Contents
Preface
Prologue
What Has Capitalism Done For Us? To Us?
The Dynamics of Capitalist Development
Capitalis's nature and nurture
The heart of the matter: expansion and exploitation
Oligarchic rule?
What exploitation?
'Trade and the flag': Which follows which?
In sum
The Sociology of Economic Theory
'The economy'
Objectivity and neutrality
What should economists be expected to do?
Part I: 1750 –1945
1. Birth: The Industrial Revolution and Classical Political Economy, 1750-1850
The Start of Something Big
Why Britain took the lead
Commodification as revolution
The State: Now You See It, Now You Don™t
Emperor Cotton
Hell on earth
Industrialism in the Saddle
The Brains Trust
Adam Smith
fiInvisible handfl or fiinvisible fistfl?
David Ricardo
The gospel of free trade
Abstract theory versus earthy realities
Jean- Baptiste Say
Depression is impossible
Thomas Robert Malthus
Jeremy Bentham
John Stuart Mill
And Karl Marx
2. Maturation: Global Capitalismand Neoclassical Economics: 1850-1914
And British Industry Shall Rule the World: For a While
Politics, the accumulation of capital, and the industrial revolution
The Second Industrial Revolution
Industrialization at the gallop
The Pandor's box of imperialism
The United States
The importance of being lucky
Big, bigger, biggest
Germany
Prussian political economy
German science and technology
The nation with two faces
A Digression on the Casting of Stones
Japan
Arise, Ye Prisoners of Starvation!
Don' waste any time in mourning. Organize
Socialist movements in Europe
And the United States?
Japan and Germany (again)
A Place in the Sun
The rat race begins
– And speeds up
– Then explodes
Economists in Wonderland
fiLet us now assume
Recipes for absurdities
Counter- attack: Karl Marx
The social process
The dynamics of nineteenth- century capitalist development
And Thorstein Veblen
Human beings versus the system
3. Death Throes: Chaos, War, Depression, War Again; Economics in Disarray, 1914 45
The War to End All Wars - But That Didn't
Messy world, neat economics
As You Sow, So Shall You Reap
War's unwholesome economic fruits
The United States
Germany
Japan
The Soviet Union
The premature revolution
Forced industrialization
Fascist Italy
The first working class?
Antonio Gramsci
The future casts its shadow
The Big One
The bitter with the better
The bumpy road down
Global contagion
A tragedy of errors
New brooms don't always sweep clean
New Deal
Better late than never
Unions
Housing
Social security
Nazi Germany
Through a glass darkly
Waste Land
Apocalypse now
Economics: Almost Out With the Old, Almost In With the New
The old stamping grounds
John Bates Clark
Irving Fisher
Joan Robinson I
Turning the earth
John Maynard Keynes
Alvin Hansen
Joan Robinson II
Joseph A. Schumpeter
Part II: 1945 –2000
4. Resurrection: Global Economy II and its Crisis; Hopeful Stirrings in Economics: 1945-75
The Best of Times ΠFor Some, For a While
The Big Six
Behemoth Capitalism Unbound
From the Ashes Arising
Rescue
Rebuilding
Modernization
fiCry Havoc! And let slip the dogs of warfl
fiExcessive vigilance in the defense of freedom is no crimefl
BIG Business
The giants feed
As a matter of fact
Superstates
All Together Now: Shop! And Borrow!
The consciousness industry
Consumerism as a social disease
The family and politics
Stagflation: The Monster with Two Heads
Toward the new world order
Economics on a Seesaw
Post- Keynesian economics
Radical political economy
Up with the old
5. New World Order: Globalization and Financialization; and Decadent Economics, 1975-2000
Introduction and Retrospect
Monopoly Capitalism II
Giants Roaming the Earth
The waltz of the toreadors
TNCs of the world, unite!
Media/ telecommunications
Petroleum
'The new economy' - Who benefits, and who pays?
Wall Street
Wages and hours
Lean and mean
Fat and mean
The Superstate™s New Masters
The World as Capital™s Oyster
The Triumph of Spectronic Finance
The little old lady of Threadneedle Street and her offspring
fiIs the United States Building a Debt Bomb?fl
The addicted consumer
And so?
The Media: Amusing Ourselves to Death
For Shame!
Epilogue
Introduction: Economic Growth as Icon
The Case for Growth
The Tossicodipendente Global Economy
The theater of the absurd and the obscene
Honk, if you need a gas mask
Global Economy III: Today, the World
Democracy: the challenge met
Orwell revisited
The political economy of corruption
From Bad to Worse
Hong Kong
Singapore
South Korea
Taiwan
The eleventh commandment: export!
