scientists 12, 231^10, 247-8, 250, 251,

252,261 Seaford,R. 87

Senior, N.W. 128, 180, 182,463 Seven Sisters 324 Shakespeare, W. 18, 24, 155, 213 Shaw, G.B. 92, 205 Shelley, M. 18, 51, 65 Shields, M. 356 Shiva, V. 494 Shrestha, S. 356 Siemens, C.W. 177, 196 Simon, H. 232, 234 Singapore 314, 319, 329, 365, 389 ‘slash and burn strategy’ 285 slavery 112

slavery vs capitalism and The Matrix 110-11 slave ships 85, 86, 92, 110 Small to Medium Sized Businesses (SMEs) 387 Smith, A. 10, 27-8, 35-8, 44-5,47, 48, 52, 53, 65, 66, 68,69, 77, 80,98, 103, 106, 107, 112, 115, 117, 119, 128, 130, 132, 148, 158, 159, 179, 187, 256, 264, 266, 293, 296,436, 458, 459, 461, 465,469,470; capital accumulation 37,38,98; invisible hand 28, 38, 47, 115.159, 225, 380, 461, 491; on human nature 67 socialisation 395^-12

social power 11, 21, 22, 23, 24—5, 38-44, 107

social welfare function 153, 274

soft power, America’s 350-1

Solow, R. 48, 150, 195

Sonnenschein, H. SMD theorem 274

Soros, G. 393

South Africa 110, 184

South-East Asia 313, 314, 319, 345, 389, 424 Soviet Union 202, 231, 255, 303, 308, 309, 310,

314, 318, 328, 334, 394, 429, 442, 451, 461, 476,479

Spain 187, 214, 314, 338, 341, 391, 392, 401, 402, 414, 416, 420, 423, 478, 493 Special Purpose Vehicle (SPV) 416-17, 418, 419,420,422 Sraffa, P. 10, 31, 47, 108-9, 150, 159, 193, 205, 238,272,291,295,461,468 standard model 118, 473 Stigler, G. 196 Stokey, N. 380 Stone, K. 356 Stone, M. 242

subprime mortgages 13, 224, 367, 368, 396, 398,399,400,401,406,417 Sugden, R. 285,486

Summers, L. 369, 378, 431; Geithner-Summers Plan 405, 406-7, 416-17, 433 Swaminathan, H. 356 sweatshop 443 Sweden 404

Sweezy, P. 230, 254, 310, 457, 467, 479 Swift, J. 290

Switzerland 125, 303, 403

tableau economique 31, 32, 459-60 Taiwan 389, 491 Tebbit, N. 97 Thailand 314, 319

Thatcher, M, 2, 4, 6, 97, 348-9, 362, 491, 492

The Terminator 51, 462

Theocarakis, N.J. 20, 458, 463, 465

third world see Developing World

Thompson, F, 156

Tillman Act 1907, 408-9

Tobin, J. 232,385

top-down design 74, 75

Torrens, R. 180, 182

toxic money 363-70 see also derivatives;

Dr Li’s formula trade imbalances, systematic 305, 306 trickle-down effect 4, 368, 491 trickle-up effect 368-9

transformation problem 103—1, 108, 117, 126,

294, 457,467 Truman, H.S. 309-10, 311, 482 truths, lost 10. 17-21, 28,47, 48, 49, 97, 99, 103,104-9, 115-16, 294,429 Turkey 334

Tyranny matters, a poem 453

UBS 400, 401 Udehn, L. 484

UK 96, 128, 304, 349, 478, 489, 491; Bank of England 182, 320, 393, 400, 401, 403, 404,

405,    432; commercialisation thesis 23, 25-6; diary of crash 400-5; enclosures 23, 24,

25-6, 450; industrial revolution 92; recovery 408; slavery 86, 92; unemployment 96™7,

201, 405,492 see also 1987; 2008; Hobson; Keynes; Newton; Northern Rock; Ricardo; Smith; Thatcher

Ukraine 395, 403,413

unemployment96-7, 135, 146, 180, ¡81, 183, 187, 200, 201, 202, 217, 219, 230, 252, 256, 347, 377, 381, 402, 404, 405, 408, 430, 437, 439, 443,483,489

