1 Globalisation and its perversions
1. ‘Globalization: a brief overview’, International Monetary Fund (IMF), May 2008, accessed at: www.imf.org/external/np/exr/ib/2008/053008.htm, 4 October 2019.
2. David Ricardo, On the Principles of Political Economy and Taxation, first published 1817.
3. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, Vol. 1, first published 1776.
4. Joan Robinson, Aspects of Development and Underdevelopment, Cambridge University Press, 1979, p.103.
5. ‘Exports of goods and services (% of GDP)’, World Bank databank, accessed at: www.data.worldbank.org/indicator/NE.EXP.GNFS.ZS, 22 October 2019.
6. Janet L. Yellen, ‘Recent developments and the outlook for the economy’, Speech by Ms Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve System, at the City Club of Cleveland, Cleveland, Ohio, 10 July 2015.
7. Susan Houseman, Christopher Kurz, Paul Lengermann and Benjamin Mandel, ‘Offshoring Bias in U.S. Manufacturing’, Journal of Economic Perspectives, Vol. 25, No. 2, 2011.
8. Gwynn Guilford, ‘The epic mistake about manufacturing that’s cost Americans millions of jobs’, Quartz, 3 May 2018, accessed at: www.qz.com, 22 October 2019.
9. Jill Petzinger, ‘Germany has way more industrial robots than the US, but they haven’t caused job losses,’ Quartz, 10 October 2017, accessed at: www.qz.com, 25 October 2019.
10. Scott Andes and Mark Muro, ‘Don’t blame the robots for lost manufacturing jobs’, Brookings Institution blog, accessed at: www.brookings.edu/blog/the-avenue/2015/04/29/, 25 October 2019.
11. Davis H. Autor, David Dorn and Gordon H. Hanson, ‘The China Syndrome: Local Labor Market Effects of Import Competition in the United States’, American Economic Review, Vol. 103, No. 6, 2013.
12. David Acemoglu, David Autor, David Dorn, Gordon H. Hanson and Brendan Price, ‘Import Competition and the Great US Employment Sag of the 2000s’, Journal of Labor Economics, Vol. 34, No. 1. Part 2, 2016.
13. Justin K. Pierce and Peter K. Schott, ‘The Surprisingly Swift Decline of US Manufacturing Employment’, National Bureau of Economic Research (NBER), Working Paper No. 18655, December 2012.
14. Robert E. Scott, ‘Growth in U.S.–China trade deficit between 2001 and 2015 cost 3.4 million jobs’, Economic Policy Institute, 31 January 2017, accessed at: www.epi.org/publication/growth-in-u-s-china-trade-deficit-between-2001-and-2015, 25 October 2019.
15. Ibid.
16. Joseph E. Stiglitz, ‘On the Wrong Side of Globalization’, The New York Times, 15 March 2014.
17. David E. Bonior, ‘Obama’s Free-Trade Conundrum’, The New York Times, 29 January 2014.
18. Ibid.
19. ‘Age – People (Both Sexes Combined – All Races) by Median and Mean Income: 1974–2018’, United States Census Bureau, Historical Income Tables, Table P-10, accessed at: www.census.gov/data/tables/time-series/demo/income-poverty/historical-income-people, 26 October 2019.
20. ‘Germany real wage growth YoY’, Trading Economics, accessed at: www.tradingeconomics.com/germany/wage-growth, 26 October 2019.
21. Federal Reserve Bank of St Louis, Economic data, accessed at: www.fred.stlouisfed.org/series/NYGDPPCAPKDDEU, 26 October 2019.
22. ‘Globalization and the Crisis (2005–Present)’, IMF, accessed at: www.imf.org/external/about/histglob.htm, 26 October 2019.
23. International Labour Organization (ILO), Global Wage Report 2018/19, accessed at: www.hbs.edu/competitiveness/Documents/competitiveness-at-a-crossroads.pdf.
24. ILO World Employment Social Outlook Trends 2019, accessed at: www.ilo.org/global/research/global-reports/weso/2019/lang--en/index.htm
25. Homi Kharas, ‘The unprecedented expansion of the global middle class’, Brookings Institution, Global Economy and Development Working Paper 100, February 2017, accessed at www.brookings.edu/wp-content/uploads/2017/02/global_20170228_global-middle-class.pdf.
26. Hyman P. Minsky, Stabilizing an Unstable Economy, McGraw Hill Education, 2008.
27. F. Fukuyama, ‘The End of History?’, The National Interest, No. 16, Summer 1989.
28. F. Fukuyama, ‘At the “End of History” Still Stands Democracy’, Wall Street Journal, 6 June 2014.
29. J. Huang and S. Rozelle, ‘Agricultural development, nutrition, and the policies behind China’s success’, Asian Journal of Agriculture & Development, 2010, Vol. 7, No. 1, pp.93–126.
30. IMF data library.
31. World Bank data library.
32. Thomas Piketty, Capital in the Twenty-First Century, Harvard University Press, 2014.
33. Martin Wolf, ‘The British economy after the coalition’, Financial Times, 28 April 2015.
34. Michael Porter, Jan Rivkin and Rosabeth Kanter, ‘Competitiveness at a Crossroads: Findings of Harvard Business School’s 2012 Survey on U.S. Competitiveness’, Harvard Business School, February 2013, accessed at www.hbs.edu/competitiveness/Documents/competitiveness-at-a-crossroads.pdf.
35. Robert Skidelsky, ‘Meeting our makers: Britain’s long Industrial decline’, New Statesman, 23 January 2013.
2 What to do with obsolete humans
1. Peter Brabeck, ‘Davos: Smart machines set to transform society’, Financial Times, 21 January 2016, citation, accessed at: www.ft.com/content/c5cf07c4-bf8e-11e5-846f-79b0e3d20eaf.
2. Martin Wolf, ‘Enslave the robots and free the poor’, Financial Times, 21 January 2014, accessed at: www.ft.com/content/dfe218d6-9038-11e3-a776-00144feab7de.
3. Aaron Smith and Janna Andersen, ‘AI, Robotics and the Future of Jobs’, Pew Research Center, 6 August 2014, accessed: at www.pewresearch.org/internet/2014/08/06/future-of-jobs/.
4. Georg Graetz and Guy Michaels, ‘Robots at Work’, Centre for Economic Policy Research, March 2015.
5. Martin Ford, The Rise of the Robots, Basic Books, 2015, p.35.
6. Glen White, ‘Volkswagen to replace human workforce with robots to meet demand’, The Manufacturer, 7 October 2014, citation, accessed at: www.manufacturingglobal.com/people-and-skills/volkswagen-replace-human-workforce-robots-germany-meet-demand.
7. Wassily Leontief, ‘National Perspective: The Definition of Problems and Opportunities’, National Academy Press, 30 June 1983, Part of National Academy of Engineering Symposium on the Long-Term Impact of Technology on Employment and Unemployment.
8. Craig Holmes and Ken Mayhew, CIPD Policy Report, ‘Over-qualification and skills mismatch in the graduate labour market’, August 2015, accessed at: www.cipd.co.uk/knowledge/work/skills/graduate-labour-market-report.
9. Larry Page, Khosla Ventures CEO Summit, 3 July 2014, accessed at: www.khoslaventures.com/fireside-chat-with-google-co-founders-larry-page-and-sergey-brin, 29 October 2019.
10. Eric Schmidt, widely reported speech at Davos World Economic Forum, January 2014.
11. Martin Ford, The Lights in the Tunnel, Acculant Publishing, 2009.
12. Marc Andreessen, ‘Why software is eating the world’, Wall Street Journal, 10 August 2011.
13. Ford, The Rise of the Robots, p.11.
14. Minsky, Stabilizing an Unstable Economy.
15. Robert Gordon, The Rise and Fall of American Growth, Princeton University Press, 2015.
16. Shawn Sprague, ‘Below trend: The US productivity slowdown since the great recession’, Bureau of Labor Statistics, Vol. 6, No. 2, January 2017.
