasner, “Compromising Westphalia,” International Security 20:3 (1995–96): 115–16.

having been introduced in a report to the U.S. Congress in 1934: “National Income, 1929–32.” Division of Economic Research, Bureau of Foreign and Domestic Commerce. Senate Document Number 124, 73rd Cong., 2nd sess. (January 4, 1934), http://library.bea.gov/u?/SOD,888.

its inventor, Simon Kuznets, noted: Ibid. 5–7. Kuznets’s exact words were, “The valuable capacity of the human mind to simplify a complex situation in a compact characterization becomes dangerous when not controlled in terms of definitely stated criteria … Thus, the estimates submitted, in the present study define income in such a way as to cover primarily only efforts whose results appear on the market place of our economy … Economic welfare cannot be adequately measured unless the personal distribution of income is known … The welfare of a nation can, therefore, scarcely be inferred from a measurement of national income as defined above.”

median American incomes have fallen more than 7 percent: Timothy Noah, “The Great Divergence,” Slate, September 3, 2010, www.slate.com/id/2266025/entry/2266026/.

Even John Locke, who famously enumerated: John Locke, Second Treatise of Civil Government (chapter 5, section 27), www.constitution.org/jl/2ndtr05.htm.

According to the economist Carol Graham: Carol Graham, “Happiness Economics: Can We Have an Economy of Well-being?” voxeu.org, July 31, 2011, www.voxeu.org/index.php?q=node/6819.

Graham admits that it’s a challenge: Carol Graham, interview with the author.

the United States is currently ranked 127th in real GDP growth: “Country Comparison: GDP—Real Growth Rate,” CIA World Factbook, www.cia.gov/library/publications/the-world-factbook/rankorder/2003rank.html.

When Newsweek ranked the “world’s best countries”: “Interactive Infographic of the World’s Best Countries,” Daily Beast, April 2010, www.thedailybest.com/newsweek/2010/08/15/interactive-infographic-of-the-worlds-best-countries.html.

In the 2011 Quality of Life Index by Nation Ranking: “2011 Quality of Life Index,” Nation Ranking website, June 3, 2011, http://nationranking.wordpress.com/2011/03/06/2011-qli/.

the Economist Intelligence Unit has the top American entry at: “Vancouver Still World’s Most Livable City,” Reuters, February 21, 2011, www.reuters.com/article/2011/02/21/us-cities-liveable-idUSTRE71K0NS20110221?pageNumber=1.

Mercer’s Quality of Living Survey has the first U.S. entry at: “Quality of Living Worldwide City Rankings 201—Mercer Survey,” Mercer website, May 26, 2010, www.mercer.com/press-releases/quality-of-living-report-2010#City_Ranking_Tables.

Monocle magazine showed only three U.S. cities: “The Livable Cities Index—01 Helsinki,” Monocle, issue 45, vol. 3 (July/August 2011), www.monocle.com/Magazine/volume-05/issue-45/.

which ranks twenty-eighth on the Sovereign Fiscal Responsibility Index: T. J. Augustine, Alexander Maasry, Damilola Sobo, and Di Want, “Sovereign Fiscal Responsibility Index 2011,” Stanford University International Policy Studies Program report, March 25, 2011, http://publicpolicy.stanford.edu/system/files/A%20Sovereign%20Fiscal%20Responsibility%20Index%20Full%20Report.pdf.

Hans Morgenthau, the father of modern international relations theory, developed: Richard L. Merritt and Dina A. Zinnes, “Alternative Indexes of National Power,” in Richard J. Stoll and Michael D. Ward, eds., Power in World Politics (Boulder, CO: Lynne Rienner Publications, 1898), 11–12.

Clifford German’s formula for assessing national power: Ashley J. Tellis, Janice Bially, Christopher Layne, and Melissa McPherson, Measuring National Power in the Postindustrial Age (Santa Monica, CA: RAND, 2000), 28–29.

Wilhelm Fucks’s approach that used: Ibid., 29.

the regression analyses of Alcock and Newcombe: Ibid., 29.

the Correlates of War Project looking at demographic: Merritt and Zinnes, “Alternative Indexes of National Power,” 16.

Wayne Ferris and Ray Cline offered approaches: Ray S. Cline, World Power Trends and U.S. Foreign Policy in the 1980s, 2nd ed. (Boulder, CO: Westview Press, 1980), 12.

Number of employees, value of assets, and other measures make a difference: In fact, the Forbes 2000 ranking of the world’s biggest companies ranks them based on a composite score of sales, profits, assets, and market value. See Scott DeCarlo, “The World’s Leading Companies,” Forbes.com, April, 21, 2010.

Exxon has more clout than say, Guatemala: ExxonMobil does arguably wield more clout than Guatemala in court. See for context, “A $16 Billion Problem,” Newsweek, July 24, 2008.