Needs and Possibilities and New Directions
Politics and understanding
Structural changes
Notes
PROLOGUE
CHAPTER 1
CHAPTER 2
CHAPTER 3
CHAPTER 4
CHAPTER 5
EPILOGUE
Bibliography
Index
Adams, Walter and Brock, James 284n.4
Advertising
156-7
193
206
281n.35
alienation 42
Allen, G.C. 240n.48
arbitrage [global, taxes, environment] 182
Arendt, Hannah 232n.50
Ashworth, William
34
228n.34
230n.42
242n.58
277n.10
Asian crisis
209
295n.25
automobiles
201
204-5
Bain, Joe S.
280n.24
283n.44
Baran, Paul
84
89
111
156-7
164
245n.72
275n.1
281.n.35
Belgium
78
247n.81
Bennett
176-8
286n.16
Bentham, Jeremy
4
25
38-40
Berle, Adolph and Means, Gardiner 279n.21
Berlin to Baghdad Railway 79
Bernays, Edward l.
206
294n.15
big business
55-7
142-3
151-3
172
197
227n.25
238n.28
291n.47
Bismarck, Otto von
74-5
238n.34
Bitter Rice 258n.28
Blackburn, Robin 222n.25
Block, Fred 277n.7
Boesky, Ivan 284n.5
Boggs, Carl 260n.33
Bowden, Witt, et al.
69
100
233n.1
242n.58
244n.70
247n.81
248n.85
257n.19
Boxer, C.R.
232n.4
233n.5
Brady, Robert A.
59
60
62
98
221n.23
238n.35
240n.48
258n.28
264n.59
266n.67
Braudel, Fernand 216n.1
Braverman, Harry 164
Brebner, J.B. 230n.42
Brecht, Bertold and Weill, Kurt 264n.60
Bumpers, Sen. Dale
208
295n.23
business cycles
34-5
138
162
228n.34
275n.102
Business Week
18
188-91
285n.12
286n.16
Cabaret
257n.15
266n.64
Cambridge circus 273n.94
Cammett, John M. 260n.33-4
capacity utilization
111
271n.88
capitalism
beginnings 4
beginnings 10
and accumulation 5-6
and political democracy 7-8
laissez-faire 22
laissez-faire 128
laissez-faire 165
laissez-faire 226n.18
laissez-faire 271n.88
Carey, Alexander
206
294n.14
Carroll, Lewis 248n.88
cartels 57
Catholic Church
104
259n.29
century of peace 234n.12
CEO incomes 180
Chamberlin, Edward 268n.74
Chartists
27
40
Chesterton, G.K. 295n.21
children
158
194
282n.37
China 106-7
cholera 229n.39
Chomsky, Noam
240n.47
288n.31
civil war [Spain]
102
258n.25
civil war [USA] 52-3
Clark, G.N. 220n.17
Clark, J.M.
162
249n.93
Clark, John Bates
126
249n.93
cliometrics 225n.17
Cockroft, James D., et al 261n.39
Colbert, Jean-Baptiste 220n.18
Cold War
103
123
145
147-51
267n.71
276n.5
Cole, G.D.H.
225n.15
229n.39
colonialism
24
220n.17
commodification 20
Communist Manifesto
4-5
43-4
232n.52-3
competition 227n.23
competitive model 84-5. 267n.73
Conrad, Joseph 247n.81
consumerism, consumption
84
110-11
155-6
158-9
190-1
201-5
Cordell, Alexander 225n.15
Corn Laws 32
corporate counterattack 7
corruption
208
295n.21
Crash [of 1929] 110
Cumings, Bruce 278n.12
Cypher, James C.
191
284n.3
288n.35
Daly, Herman and Cobb, John B. Jr. 296n.30
de Castro, Josué 229n.37
de Gaulle, Charles
228n.18
261n.40
debt
110
157
188-9
205
282n.36
285n.6
288n.32-6
democracy 206-7
depression
34-5
108ff. 228n.34
262n.44
derivatives
184
287n.27
Dillard, Dudley 270n.8
Dobb, Maurice
50
234n.10
257n.21
downsizing, outsourcing
176
286n.16
Du Boff, Richard
7
57
161
168
219n.14
262n.46
277n.11
282n.41
284n.6
285n.6
dual economy
109
262n.46
Duus, Peter
65
241n.49
Economic growth 199-202
Economic Report of the President 287n.24
economic thought and theory
12
and abstract theory 33
and abstract theory 197
and utility 38-9
classical political economy 44
classical political economy 82
methodology 12-15
methodology 81-2
microeconomics 83-6
neoclassical economics 39
neoclassical economics 81-6
neoclassical economics 124-5
neoclassical economics 197-8
objectivity and neutrality 15
economic ["vertical"]
5-6
11
141
220n.21
geographic ["horizontal"] 6
geographic ["horizontal"] 9
Edwards, Richard et al.
