23 Things They Don't Tell You About Capitalism

5

Ibid., table 3.A2.

6

L. A. Bebchuk and J. M. Fried, ‘Executive compensation as an agency problem’, Journal of Economic Perspectives, 2003, vol. 17, no. 3, p. 81.

THING 15

1

OECD, ‘Is informal normal? – Towards more and better jobs in developing countries’, 2009.

2

D. Roodman and J. Morduch, ‘The impact of microcredit on the poor in Bangladesh: Revisiting the evidence’, 2009, working paper, no. 174, Center for Global Development, Washington, DC.

3

M. Bateman, Why Doesn’t Microfinance Work?(Zed Books, London, 2010).

THING 16

1

Mansion House speech, 19 June 2009.

2

For a very engaging and user-friendly presentation of the researches on the irrational side of human nature, see P. Ubel, Free Market Madness: Why Human Nature is at Odds with Economics – and Why it Matters(Harvard Business School Press, Boston, 2009).

THING 17

1

J. Samoff, ‘Education for all in Africa: Still a distant dream’ in R. Arnove and C. Torres (eds.), Comparative Education – The Dialectic of the Global and the Local(Rowman and Littlefield Publishers Inc., Lanham, Maryland, 2007), p. 361, table 16.3.

2

L. Pritchett, ‘Where has all the education gone?’, The World Bank Economic Review, 2001, vol. 13, no. 3.

3

A. Wolf, Does Education Matter?(Penguin Books, London, 2002), p. 42.

4

In the eighth grade, the US overtook Lithuania, but was still behind Russia and Hungary; fourth-grader score for Hungary and eighth-grader scores for Latvia and Kazakhstan are not available.

5

The other European countries were, in order of their rankings in the test, Germany, Denmark, Italy, Austria, Sweden, Scotland and Norway. See the website of the National Center for Educational Statistics of the US Department of Education Institute of Education Sciences, http://nces.ed.gov/timss/table07_1.asp.

6

The other rich countries were, in order of their rankings in the test, Japan, England, the US, Australia, Sweden, Scotland and Italy. See the above website.

7

The most influential works in this school of thought were Harry Braverman’s Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century(Monthly Review Press, New York, 1974) and Stephen Marglin’s ‘What do bosses do?’, published in two parts in The Review of Radical Political Economyin 1974 and 1975.

8

Wolf, op. cit., p. 264.

9

On the issue of sorting and many other insightful observations on the role of education in economic development, see Wolf, op. cit.

THING 18

1

R. Blackburn, ‘Finance and the fourth dimension’, New Left Review, May/June 2006, p. 44.

THING 19