Those pillars are the ability to make and enforce its laws: Historians and political scientists generally define states based on these criteria: “As is well known, the state is the only institution that can legitimately use force, and it has a monopoly on all forms of noneconomic coercion. Its legitimacy rests on its own laws and on agreements it makes with other states. Through these means, a state can fulfill its functions: ensuring domestic and foreign security, enforcing the law and promoting justice, withholding and redistributing portions of the gross domestic product, and developing and implementing economic and social policies.” Sergei Rogov, “The Functions of a Contemporary State: Challenges for Russia,” Russian Social Science Review 49.2 (March–April 2008): 4–5.

In 2009, fourteen states were listed as critical: Foreign Policy website, “2009 Failed States Index.” The Failed States Index excludes fifteen U.N. member states: four European microstates (Andorra, Liechtenstein, Monaco, and San Marino), four Caribbean island nations (Dominica, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines), and seven Pacific island nations (Kiribati, Marshall Islands, Nauru, Palau, Tonga, Tuvalu, and Vanuatu). Available at www.foreignpolicy.com/articles/2009/06/22/2009_failed_states_index_interactive_map_and_rankings.

But only ten navies in the world have even one aircraft carrier: WorldWideAircraftCarriers.com, “Where Are the Carriers?” (commissioned/operational carriers only), www.worldwideaircraftcarriers.com/.

The U.S. Navy has eleven carriers: U.S. Navy Fact File, “Aircraft Carriers—CVN,” available at www.navy.mil/navydata/fact_display.asp?cid=4200&tid=200&ct=4.

larger than the total annual military budget of all but eleven nations: GlobalSecurity.org, “World Wide Military Expenditures,” available at www.globalsecurity.org/military/world/spending.htm.

larger than the 2008 GDP of all but eleven countries: International Monetary Fund, “World Economic Outlook Database, October 2009: Report for Selected Countries and Subjects,” available at http://imf.org/external/pubs/ft/weo/2009/02/weodata/index.aspx.

full list of fourteen states considered to have failed: “2009 Failed States Index.” Additionally, all fifteen U.N. member states not measured in the Failed States Index can safely be considered semi-states.

the twenty-three states that have GDPs bigger than the annual: “Global 500 (2009),” Fortune, on money.com, available at http://money.cnn.com/magazines/fortune/global500/2009/full_list/.

According to the IMF, a GDP of $458 billion: International Monetary Fund, “World Economic Outlook.”

All twelve also have significant voting power in the IMF: “IMF Executive Directors and Voting Power,” available at www.imf.org/external/np/sec/memdir/eds.htm.

and the World Bank: “International Bank for Reconstruction and Development: Subscriptions and Voting Power of Major Countries,” available at http://siteresources.worldbank.org/BODINT/Resources/278027-1215524804501/IBRDCountryVotingTable.pdf.

four are listed as “borderline” in the Failed States Index: “2009 Failed States Index.”

but among the next group, only Australia, Korea, and the Netherlands are: GlobalSecurity.org, “World Wide Military Expenditures.”

64 percent of all foreign exchange holdings are held in dollars: IMF website, “Currency Composition of Official Foreign Exchange Reserves,” through 2009 QIII, available at www.imf.org/external/np/sta/cofer/ eng/cofer.pdf.

given up monetary control to the European Central Bank, as have semi-states: CIA World Factbook, “Field Listing—Currency Code,” available at www.cia.gov/library/publications/the-world-factbook/fields/2065.html.

countries like Saudi Arabia, the United Arab Emirates, and Oman have currencies pegged to the dollar: “GCC Defends Dollar Peg, Single Currency Deadline,” May 11, 2008, available at www.arabianbusiness.com/518871-gulf-to-keep-dollar-pegs-2010-single-currency-plan.

85 percent of the countries on the planet are not represented within it: Tan Sri Lin See-Yan, “The Pittsburg G-20 Summit—Has It Worked?” Star (Malaysia), October 3, 2009, http://biz.thestar.com.my/news/story.asp?file=/2009/10/3/business/4817217&sec=business.

according to Fortune magazine’s Global 500 list: “Global 500,” at CNN Money, available online at http://money.cnn.com/magazines/fortune/global500/2010/.

all five hundred would rank in the top one hundred countries according to the World Bank: “Gross Domestic Product (2009),” The World Bank: World Development Indicators database (September 27, 2010), available online at http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf.

Stora Enso, the multinational most readers never heard of: In 2009, Stora Enso’s net sales were 11 billion euros ($17 billion U.S.), “Stora Enso Oyj,” Lexis Nexis Academic Snapshot, www.lexisnexis.com.proxy.uchicago.edu/us/lnacademic/search/companyDossiersubmitForm.do.

the characteristics that give corporations their special advantages: Brian Lane, “The Abuses of Corporate Personhood,” USA Today, May 2004, available online at http://findarticles.com/p/articles/mi_m1272/is_2708_132/ai_n6019798/?tag=content;col1.

Using annual sales as a criterion, the one-thousandth-largest company in the world: If you rank Forbes’s list of “The Global 2000” companies by sales, the one thousandth company is Owens-Illinois. Its annual sales in 2010 were $7.07 billion. “The Global 2000,” Forbes (April 21, 2010), www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_Sales_10.html.

