Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else (48 page)

But the winner-take-all economy turns out
“The New Wave of Affluence,”
Ad Age
Insights white paper, May 23, 2011.

“of 55 American laureates, 34 worked”
Robert K. Merton, “The Matthew Effect in Science,”
Science
159:3810 (January 5, 1968), pp. 56–63.

“The conditions of industry change so fast”
Alfred Marshall,
Principles of Economics
, Book VI, Chapter XII, Section 10.

“A lot of professional writers apply here”
David Streitfeld, “Funny or Die: Groupon’s Fate Hinges on Words,”
New York Times
, May 28, 2011.

This volatility makes us unhappy
See Carol Graham,
Happiness Around the World: The Paradox of Happy Peasants and Miserable Millionaires
(Oxford University Press, 2010).

Carlos Slim, who bought his first
David Luhnow, “The Secrets of the World’s Richest Man,”
Wall Street Journal
, August 4, 2007.

“flying class”
Scott Turow,
Pleading Guilty
(Grand Central, 1994), p. 304.

When the European sovereign debt crisis
Eric Dash, “In Euro Era, Opening Bell Is a 2:30 A.M. Alarm,”
New York Times
, December 10, 2011.

“We are Wall Street”
Stacy-Marie Ishmael, “We Are Wall Street . . .” Alphaville blog,
Financial Times,
April 30, 2010.

“The average tenure of a Fortune 500 CEO”
A. G. Lafley, “The Art and Science of Finding the Right CEO,”
Harvard Business Review
, October 2011.

“If you push towards an Apple world, a Google world”
CF interview with Eike Batista, September 23, 2011.

The famous Whitehall study
The first Whitehall Study, begun in 1967 with a sample of 18,000 male civil servants, found higher mortality rates and prevalence of cardiorespiratory disease among those with lower employment grades.

“and the law of competition between”
Andrew Carnegie, “Wealth,”
North American Review
148:391 (June 1889).

“It’s not possible in tech to frame your ambitions”
CF interview with Eric Schmidt, February 23, 2011.

“Those of you who practice”
Pitch Johnson, lecture of venture entrepreneurship at Moscow’s Polytechnic Museum, October 2010.

“Britain now has a Wimbledon economy”
Harry Mount, “England, Their England: Foreign Money Now Dominates at the Most Traditional of Summer Fixtures,”
The Spectator
, June 18, 2011.

“There’s an interaction between the global elite”
CF interview with Eric Schmidt. February 23, 2011.

“The base of the wealth pyramid”
Global Wealth Report, Credit Suisse Research Institute, October 2011, pp. 16–17.

“A person in Africa”
Chrystia Freeland, “The Rise of the New Global Elite,”
The Atlantic
, January/February 2011.

“I think, in a sad sense, these cities are so similar now”
CF interview with Aditya Mittal, November 11, 2010.

“There are more and more global CEO meetings”
CF interview with Dominic Barton, November 30, 2011.

“There is an emergent power in people”
CF interview with Eric Schmidt, February 23, 2011.

“This is the new wave, the new trend”
Chrystia Freeland, “Global Seagulls and the New Reality of Immigration,”
International Herald Tribune
, October 6, 2011.

“Four out of every five Chinese entrepreneurs today”
GroupM Knowledge–Hurun Wealth Report 2011, p. 19.

nearly 60 percent
Tim Adams, “Who Owns Our Green and Pleasant Land?”
The Observer
, August 6, 2011.

a study of British and American CEOs
Elisabeth Marx,
Route to the Top: A Transatlantic Comparison of Top Business Leaders
(Heidrick & Struggles, 2007). http://www.heidrick.com/PublicationsReports/PublicationsReports/RoutetotheTop.pdf

“I came to GE in 1982”
Chrystia Freeland, “Accepting the Rise of China,”
International Herald Tribune
, January 20, 2011.

“is not going to be the engine”
Chrystia Freeland, “U.S. Needs to Think Globally About Business,”
International Herald Tribune
, October 20, 2011.

“This year, almost 90 percent of our sales”
Freeland, “The Rise of the New Global Elite.”