17. ‘Real Median Personal Income in the United States,’ Federal Reserve Bank of St Louis, Economic research, accessed at: www.fred.stlouisfed.org/series/MEPAINUSA672N.
18. ‘Technology does not possess a divine right’, Financial Times leader, 26 January 2015.
19. Brian Groom, ‘Weak productivity cited as main reason for falling wages’, Financial Times, 31 January 2014.
20. ‘Automation and the threat to jobs’, Financial Times leader, 27 January 2014.
21. Carl Benedikt Frey and Michael A. Osborne, ‘The future of employment: How susceptible are jobs to computerization’, Oxford Martin Programme on Technology and Employment, 17 September 2013, accessed at: www.fhi.ox.ac.uk/wp-content/uploads/The-Future-of-Em%22ployment-How-Susceptible-Are-Jobs-to-Computerization.pdf.
22. Ford, The Rise of the Robots, p.55.
23. Ibid.
24. Erik Brynjolfsson and Andrew MacAfee, Race Against the Machine: How the digital revolution is accelerating innovation, driving productivity, and irreversibly transforming employment and the economy, Digital Frontier Press, 2011.
25. Robert Reich, ‘Why we’ll need a universal basic income’, 29 September 2016, accessed at: www.Robertreich.org, 30 October 2019.
26. Guy Standing, ‘Basic Income as Common Dividends: Piloting a Transformative Policy’, Report for the Shadow Chancellor of the Exchequer, 7 May 2019.
3 The falling share of labour in the economy
1. Bureau of Labor Statistics, US Department of Labor and S&P 500 index.
2. ‘Playing to win: The new global competition for global profits’, McKinsey Global Institute, September 2015.
3. ‘UK corporate profits as a percentage of GDP, 1988–2015’, Thomson Reuters Datastream and Office for National Statistics (ONS).
4. Piketty, Capital in the Twenty-First Century.
5. Henry Ford, 6 June 1913, accessed at: www.quoteswise.com/henry-ford-quotes.
6. S&P 500 Historical Return Calculator to July 2019, accessed at: www.dqydj.com/sp-500-historical-return-calculator/.
7. Stephen Machin, ‘Real Wages and Living Standards’, Chart from the Centre for Economic Performance, London School of Economics, 26 March 2015, accessed at: www.cep.lse.ac.uk/pubs/download/EA024.pdf.
8. ‘Analysis of real earnings and contributions to nominal earnings growth, Great Britain, September 2018’, Office for National Statistics (ONS), accessed at: www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/articles/supplementaryanalysisofaverageweeklyearnings/september2018, 5 November 2019.
9. Machin, ‘Real Wages and Living Standards’, 26 March 2015.
10. Stephen Machin, Conference, Bank of England, 23 and 24 September 2015.
11. Lenny Aizenman and Richard Lane, ‘US companies’ cash holdings down 15.2% as capex, dividends, buy-backs and acquisitions hit new record highs’, Moody’s Investor Services, 10 June 2019, accessed at: www.moodys.com/research/, 5 November 2019.
4 Rising inequality in developed countries
1. Gustavo Gonzales, OECD Secretary General on Twitter, 29 January 2018.
2. Emmanuel Saez and Gabriel Zucman, ‘Wealth Inequality in the United States Since 1913: Evidence from Capitalized Income Tax Data’, NBER, Working Paper No. 20625, October 2014.
3. ‘Savings as % of adjusted disposable income, by equivalised disposable income quintile, 2008, 2012 and 2013’, Office for National Statistics (ONS), accessed at: www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/thedistributionofhouseholdincomeconsumptionandsavingsanoecdstudy/2015-11-30
4. Era Dabal-Norris, Kalpana Kochbar et al., ‘Causes and Consequences of Income Inequality: A Global Perspective’, IMF Staff discussion note, June 2015.
5. ‘In It Together: Why Less Inequality Benefits All’, OECD, May 2015, accessed at: www.oecd.org/social/in-it-together-why-less-inequality-benefits-all-9789264235120-en.htm.
6. The Bank Credit Analyst, Issue of March 2015
7. Caroline Binham, ‘UK reviews impact of student debt on financial stability’, Financial Times, 16 January 2019.
8. Angela Moneghan and Sally Weale, ‘UK student debt soars to more than £100 billion’, The Guardian, 15 June 2017.
9. Sutirtha Bagchi and Jan Svejnar, ‘Does wealth inequality matter for growth?: The effect of billionaire wealth, income distribution and poverty’, Institute of Labor Economics (IZA) Discussion Paper No. 7733, November 2013.
10. ‘Focus on Inequality and Growth’, OECD, December 2014, accessed at: www.oecd.org/social/Focus-Inequality-and-Growth-2014.pdf.
11. Gabriel Wildau and Tom Mitchell, ‘China income inequality among the world’s worst’, Financial Times, 15 January 2016.
12. Sean Gorman, ‘Bernie Sanders says Walmart heirs are wealthier than bottom 40 percent of Americans’, Politifact Virginia, 14 March 2016, accessed at: www.politifact.com/virginia/statements/2016/mar/14/bernie-s/bernie-sanders-says-walmart-heirs-are-wealthier-bo/, 6 November 2019.
13. Emmanuel Saenz and Gabriel Zucman, ‘Wealth inequality in the United States since 1913; Evidence from capitalized income data’, The Quarterly Journal of Economics, May 2016.
14. ‘The American middle class is losing ground’, Pew Research Center, 9 December 2015, accessed at: www.pewsocialtrends.org/2015/12/09/the-american-middle-class-is-losing-ground/.
15. Sydney Leng, ‘China’s dirty little secret: Its growing wealth gap’, South China Morning Post, 7 July 2017.
16. ‘Proportion of aggregate wealth owned by the top 5% and top 1% 2006–2016’, ONS, 10 May 2018.
17. Bobby Duffy, ‘Comprehending the growing divide’, Director of The Policy Institute, King’s College London, 8 November 2018, accessed on www.bbc.com, 6 November 2019.
18. ‘An economy for the 1%’, Oxfam, 18 January 2016.
19. Noam Chomsky, Quora, 1 March 2016.
20. A. B. Atkinson and S. Morelli, ‘The Chartbook of Economic Inequality’, 2014, accessed at: www.ecineq.org/milano/WP/ECINEQ2014-324.pdf, 6 November 2019.
21. Thomas Piketty and Emmanuel Saez, ‘The Evolution of Top Incomes: A Historical and International Perspective’, NBER, Working Paper No. 11955, January 2006.
22. ‘Income share held by the highest 10% – United States, United Kingdom’, World Bank Development Research Group, accessed at: data.worldbank.org/indicator/SI.DST.10TH.10?locations=US-GB, 6 November 2019.
23. Megan Murphy, ‘US ponders inequality amid economic rebound’, Financial Times, 12 January 2015.
24. ‘Income Inequality, Italy, 1980–2016’, World Inequality Database, accessed at: www.wid.world/country/italy/, 6 November 2019.
25. Bertrand Garbinti, Jonathan Goupille-Lebret and Thomas Piketty, ‘Income inequality in France: Economic growth and the gender gap’, Vox CEPR Policy Portal, 5 September 2018, accessed at: www.voxeu.org/article/income-inequality-france, 6 November 2019.
26. John Kay, ‘Rise in US and UK inequality principally due to financialisation and executive pay’, 6 January 2015, accessed at: www.johnkay.com/2015/01/06/rise-in-us-and-uk-inequality-principally-dueto-financialisation-and-executive-pay/, 6 November 2019.
