1. Calculations made at http://www.measuringworth.com.
1. The best Internet source for information about economic inequality in America is http://inequality.org. The data for figure 2.1 (the most recent available) were taken from Edward N. Wolff, “The Asset Price Meltdown and the Wealth of the Middle Class,” National Bureau of Economic Research Working Paper No. 18559 (November 2012), table 2, 58.
2. See especially Richard Wilkinson and Kate Pickett, The Spirit Level: Why Greater Equality Makes Societies Stronger (New York: Bloomsbury Press, 2009), 49 ff.
3. US Census Bureau, http://www.census.gov/hhes/www/income/data/historical/household/, table H-6, and http://www.census.gov/hhes/www/income/data/historical/people/, table P-8.
4. James Madison, National Gazette, March 3, 1792, http://www.brainyquote.com/quotes/authors/j/james_madison.html.
5. Alexis de Tocqueville, Democracy in America (1835), Book II, chapter 18, http://xroads.virginia.edu/~Hyper/DETOC/ch2_18.htm.
6. “Chart of the Week: Union Membership Continues to Decline,” http://blog.heritage.org/2013/01/27/chart-of-the-week-union-membership-continues-to-decline/.
7. figure 2.2 is taken from the Congressional Budget Office, “The Distribution of Household Income and Federal Taxes, 2010” (Washington, DC, 2013), 18, http://www.cbo.gov/sites/default/files/cbofiles/attachments/44604-AverageTaxRates.pdf.
8. Robert Reich, Aftershock: The Next Economy and America’s Future (New York: Vintage, 2011), 60 ff.
9. Schwartz Center for Economic Policy Analysis, the New School, “Retirement Income Security Fact Sheet” (2012), https://docs.google.com/file/d/0B35b9afh6ZgZODkya0ZOTUl3RXc/edit?pli=1.
10. figure 2.3 is adapted from C. Brett Lockard and Michael Wolf, Occupational Employment Projections to 2020, US Labor Department, Bureau of Labor Statistics, Table 3 (Washington, DC, 2012), http://www.bls.gov/opub/mlr/2012/01/art5full.pdf.
11. Michael Abramowitz and Lori Montgomery, “Bush Addresses Income Inequality,” Washington Post, February 1, 2007, http://www.washingtonpost.com/wp-dyn/content/article/2007/01/31/AR2007013100879.html.
12. Lawrence Mishel, “The Overselling of Education,” American Prospect, January 2011, A21.
13. Joyce Appleby, The Relentless Revolution: A History of Capitalism (New York: W. W. Norton, 2010), 153.
14. “Robots don’t complain, or demand higher wages, or kill themselves,” Economist, August 6, 2011, http://www.economist.com/node/21525432.
15. Harold Meyerson, “Back from China?” American Prospect, December 2011, 43.
1. “Pareto principle,” Wikipedia, http://en.wikipedia.org/wiki/Pareto_principle.
2. Joshua M. Epstein and Robert L. Axtell, Growing Artificial Societies: Social Science from the Bottom Up (Cambridge, MA: MIT Press, 1996).
3. Chuck Collins, 99 to 1: How Wealth Inequality Is Wrecking the World and What We Can Do about It (San Francisco: Berrett-Koehler Publishers, 2012).
4. Leo Barnes, “The Economic Equivalent of War,” Antioch Review, Summer 1944.
5. Eugene Smolensky, Sheldon Danziger, and Peter Gottschalk, “Trends in the Well-Being of Children and Elderly Since 1939,” Institute for Research on Poverty, University of Wisconsin—Madison, 1987, table 1, p. 7, http://www.ssc.wisc.edu/cde/cdewp/87-22.pdf.
6. “Social Security Administrative Expenses,” Social Security Administration, http://www.ssa.gov/OACT/STATS/admin.html.
7. Social insurance as a percentage of the US economy: Social Security and Medicare Boards of Trustees, A Summary of the 2013 Annual Reports, http://www.ssa.gov/oact/trsum/; US Department of Labor, Employment and Training Administration, Financial Data Handbook for 2012, http://workforcesecurity.doleta.gov/un-employ/hb394/hndbkrpt.asp.
8. FDR quote on payroll taxes: History site of the Social Security Administration, http://www.ssa.gov/history/Gulick.html.
9. Report of the Committee on Economic Security, Social Security Administration, Washington, DC, 1934, http://www.ssa.gov/history/reports/ces5.html.