“they don’t think of themselves as American anymore”
Conversation with author at Council on Foreign Relations, New York, April 5, 2012.

“I have three passports”
Freeland, “The Rise of the New Global Elite.”

“The largest metals group in the world is Indian”
Stephen Jennings, “Opportunities of a Lifetime: Lessons for New Zealand from New, High-Growth Economics,” Sir Ronald Trotter Lecture, April 7, 2009.

“They know how to provide mobile phones”
Chrystia Freeland, “Globalization 2.0: Emerging-Market Cross-Pollination,”
The Globe and Mail
, October 1, 2010.

“The proprietor of land is necessarily a citizen”
Adam Smith,
The Wealth of Nations
, Book V, Chapter II, Section 91.

“We don’t have castles and noble titles”
Benjamin Wallace, “Those Fabulous Confabs,”
New York
, February 26, 2012.

and where, in lieu of noble titles, an elaborate hierarchy of conference badges
Nick Paumgarten, “Magic Mountain: What Happens at Davos?”
The New Yorker
, March 5, 2012.

“Combined, our contacts reach”
“Chris Anderson on TED’s Nonprofit Transition.” TED. February 2002. http://www.ted.com/talks/chris_anderson_shares_his_vision_for_ted.html.

“Name one action”
Ginia Bellafante, “With Vows Exchanged, Break Out the Slides,”
New York Times
, December 16, 2011.

“The new philanthropists believe”
Matthew Bishop and Michael Green,
Philanthrocapitalism: How Giving Can Save the World
(Bloomsbury, 2008), pp. 2–3.

“What they are doing is much more”
CF interview with Matthew Bishop, November 2011.

“If we can apply the entrepreneurial”
Jamie Doward, “Can This ‘Venture Philanthropist’ Save Our Schools?”
The Observer
, May 29, 2005.

“We have to figure out what makes”
Bill Gates, prepared remarks at the 2010 Annual Policy Forum of the Council of Chief State School Officers. http://www.gatesfoundation.org/speeches-commentary/pages/bill-gates-2010-ccsso.aspx.

“Our foundation tends to fund more”
Jeff Guo, “In Interview, Gates Describes Philanthropic Journey,”
The Tech
, April 23, 2010.

“They can also do dangerous things”
Charles Piller and Doug Smith, “Unintended Victims,”
Los Angeles Times
, December 16, 2007.

whose members included two millionaires
Ibid.

“was not Democracy”
Jeffrey A. Winters,
Oligarchy
(Cambridge University Press, 2011), p. 227. Subsequent statistics come from
Oligarchy
pp. 227–31.

“income defense industry”
Ibid., p. xii.

“There’s class warfare, all right”
Ben Stein, “In Class Warfare, Guess Which Class Is Winning?”
New York Times
, November 26, 2006.

“I think people making $5 million”
CF interview with Holly Peterson.

Peering inside the top 1 percent
Brian Bell and John Van Reenen, “Bankers’ Pay and Extreme Wage Inequality in the UK,” CEP Special Report, April 2010. http://eprints.lse.ac.uk/28780/1/cepsp21.pdf.

“There were about 150,000 Americans”
Jeffrey A. Winters,
Oligarchy
, (Cambridge University Press, 2011), p. 214.

compiled a data set chronicling
Claudia Goldin and Lawrence F. Katz, “Transitions: Career and Family Life Cycles of the Educational Elite,”
American Economic Review: Papers & Proceedings 2008
, 98:2, 363–69.

“very poor and destitute respondents”
Carol Graham,
Happiness Around the World: The Paradox of Happy Peasants and Miserable Millionaires
, (Oxford University Press, 2010), p. 151.

“the gains around them”
Chrystia Freeland, “For Dictators, Protests Offer 3 Lessons.”
International Herald Tribune
, December 15, 2011.

there were just 412 billionaires
Oligarchy,
p. 215.

For 47,745 of the 47,763 runners who competed
Dave Ungrady, “As Miles Add Up, So Do the Unforgettable Moments,”
New York Times
, November 1, 2011.

By 2007, the number of women
Daniel J. Hemel, “’07 Men Make More,”
The Harvard Crimson
, June 6, 2007.