27. Employee earnings in the UK, ONS, 25 October 2018.
28. ‘Finance Salaries: Average Base Pay’, Glassdoor, accessed at: www.glassdoor.co.uk/Salaries/finance-salary-SRCH_KO0,7.htm.
29. Lawrence Mishal and Jessica Schieder, ‘CEO compensation surged in 2017’, Economic Policy Institute (EPI), 16 April 2018, accessed at: www.epi.org/publication/ceo-compensation-surged-in-2017/, 6 November 2019.
30. Olga Khazan, ‘US corporate executives aren’t the only ones making tons of money’, The Atlantic, 19 March 2013, accessed at: www.theatlantic.com/international/archive/2013/03/us-corporate-executives-arent-the-only-ones-making-tons-of-money/274136/, 6 November 2019.
31. ‘Executive pay: Review of FTSE 100 executive pay packages’, CIPD, accessed at: www.cipd.co.uk/Images/7571-ceo-pay-in-the-ftse100-report-web_tcm18-26441.pdf
32. Robert Colville, ‘Yes, CEOs are ludicrously overpaid. And yes it’s getting worse’, Daily Telegraph, 13 October 2014.
33. Jonas Cho Walsgard, ‘Steering clear of the top paid CEOs pays off for a Nordea fund’, re Robert Naes, investment manager at Nordea Bank, Bloomberg, 6 March 2019, accessed at www.bloomberg.com/news/articles/2019-03-06/steering-clear-of-the-top-paid-ceos-is-paying-offfor-this-fund.
34. Henry Mance, ‘Quidell under fire over new appointments’, Financial Times, 13 January 2015, accessed at: www.ft.com/content/a6eca70a-9a30-11e4-8426-00144feabdc0.
35. David Oakley and Alison Smith, ‘Temperature rising again on corporate pay’, Financial Times, 5 May 2014, accessed at: www.ft.com/content/c3890eaa-d44a-11e3-a122-00144feabdc0.
5 The debt explosion in the West
1. Bruce Western and Jake Rosenfeld, ‘Unions, Norms, and the Rise in U.S. Wage Inequality’, American Sociological Review, 4 August 2011.
2. Union Members Summary, Bureau of Labor Statistics, 18 January 2019.
3. Carl Roper, ‘Trade union membership is growing but there’s still work to do’, TUC blog, 31 May 2018, accessed at: www.tuc.org.uk/blogs/trade-union-membership-growing-there’s-still-work-do, 31 May 2018.
4. ‘How the decline of unions will change America’, The Economist, 19 June 2018, accessed at: www.economist.com/united-states, 7 November 2019.
5. Jaumotte and Osorio Buitron, ‘Union Power and Inequality’, CEPR’s Policy Portal, 22 October 2015. The advanced economies in this study are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the UK and the US.
6. Felix Richter, ‘50 years of US wages, in one chart’, World Economic Forum (WEF), 12 April 2019, accessed at: www.weforum.org/agenda/2019/04/50-years-of-us-wages-in-one-chart, 7 November 2019.
7. ‘The state of American jobs’, Pew Research Center, 6 October 2016, accessed at: www.pewsocialtrends.org/2016/10/06/the-state-of-american-jobs/.
8. Adair Turner, Between Debt and the Devil, Princeton University Press, 2016, p.178.
9. ‘The hollowing of the American middle class’, Pew Research Center, 9 December 2015, accessed at: www.pewsocialtrends.org/2015/12/09/1-the-hollowing-of-the-american-middle-class/.
10. ‘Global productivity growth remains weak’, Total Economy Database™ – Key Findings, The Conference Board, April 2019, accessed at: www.conference-board.org/data/economydatabase/.
11. Luigi Buttiglione, Philip Lane, Lucretia Reichlin and Vincent Reinhart, ‘Deleveraging? What de-leveraging?’, International Center for Monetary and Banking Studies, September 2014, accessed at: www.ycsg.yale.edu/sites/default/files/files/deleveraging_geneva.pdf.
12. Atif Mian and Amir Sufi, House of Debt, University of Chicago Press, 2014.
13. Ben McLannahan on Jack Guttentag, ‘The nonagenarian taking on home lenders’, Financial Times, 17 April 2016.
14. Buttiglione et al., ‘Deleveraging? What de-leveraging?’
15. Turner, Between Debt and the Devil, p.7.
16. ‘The diminishing impact of debt on U.S. economic growth’, Disruptive Investor, 14 January 2009, accessed at: www.seekingalpha.com/article/143089-the-diminishing-impact-of-debt-on-u-s-economic-growth, 7 November 2019.
17. Charles Finch, Financial Times, Letters, 15 May 2015.
18. Turner, Between Debt and the Devil, Preface.
19. Alan Greenspan, ‘Risk Transfer and Financial Stability’, Remarks to the Federal Reserve Bank of Chicago’s 41st annual conference, 5 May 2005.
20. Alan Greenspan in a speech to the Commercial Finance Association on 26 October 2006, as reported by the Associated Press (‘Finally, Greenspan can speak his mind’).
21. Alan Greenspan, The Age of Turbulence, Penguin, 2007.
22. ‘Greenspan admits mistake that helped crisis’, NBC News, 23 October 2008, accessed at: www.nbcnews.com/id/27335454/ns/business-stocks_and_economy/t/greenspan-admits-mistake-helped-crisis/#.XUneGi2Q1N0, 7 November 2019.
23. ‘Average annual wages’, OECD.Stat, accessed at: stats.oecd.org/Index.aspx?DataSetCode=AV_AN_WAGE, 7 November 2019.
24. Buttiglione et al., ‘Deleveraging? What de-leveraging?’
25. Ibid.
6 The free market, politics and the road to the Great Financial Crisis
1. Minsky, Stabilizing an Unstable Economy.
2. Ibid., p.191.
3. ‘Greenspan says he would pre-empt asset bubbles financed by debt’, Newsmax, 4 December 2013, accessed at: www.newsmax.com/finance/greenspan-bubble-federal-reserve-economy/2014/12/04/id/611129/, 7 November 2019.
4. Remarks by Mr Alan Greenspan, Chairman of the Board of Governors of the US Federal Reserve System, before the Economic Club of New York, New York City, 19 December 2002.
5. Ayn Rand, The Ayn Rand Institute, accessed at: aynrand.org.
6. Greenspan, The Age of Turbulence.
7. ‘Greenspan Says Tariffs on China Would Hurt U.S. Economy, Jobs’, Bloomberg News, accessed on 7 January 2013.
8. Jesse Colombo, ‘Black Monday, the stock market crash of 1987’, The Bubble, 3 August 2012, accessed at: www.thebubblebubble.com/1987-crash/, 10 November 2019.
9. Kimberley Amadeo, ‘Savings and loan crisis explained’, The Balance, 25 June 2019, accessed at: www.thebalance.com/savings-and-loans-crisis-causes-cost-3306035, 8 November 2019.
10. Federal Deposit Insurance Corporation (FDIC) and James R. Barth, ‘History of the eighties, lessons for the future’, The Great Savings and Loan Debacle, American Enterprise Institute Press, 1991, Chapter 4, accessed at: www.fdic.gov/bank/historical/history/167_188.pdf, 8 November 2019.
11. Timothy Curry and Lynn Shibut, ‘The Cost of the Savings and Loans Crisis: Truth and Consequences’, FDIC Banking Review, 1 January 2000, accessed at: www.fdic.gov/bank/analytical/banking/br2000v13n2.pdf, 8 November 2019.
12. William Seidman, ‘Lessons of the eighties, what does the evidence show?’, accessed at: www.fdic.gov/bank/historical/history/vol2/panel3.pdf, 8 November 2019.