1. Thorstein Veblen, Absentee Ownership (New York: B. W. Huebsch, 1923). Citation is from Beacon Paperback edition (Boston, 1967), 13.
2. “The Richest People in America, 2013,”Forbes, http://www.forbes.com/forbes-400/list/.
3. Janet Lowe, Warren Buffett Speaks: Wit and Wisdom from the World’s Greatest Investor (New York: John Wiley & Sons, 1997), 164.
4. Herbert Simon, “Public Administration in Today’s World of Organizations and Markets,” public lecture (2000), http://research.mbs.ac.uk/hsi/Aboutus/HerbertSimonsLastPublicLecture.aspx.
5. Adam Smith, The Wealth of Nations, chapter 9, “Of the Rent of Land,” conclusion (London, 1776), 212, http://www2.hn.psu.edu/faculty/jmanis/adam-smith/wealth-nations.pdf.
6. See my reconsideration of Henry George’s Progress and Poverty in the New Republic, December 11, 1971, http://cooperativeindi-vidualism.org/barnes-peter_reconsideration-of-progress-and-poverty-by-henry-george-1971.html.
7. Smith, Wealth of Nations, 213.
8. John Kay, “Powerful interests are trying to control the market,” Financial Times, November 10, 2009, http://www.ft.com/intl/cms/s/0/113092ee-ce2f-11de-a1ea-00144feabdc0.html#axzz2qhoM5PwC.
9. Ezekiel J. Emanuel, “Spending More Doesn’t Make Us Healthier,” New York Times, October 30, 2011, http://opinionator.blogs.nytimes.com/2011/10/27/spending-more-doesnt-make-us-healthier/. In 2009, Canada spent $4,363 per person on health care while the United States spent $7,960.
10. According to economist Dean Baker, America spent close to $300 billion in 2011 on prescription drugs. In the absence of patent monopolies, the same drugs would have cost around $30 billion, an amount that implies a transfer to the pharmaceutical industry of about $270 billion. Drug companies claim that they use the extra money for research, but in fact they spend far more on marketing than on research. Dean Baker, “Reducing Waste with an Efficient Medicare Prescription Drug Benefit,” Center for Economic and Policy Research Issue Brief, Washington, DC, January 2013, http://www.cepr.net/documents/publica-tions/medicare-drug-2012-12.pdf.
11. For an explanation of fractional reserve banking, see “Fractional reserve banking,” Wikipedia, http://en.wikipedia.org/wiki/Fractional_reserve_banking.
12. For data on financial-industry profits, see Sameer Khatiwada, “Did the financial sector profit at the expense of the rest of the economy? Evidence from the United States,” Discussion paper 206, International Institute for Labour Studies, Geneva, Switzerland, 2010, figure 1, p. 2, http://www.ilo.org/wcmsp5/groups/public/---dgreports/---inst/documents/publication/wcms_192804.pdf. The report finds that “from 1960 to 1984, the financial sector’s share of total corporate profit averaged 17.4 percent, but from 1985 to 2008, it averaged roughly 30 percent. From 2001 to 2003, it was above 40 percent, reaching as high as 44 percent in 2002.” Regarding bonuses in 2008, see Ben White, “What Red Ink? Wall Street Paid Hefty Bonuses,” New York Times, January 28, 2009, http://www.nytimes.com/2009/01/29/business/29bonus.html.
13. Adam Shell, “Wall Street bonus pool for 2012 jumps 8% to $20 billion,” USA Today, February 26, 2013, http://www.usatoday.com/story/money/markets/2013/02/26/wall-street-cash-bonuses-jump-8/1948641/.
14. Joseph E. Stiglitz, “The 1 Percent’s Problem,” Vanity Fair, May 31, 2012, http://www.vanityfair.com/politics/2012/05/joseph-stiglitz-the-price-on-inequality.
15. John Maynard Keynes, The General Theory of Employment, Interest and Money, chapter 24, “Concluding Notes” (Basingstoke, UK: Palgrave Macmillan, 1936).
16. Derivatives are discussed in “Heavy Lifting,” Economist, Aug. 17, 2013, 63, http://www.economist.com/news/finance-and-economics/21583698-efforts-reform-vast-and-opaque-market-are-showing-results-heavy-lifting. It cites the Bank for International Settlements as putting the notional value of global derivatives contracts outstanding at the end of 2012 at $687 trillion. See also the quarterly reports on bank trading and derivatives published by the US Office of the Controller of the Currency. The OCC puts the notional value of derivatives held by American banks in 2013 at $231 trillion.