That company’s sales were larger than the GDPs of countries like Malta: “Gross domestic product (2009),” The World Bank: World Development Indicators database.

For those who fear that state-owned companies are dominating: Scott DeCarlo, “The World’s Leading Companies.”

Each of the world’s ten biggest companies in terms of number of employees: “Global 500 (2010): Top Companies: Biggest Employers,” Forbes, available online at http://money.cnn.com/magazines/fortune/global500/2010/performers/companies/biggest/.

supports an employee/family community of eight to ten million, which is about the size of Austria: The populations of Austria, Switzerland, and Israel are 8,217,280, 7,639,961, and 7,474,052 respectively. CIA World Factbook, “Country Comparison: Population,” available online at www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html.

Wal-Mart serves 200 million people a week: Wal-Mart website, http://walmartstores.com/aboutus/.

Royal Dutch Shell provides fuel to approximately ten million customers a day: “Shell Case Study: Balancing stakeholder needs,” The Times 100, available online at www.thetimes100.co.uk/case-study–balancing-stakeholder-needs–76-403-1.php.

Toyota sells more than seven million cars a year: Toyota sold 7,237,00 in FY2010, www.toyota-global.com/sustainability/sustainability_report/highlights_in_fy2009_economic_aspects/financial_results.html.

AXA has almost 100 million insurance clients: “The AXA Group at a Glance 2010,” 4. Available at www.axa.com/lib/axa/uploads/depliantinstitutionnel/2010/AXA_IDcard_2010_VAb.pdf.

Royal Dutch Shell alone produces 2 percent of the world’s oil and 3 percent of the world’s gas: “Shell Case Study: Balancing Stakeholder Needs.”

BlackRock has $3.3 trillion under management: Kolhatkar and Bhaktavatsalam, “The Colossus of Wall Street.”

China and Japan’s combined reserves are $3.6 trillion: CIA World Factbook, “Country Comparison: Reserves of Foreign Exchange and Gold,” www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html.

The top twenty countries in the world in terms of currency reserves: CIA World Factbook, “Country Comparison: Reserves of Foreign Exchange and Gold.”

The top 125 asset managers each control the same amount: Global 2000, “The World’s Biggest Public Companies,” Forbes, filtered by industry (Investment Services), available online at www.forbes.com/global2000/list?industry=Investment%20Services&state=All&country=All.

Each of the top twenty-seven banks in the world controls over $1 trillion in assets: Global 2000, “The World’s Biggest Public Companies,” Forbes, the Global 2000 filtered by industry (Major Banks) and ranked by assets, available online at www.forbes.com/global2000/list?ascend=false&sort=companyAssets1&industry=Major%20Banks.

the Gates Foundation puts as much money in the field each year as the World Health Organization: Scott T. Firsing, Disturbing Times: The State of the Planet and Its Possible Future (Johannesburg: 30° South Publishers, 2008), 47; Tom Paulson, “Gates Foundation Out to Break the Cycle of Disease,” Seattle Post-Intelligencer, December 8, 2003.

the total annual giving to philanthropy of all Americans is about $300 billion: “5 Questions for Vartan Gregorian, President and CEO, Carnegie Corporation of New York,” Philanthropy News Digest, October 12, 2009, http://foundationcenter.org/pnd/fivequestions/5q_item.jhtml?id=268900010.

the top four hundred American taxpayers, who had total adjusted income of $138 billion: Carol J. Loomis, “The $600 billion Challenge,” Fortune at CNN Money, June 16, 2010, http://features.blogs.fortune.cnn.com/2010/06/16/gates-buffett-600-billion-dollar-philanthropy-challenge/.

many of these organizations are providing vital social services: Risto Karajkov, “The Power of N.G.O.’s: They’re Big, But How Big?” Worldpress.org, July 16, 2007, www.worldpress.org/Americas/2864.cfm.

the U.S. federal budget is estimated to be in excess of 24 percent of U.S. GDP: The White House website, “The President’s Budget for Fiscal year 2010,” www.whitehouse.gov/omb/budget.

the ability to shift domiciles in order to avoid tax consequences has already been cited: “Out of the Door: Tax Treatment Tempts Businesses to Move Country,” Financial Times, May 5, 2008, www.ft.com/cms/s/0/0401152c-1ad4-11dd-aa67-0000779fd2ac.html?nclick_check=1.

Vince Cable, treasury spokesperson for the opposition Liberal Democrats, attacked the moves: Ibid.

“The global market has increasingly taken on the role of a regulator of sovereignty”: Walter C. Opello, Jr., and Stephen J. Rosow, The Nation-State and Global Order: A Historical Introduction to Contemporary Politics (Boulder and London: Lynne Rienner Publishers, 2004), 256.

it was that “supreme” leadership giving in to the demands of high powers on Wall Street: See, for example, Richard McGregor, The Party: The Secret World of China’s Communist Rulers (New York: HarperCollins, 2010), chapter 7, “Deng Perfects Socialism: The Party and Capitalism,” 194–228.