United Nations 354

USA 8, 13-14, 91, 97, 106, 112, 126, 138; 1929 1,6-7, 10, 11-12, 177-226, 305, 421-2,449, 474-8, 494; 1940s 74; 1970s oil-crises 321-6, 335, 338, 424; 1980s 5, 357; African-American culture 86; assets owned by foreign state institutions (increase in) 427; Bretton Woods agreement 7, 9, 97, 251, 260, 303, 304-6, 308, 315, 319, 320, 321, 322, 327, 328, 338, 423, 425, 436; Civil War 110, 182; Cowles Commission 232, 233, 240-1, 250, 260, 268, 275; current account deficit 425; diary of crash 400-5; formalists 12, 233. 238, 240-5, 246, 247, 248, 250, 292-1, 298, 384, 435, 484; Geithner-Summers Plan 405,

406,    407, 408, 413, 417, 433; The Great Society 316-17, 319, 323; Marshall Plan 230, 231, 251, 252, 309-10, 313-14, 350,

423, 436, 482, 490; New American Dream 196; New Dealers 12, 13, 227-31, 235, 240,

245, 247, 248, 250, 251, 252, 253, 255, 259, 303, 304, 306, 307, 308, 311, 315-18, 371, 376, 409, 423, 430, 434, 445, 455, 478, 479, 484; real consumer and credit card index 359; recovery 408, 409; repossession of homes 410; role of the Federal Reserve and Austrian Revision 224; role of the Federal Reserve and neoclassical revisionism 222; scientists 12, 231^10, 248-9, 250, 251, 252, 261, 315; soft power, America’s 350-1; unemployment 183, 200-1, 323, 347, 404 see also 2008; corporations; credit crunch; double-W-capitalism; Global Minotaur; Global Plan; Greenspan; Kissinger; Korea; MAD; Manhattan Project; RAND; Samuelson; Vietnam; Volcker; Wall Street; Wal-Mart

US Securities and Exchange Commission (SEC) 396

value 10-11,19, 20, 28, 74, 76, 78, 97, 99, 100-4, 105, 118, 148, 182, 183-4, 245,254, 446,461; Adam Smith’s view 35-8; as a ratio of utility and scarcity 469; David Ricardo’s view 38-44, 48, 179, 180, 182,

295, 471, 475; Karl Marx’s view 34, 38, 68,

92, 113, 126, 181,214, 221,255,264, 291,

295, 297, 489 (transformation problem 103-4, 108, 117, 294); loss of measurable capital 149-51; mergers and acquisitions and fictitious value 361; moratorium oil 120-1; prices without values 121-30; retreat from 121, 126; struggle to square theory of value with theory of growth 30-50; value and the conditions for growth in a multi-sector capitalist economy 101-2; value at risk 382-5; value creation 59-60, 74, 86 VaR (value at risk) 381-5, 386 Varoufakis, Y. 77, 262, 347, 439, 471, 472,

474, 480, 484, 485, 489, 491 Veblen,T. 128, 248 Venezuela 333

Versailles Treaty 420, 421, 422, 424 Vietnam War 6, 13, 112, 235, 271, 313, 314,

315, 316, 319, 320, 331, 350, 378, 389, 430, 445,482, 490; counting the cost of 323 Visser, H. 192

Volcker, P, 13, 320, 321, 338, 341-2, 352-3, 356, 364-5, 378, 399, 409, 424, 434; Volcker Rule 409, 478 Voltaire 164-5

Wakefield, E.G. 85, 466 Wallace, H. 310 Wall Street Journal 345 Wall Street money creation model 356-63 Wal-Mart 343, 353-6, 492 Walras, L. 125, 126, 127, 149, 151, 156, 157, 158, 162, 164, 166-7, 206, 238, 241, 248, 268, 274, 292-3, 470, 472, 473, 483

Walters, A. 4 Walton, S. 355 Washington Mutual 402 Waxman, H. 434 Weber, M. 165 Weiss, A. 85

Westinghouse, G. 178, 179, 182, 474 Weyl, H. 246

White, H.D.304, 306, 308,315 Wicksell, K. 48, 146, 147, 149,

151,191

Wicksteed, P. 127, 129, 149, 151, 475 Wieser, F. von 125, 126, 129 Wittgenstein, L. 193, 195,205 Wohlstetter, A. 235 Wolfowitz, P, 235 Wood, E.M. 496 Wood, J.C. 47 World Bank 304, 401,435 World Trade Organisation (WTO) 313, 334,428 World War I 74, 198,201,496 World War II 12, 48, 74, 120, 126, 135, 196, 198, 202-3, 206, 212, 225, 227, 229, 230, 231, 233, 234, 241, 251, 255,303,314,317,334, 350,

441,466

Xenophon 458

Yeats W.B. 454, 496 Young, H.P. 488 Young, W. 483 Yudken, J. 316 Yugoslavia 335, 336,452