13. FDIC and Barth, ‘History of the eighties, lessons for the future’, Chapter 4.
14. ‘US Housing Starts Fall from 12-Year High’, Trading Economics, accessed at: www.tradingeconomics.com/united-states/housing-starts, 8 November 2019.
15. Joseph Whit, ‘The Mexican Peso Crisis’, Federal Reserve Bank of Atlanta, Economic Review, accessed at: www.frbatlanta.org/-/media/documents/research/publications/economic-review/1996/vol81no1_whitt.pdf, 8 November 2019.
16. Ibid.
17. Giancarlo Corsetti, Paolo Pesenti and Nouriel Roubini, ‘What caused the Asian currency and financial crisis’, NBER, December 1998, accessed at: www.nber.org/papers/w6833.pdf, 8 November 2019.
18. IMF Staff, ‘Recovery from the Asian crisis and the role of the IMF’, accessed at: www.imf.org/external/np/exr/ib/2000/062300.htm#VI, 8 November 2019.
19. Sergei Ulatov and Brian Pinto, ‘Financial Globalization and the Russian Crisis of 1998’, The World Bank Managing Director’s Office, May 2010.
20. Abigail Chiodo and Michael Owyang, ‘A Case Study of a Financial Crisis: The Russian Default of 1998’, Federal Reserve Bank of St Louis, November / December 2002, accessed at: www.files.stlouisfed.org/files/htdocs/publications/review/02/11/ChiodoOwyang.pdf.
21. Alan Greenspan, ‘The economic outlook’, Testimony to the Joint Economic Committee, US Congress, 13 November 2002, accessed at: www.bis.org/review/r021114a.pdf, 8 November 2019.
22. Alan Greenspan, ‘Understanding household debt obligations’, Federal Reserve Board, 23 February 2004, accessed at: www.federalreserve.gov/boarddocs/speeches/2004/20040223/, 8 November 2019.
23. Alex Pollock, ‘Mugged by Uncertainty. What can Alan Greenspan still teach us?’, Law & Liberty, 29 December 2013, accessed at: www.lawliberty.org/book-review/mugged-by-uncertainty-what-can-alan-greenspan-still-teach-us/, 8 November 2019.
24. Andy Blatchford, ‘Explosion of global debt biggest risk to world financial system, Bank of Canada warns’, Financial Post, 15 March 2019, accessed at: www.business.financialpost.com/news/economy/rising-global-debt-holding-back-growth-opening-up-vulnerabilities-central-bank, 8 November 2019.
25. Minsky, Stabilizing an Unstable Economy.
26. Federal Reserve Bank of St Louis, Economic data, accessed at: www.fred.stlouisfed.org/series/USHOWN, 8 November 2019.
27. Mark Zandi, ‘Financial Shock: Global panic and government bail-outs – how we got here and what must be done to fix it, Pearson Education, 2010.
28. ‘US National Debt and Deficit History’, US Government Spending, accessed at: www.usgovernmentspending.com/debt_deficit_history, 8 November 2019.
29. Gautam Mukunda. ‘The social and political cost of the financial crisis, ten years later’, Harvard Business Review, 25 September 2018, accessed at: www.hbr.org/2018/09/the-social-and-political-costs-of-the-financial-crisis-10-years-later, 8 November 2019. The combination of increased expenditures and decreased revenues resulting from the crisis from 2008–10 is likely to cost the United States government well over $2 trillion, more than twice the cost of the 17-year-long war in Afghanistan. Broader measures are even more damning. Measured by decrease in per capita United States GDP compared to the pre-crisis trend, by 2016 the crisis had cost the country 15% of GDP, or $4.6 trillion.
30. Tom Clark and Andrew Dilnot, ‘Measuring the UK fiscal stance since the Second World War’, Institute for Fiscal Studies, Briefing Note No. 6, 2002.
31. ‘Annual consolidate balance sheet of the eurosystem’, European Central Bank, accessed at: www.ecb.europa.eu/pub/annual/balance/html/index.en.html, and Federal Reserve Board, accessed at: www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
7 The challenge to democracy
1. Paul Krugman, ‘Reagan was a Keynseian’, Economist’s View, 8 June 2012, accessed at: economistsview.typepad.com/economistsview/2012/06/paul-krugman-reagan-was-a-keynesian.html, 8 November 2019.
2. ‘Revenue Effects of Major Tax Bills’, Office of Tax Analysis, Dept of the Treasury, February 2013, accessed at: www.treasury.gov/resource-center/tax-policy/tax-analysis/Documents/WP81-Table2013.pdf, 9November 2019.
3. William Greider, The Atlantic Monthly Company, 22 November 1981.
4. Stuart Auerbach, ‘America the diminished giant’, Washington Post, 15 April 1987, accessed at: www.washingtonpost.com.
5. Ed Harris and Frank Sammartino, ‘Trends in the distribution of household income, 1979–2009’, Congressional Budget Office, 6 August 2012, accessed at: www.cbo.gov/publication/43524.
6. Noam Chomsky, Requiem for the American Dream, Seven Stories Press, 2017.
7. House of Commons Library Briefing Paper No. 01942, 12 November 2018.
8. John Stuart Mill, Utilitarianism, first published 1861.
9. Kenneth Arrow, Social Choice and Individual Values, Yale University Press, 1951.
10. Anthony Downs, An Economic Theory of Democracy, Harper, 1957.
11. Mark Cartwright, ‘Athenian Democracy’, Ancient History Encyclopaedia, 3 April 2018.
12. Colin Brennan, ‘Millennials are falling behind their boomer parents’, USA Today, accessed at: www.usatoday.com/story/money/2017/01/13/millennials-falling-behind-boomer-parents/96530338/; updated 13 January 2017, Telegraph Forum.
13. Raj Chetty, David Grusky et al., ‘The fading American dream: trends in absolute income mobility since 1940’, NBER, Working Paper No. 22910, December 2016.
14. ‘Youth better or worse than parents’, IPSOS survey, 11 October 2016, accessed at: www.ipsosglobaltrends.com/youth-better-or-worse-than-parents/, 9 November 2019.
15. Fahmina Rahman and Daniel Tomlinson, ‘Intergenerational Commission Report’, Resolution Foundation, February 2018, accessed at: www.resolutionfoundation.org/app/uploads/2018/02/IC-international.pdf.
16. Hansard Society, 2019 Audit of Political Engagement, accessed at: www.hansardsociety.org.uk/blog/finding-of-support-for-a-’strong-leader’-helps-provoke-responses-to-2019.
17. John Plender, ‘Capitalism in crisis: The code that forms a bar to harmony’, Financial Times, 9 January 2012, accessed at: www.ft.com/content/fb95b4fe-3863-11e1-9d07-00144feabdc0.
18. John Maynard Keynes, Essays in Persuasion, Macmillan, first published 1931.
19. Lawrence Summers, ‘Voters deserve responsible nationalism, not reflex globalism’, Financial Times, 10 July 2016.
20. Alistair Gray, ‘Top financier warns on anti-business sentiment’, Financial Times, 29 September 2015.
21. Deepanshu Bagchee, ‘The American dream is now a myth: Joseph Stiglitz’, CNBC, 26 June 2012, accessed at: www.cnbc.com/id/47957186, 8 November 2019.
22. Economist Intelligence Unit, Democracy Index 2018.
23. Anne Case and Angus Deaton, ‘Mortality and morbidity in the 21st century’, Brookings Institution Paper, April 2017.
24. Drake Baer and Thrive Global, ‘Why are American men getting less marriageable’, Business Insider, 20 January 2018.
25. ‘Share of births outside of marriage’, OECD Family Database 2018, accessed at: www.oecd.org/els/family/SF_2_4_Share_births_outside_marriage.pdf, 8 November 2019.