Sweden’s GDP in 2009 was $406 billion: “Gross Domestic Product 2009,” World Development Indicators database, http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf.

Exxon’s annual sales that year were $442 billion: ExxonMobil, Fortune 500 (2009), available online at http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/387.html.

While Exxon has 83,600 employees: ExxonMobil at a glance, Forbes.com, http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?sedol=2326618.

Exxon has 2.5 million shareholders: ExxonMobil website, www.exxonmobil.com/Corporate/community_ccr_stakeholders.aspx.

ownership interest in forty-six refineries: “Global Capabilities for the 21st Century,” ExxonMobil website, www.exxonmobil.com/Corporate/Newsroom/Publications/XOMGlobalCap/page_5.html.

In 2006, Exxon’s budgeted expenditures exceeded $400 billion: ExxonMobil 2006 Summary Annual Report, available online at http://exxonmobil.com/corporate/files/corporate/xom_2006_SAR.pdf.

Sweden’s budget is heavily dominated by entitlement spending: Erik Lundberg, “The Rise and Fall of the Swedish Model,” Journal of Economic Literature 23, no. 1 (March 1985): 10.

Sweden has embassies in about thirty countries: “Sweden Embassies Worldwide,” www.allembassies.com/swedish_embassies.htm.

Exxon operates in almost every country worldwide: “Global Capabilities for the 21st Century,” ExxonMobil website, www.exxonmobil.com/Corporate/Newsroom/Publications/XOMGlobalCap/page_5.html.

Sweden’s standing army is tiny, and its reserves, while consisting of: “Sweden” CIA World Factbook, www.cia.gov/library/publications/the-world-factbook/geos/sw.html.

notably in the province of Aceh in Indonesia. In 2000: “A Matter of Complicity? ExxonMobil on trial for its Human Rights Violations in Aceh,” International Center for Transnational Justice, October 27, 2008, www.ictj.org/en/news/features/2080.html.

Sweden was one of the leading nations in engineering the Kyoto Protocol: “Bildt Presents Foreign Policy in Riksdag,” The Local, February 13, 2008, www.thelocal.se/9971/20080213.

“President Bush’s decision not to sign the United States up”: “Revealed: How Oil Giant Influenced Bush,” Guardian, June 8, 2005, www.guardian.co.uk/news/2005/jun/08/usnews.climatechange.

Stora Enso’s annual sales of $20 billion: “Stora Enso CEO Jouko Karvinen’s Message to Shareholders at the Company’s AGM,” Storaenso.com, April 1, 2009.

Stora today has thirty-two thousand employees: Stora Enso Annual Report 2008, “a clear vision for a bright future,” available online at www.storaenso.com/media-centre/publications/annual-report/Documents/SE_Annual_ Report_08_en.pdf.

It owns land the size of Qatar: Stora Enso, “Planting for our future,” Sustainability Performance (2009), 16. Available online at www.storaenso.com/media-centre/publications/sustainability-report/Documents/S_Stora_Enso_ Sustainability_2009.pdf.

Stora providing housing, schooling, its own courts, and even its own military: Gunnar Olsson and Burnett Anderson, Stora Kopparberg: Six Hundred Years of Industrial Enterprise (Falun, Sweden: Stora Kopparbergs Bergslags Aktiebolag, 1951), 72–77.

Today’s corporations often conduct something very much like their own foreign policy: “The Corporate Diplomats,” Financial Times, November 23, 2009, www.ft.com/cms/s/0/8f03208e-d86a-11de-b63a-00144feabdc0.html.

“vanguard companies,” by pursuing such high-minded goals: Rosabeth Moss Kanter, SuperCorp: How Vanguard Companies Create Innovation, Profits, Growth, and Social Good (New York: Cross Business, 2009).

According to a 2008 report issued by the Committee Encouraging Corporate Philanthropy: Committee Encouraging Corporate Philanthropy, “Giving in Numbers, 2008 Edition,” 4. Available online at www.hepdata.com/pdf/GivinginNumbers2008.pdf.

The United Fruit Company was a trailblazer, literally and figuratively: Peter Chapman, Bananas: How the United Fruit Company Shaped the World (Edinburgh: Canongate, 2007), 30, 47.

“United Fruit … possibly launched more exercises in ‘regime change’”: Ibid., 7.

the company teamed up with another big fruit provider and supported Dávila’s overthrow: Peter J. Dosal, Doing Business with the Dictators: A Political History of United Fruit in Guatemala (Oxford: SR Books, 2005), 81.

when the socialist Salvador Allende arrived on the scene in 1970 as a presidential candidate: Edward Boorstein, Allende’s Chile: An Inside View (International Publishers, 1977), 260.

explosive reports in The Washington Post by columnist Jack Anderson: Brent Fisse and John Braithwaite, The Impact of Publicity on Corporate Offenders (SUNY Albany, 1983), 124.

agreed to focus on placing economic pressures on Allende: Boorstein, Allende’s Chile, 85.