64
283n.46
Eichner, Alfred S.
163
283n.43
Einstein, Albert
195
231n.47
290n.43
Eisenberg, Carolyn 278n.12
Eisenhower, Dwight 278n.12
Eliot, T.S. 217n.6
enclosure movement
21
217n.7
Engels, Friedrich
4
218n.19
225n.15
Ensenzberger, Hans Magnus 33
equilbrium
125
134-5
European Union 187-8
Ewen, Stuart
284n.35
294n.14
exploitation
5
8-9
88-9
175
export-based economies
27
210-11
296n.26
Fanon, Frantz 242n.59
farming
115-16
224n.29
fascism
95-6
99
102-3
118ff.
235n.20
244n.70
258n.27
259n.29
Federal Reserve System
186-7
287n.29
Feis, Herbert 242n.58
finance
47
131-2
161
179-81
183-88
234n.8
Finnegan, William
247n.82
265n.63
Fisher, Irving
107
126
268n.78
Fortune [500]
9
152
172
227n.25
280n.25
285n.8
France
20
and fascism 244n.70
Frank, André Gunder 261n.35
free trade
31
198
Friedman, Milton
50
165-6
226n.22
284n.49
Frumkin, Gregory 267n.70
Fussell, Paul 254n.41
Gans, Herbert J. 230n.41
General Agreement on Tariffs and Trade [GATT] 146
George, Susan 277n.7
Germany
54
57-62
74-5
235n.19
and depression 262n.45
and World War I 98
and World War I 256n.12-15
concentrationcamps 121
concentrationcamps 266n.66
division of 277n.12
ersatz 61
Junkers 58
Junkers 238n.34
Nazi Germany 118ff.
science and technology 59-60
science and technology 239n.38
socialism 74-5
socialism 120-1
socialism 239n.42
socialism 245n.75
socialism 266n.65
Gerschenkron, Alexander 257n.15
Gilder, George 227n.26
Ginzberg, Eli 226n.19
globalization
106-7
113
after World War II 145-9
after World War II 276n.6
since 178-9
since 182-8
since 198-9
since 205
since 284n.3
Goldsmith, Oliver 223n.4
Goldwater, Sen. Barry 150
Gordon, David M.
178
286n.17
Gordon, Robert A. 262n.48
Gould, Stephen Jay 231n.47
Gramsci, Antonio
104-6
165
213-14
245n.73
260n.33-6
283n.48
Great Britain
as first industrial capitalist nation 19
and child labor 69
and cities 70
and colonialism 224n.13
and health 71
and health 244n.67
and socialism 41
and socialism 231n.48
and the industrial revolution 23-5
and workers' lifespans 224n.8
and workers' organization 70-1
and workers' organization 244n.68
Greider, William
176
182
189
286n.15
287n.22
295
Gross, Bertram 267n.72
Gurley, John 252n.105
Hahnel, Robin 286n.15
Hamilton, Alexander 33-4
Hammond, J.L. and Barbara
25
223n.4
224n.11
243n.66
Handlin, Oscar 236n.23
Hansen, Alvin
132-3
272n.91-2
Heckscher, Eli 220n.18
hedonism 91
hegemony
105
260n.34
Henderson, W.O.
22
223n.6
239n.36
Herman, Edward S. 299n.39
Hess, John 22n.38
Hill, Christopher 222n.2
Hill, Joe 243n.60
Hoare, Quinton and Smith, G.N. 260n.33
Hobsbawm, E.J.
17
24
27
70
223n.4
225n.15
228n.29
233n.3
240n.43
243n.66
245n.76
Hobson, J.A. 76
Hoffman, R.J.S. 239n.43-4
homo economicus
29
226n.20
Hoover, Herbert 113
hostile takeover
171
285n.6
housing
117
264n.58
290n.46
Hunt, E.K.