26. Gillian Tett, ‘Bridgewater billionaire Ray Dalio: “I have an affinity for mistakes”’, Financial Times interview, 12 January 2018.
27. ‘Italy GDP per capita’, Trading Economics, accessed at: www.tradingeconomics.com/italy/gdp-per-capita, 8 November 2019.
28. Mark Mazower, ‘Ideas that fed the beast of fascism flourish today’, Financial Times, 6 November 2016.
29. Ibid.
8 The capture of the political system by private interest groups
1. ‘Public Good or Private Wealth?’, Oxfam Brief, January 2019, accessed at: www.oxfamilibrary.openrepository.com/bitstream/handle/10546/620599/bp-public-good-or-private-wealth-210119-summ-en.pdf?utm_source=indepth.
2. United Nations Sustainable Development Goals, accessed at: www.un.org/sustainabledevelopment/poverty/, 9 November 2019.
3. Bernie Sanders, ‘Let’s wrench power back from the billionaires’, The Guardian, 14 January 2018, accessed at: www.theguardian.com/commentisfree/2018/jan/14/power-billionaires-bernie-sanders-poverty-life-expectancy-climate-change.
4. Jill Abramson, ‘Return of the secret donors’, The New York Times, 16 October 2010, accessed at: www.nytimes.com/2010/10/17/weekinreview/17abramson.html.
5. Federal Election Commission, ‘McCutchon v. FEC: Supreme court finds biennial limits unconstitutional’, 15 April 2014, accessed at: www.fec.gov/updates/mccutcheon-v-fec-supreme-court-finds-aggregate-biennial-limits-unconstitutional/.
6. Bill Allisson and Elizabeth Dexheimer, ‘Wall Street and Kochs fuel most expensive U.S. senate race ever’, Bloomberg, ‘U.S. Campaign Finance’, 3 November 2016, accessed at: www.bloomberg.com/news/articles/2016-11-03/wall-street-and-kochs-fuel-most-expensive-u-s-senate-race-ever.
7. Bill Allisson, Mira Rojanasakul, Brittany Harris and Cedric Sam, ‘Tracking the 2016 presidential race’, Bloomberg, 9 December 2016.
8. Joshua L. Kalla and David E. Brookman, American Journal of Political Science, July 2016.
9. Christopher Witko, ‘Campaign contributions, access, and government contracting’, Journal of Public Administration and Theory, 18 March 2011, accessed at: www.academic.oup.com/jpart/article-abstract/21/4/761/955742.
10. Eleanor Neff Powell and Justin Grimmer, ‘Money in exile: campaign contributions and committee access’, The Journal of Politics, August 2016.
11. Anthony Fowler, Haritz Garro and Jörg L. Spenkuch, ‘Quid pro quo? Corporate returns to campaign contributions,’ June 2017, accessed at: www.pdfs.semanticscholar.org/e981/58bbc9f3bac640a370b88870c166caf7a855.pdf.
12. Thomas Bassetti and Filippo Pavesi, ‘Electoral Contributions and the Cost of Unpopularity’, Economic Inquiry, 2017, Vol. 55, No. 4, pp.1771–91; doi: 10.1111/ecin.12461.
13. Michael Traugott, Reuters, 9 November 2016.
14. Chris Morris, ‘The 10 politicians who have benefited the most from NRA funding’, fortune.com, 15 February 2018, accessed at: www.fortune.com/2018/02/15/nra-contributions-politicians-senators/.
15. Aaron Kessler, ‘Why the NRA is so powerful, by the numbers’, CNN, 23 February 2018, accessed at: www.edition.cnn.com/2018/02/23/politics/nra-political-money-clout/index.html.
16. Charlotte Hill, ‘The real reason the NRA’s money matters in elections’, Vox, updated 24 March 2018, accessed at: www.vox.com/the-big-idea/2018/2/27/17051560/money-nra-guns-contributions-donations-parkland-march.
17. The Library of Congress, Campaign finance in Germany, accessed at: www.loc.gov/law/help/campaign-finance/germany.php#t53.
18. Martin Gilens and Benjamin Page, ‘Testing theories of American politics: elites, interest groups, and average citizens’, American Political Science Association, 2014, accessed at: www.scholar.princeton.edu/sites/default/files/mgilens/files/gilens_and_page_2014_-testing_theories_of_american_politics.doc.pdf.
19. Karl Evers-Hillstrom, ‘Lobbying reaches $3.4 billion in 2018, highest in 8 years’, Open Secrets News, 25 January 2019, accessed at: www.opensecrets.org/news/2019/01/lobbying-spending-reaches-3-4-billion-in-18/.
20. ‘Wall Street lobby and campaign cash tops $2 billion for 2016 elections’, Americans for Financial Reform, March 2017, accessed at: www.ourfinancialsecurity.org/2017/03/afr-report-wall-street-lobby-campaign-cash-tops-2-billion-2016-elections/.
21. ‘Industries’, Centre for Responsive Politics, Open Secrets, accessed at: www.opensecrets.org/federal-lobbying/industries?cycle=2018.
22. Zachary Mider and Ben Elkin, ‘How Hedge Funds (Secretly) Get Their Way in Washington’, Bloomberg Businessweek, 25 January 2018.
23. Alan Rappeport and Emily Flitter, ‘Congress approves first big Dodd-Frank rollback’, The New York Times, 22 May 2019, accessed at: www.nytimes.com/2018/05/22/business/congress-passes-dodd-frank-rollback-for-smaller-banks.html.
24. Alan Rappeport and Emily Flitter, ‘Regulators move to ease post-crisis relation of Wall Street’, The New York Times, 6 March 2019, accessed at: www.nytimes.com/2019/03/06/business/bank-regulation.html.
25. Charles Calomiris and Stephen Haber, Fragile by Design: The Political Origins of Banking Crises and Scarce Credit, Princeton University Press, 2014.
26. Susanne Craig and Deborah Solomon, ‘Bank Bonus Tab: $33 Billion’, Wall Street Journal, 31 July 2009, re. Andrew Cuomo, The Bank Bonus Report, July 2009, accessed at: www.wsj.com/articles/SB124896891815094085, 9 November 2019.
27. David Luttrell, Tyler Atkinson and Harvey Rosenblum, ‘Assessing the cost and consequences of the 2007–09 financial crisis and its aftermath’, Federal Reserve Bank of Dallas, 7 September 2013, accessed at: www.dallasfed.org/research/eclett/2013/el1307.cfm.
28. ‘Taxpayer support for UK banks: FAQs’, National Audit Office, updated November 2019, accessed at: www.nao.org.uk/highlights/taxpayer-support-for-uk-banks-faqs/.
29. Robert Strauss, ‘It was the Greeks who paid to bail out those bankers’, Financial Times, Letters, 21 December 2017.
30. ‘Annual consolidate balance sheet of the eurosystem’, European Central Bank, accessed at: www.ecb.europa.eu/pub/annual/balance/html/index.en.html.
31. Michael MacKenzie, ‘Charts that matter: The importance of central banks for equity prices’, Financial Times, 14 July 2017.
32. Paul Marshall, ‘Central banks have made the rich richer,’ Financial Times, 22 September 2015.
33. Writing in Marc Faber’s Gloom, Boom & Doom Report, 23 September 2013.
34. ‘Lobbying expenses spiked as Congress shaped tax overhaul’, The Independent Ledger, 10 February 2018, accessed at: www.maysvilleonline.com/news/40673/lobbying-expenses-spiked-as-congress-shaped-tax-overhaul.
35. Lee Fang, ‘Lawmakers who championed repeal of web browsing privacy protections raked in telecom campaign cash’, The Intercept, 14 April 2017, accessed at: theintercept.com/2017/04/13/telecom-cash-isp/, 9 November 2019.