Orlando Letelier, Allende’s ambassador to Washington, who was later murdered, characterized the coup: Naomi Klein, The Shock Doctrine: The Rise of Disaster Capitalism (New York: Henry Holt, 2008), 86.

“In the Eisenhower period we would be heroes”: Kissinger TelCon 9/16/73, available online at www.gwu.edu/~nsarchiv/NSAEBB/NSAEBB255/19730916KP5.pdf.

“We didn’t do it. I mean we helped them”: Ibid.

“You read a book from beginning to end”: Quoted in Jack Stack and Bo Burlingham, A Stake in the Outcome: Building a Culture of Ownership for the Long-Term Success of Your Business (Random House Digital, 2003), 36.

Shell Oil had “access to everything that was being done”: The Guardian published the cable online at www.guardian.co.uk/world/us-embassy-cables-documents/230356.

In a cable dating from 2009, Robin Sanders, the U.S. ambassador to Nigeria, writes: Smith Lagos, “Cables Reveal Shell’s Grip on Nigerian State,” Guardian, December 9, 2010.

“Shell is everywhere. They have an eye and an ear”: Quoted in ibid.

the fact is that the oil industry in Nigeria has extraordinary clout: Amnesty International, Nigeria: Petroleum, Pollution and Poverty in the Niger Delta (Amnesty International Publications, 2009), 9. Available online at www.amnesty.org/en/library/asset/AFR44/017/2009/en/e2415061-da5c-44f8-a73c-a7a4766ee21d/afr440172009en.pdf.

Shell’s own estimate is that its venture in the country: Royal Dutch Shell website, www.shell.com.ng/home/content/nga/aboutshell/at_a_glance/.

according to the Wikileaks information, Shell requested sensitive information: Smith Lagos, “Cables Reveal Shell’s Grip on Nigerian State”, Guardian, December 9, 2010.

a region that is home to over thirty million people and has been called: Amnesty International, Nigeria, 9.

the U.N. Development Program describes the region as suffering: UNDP, Niger Delta Human Development Report, 2006.

Transparency International in 2004 ranked Nigeria’s then president Sani Abacha: Transparency International, TI Global Corruption Report 2004, www.transparency.org/publications/gcr/gcr_2004#download.

“although Shell operates in more than 100 countries”: Quoted in Kristin Sharon Shrader-Frechette, Environmental Justice: Creating Equality, Reclaiming Democracy (Oxford: Oxford University Press, 2002), 118.

“some 13 million barrels of oil have been split in the Niger Delta”: Amnesty International, “Nigeria,” 13.

“a corporation is the property of its stockholders”: Quoted in Joel Bakan, The Corporation: The Pathological Pursuit of Profit and Power (New York: Free Press, 2004), 34.

“we sometimes feed conflict”: “Shell Admits Blame in Nigeria,” CNN World, June 11, 2004.

These entrepreneurial states are typically small, but they can be seen as laboratories: Klaus Schwaab, World Economic Forum, The Global Competitiveness Report 2010–2011 (Geneva, 2010), www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2010-11.pdf

They have 8,900 employees, at the core of whom are a group of elite: Katrina Brooker, “Can This Man Save Wall Street?” CNNMoney.com, October 29, 2008, http://money.cnn.com/2008/10/28/magazines/fortune/blackrock_brooker.fortune/index2.htm.

“Currently BlackRock runs tens of millions of risk models a day”: Ibid.

“the worst disaster and largest capitulation”: Winston Churchill, The Second World War, vol. 4, The Hinge of Fate (Houghton Mifflin Harcourt, 1986), 81.

Singapore does not conform to Western standards of a free society: Singapore’s extraordinary transformation capacity has often been subject to intense criticisms by economists such as Paul Krugman, who, in his article, “The Myth of Asia’s Miracle: A Cautionary Fable,” Foreign Affairs 73, iss. 6 (November/December 1994), argues that “the growth of Lee Kuan Yew’s Singapore is an economic twin of the growth of Stalin’s Soviet Union—growth achieved purely through mobilization of resources.”

“a very Asian model, a Singaporean capitalism”: Kishore Mahubani, interview with the author, 2010.

“We have seen the defects in Anglo-American capitalism”: Tharman Shanmugarantnam, interview with the author, 2010.

“offer what every citizen wants”: Quoted in John Kampfner, Freedom for Sale: Why the World Is Trading Democracy for Security (New York: Basic Books, 2010), 30.

a systematic national effort to develop and update a national competitiveness strategy: John W. Thomas and Lim Siong Guan, “Using Markets to Govern Better in Singapore,” Working Paper Series rwp02-010 (Cambridge: Harvard University, John F. Kennedy School of Government, 2002), 18.

“the cure to all this talk is really a good dose of incompetent government”: Quoted in Seth Mydans, “Singapore announces 60 percent pay raise for ministers,” New York Times, April 9, 2007, www.nytimes.com/2007/04/09/world/asia/09iht-sing.3.5200498.html?_r=1.