197-8
222n.25
228n.33
252n.105
268n.76
284n.50
291n.48
Huxley, Aldous 206
Ignatieff, Michael 158
imperialism
41
49-50
76-80
income distribution
39-41
128-31
176
270n.86
282.41
India
13
224n.9
261n.39
industrialization
Great Britain 49
German 57-62
Japanese 64-8
second industrial revolution 48-9
inflation
96
98
160
256n.10
282n.40
institutional economics 288n.51
International Bank for Reconstruction and Development [IBRD, World Bank]
146
211
296n.28
International Monetary Fund [IMF]
146
211
276n.6
292n.7
296n.28
invisible hand 30
Italy
30
103-6
258n.28
259n.29
261n.38
293n.12
Japan
64-8
74
78
98
122
147-8
Journal of Economic Issues 284n.51
Kalecki, Michal 273n.94
Kamikaze 257n.17
Kemp, Tom
234n.11
246n.76
Kennan, George
265n.62
278n.12
Kennedy, Paul 267n.70
Keynes, John Maynard
10-11
37-8
79-80
117-32
186
217n.5
245n.76
248n.86
254n.2
268n.
Knight, F.H.
220n.17
284n.50
Knight, M.M.
220n.17
256n.9
Kolko, Gabriel 72
Kolko, Joyce 280n.28
Korea 277n.12
Kuttner, Robert 284n.1
Laski, Harold 258n.27
Latourette, Kenneth Scott 241n.51
Left Business Observer
288n.34
296n.29
Lekachman, Robert 270n.87
Lenin, V.I.
76
100-1
leveraged buyout
171
284n.5
Levi, Carlo 261n.38
Levi, Primo 261n.38
Lewis, W. Arthur
96
109
228n.34
255n.7-8
263n.52
List, Friedrich
58
228n.32
235n.19
238n.33
Livingston, Joe Moore, et al. 240n.48
lobbyists
23
208
295n.22
Lockwood, William
74
245n.74
Lombardi, Vince 291n.1
Los Angeles 293n.11
Luddites
71
243n.65
Luxemburg, Rosa
76
264n.61
Madrick, Jeffrey
4
200-1
211
292n.3
Magdoff, Harry 164
Malraux, André 261n.40
Malthus, Thomas Robert
4
35-8
229n.35-6
Mandel, Ernest 280n.27
Mander, Jerry 294n.17
Mannheim, Karl 221n.22
Mantoux, Paul
217n.7
223n.4
Marshall Plan
146
277n.7
Marshall, Alfred
124-5
249n.90
Marx, Karl
4
6
8
10
15
32
42-4
86-90
182
212
218n.10
219n.13
228n.30
248n.8
mass production
26
54
236n.24
237n.27
Mathias, Peter 244n.15
McCarthy[ism], Sen. Joseph
150
165
206-7
279n.16
284n.49
McChesney, Robert W.
7
41
44
216n.3
281n.35
289n.38
290n.39
media
156
192-5 281n.33
289n.38
Melman, Seymour 279n.14
mercantilism
29
220n.17
233n.6
mergers and acquisitions
142
151-2
171-4
192-3
Meszaros, Istvan 224n.9
military expenditures
6
149
277n.8
292n.5
Milken, Michael 284n.5
Mill, John Stuart
4
40-2
230n.42
231n.46
Mills, C. Wright 222n.25
Minsky, Hyman
191
270n.87
Mintz, Morton and Cohen, Jerry S. 276n.3
Mitchell, Broadus 262n.44
Mitchell, Wesley Clair 162
monetarism 187
monopoly capitalism
89-90
141-3
Monthly Review 295n.21
Morgenstern, Gretchen 289n.36
Multilateral Agreement on Investment [MAI]
187
288n.30
multinational/transnational corporations [MNCs/TNCs]
28
152-3
164
172-3
181
185
193
198
Mumford, Lewis 293n.11
Munich 122
National Recovery Act
114-15
263n.56
nationalism 245n.76
Nef, John U.
20
233n.7
neocolonialism 211
Netherlands 46-8
New Deal 115ff.
new economy 171-5
New Left
164
283n.47
New York Times
12
285n.10
288n.33
289n.36
290n.46
293n.13
295n.23
Nordholdt, W. Schulte 240n.46
Norman, E.H. 66
North American Free Trade Agreement [NAFTA]
187
288n.30
North Atlantic Treaty Organization [NATO] 146
O'Connor, James
154
280n.30
Oglesby, Carl 257n.22
oligarchic rule 6-8
oligopoly
163
283n.44
Ollman, Bertell
218n.1
231n.49
252n.105
Organization of Petroleum Exporting Countries [OPEC] 160
Orwell, George 206
Osberg, Lars 280n.32
Owen, Robert 243n.60
Parry, J.H. 233n.4
Perry, Admiral Matthew 65
Phillips, Kevin
26
183-4
285n.13
287n.23
295n.22
Piven, Frances Fox and Cloward, Richard 230n.40
Polanyi, Karl 223n.4
Poor Laws 36
post-Keynesians
133
162-4
196
283n.43-5
Postman, Neil
194
206
290n.42
poverty
155
203
280n.32
292n.7
Power, Eileen 224n.12
principle of comparative advantage 33
profits
8
84
183
219n.16
public relations/propaganda
205-6
294n.14-16
public transportation
204
293n.10
Puritan Revolution 20
Reagan, Ronald 165
Reed, John 257n.20
Remarque, Erich Maria 254n.4
rent
32
228n.30
Ricardo, David
4
31-4
39
88
198
227n.28
Rima, Ingrid H.