17. Foreign exchange transactions are analyzed by the Bank for International Settlements in its “Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in 2010—Final Results,” http://www.bis.org/publ/rpfxf10t.htm. Average daily trading that year was around $4 trillion.
1. For a discussion of the sources of common wealth, see Peter Barnes, Capitalism 3.0: A Guide to Reclaiming the Commons (San Francisco: Berrett-Koehler Publishers, 2006), 66 ff.
2. Jonathan Rowe et al., Our Common Wealth: The Hidden Economy That Makes Everything Else Work (San Francisco: Berrett-Koehler Publishers, 2013), 61.
3. Dallas Burtraw and Samantha Sekar, Two World Views on Carbon Revenues, Resources for the Future, Washington, DC (2013), 4, http://www.rff.org/RFF/Documents/RFF-DP-13-32.pdf.
1. Cliff Groh and Gregg Erickson, “The Improbable but True Story of How the Alaska Permanent Fund and the Alaska Permanent Fund Dividend Came to Be,” in Alaska’s Permanent Fund Dividend: Examining Its Suitability as a Model, ed. Karl Widerquist and Michael W. Howard (New York: Palgrave Macmillan, 2012).
2. Todd Moss, ed., The Governor’s Solution: How Alaska’s Oil Dividend Could Work in Iraq and Other Oil-Rich Countries (Washington, DC: Center for Global Development, 2012), 18.
3. Zobel v. Williams, 457 US 55 (1982).
4. Moss, The Governor’s Solution, 23.
5. Alaska Permanent Fund Corporation, statement of revenues, expenditures, and changes in fund balances for the fiscal year ending June 30, 2012, http://www.apfc.org/_amiReportsArchive/APFC201211.pdf.
6. Hammond claims (Moss, The Governor’s Solution, 51) that Alaska is the only state in which the gap between the haves and the have-nots has narrowed over the last twenty years. Regarding native poverty: the rate in 1980 was 25 percent. See Scott Goldsmith, “The Alaska Permanent Fund Dividend: A Case Study in Direct Distribution of Resource Rent,” in Moss, The Governor’s Solution, 78.
7. Governor Sarah Palin on “Hannity & Colmes,” September 18, 2008, http://www.foxnews.com/story/0,2933,424346,00.html.
8. Goldsmith, in Moss, The Governor’s Solution, 73.
1. Robert Theobald, The Guaranteed Income: Next Step in Socioeconomic Evolution? (Garden City, NY: Doubleday, 1966); James Tobin, “The case for an income guarantee,” Public Interest, issue no. 4 (Summer 1966), http://www.nationalaffairs.com/public_interest/detail/the-case-for-an-income-guarantee.
2. Brian Steensland, The Failed Welfare Revolution: America’s Struggle over Guaranteed Income Policy (Princeton, NJ: Princeton University Press, 2007), 70-78.
3. Milton Fried man, Capitalism and Freedom (Chicago: University of Chicago Press, 1962), 192 ff.
4. Center on Budget and Policy Priorities, Policy Basics: The Earned Income Tax Credit, http://www.cbpp.org/files/policybasics-eitc.pdf.
5. “Employee Stock Ownership Plan Facts,” National Center for Employee Ownership, http://www.esop.org.
6. Louis O. Kelso and Mortimer J. Adler, The Capitalist Manifesto (New York: Random House, 1958).
7. Dwight Murphey, A Shared Market Economy: A Classical Liberal Rethinks the Market System (self-published, 2009), http://dwight-murphey-collectedwritings.info/SME-TofC-2.htm.
8. Ibid., chapter 3.
9. Bill O’Reilly, “Government intervention in the American oil industry?” The O’Reilly Factor, February 24, 2012, http://www.foxnews.com^on-air/oreilly/index.html#/v/1472237953001/gov-ernment-intervention-in-the-american-oil-industry/?playlist_id=86923.
10. Robert Reich, “Restore the Basic Bargain,” November 28, 2011, http://robertreich.org/post/13469691304.
11. For a clear explanation of how this could work, see The Positive Money System in Plain English, at http://www.positivemoney.org. See also numerous articles at the American Monetary Institute website, http://www.monetary.org.