“makes use of the market concept to impose incentives”: Thomas and Guan, “Using Markets to Govern Better in Singapore,” 17.

Health care, housing, and education services are all provided via user-pay market mechanisms: M. Ramesh, “Social Security in Singapore: Redrawing the Public-Private Boundary,” Asian Survey 32, no. 12 (December 1992): 1,100.

(The stimulus was $15 billion, 6 percent of GDP, and included): Siow Yue Chia, “Singapore Weathers the Crisis and Prepares for a Stronger Year,” East Asia Forum, January 12, 2010, www.eastasiaforum.org/2010/01/12/singapore-weathers-the-crisis-and-prepares-for-a-stronger-year/.

Its GDP per capita is $62,200, fifth in the world: “Singapore,” CIA World Factbook, www.cia.gov/library/publications/the-world-factbook/geos/sn.html.

one of the lowest unemployment rates in the world: Ibid.

offers the thirteenth-highest life expectancy and is ranked sixth in health system performance: World Health Organization, World Health Report 2000, Health Systems: Improving Performance, www.who.int/whr/2000/en/.

rated number one among the world’s easiest places to do business: “Doing Business 2007: How to Reform,” World Bank, 2007, available online at www.doingbusiness.org/reports/global-reports/doing-business-2007.

the second-freest economy in the world: Index of Economic Freedom, Heritage Foundation, 2011, available online at www.heritage.org/index/ranking.

“Singapore is the best-managed company in the world”: Stewart Brand, review of Strategic Pragmatism: The Culture of Singapore’s Economic Development Board, by Edgar H. Schein, Global Business Network website, http://web.archive.org/web/20050414192858/http:/www.gbn.com/BookClubSelectionDisplayServlet.srv?si=248.

Today only 25 percent of the country’s revenues are derived from oil and gas: CIA World Factbook: United Arab Emirates, 2010, available at www.cia.gov/library/publications/the-world-factbook/geos/ae.html.

From construction to engineering, from information technologies to the experimental “green city” of Masdar: Christopher M. Davidson, Dubai: The Vulnerability of Success (New York: Columbia University Press, 2008), 1.

developing major sovereign wealth funds that redirect national wealth: See, for example, Edwin M. Truman, “Sovereign Wealth Funds: The Need for Greater Transparency and Accountability,” Peterson Institution for International Economics Policy Brief (August 2007), 1, www.iie.com/publications/pb/pb07-6.pdf.

The World Bank currently lists the UAE in third place in terms of its ease of trading: “Doing Business 2011: United Arab Emirates, Making a Difference for Entreprenuers,” The International Bank for Reconstruction and Development/World Bank (2011), 2, www/doingbusiness.org/~/media/FPDKM/Doing%20Business/Documents/Profiles/Country/DB11/ARE.pdf.

The World Economic Forum ranks it third: World Economic Forum, The Global Competitiveness Report 2010–2011, 38.

The country’s per capita income is eighteenth in the world: CIA World Factbook: United Arab Emirates, 2010.

it is clear that the country is being prudent and creative in terms of diversifying: Christopher M. Davidson, “The Impact of Economic Reform on Dubai,” in A. Ehteshami and S. Wright, eds., Reform in the Middle East Oil Monarchies (Reading, UK: Ithaca Press, 2008), 158.

ranked sixth in the world in capacity for innovation and twenty-fourth in overall competitiveness: The World Bank, Doing Business 2011: Israel; World Economic Forum, The Global Competitiveness Report 2010–2011.

“a hybrid socialist-nationalist ideology”: Ofira Seliktar, “The Israeli Economy,” in Robert Freedman, ed., Contemporary Israel (Boulder, CO: Westview Press, 2009), 159.

“the most socialist economy outside the Soviet bloc”: Ibid.

by 1985 a major reform, called the Economic Stabilization Plan, was under way: Stanley Fischer, “The Israeli Stabilization Program, 1985–86,” American Economic Review 77, no. 2 (May 1987): 275–78, 276.

By 2008, the Israeli public sector was down to being “just” 45 percent of GDP: Rafi Melnick and Yosef Mealem, “Israel’s Economy: 1986–2008,” Jewish Virtual Library Publications, June 2009, 5, www.jewishvirtuallibrary.org/jsource/isdf/text/anthologytoc.html.

Israel “has the highest number of start-ups in the world per capita”: Karlin Lillington, “What Ireland Has to Learn from Israel’s High-Tech Companies,” Irish Times, June 26, 2010, www.irishtimes.com/newspaper/weekend/2010/0626/1224273322693.html.

Israel has more tech companies listed on the NASDAQ stock exchange: Ibid.

More than 40 percent of industrial output is now directed at exports: Melnick and Mealem, “Israel’s Economy,” 2.

Israel attracted VC (venture capital) investments thirty times greater than did Europe: Lillington, “What Ireland Has to Learn from Israel’s High-Tech Companies.”