75
268n.74
Robbins, Sir Lionel 83
Robinson, Joan
126-7
133-5
268n.74
273n.93-5
274n.96
Rogin, Leo
13
221n.25
Roll, Eric
40
228n.32
Roosevelt, Franklin Delano
113-15
263n.57
Rousseas, Stephen
163
283n.45
Salvemini, Gaetano 259n.29
savings and loan scandals 184
Say, Jean-Baptiste
34-5
118
130
227n.27
228n.33
scarcity 83
Schiller, Herbert 164
Schmidt, Carl 259n.29
Schumpeter, Elizabeth Boody 274n.97
Schumpeter, Joseph A.
76-7
80
82
135-8
217n.4
246n.79
274n.97-100
275n.101-3
Schwartz, Jesse 222n.25
Scitovsky, Tibor 281n.34
Sen, Amartya
216n.2
229n.37
seven deadly sins
29
226n.21
Sherman, Howard 282n.39
Silone, Ignazio 261n.38
Sismondi, J.C. 219n.13
skinheads 265n.63
Sklar, Holly 286n.18
slavery
51-2
64
240n.46
Smith, Adam
3
14-16
28-31
220n.17
Snell, Bradford
204
293n.10
Soule, George 262n.44
Soviet Union
99-103
Allied intervention 101-2
Allied intervention 257n.22
Bolshevik revolution 95
Bolshevik revolution 100-1
speculation
107
184-6
270n.86
sports utility vehicles
205
293n.13
stagnation and stagflation
133
154
159-60
272n.92
Stalin, Joseph 101-2
State power, "superstate"
21-3
154-5
180-4
Stavrianos, L.S. 248n.84
Stiglitz, Joseph E.
250n.95
291n.50
296n.28
stock ownership
192
289n.37
Stone, I.F. 295n.21
Stretton, Hugh
196
213
290n.45-6
291n.1
Sudan 247n.82
supervisory workers 178-80
Sweezy, Paul
89
111
164
245n.72
246n.79
274n.97
275n.12
syndicated loans
188
288n.33
Tanzer, Michael 277n.7
tautology
38-9
230n.43
Tawney, R.H.
13
164-5
221n.24
223n.3
taxation
155
176
280n.71
285n.13
technology
54
178
195
television
193-5
206
290n.41
294n.17
Thatcher, Margaret 165
The Great War 260n.31
The Organizer 258n.28
Thompson, E.P. 225n.16
Totten, George O. III 245n.74
trade deficit 277n.9
transportation
26
48-49
Tucker, Robert C. 260n.34
Turgeon, Lynn
278n.13
291n.41
Tye, Larry 294n.15
UN Human Development Report
203
243n.9
UNICEF 216n.2
unionism
73-4
117
and fascism 144
and fascism 276n.44
and World War I 97
and World War I 256n.11
in 262n.43
unemployment 109
unemployment 111
unemployment 263n.50
United States
51-7
big business 30
big business 55-7
big business 237n.29
developmental advantages 53
immigration 54
immigration 236n.23
imperialism 22
imperialism 53-9
imperialism 78-9
imperialism 236n.21
imperialism 248n.83
import surplus 235n.16
mass production 54
utility
38-9
230n.43
Veblen, Thorstein
29
52
54
56
66-8
71
75
76
84
90-3
222n.25
235n.18
237n.26
Versailles Treaty
121
266n.67
Vietnam 278n.12
Von Hayek, Friedrich 284n.50
Von Mises, Ludgwig 284n50
Vulture Capitalism
211
296n.29
Wall Street 175
war contracts 279n.19
Washington Post
285n.11
286n.18
Waste
83
203
292n.8
Webb, Sidney 27
Wharton, Edith 250n.97
Williams, William A.
78
218n.10
236n.21
248n.83
Wilson, Woodrow
7
206
Wirth, Greg 296n.29
Wittner, Lawrence 278n.12
women 250n.97
World Trade Organization [WTO] 146
World War I
79-81
94-6
World War II
122-3
144
aftermath 144-5
Wright, Ronald
240n.97
296n.27
Young, Marilyn 278n.12
Zaibatsu
54
66
74
242n.53
zollverein
58
238n.2
