23 Things They Don't Tell You About Capitalism

Perspective(Anthem Press, London, 2002), pp. 24–8 and references thereof.

THING 2

1

A. Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (Clarendon Press, Oxford, 1976), p. 741.

2

N. Rosenberg and L. Birdzell, How the West Grew Rich(IB Tauris & Co., London, 1986), p. 200.

3

A. Glyn, Capitalism Unleashed – Finance, Globalisation, and Welfare(Oxford University Press, Oxford, 2004), p. 7, fig. 1.3.

4

J. G. Palma, ‘The revenge of the market on the rentiers – Why neo-liberal reports on the end of history turned out to be premature’, Cambridge Journal of Economics, 2009, vol. 33, no. 4, p. 851, fig. 12.

5

See W. Lazonick and M. O’Sullivan, ‘Maximising shareholder value: A new ideology for corporate governance’, Economy and Society, 2000, vol. 29, no. 1, and W. Lazonick, ‘The buyback boondoggle’, Business Week, 24 August 2009.

6

Lazonick, op. cit.

THING 4

1

R. Sarti, ‘Domestic service: Past and present in Southern and Northern Europe’, Gender and History, 2006, vol. 18, no. 2, p. 223, table 1.

2

As cited in J. Greenwood, A. Seshadri and M. Yorukoglu, ‘Engines of liberation’, Review of Economic Studies, 2005, vol. 72, p. 112.

3

C. Goldin, ‘The quiet revolution that transformed women’s employment, education, and family’, American Economic Review, 2006, vol. 96, no. 2, p. 4, fig. 1.

4

I. Rubinow, ‘The problem of domestic service’, Journal of Political Economy, 1906, vol. 14, no. 8, p. 505.

5

The book is H.-J. Chang and I. Grabel, Reclaiming Development – An Alternative Economic Policy Manual(Zed Press, London, 2004).

6

K. Ohmae, The Borderless World: Power and Strategy in the Interlinked Economy(Harper & Row, New York, 1990).

THING 5

1

An accessible summary of the academic literature on the complexity of human motivations can be found in B. Frey, Not Just for the Money – Economic Theory of Personal Motivation(Edward Elgar, Cheltenham, 1997).

2

The example is an elaboration of the one used by K. Basu, ‘On why we do not try to walk off without paying after a taxi-ride’, Economic and Political Weekly, 1983, no. 48.

THING 6

1

S. Fischer, ‘Maintaining price stability’, Finance and Development, December 1996.

2

A study by Robert Barro, a leading free-market economist, concludes that moderate inflation (10–20 per cent) has low negative effects on growth, and that, below 10 per cent, inflation has no effect at all. See R. Barro, ‘Inflation and growth’, Review of Federal Reserve Bank of St Louis, 1996, vol. 78, no. 3. A study by Michael Sarel, an IMF economist, estimates that below 8 per cent inflation has little impact on growth – if anything, he points out, the relationship is positive below that level – that is, inflation helps rather than hinders growth. See M. Sarel, ‘Non-linear effects of inflation on economic growth’, IMF Staff