According to the Oxford English Dictionary, the word “international”: “International,” Oxford English Dictonary Online, 2011.

11    Competing Capitalisms

“The widely held perception”: Dennis C. Blair, “Annual Threat Assessment of the Intelligence Community,” Testimony to the Senate Select Committee on Intelligence, Washington, D.C., February 12, 2009, 2.

There is a runestone in the fields near Vasteras in Sweden: “Vs Fv1988;36” in Scandinavian runic-text database, www.nordiska.uu.se/forskn/samnord.htm.

One Viking leader, Ingvar the Far-Travelled, was famous for: Kathryn Hinds, Barbarians: Vikings (Tarrytown, NY: Marshall Cavendish, 2010), 57.

he had “never seen more perfect physical specimens”: Thomas J. Craughwell, How the Barbarian Invasions Shaped the Modern World: The Vikings, Vandals, Huns, Mongols, Goths, and Tartars Who Razed the Old World and Formed the New (Beverly, MA: Fair Winds Press, 2008), 140.

Peter Jay commented to the BBC in September 2008: “Viewpoints: Where Now for Capitalism?” BBC News, September 19, 2008, http://news.bbc.co.uk/2/hi/7621771.stm.

wrote one columnist for London’s Guardian newspaper: John Gray, “A Shattering Moment in America’s Fall from Power,” Guardian, September 28, 2008.

“certainly not too soon to look beyond the current crisis” “Wall Street Casualties,” New York Times, September 15, 2008.

“there will be a big demand for a major policy change”: “Viewpoints: Where Now for Capitalism?”

“The U.S. will lose its status as the superpower of the world financial system”: William L. Watts, “German Finance Minister Criticizes Lax Regulation, Focus on Short-term Profit,” MarketWatch, September 25, 2008, www.marketwatch.com/story/us-to-lose-financial-superpower-status-german-finance-minister.

“the all-powerful market that is always right”: Quoted in “It Is Time to Put Finance Back in Its Box,” Financial Times, April 13, 2009.

George Osbourne joined the chorus of doubters: “Let Us Put Markets to the Service of the Good Society,” Financial Times, April 13, 2009.

“belief in deregulation had been shaken”: Edmund L. Andrews, “Greenspan Concedes Error on Regulation,” New York Times, October 24, 2008.

central bank policies “would be more powerful if coordinated”: “The Credit Crunch: World on the Edge,” Economist, October 2, 2008.

The BBC saw the changes as a watershed: Paul Reynolds, “New World Order Emerges from Chaos,” BBC News website, April 2, 2009, http://news.bbc.co.uk/2/hi/business/7979918.stm.

Massive government stimulus programs amounting to hundreds of billions or trillions of dollars: Andrew Batson, “China Sets Big Stimulus Plan in Bid to Jump-Start Growth,” Wall Street Journal, November 10, 2008.

have falsely conflated economic growth with economic well-being: See Arthur C. Brooks, The Battle: How the Fight Between Free Enterprise and Big Government Will Shape America’s Future (New York: Basic Books, 2010).

who, in 2001, published: Peter Hall and David Soskice, Varieties of Capitalism: The Institutional Foundations of Comparative Advantage (Oxford: Oxford University Press, 2011).

he will have to raise $750 million to $1 billion to hold on to the office: Ken Thomas, “Obama, Dems Hoping to Raise $60M by Late June,” Associated Press, June 2, 2011, www.msnbc.msn.com/id/43250286/ns/politics-decision_2012/t/obama-dems-hoping-raise-m-late-june/.

the traditional American “Lockean liberal” ideal: John B. Judis, “Anti-Statism in America,” New Republic, November 11, 2009, www.tnr.com/article/anti-statism-america.

an economy that is likely to pass the United States in size in purchasing power parity terms by 2016: Brett Arends, “IMF Bombshell: Age of America Nears End,” MarketWatch, April 26, 2011, http://finance.yahoo.com/banking-budgeting/article/112616/imf-bombshell-age-america-end-marketwatch.

which translates in the eyes of many others as “capitalism with Chinese characteristics”: Yasheng Huang, Capitalism with Chinese Characteristics: Entrepreneurship and the State (Cambridge: Cambridge University Press, 2008).

referred to by Lawrence Summers as forming the core of an emerging Delhi Consensus: C. Raja Mohan, “Raising the Game in Asia,” IndianExpress.com, October 25, 2010, www.indianexpress.com/news/raising-the-game-in-asia/701978/4.

Germany has outperformed not only all the other major countries of Europe: Nicholas Kulish, “Defying Others, Germany Finds Economic Success,” New York Times, August 13, 2010.

perhaps 400 million Chinese have been lifted out of poverty: United Nations Industrial Development Organization, Industrialization, Environment and the Millennium Development Goals in Sub-Saharan Africa (UNIDO, 2004), 85.

In 2010 it passed Japan to become the world’s second-largest economy: David Barboza, “China Passes Japan as Second-Largest Economy,” New York Times, August 15, 2010.