12. Irving Fisher, 100% Money, originally published in the Economic Forum, April-June 1936, 406-20, http://www.mondopolitico.com/library/100percent/c1.htm.
13. Milton Friedman, The Optimum Quantity of Money and Other Essays (Chicago: Aldine Publishing Co., 1969, chapter 1. See also James Robertson and Joseph Huber, Creating New Money: A Monetary Reform for the Information Age (London: New Economics Foundation, 2000), http://www.jamesrobertson.com/book/creatingnewmoney.pdf.
14. Adair Turner, “Debt, Money and Mephistopheles: How Do We Get Out of This Mess?” speech at Cass Business School, February 6, 2013, http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf; and Ben Bernanke, “Deflation: Making Sure ‘It’ Doesn’t Happen Here,” remarks, November 21, 2002, http://www.fed-eralreserve.gov/boarddocs/speeches/2002/20021121/.
15. Organization for Economic Cooperation and Development, “Average annual hours actually worked per worker,” http://stats.oecd.org/Index.aspx?DataSetCode=ANHRS.
1. John Dales, Pollution, Property & Prices: An Essay in Policy-Making and Economics (Toronto: University of Toronto Press, 1968).
2. R. H. Coase, “The Problem of Social Cost,” Journal of Law & Economics III (October 1960), http://www.econ.ucsb.edu/~tedb/Courses/UCSBpf/readings/coase.pdf. I discuss Coase at some length in Capitalism 3.0, p. 58 ff. While I admire Coase and consider his thinking a real breakthrough, I disagree with his contention that it makes no difference whether initial property rights are given to polluters or pollutees. It may not affect the total quantity of pollution, but it assuredly affects the incomes of pollutees and polluters.
3. Environmental Protection Agency, “Cap and Trade: Acid Rain Program Results,” http://www.epa.gov/capandtrade/documents/ctresults.pdf.
4. David Wessel, “Pollution Politics and the Climate-Bill Giveaway,” Wall Street Journal, May 23, 2009, http://online.wsj.com/news/articles/SB124304449649349403.
5. Voluntary offsets that do no harm may also do little good. For example, offsets bought by Oscar-attending movie stars in 2007 went to Waste Management Inc. for cleaning up a methane-emitting landfill that the company had already been ordered to fix. BloombergBusinessweek, “Another Inconvenient Truth,” March 25, 2007, http://www.businessweek.com/stories/2007-03-25/another-inconvenient-truth.
6. “EU plans to clamp down on carbon trading scam,” Guardian, October 25, 2010, http://www.guardian.co.uk/environment/2010/oct/26/eu-ban-carbon-permits.
7. Some projects financed with offsets are legitimate. If private buyers want to fund them, that’s fine. But whatever emissions are avoided by such projects should be in addition to, not in lieu of, real emission reductions achieved through reducing the number of permits. In the ideal scenario, there’d be separate markets for permits and offsets, and offsets would add to, rather than subtract from, the reductions achieved through permit limits.
8. James K. Boyce and Matthew Riddle, Cap and Dividend: How to Curb Global Warming While Protecting the Incomes of American Families, Political Economy Research Institute, Working Paper 150, November 2007, figure 5, p. 12, http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_101-150/WP150.pdf.
9. Obama nomination victory speech, http://www.huffingtonpost.com/2008/06/03/obamas-nomination-victory_n_105028.html.
10. Statement of Edward Markey before the House Select Committee on Energy Independence and Global Warming, January 23, 2008, http://www.gpo.gov/fdsys/pkg/CHRG-110hhrg58417/html/CHRG-110hhrg58417.htm.
11. Lewis Peck, “A Veteran of the Climate Wars Reflects On U.S. Failure to Act,” Yale Environment 360, January 4, 2011, http://e360.yale.edu/feature/a_veteran_of_the_climate_wars_re-flects_on_us_failure_to_act/2356/.
12. “Bill McKibben on Building a Climate Action Movement” (interview), Yale Environment 360, April 23, 2009, http://e360.yale.edu/feature/bill_mckibben_on_building_a_climate_action_movement/2143/.
13. Theda Skocpol, “Naming the Problem: What It Will Take to Counter Extremism and Engage Americans in the Fight against Global Warming,” http://www.scholarsstrategynetwork.org/sites/default/files/skocpol_captrade_report_january_2013y.pdf.