36. Ben Brody, ‘Google topped peers in lobbying as Washington beat up big tech’, Bloomberg, 24 January 2018.
37. Geoff West, ‘Lobbying by Telecom industry spikes to end 2017’, Open Secrets, 23 January 2018, accessed at: www.opensecrets.org/news/2018/01/lobbying-by-telecoms-industry-2017/, 9 November 2019.
38. ‘Lawrence Lessig on Money, Corruption and Politics’, On Point, 2 January 2012, accessed at: www.wbur.org/onpoint/2012/01/02/lawrence-lessig-on-money-corruption-and-politics, 10 November 2019.
39. Jack Abramof, ‘Lobbying Reforms haven’t fixed flawed system’, CNN, 9 November 2011, accessed at: www.edition.cnn.com/2011/11/06/politics/abramoff-ethics/index.html, 9 November 2019.
40. Gary Rivlin and Susan Antilla, ‘No protection for protectors’, The Intercept, 18 November 2017, accessed at: www.theintercept.com/2017/11/18/wall-street-wants-to-kill-the-agency-protecting-americans-from-financial-scams/, 10 November 2019.
41. Pete Schroeder, ‘U.S. regulators hand Wall Street a major win with stripped-down “Volcker rule”’, Reuters, 20 August 2019, accessed at: www.reuters.com/article/us-usa-banks-volcker/u-s-regulators-hand-wall-street-a-major-win-with-stripped-down-volcker-rule-idUSKCN1VA1B8, 9 November 2019.
42. Greg Robb, ‘Aggressive Volcker rule changes to come quickly, top Fed official in charge of regulation says’, Marketwatch, 5 March 2018, accessed at: www.marketwatch.com/story/aggressive-volcker-rule-changes-to-come-quickly-top-fed-official-in-charge-of-regulation-says-2018-03-05, 9 November 2019.
43. ‘Payday, vehicle title and certain high-cost instalment loans’, Consumer Financial Protection Bureau, 6 February 2019, accessed at: www.consumerfinance.gov/policy-compliance/rulemaking/rules-under-development/payday-vehicle-title-and-certain-high-cost-installment-loans/, 9 November 2019.
44. Barney Jopson, ‘Obama holdout stands in the way of US bank deregulatory wave’, Financial Times, 3 May 2018, accessed at: www.app.ft.com/content/cd8d0576-4e00-11e8-8a8e-22951a2d8493.
45. Donald Light, Joel Lexchin and Jonathan Darrow, ‘Institutional Corruption of Pharmaceuticals and the Myth of Safe and Effective Drugs’, The Journal of Law, Medicine & Ethics, September 2013, Vol. 41, pp.590–600; doi.org/10.1111/jlme.12068.
46. Ibid.
47. ‘Opinion of the Scientific Committee on Veterinary Measures Relating to Public Health’, European Commission, 30 April 1999, accessed at: www.ec.europa.eu/food/sites/food/files/safety/docs/sci-com_scv_out21_en.pdf., 9 November 2019.
48. ‘Driving into Disaster’, Corporate Europe Observatory, 23 February 2017, accessed at: www.corporateeurope.org/en/pressreleases/2017/02/european-commission-complicit-dieselgate-scandal-say-ngos, 9 November 2019.
49. ‘Evaluation of five organophosphate insecticides and herbicides’, International Agency for Research on Cancer, World Health Organization, IARC Monographs, Vol. 112, 20 March 2015, accessed at: www.iarc.fr/wp-content/uploads/2018/07/MonographVolume112-1.pdf., 9 November 2019.
50. Tina Bellon, ‘California jury hits Bayer with $2 billion award in California Roundup cancer trial’, Reuters, 14 May 2019, accessed at: www.reuters.com/article/us-bayer-glyphosate-lawsuit/california-jury-hits-bayer-with-2-billion-award-in-roundup-cancer-trial-idUSKCN1SJ29F, 9 November 2019.
51. Arthur Neslen, ‘EU report on weedkiller safety copied report from Monsanto study’, The Guardian, 15 September 2017, accessed at: www.theguardian.com/environment/2017/sep/15/eu-report-on-weedkiller-safety-copied-text-from-monsanto-study, 9 November 2019.
52. Arthur Neslen, ‘EU on brink of historic decision on pervasive glyphosate weedkiller’, The Guardian, 24 October 2017, accessed at: www.theguardian.com/environment/2017/oct/24/eu-brink-historic-decision-pervasive-glyphosate-weedkiller, 9 November 2019.
53. Diane Coyle, ‘Protect faith in privatised monopolies with tougher regulation’, Financial Times, 6 October 2017.
9 Declining taxes and the pauperisation of the nation state
1. Erica York, ‘Income taxes on the top 0.1 per cent weren’t much higher in the 1950s’, Tax Foundation, 31 January 2019, accessed at: www.taxfoundation.org/income-taxes-on-the-rich-1950s-not-high/.
2. Kimberly Amadeo, ‘Fiscal year 2019: Trump’s Budget Request’, The Balance, updated 8 August 2019, accessed at: www.thebalance.com/fy-2019-federal-budget-summary-of-revenue-and-spending-4589082.
3. Helen Miller, ‘What’s been happening to corporation tax?’, Institute for Fiscal Studies, 10 May 2017, accessed at: www.ifs.org.uk/publications/9207.
4. ‘Tax revenue trends in the OECD’, OECD Revenue Statistics 2018, accessed at: www.oecd.org/tax/tax-policy/revenue-statistics-highlights-brochure.pdf.
5. National Insurance, accessed at: www.gov.uk/national-insurance, 9 November 2019.
6. ‘The effects of taxes and benefits on income inequality: 1977 to financial year ending 2015’, ONS, 8 April 2016, accessed at: www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/theeffectsoftaxesandbenefitsonincomeinequality/1977tofinancialyearending2015.
7. Robert Bellafiore, ‘Summary of the latest federal income tax update, 2018 update’, Tax Foundation, 13 November 2018, accessed at: www.taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/.
8. Frank Samartino, ‘Taxes and Income Inequality’, Tax Policy Center, 15 June 2017, accessed at: www.taxpolicycenter.org/publications/taxes-and-income-inequality/full.
9. ‘Focus on top incomes and taxation in OECD: Was the crisis a game changer?’, OECD, May 2014, accessed at: www.oecd.org/social/OECD2014-FocusOnTopIncomes.pdf, 9 November 2019.
10. ‘Part II – Trends in global inequality’, World Inequality Lab, accessed at: www.wir2018.wid.world/part-2.html, 9 November 2019.
11. Duncan Robinson, ‘Report links McDonalds to EU tax avoidance scandal’, Financial Times, 25 February 2015, accessed at: www.ft.com/content/aeeaf598-bcfd-11e4-9902-00144feab7de.Duncan, 9 November 2019.
12. Robert-Jan Bartunek, ‘EU orders Amazon to repay $295 million in back taxes’, Reuters, 4 October 2017, accessed at: www.reuters.com/article/us-eu-amazon-taxavoidance/eu-orders-amazon-to-repay-295-million-in-luxembourg-back-taxes-idUSKCN1C913S.
13. Kamal Ahmed, ‘Google’s tax bill rises to £50 million’, BBC News, 28 March 2018, accessed at: www.bbc.com/news/business-4356675, 9 November 2019.
14. Colm Keena, ‘Apple records $119 billion of global sales’, Irish Times, 7 November 2017, accessed at: www.irishtimes.com/business/technology/apple-records-global-sales-of-119bn-in-ireland-1.3283066e, 9 November 2019.