It holds the world’s largest reserves of foreign capital, with the total now exceeding $3 trillion: “Country Comparison: Reserves of Foreign Exchange and Gold,” CIA World Factbook, www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html.

not majority owned by the state account for two-thirds of output: “Let a Million Flowers Bloom,” Economist, March 10, 2011, www.economist.com/node/18330120?story_id=18330120.

according to one South Korean estimate, they contribute almost three-quarters of Chinese GDP: Ibid.

While this approach has a name suggesting it is part of a plan, “one eye open, one eye shut”: “Bamboo Capitalism,” Economist, March 10, 2011, www.economist.com/node/18332610.

with more than 180,000 demonstrations reported in the last year alone: Didi Kirsten Tatlow, “Indifference as a Mode of Operation at China Schools,” New York Times, May 18, 2011, www.nytimes.com/2011/05/19/ vworld/asia/19iht-letter19.html.

the editors of The Economist to conclude that “capitalism with Chinese characteristics”: “Bamboo Capitalism.”

Four hundred million Indians, for example, still live without regular access to electricity: World Bank website, http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTENERGY2/0,,contentMDK:22855502~pagePK:210058~piPK:210062~theSitePK:4114200,00.html.

Fifty million Brazilians, almost a third of the population, live below the poverty line: Alain Rouqie, “Brazil, a South American State Among the Key Players,” in Christopher Jaffrelot, ed., Emerging States: The Wellspring of a New World Order, Cynthia Schoch, trans. (New York: Columbia University Press, 2009), 98.

it ranks 73rd on the Human Development Index: Human Development Report 2010, “The Real Wealth of Nations: Pathways to Human Development” (UNDP, 2010), http://hdr.undp.org/en/media/HDR_2010_EN_ Complete_reprint.pdf.

Brazilian poverty, which fell from 22 percent to 7 percent: “Lifting Families Out of Poverty in Brazil—Bolsa Familia Program,” World Bank, September 27, 2010, http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/LACEXT/BRAZILEXTN/0,,print:Y~isCURL:Y~contentMDK:20754490~menuPK:2024799~pagePK:141137~piPK:141127~theSitePK:322341,00.html.

continued foreign investment in Brazil that reached record levels by the time he left office: Riordan Roett, The New Brazil (Washington, D.C.: Brookings Institution Press, 2010), 91–95.

In a speech in Mumbai in 2010, Larry Summers argued: Vikas Bajaj, “In Mumbai, Adviser to Obama Extols India’s Economic Model,” New York Times, October 15, 2010, www.nytimes.com/2010/10/16/ business/global/16summers.html.

India also still has a shrinking but notable group of “public sector undertakings”: “Public Sector Undertakings in India,” http://india.gov.in/spotlight/spotlight_archive.php?id=78.

The roots of this approach are in the almost four and a half decades of social democratic policies: Uma Kapila, India’s Economic Development Since 1947 (New Delhi: Academic Foundation, 2008).

what one leading Indian businessman has referred to as “Gandhian engineering”: Abhishek Malhotra, Art Kleiner, and Laura W. Geller, “A Gandhian Approach to R&D,” strategy+business, August 24, 2010, www.strategy-business.com/article/10310?gko=516c7.

it demanded bank equity in exchange for its investment, thus ensuring a return for the Swedish people: Carter Dougherty, “Can the U.S. Learn Any Lessons from Sweden’s Banking Rescue?” International Herald Tribune, September 22, 2008.

“If I go into a bank, I’d rather get equity”: “Sweden’s Model Approach to Financial Disaster,” Time, September 24, 2008.

“despite its reputation for austerity, Germany has been for more willing”: David Leonhardt, “The German Example,” New York Times, June 7, 2011, www.nytimes.com/2011/06/08/business/economy/08leonhardt.html.

“There’s a pervasive sense in the United States that government and the economy”: Jia Lynn Yang, “Where Germany, U.S. Differ: How Much Should Government Steer the Economy?” Washington Post, June 7, 2011.

“It is true that other countries are more comfortable with this thing called ‘industrial policy’”: Ibid.

managing city-sized development issues in places like Suzhou: Chen Wen and Sun Wei, “Recent Developments in Yangtze River Delta and Singapore’s Investment,” in Saw Swee-Hock and John Wong, eds., Regional Economic Development in China (Singapore: ISEAS Publishing, 2009), 168–70.

more like the role the U.S. government has historically played: Jeff Madrick, The Case for Big Government (Princeton, NJ: Princeton University Press, 2009).

the soil of Falun had finally given up its last bit of ore: The mine officially ceased operations in 1992. “Stora Enso History,” Stora Enso website, http://81.209.16.116/WebRoot/503425/Taso2_ content_siivottu.aspx?id=515562.

It had hints of Hoffmann’s fictional story: E.T.A. Hoffmann and R. J. Hollingdale, Tales of Hoffmann: The Mines of Falun (New York: Penguin Group, 1982), 336–40.

as the former Swedish finance minister Par Nuder noted: Par Nuder, interview with the author, 2010.