14. The argument for cutting payroll taxes is that it would benefit workers and encourage employers to hire more of them. While the first part of the argument is valid, it overlooks the fact that many people who’d be affected by higher carbon prices—retired workers, students, stay-at-home parents, workers in the underground economy, and the unemployed—don’t pay payroll taxes. The second part of the argument, however, is largely specious. Employers hire new workers if and when they need them; a slight reduction in payroll taxes would barely alter their behavior. What a payroll tax cut for employers would do is generate windfalls for large employers like Walmart and McDonald’s, and weaken the financing of Social Security.
15. Andrew Revkin, “Hansen on Next Climate Steps: Charge Polluters; Pay People,” New York Times, Dot Earth blog, June 6, 2008, http://dotearth.blogs.nytimes.com/2008/06/06/james-hansen-tax-c02-emitters-pay-citizens/.
16. Hansen makes another argument for a fee: it is, he says, the only sort of carbon pricing that China will adopt, since China is loath to physically limit its growth options. Therefore, he contends, if we want to sync our carbon price with China’s, we’ll need to impose a comparable fee. (The purpose of such syncing is to prevent countries with low carbon prices from outcompeting countries with higher ones.) Here again, I agree with part of Hansen’s argument but not the whole. Just because China won’t cap its carbon use doesn’t mean that we shouldn’t, or that we can’t sync carbon prices if we do. Regardless of how each country sets its carbon prices, they can be synced with border adjustment fees. If one country’s carbon price is lower than another’s, import fees can make up the difference.
17. California Public Utilities Commission, “Decision Adopting Cap-and-Trade Greenhouse Gas Allowance Revenue Allocation Methodology for the Investor-Owned Electric Utilities, San Francisco,” 2012, 58, http://docs.cpuc.ca.gov/PublishedDocs/Efile/G000/M031/K744/31744787.pdf.
1. Joseph Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper & Row, 1942).
2. Niles Eldredge and Stephen Jay Gould, “Punctuated equilibria: An alternative to phyletic gradualism,” in T. J. M. Schopf, ed., Models in Paleobiology (San Francisco: Freeman Cooper, 1972, 82—115, http://www.blackwellpublishing.com/ridley/clas-sictexts/eldredge.pdf.
3. Stuart Kauffman, Investigations (New York: Oxford University Press, 2003).
4. Baker v. Carr, 369 US 186 (1962).
5. Zobel v. Williams, 457 US 55 (1982).
6. The term “pre-distribution” was first used, as best I can determine, by Yale political scientist Jacob Hacker, in a 2011 essay, “The institutional foundations of middle-class democracy,” which is well worth reading; http://www.policy-network.net/pno_detail.aspx?ID=3998&title=The+institutional+foundations+of+middle-class+democracy.
7. W R. Hambrecht Co., U.S. Professional Sports Market and Franchise Value Report (2012), http://www.wrhambrecht.com/wp-con-tent/uploads/2013/09/SportsMarketReport_2012.pdf.
8. Since the NFL is private and doesn’t release financial data, it’s impossible to know exactly how its revenue pie is divided. However, recent large television contracts suggest that television income now exceeds ticket sales. See Daniel Kaplan, “The road to $25 billion,” Sports Business Journal, http://www.sportsbusiness-daily.com/Journal/Issues/2013/01/28/In-Depth/NFL-revenue-streams.aspx.
9. Gary Flomenhoft, ed., Valuing Common Assets for Public Finance in Vermont (Burlington, VT: Gund Institute, University of Vermont, 2008), http://www.uvm.edu/giee/research/greentax/doc-uments/Valuing_Common_Assets_3_20_final.pdf.
10. Caitlin Bowling, “Cherokee casino hits earning milestone,” Smoky Mountain News, May 15, 2013, http://www.smokymountainnews.com/news/item/10295-cherokee-casino-hits-earning-milestone.
11. Moises Velasquez-Manoff, “What Happens When the Poor Receive a Stipend?” New York Times, January 18, 2014, http://opin-ionator.blogs.nytimes.com/2014/01/18/what-happens-when-the-poor-receive-a-stipend/.
12. Lee Van Der Voo, “Money Blows in to a Patch of Oregon Known for Its Unrelenting Winds,” New York Times, May 30, 2011, http://www.nytimes.com/2011/05/31/us/31wind.html.