15. Ibid.
16. ‘State aid: Ireland gave illegal tax benefits to Apple worth up to Euros 13 billion’, European Commission Press Release Database, 30 August 2016, accessed at: europa.eu/rapid/press-release_IP-16-2923_en.htm.
17. Mehreen Kahn, ‘Vestager’s sweethearts’, Financial Times, 25 September 2019.
18. ‘Tax revenue trends in the OECD’, OECD Revenue Statistics 2018, accessed at: www.oecd.org/tax/tax-policy/revenue-statistics-highlights-brochure.pdf.
19. OECD Revenue Statistics 2018, The United Kingdom.
20. John Plender, ‘Corporate aristocracy holding out against tax revolution’, Financial Times, 2 March 2015.
21. ‘Breaking the dilemma on global corporation tax’, Financial Times editorial, 12 March 2018.
22. Edward Luce, ‘US share buybacks loot the future’, Financial Times, 26 April 2015.
23. Lucinda Chen, ‘General Electric’s value plummeted under Jeffrey Immelt’, Fortune, 12 June 2017.
24. Thomas Gryta, ‘GE probed who knew about spare jet for Immelt’, Wall Street Journal, updated 12 December 2017, accessed at: www.wsj.com/articles/ge-probed-who-knew-about-spare-jet-forimmelt-1513078200, 9 November 2019.
25. ‘No routine riches: Reforms to performance-related pay’, High Pay Centre (HPC), May 2015, accessed at: www.highpaycentre.org/pubs/no-routine-riches-reforms-to-performance-related-pay, 9 November 2019.
26. ‘HPC responds to select committee inquiry on executive pay’, HPC, 16 May 2018, accessed at: www.highpaycentre.org/pubs/hpc-responds-to-select-committee-inquiry-on-executive-pay, 9 November 2019.
27. Suzanne Fitzpatrick et al., ‘The homelessness monitor: England 2018’, Crisis, April 2018, accessed at: www.crisis.org.uk/media/238700/homelessness_monitor_england_2018.pdf, November 2019.
28. ‘Briefing: health and care of older people in England 2017’, Age UK, February 2017, accessed at: www.ageuk.org.uk/Documents/EN-GB/For-professionals/Research/The_Health_and_Care_of_Older_People_in_England_2016.pdf?dtrk=true.
29. ‘Education Expenditures by Country’, The Condition of Education 2019, Chapter 4, accessed at: nces.ed.gov/programs/coe/pdf/coe_cmd.pdf, 9 November 2019.
30. Hannah Richardson, ‘All state schools in England “to face funding gap by 2020”’, BBC News, 17 March 2017, accessed at: www.bbc.com/news/education-39292344, 9 November 2019.
31. Chris Belfield, Christine Farquharson and Luke Sibieta, ‘2018 Annual report on education spending in England’, IFS/Nuffield Foundation, September 2018, accessed at: www.ifs.org.uk/uploads/publications/comms/R150.pdf, 9 November 2019.
32. ‘The implications of the National Funding Formula for schools’, Education funding report, Education Policy Institute, 17 March 2017, accessed at: epi.org.uk/publications-and-research/implications-national-funding-formula-schools/, 9 November 2019.
33. ‘Education at a Glance 2017: How much are teachers paid?’, OECD iLibrary, accessed at: www.oecd-ilibrary.org/docserver/eag-2017-31-en.pdf?expires=1566134251&id=id&accname=guest&checksum=6B9917A0BD0ABE83D42749AAB17606B6, 9 November 2019.
34. ‘Not practical to investigate all crimes’, BBC News, 16 October 2017, accessed at: www.bbc.com/news/uk-england-london-41633205, 9 November 2019.
35. ‘Shoplifters taking under £200 worth of goods “not pursued”’, BBC News, 27 December 2017, accessed at: www.bbc.com/news/uk-42492488, 9 November 2019.
36. ‘Met chief says budget cuts have contributed to the rise in violent crime’, The Guardian, 18 May 2018, accessed at: www.theguardian.com/uk-news/2018/may/18/metropolitan-police-cressida-dick-budget-cuts-violent-crime-rise-london, 9 November 2019.
37. ‘London killings: Why are they happening?’, BBC News, 6 April 2018, accessed at: www.bbc.com/news/uk-england-43654831.6, 9 November 2019.
38. ‘Insécurité et délinquance en 2017: Un premier bilan’, Report of 24 January 2018, Ministère de l’Intérieur, France, accessed at: www.interieur.gouv.fr/Interstats/Actualites/Insecurite-et-delinquance-en-2017-premier-bilan-statistique.
39. ‘Revealed: Shocking 25 percent of evening and week-end GP appointments empty’, The Pulse, 1 October 2018, accessed at: www.pulsetoday.co.uk/news/hot-topics/seven-day-gp-access/revealed-shocking-25-of-evening-and-weekend-gp-appointments-empty/20037533.article.
40. Siva Anandaciva, ‘NHS Myth-busters’, The King’s Fund, 20 November 2017, accessed at: www.kingsfund.org.uk/publications/nhs-myth-busters, 9 November 2019.
41. Emma Rosser, ‘Revealed: GP vacancy rates rocket with one in six roles unfilled’, The Pulse, 6 July 2018, accessed at: www.pulsetoday.co.uk/partners-/practice-business/revealed-gp-vacancy-rates-rocket-with-onein-six-roles-unfilled/20036995.article, 9 November 2019.
42. Emily Andrews, Graham Atkins et al., ‘Performance tracker 2018: A data-driven analysis of the performance of public services’, Institute for Government / CIPFA, accessed at: www.instituteforgovernment.org.uk/sites/default/files/publications/Performance%20Tracker%202018%20web.pdf, 9 November 2019.
43. Harris Meyer, ‘Why does the US spend so much more on healthcare? It’s the prices’, Modern Healthcare, 7 April 2019, accessed at: www.modernhealthcare.com/article/20180407/NEWS/180409939/why-does-the-u-s-spend-so-much-more-on-healthcare-it-s-the-prices, 9 November 2019.
44. OECD Health Statistics 2019, accessed at: www.oecd.org/els/health-systems/health-data.htm, 9 November 2019.
45. ‘Health expenditure per capita, 2016 (or nearest year)’, in Health expenditure, OECD Publishing, Paris, www.doi.org/10.1787/health_glance-2017-graph110-en.
OECD (2017). See also ‘Annual average growth rate in per capita health expenditure, real terms, 2003 to 2016 (or nearest year)’, in Health expenditure, OECD Publishing, Paris, www.doi.org/10.1787/health_glance-2017-graph111-en.
46. François Beguin, ‘Apres huit années de baisse, les tarifs hospitaliers vont augmenter de 0.5%’, Le Monde, 26 February 2018.
47. ‘Chart of the day: Infrastructure spending over 60 years’, The Fiscal Times, 19 October 2018, accessed at www.thefiscaltimes.com/2018/10/19/Chart-Day-Infrastructure-Spending-Over-60-Years, 9 Novemeber 2019.
48. ‘Is German public investment heading for a sustained upswing?’, Federal Ministry of Finance, 19 June 2017, accessed at: www.bundesfinanzministerium.de/Content/EN/Standardartikel/Topics/Public-Finances/Articles/2017-06-19-german-public-investment.html, 9 November 2019
49. Guy Chazan, ‘Cracks appear in Germany’s cash-starved infrastructure’, Financial Times, 4 August 2017, accessed at: www.ft.com/content/a98f7b30-776a-11e7-90c0-90a9d1bc9691.
50. Paul Taylor and Ingrid Melander, ‘French, German economists offer plan to counter stagnation’, Reuters, 27 November 2014, accessed at: www.reuters.com/article/us-eurozone-economy-france-germany/french-german-economists-offer-plan-to-counter-eu-stagnation-idUSKCN0JB1I220141127, 9 November 2019.
