The relentless revolution: a history of capitalism (77 page)

1.
Michael Hirsch, “Mortgages and Madness,”
Newsweek,
June 2, 2008.

2.
Robert O’Harrow and Brady Dennis, “Credit Ratings Woes Sent AIG Spiraling,”
Los Angeles Times
, January 2, 2009.

3.
“Agency’s ’04 Rule Let Banks Pile Up New Debt, and Risk,”
New York Times
, October 3, 2008.

4.
Willaim Greider,
One World Ready or Not: The Manic Logic of Global Capitalism
(New York, 1996), 316, 310–11.

5.
Erik Lipton and Stephen Labaton, “A Deregulator Looks Back, Unswayed,”
New York Times
, November 17, 2008.

6.
Michael Lewis and David Einhorn, “The End of the Financial World as We Know It,”
New York Times
, January 3, 2009.

7.
I am indebted to Erid Zensy for introducing me to Frederick Soddy and his study
Wealth, Virtual Wealth, and Debt
(London, 1926).

8.
Jack Rosenthal, “On Language,”
New York Times Magazine,
September 8, 2008: 18.

9.
Vikas Bajaj, “If Everyone’s Finger Pointing, Who’s to Blame?,”
New York Times,
January 22, 2008.

10.
Nelson Lichtenstein,
State of the Union: A Century of American Labor
(Princeton, 2002), 125–28.

11.
Peter Dreier and Kelly Candaele, “Why We Need EFCA,”
American Prospect
, December 2, 2008.

12.
Jared Diamond,
Collapse: How Societies Choose to Fail or Succeed
(New York, 2005).

13.
Diana B. Henriques, “Madoff Scheme Kept Shipping Outward, Crossing Borders,”
New York Times
, December 20, 2008

14.
Paul Krugman, “A Catastrophe Foretold,”
New York Times
, October 28, 2007. Four people—Doris Dungey, Nouriel Roubini, Brooksley Born, and John Bogle—clearly saw what was wrong with the prevailing financial incentives. See Bogle, “The Case of Corporate America Today,”
Daedalus
, 136 (Summer, 2007).

15.
Alexei Barrionuevo, “Demand for a Say on the Way Out of Crisis,”
New York Times
, November 10, 2008.

16.
Thomas L. Friedman,
The World Is Flat: A Brief History of the Twenty-first Century
(New York, 2005); Jeffrey A. Frieden,
Global Capitalism: Its Fall and Rise in the Twentieth Century
(New York, 2006 [paperback ed., 2007]), 293ff; Robert W. Crandall and Kenneth Ramm, eds.,
Changing the Rules: Technological Change, International Competition, and Regulation in Communications
(Washington, 1989), 10.

17.
New York Times
, November 17, 2008.

18.
Dick K. Nanto, “The 1997–98 Asian Financial Crisis,” CRS Report for Congress, February 6, 1998 (www.fas.org/man/crs/crs-asia2): 5.

19.
Claire Berlinski, “What the Free Market Needs,”
Los Angeles Times
, October 21, 2008.

20.
“Modern Market Thought Has Devalued a Deadly Sin,”
New York Times,
September 27, 2008; Steven Greenhouse and David Leonhardt, “Real Wages Fail to Match a Rise in Productivity,”
New York Times,
August 28, 2006.

21.
Tina Rosenberg, “Globalization,”
New York Times,
July 30, 2008.

22.
Adam Mckeown, “Global Migration, 1840–1940,”
Journal of World History
, 15 (2004): 156.

23.
Paul Collier,
The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done about It
(Oxford, 2007).

24.
Ibid., 9, 42–45, 79–84.

25.
Ibid., 185–89.

26.
www.iht.com/articles/ap/2006/12/10/Europe/EU_Gen_Norway.

27.
http://losangeles.broowaha.com/article.php? id=962.

28.
Mira Kamdar,
Planet India: The Turbulent Rise of the Largest Democracy and the Future of Our World
(New York, 2007), 118–19; www.iht.com/articles/ap/2006/12/10/Europe/EU_Gen_Norway.

29.
Amartya Sen,
Development as Freedom
(New York, 1999), 204, 282–65.

30.
Peter Barnes,
Capitalism 3.0: A Guide to Reclaaiming the Commons
(San Francisco, 2006), 65–78, 135–52.

31.
Elisabeth Rosenthal, “To Counter Problems of Food, Try Spuds,”
New York Times,
October 25, 2008.

32.
Dan Bilefsky, “Oh, Yugoslavia! How They Long for Your Firm Embrace,”
New York Times
, January 30, 2008.

33.
Deepak Lal,
Reviving the Invisible Hand: The Case for Classical Liberalism in the Twenty-first Century
(Princeton, 2006), 214–19.

34.
Elisabeth Rosenthal, “European Support for Bicycles Promotes Sharing of the Wheels,”
New York Times
, November 10, 2008.

35.
Fareed Zakaria, “Is America in Decline? Why the United States Will Survive the Rise of the Rest,”
Foreign Affairs,
87 (2008): 26–27; Parag Khanna, “Waving Goodbye to Hegemony,”
New York Times Magazine,
January 27, 2008.

36.
Joseph A. Schumpter,
Capitalism, Socialism and Democracy,
3rd ed. (New York, 1950), 61.