13. Jaron Lanier, Who Owns the Future? (New York: Simon & Schuster, 2013).
14. Fund rankings, Sovereign Wealth Institute, http://www.sw-finstitute.org/fund-rankings/. Alistair Doyle, “All Norwegians become crown millionaires in oil saving landmark,” Reuters, January 8, 2014, http://www.reuters.com/article/2014/01/08/us-norway-millionaires-idUSBREA0710U20140108.
15. European Citizens’ Initiative for an Unconditional Basic Income, http://basicincome2013.eu/.
16. Stephan Faris, “The Swiss Join the Fight Against Inequality,” BloombergBusinessweek, January 16, 2014, http://www.business-week.com/articles/2014-01-16/inequality-fight-swiss-will-vote-on-minimum-income.
17. Philippe van Parijs, “The Euro-Dividend,” Social Europe Journal, July 3, 2013, http://www.social-europe.eu/author/philippe-van-parijs/.
18. Warren Vieth, “A Fund Could Spread Iraq’s Oil Wealth to Its Citizens,” Los Angeles Times, May 1, 2003, http://articles.latimes.com/2003/may/01/news/war-iraqoil1.
19. Nancy Birdsall and Arvind Subramanian, “Saving Iraq From Its Oil,” Foreign Affairs, July/August 2004, http://www.foreignaffairs.com/articles/59923/nancy-birdsall-and-arvind-subramanian/saving-iraq-from-its-oil.
20. Joseph Hanlon, Armando Barrientos, and David Hulme, Just Give Money to the Poor: The Development Revolution from the Global South (Sterling, VA: Kumerian Press, 2010).
21. Edwin Amenta, When Movements Matter: The Townsend Plan and the Rise of Social Security (Princeton, NJ: Princeton University Press, 2006).
22. Nicholas Lemann, “When the earth moved: What happened to the environmental movement?” New Yorker, April 15, 2013.
23. Tyler Cowen, Average Is Over: Powering America Beyond the Age of the Great Stagnation (New York: Dutton, 2013), 229—30 (Kindle Edition).
1. Assumes 95 percent of US residents are eligible for Social Security and a 2013 population of 316 million; http://www.census.gov/population/foreign/data/acs2003.html.
2. Social Security and Medicare Boards of Trustees, A Summary of the 2013 Annual Reports, http://www.ssa.gov/oact/trsum/; US Department of Labor, Employment and Training Administration, Financial Data Handbookfor 2012, http://workforcesecurity.doleta.gov/unemploy/hb394/hndbkrpt.asp.
3. When applied to nature, co-owned wealth user fees can be thought of as value subtracted fees—that is, compensation for harm done. They both internalize and discourage externalities, a benefit that value added taxes don’t provide.
4 “European Union value added tax,” Wikipedia, http://en.wikipedia.org/wiki/European_Union_value_added_tax. Philippe van Parijs calculates that an EU-wide dividend of about $3,250 per year would require an increase in EU VAT rates of about 20 percent. Social European Journal, July 3, 2013, http://www.social-europe.eu/author/philippe-van-parijs.
5. CLEAR Act text, http://www.cantwell.senate.gov/issues/Leg_Text.pdf.
6. Robert Pollin and James Heintz, Transaction Costs, Trading Elasticities, and the Revenue Potential of Financial Transaction Taxes for the United States, Political Economy Research Institute (Amherst, MA: University of Massachusetts/Amherst, 2011), http://www.peri.umass.edu/fileadmin/pdf/research_brief/PERI_FTT_Research_Brief.pdf. See 2012 update at http://www.peri.umass.edu/fileadmin/pdf/ftt/Pollin—Heintz—Memo_on_FTT_Rates_and_Revenue_Potential_w_references6-9-12.pdf.
7. Stijn Claessens, Michael Keen, and Ceyla Pazarbasioglu, Financial Sector Taxation: The IMF’S Report to the G20, September 2010, http://www.imf.org/external/np/seminars/eng/2010/paris/pdf/090110.pdf.
8. St. Louis Federal Reserve, “Graph: M2 Money Stock,” http://research.stlouisfed.org/fred2/graph/?id=M2.
9. US Department of Commerce, Intellectual Property and the U.S. Economy (2012), http://www.esa.doc.gov/sites/default/files/re-ports/documents/ipandtheuseconomyindustriesinfocus.pdf.