51. Op-ed, ‘The fiscal surplus that Germany should spend’, Financial Times, 21 December 2017, accessed at: www.ft.com/content/2848ce2ee640-11e7-97e2-916d4fbac0da, 9 November 2019.
52. Michael Moritz, ‘US tax reform will benefit shareholders more than workers’, Financial Times, 5 December 2017, accessed at: www.ft.com/content/ba834dca-d9af-11e7-9504-59efdb70e12f.
53. Edward Greenberg, Turbulence: Boeing and the state of American workers and managers, Yale University Press, 2010.
54. Huaqun Li and Kyle Pommerleau, ‘The distribution impact of the tax cuts and jobs act over the next decade’, Tax Foundation, 28 June 2018, accessed at: www.taxfoundation.org/the-distributional-impact-of-thetax-cuts-and-jobs-act-over-the-next-decade/, 9 November 2019.
55. Gill Plimmer, ‘Boeing and the decline of the US middle class’, Financial Times, 20 January 2016, accessed at: www.ft.com/content/5487ad7c-b5fd-11e5-b147-e5e5bba42e51, 9 November 2019.
56. Milton Friedman, ‘The social responsibility of business is to increase its profits’, New York Times Magazine, 13 September 1970, cited by Andrew Edgcliffe-Johnsson in ‘Beyond the bottom line: Should business put purpose before profit?’, Financial Times, 4 January 2019, accessed at: www.ft.com/content/5487ad7c-b5fd-11e5-b147-e5e5bba42e51, 9 November 2019.
57. Sarah Neville, ‘Clive Cowdery donates £50 million to research living standards’, Financial Times, 20 April 2015, accessed at: www.ft.com/content/3abfe1fc-eaab-11e4-96ec-00144feab7de, 9 November 2019.
10 The rise of China
1. Justin Yifu Lin, ‘China and the Global Economy’, 2011, Asia Economic Policy Conference, Lunchtime address, accessed at: www.frbsf.org/economic-research/files/Lin.pdf, 9 November 2019.
2. Kenneth Rapoza, ‘China Wage Levels Equal to or Surpass Parts of Europe’, Forbes, 16 August 2017, accessed at: www.forbes.com, 9 November 2019.
3. Reuters in Beijing, ‘Be more tolerant of traditional faiths, Xi Jinping urges Communist Party’, South China Morning Post, 30 September 2013, accessed at: www.scmp.com, 9 November 2019.
4. ‘Special Report: Chinese Society’, The Economist, 9 July 2016, accessed at: www.economist.com/sites/default/files/sr_china_mailout_09.07.16.pdf, 9 November 2019.
5. Nicholas R. Lardy, ‘Issues in China’s WTO Accession’, The Brookings Institution, 9 May 2001, accessed at: www.brookings.edu, 9 November 2019.
6. Robert Lighthizer, ‘National Trade Estimate Report on Foreign Trade Barriers 2018’ (NTE), Office of the US Trade Representative, accessed at: www.sice.oas.org/ctyindex/USA/USTR_Reports/2018/2018_NTE_e.pdf, 10 November 2019.
7. James Anderlini, ‘Chinese industry: Ambitions in excess’, The Financial Times, 16 June 2013, accessed at: www.ft.com/content/4d5528ec-d412-11e2-8639-00144feab7de, 9 November 2019.
8. Usha C. V. Haley and George T. Hayley, Subsidies to Chinese Industry, Oxford University Press, 2013.
9. Lighthizer, ‘National Trade Estimate Report on Foreign Trade Barriers 2018’.
10. Ibid.
11. Ibid.
12. Paige Leskin, ‘Here are all the major US tech companies locked behind China’s Great Firewall’, Business Insider, 10 October 2019, accessed at: www.businessinsider.com/major-us-tech-companies-blocked-from-operating-in-china-2019-5?r=US&IR=T, 9 November 2019.
13. Agne Blazyte, ‘Alibaba: cumulative active online buyers Q2 2014–Q2 2019’, Statista, 27 September 2019, accessed at: www.statista.com/statistics/226927/alibaba-cumulative-active-online-buyers-taobaotmall/, 9 November 2019.
14. Andre Tartar, Mira Rojanasakul and Jeremy Scott Diamond, ‘How China is Buying Its Way Into Europe’, Bloomberg, accessed at: www.bloomberg.com/graphics/2018-china-business-in-europe/, 9 November 2019.
15. Guy Chazan, ‘Backlash grows over Chinese deals for Germany’s corporate jewels’, Financial Times, 12 March 2018, accessed at: www.ft.com/content/391637d2-215a-11e8-a895-1ba1f72c2c11, 9 November 2019.
16. Tim Buckley, ‘China Regulator Safe revealed as controller of 5% stake in EDP’, Financial Times, 19 June 2019, accessed at: www.ft.com/content/72bcb14a-73db-11e8-aa31-31da4279a601, 9 November 2019.
17. Agence France-Presse, ‘Chinese investment in Europe: A story of cash and concerns’, 28 March 2019, European Data News Hub, accessed at: www.ednh.news, 9 November 2019. And ‘Is “Made in China 2025” a Threat to Global Trade?’, Council on Foreign Relations, May 2019, accessed at: www.cfr.org/backgrounder/made-china-2025-threat-global-trade, 9 November 2019.
18. Ann Tang, ‘China’s tech race throws up thorny issues’, Financial Times, 25 April 2018, accessed at: www.ft.com/content/78177942-488c-11e8-8ee8-cae73aab7ccb, 9 November 2019.
19. Christopher Thomas, ‘A new world under construction: China and semiconductors’, McKinsey, November 2015, accessed at: www.mckinsey.com/featured-insights/asia-pacific/a-new-world-under-construction-china-and-semiconductors, 11 November 2019.
20. James Lewis, ‘China’s Pursuit of Semiconductor Independence’, 27 February 2019, Center for Strategic and International Studies, accessed at: www.csis.org/analysis/chinas-pursuit-semiconductor-independence, 9 November 2019.
21. D. M. Chan, ‘China’s AI market to hit 71 billion yuan’, Asia Times, 11 July 2019, accessed at: www.asiatimes.com/2019/07/article/chinas-ai-market-to-hit-71-bn-yuan/, 11 November 2019.
22. Guy Chazan, ‘Backlash grows over Chinese deals for Germany’s corporate jewels’, Financial Times, 13 March 2018, accessed at: www.ft.com/content/391637d2-215a-11e8-a895-1ba1f72c2c11, 9 November 2019.
23. James Stavridis, ‘Why China’s emperor Xi should worry the US’, Bloomberg, 27 February 2018, as also reported in The Japan Times, accessed 11 November 2019.
24. Ryan Brown, ‘Alibaba’s Jack Ma suggests technology could result in a new world war’, Jack Ma at the WEF, Davos, 23 January 2019, as reported by CNBC, accessed at: www.cnbc.com/2019/01/23/alibaba-jack-ma-suggests-technology-could-result-in-a-new-world-war.html, 11 November 2019.
11 Solutions
1. ‘Movin’ on up’, The Economist, 14 February 2018.
2. Max Lawson et al., ‘Public Good or Private Wealth?’, Oxfam report, January 2019, accessed at: oxfamilibrary.openrepository.com/bitstream/handle/10546/620599/bp-public-good-or-private-wealth-210119-summ-en.pdf?utm_source=indepth.
3. Ljubica Nedelkoska and Glenda Quintini, ‘Automation, skills use and training’, OECD Social, Employment and Migration Working Paper No. 202, 14 March 2018, accessed at: www.read.oecd-ilibrary.org/employment/automation-skills-use-and-training_2e2f4eea-en#page1.