NOTES

CHAPTER 1. THE PUZZLE OF CAPITALISM

1. Simon Winchester, “Historical Tremors,” New York Times, May 15, 2008.

2. Jared Diamond, Guns, Germs, and Steel: The Fate of Human Societies (New York, 1997). See also Gregory Clark, (Princeton, 2007).

3. David S. Landes, The Wealth and Poverty of Nations (New York, 1997); Alfred F. Crosby, Jr., The Measure of Reality: Quantification and Western Society, 1250–1600 (New York, 2000), reviewed by Roger Hart, Margaret Jacob, and Jack A. Goldstone in the American Historical Review, 105 (2000): 486–508; Deepak Lal, Unintended Consequences (Cambridge, 1998). See also David Levine, At the Dawn of Modernity: Biology, Culture, and Material Life in Europe after the Year 1000 (Berkeley, 2001).

4. Kenneth Pomeranz, The Great Divergence: China, Europe, and the Marking of the Modern World Economy (Princeton, 2000). The critical literature on this proposition is best covered in James M. Bryant, “The West and the Rest Revisited: Debating Capitalist Origins, European Colonialism, and the Advent of Modernity,” Canadian Journal of Sociology, 31 (2006). See also David Landes, “East Is East and West Is West,” in Maxine Berg and Kristine Bruland, eds., Technological Revolutions in Europe: Historical Perspectives (Northampton, MA, 1998), 19–38. For a more sympathetic response to Pomeranz, see P. H. H. Vries, “Are Coal and Colonies Really Crucial? Kenneth Pomeranz and the Great Divergence,” Journal of World History, 12 (2001).

5. Jack A. Goldstone, “Efflorescences and Economic Growth in World History: Rethinking the ‘Rise of the West’ and the Industrial Revolution,” Journal of World History, 13 (2002).

6. Karl Marx, Contribution to the Critique of Political Economy (New York, 1977 [originally published in 1859]).

7. Max Weber, The Protestant Ethic and the Spirit of Capitalism, trans. by Talcott Parsons (New York, 1958 [originally published in Germany in 1904–05]), 47–62.

8. Adam Smith, An Enquiry into the Nature and Causes of the Wealth of Nations (New York, 1937 [Modern Library ed.]), 306, 3, 13, and 328.

9. Joyce Oldham Appleby, Economic Thought and Ideology in Seventeenth-Century England (Princeton, 1978), 158–70, 199–216, 242.

CHAPTER 2. TRADING IN NEW DIRECTIONS

1. C. R. Boxer, Four Centuries of Portuguese Expansion, 1415–1825: A Succinct Survey (Berkeley, 1969), 14; Holland Cotter, “Portugal Conquering and Also Conquered,” New York Times, June 28, 2007.

2. Alfred W. Crosby, Jr., The Columbian Exchange: Biological and Cultural Consequences of 1492 (Westport, CT, 1972).

3. Leonard Y. Andaya, The World of Maluku: Eastern Indonesia in the Early Modern Period (Honolulu, 1993), 151; Sanjay Subrahmanyam, “Holding the World in Balance: The Connected History of the Iberian Overseas Empires, 1500–1640,” American Historical Review, 112 (2007): 1367–68.

4. M. C. Ricklefs, A History of Modern Indonesia (Bloomington, 1981), 21.

5. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 2nd ed. (Armonk, NY, 2006), 16–18.

6. Robert C. Ritchie, Captain Kidd and the War against the Pirates (Cambridge, 1986).

7. Christopher Hill, The Century of Revolution, 1602–1715 (Edinburgh, 1961), 32; see also Joyce Oldham Appleby, Economic Thought and Ideology in Seventeenth-Century England (Princeton, 1978), 32–35.

8. Robert Brenner, Merchants and Revolution: Commercial Change, Political Conflict, and London’s Overseas Traders, 1550–1653 (Princeton, 1993).

9. C. R. Boxer, The Dutch Seaborne Empire: 1600–1800 (New York, 1970), 43–44.

10. Lynn Hunt, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia, and Bonnie G. Smith, The Making of the West: People and Cultures, a Concise History, 2nd ed. (Boston, 2007), 494.

11. Daniel Defoe, A Plan of the English Commerce: Being a Compleat Prospect of the Trade of This Nation, as Well as the Home Trade and Foreign Trade (London, 1728), 192, as quoted in Charles Wilson, The Dutch Republic and the Civilization of the Seventeenth Century (New York, 1968), 20.

12. Wilson, Dutch Republic, 27.

13. Boxer, Dutch Seaborne Empire, 22.

14. Jan De Vries, “The Limits of Globalization in the Early Modern World,” Economic History Review (forthcoming): 14.

15. Boxer, Dutch Seaborne Empire, 94.

16. Pomeranz and Topik, World That Trade Created, 80–83.

17. Holland Cotter, “When the Islamic World Was Inspired by the West,” New York Times, March 28, 2008.

18. I am indebted to David Levine for this information.

19. Charles P. Kindleberger, A Financial History of Western Europe, 2nd ed. (New York, 1993), 173–76.

20. Dennis O. Flinn and Arturo Giraldez, “Cycles of Silver: Global Economic Unity through the Mid-Eighteenth Century,” Journal of World History, 13 (2002): 391–427.

CHAPTER 3. CRUCIAL DEVELOPMENTS IN THE COUNTRYSIDE

1. Alfred W. Crosby, Jr., The Columbian Exchange: Biological and Cultural Consequences of 1492 (Westport, CT, 1972).

2. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 2nd ed. (Armonk, NY, 2006), 07.

3. Quoted in Andrew B. Appleby, “Diet in Sixteenth-Century England,” in Charles Webster, ed., Health, Medicine and Mortality in the Sixteenth Century (Cambridge, 1979).

4. David Landes, The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present (Cambridge, 1969), 15–16.

5. David Levine, At the Dawn of Modernity: Biology, Culture, and Material Life in Europe after the Year 1000 (Berkeley, 2001), 333–37.

6. Thomas Robert Malthus, An Essay on the Principle of Population (London, 1798), 139.

7. E. A. Wrigley and R. S. Schofield, Population History of England And Wales (London, 1981); E. A. Wrigley, Introduction to English Historical Demography from the Sixteenth to the Nineteenth Century (New York, 1966), 96–159. See also Levine, At the Dawn of Modernity, 294–99.

8. Peter Laslett, The World We Have Lost (New York, 1965), 1. I have converted English currency to American dollars.

9. Fernand Braudel and Frank Spooner, “Prices in Europe, from 1450–1750,” in Edwin E. Rich and Charles Henry Wilson, eds., The Cambridge Economic History of Europe, vol. 4 (Cambridge, 1967).

10. P. H. H. Vries, “Are Coal and Colonies Really Crucial? Kenneth Pomeranz and the Great Divergence,” Journal of World History, 12 (2001): 4–5.

11. Robert Brenner, “Agrarian Class Structure and Economic Development in Pre-Industrial Europe,” Past and Present: 68–72; Robert Brenner, “Property and Progress,” in Chris Wickham, ed., Marxist History-Writing for the Twenty-first Century (Oxford, 2007). Brenner, more than any other contemporary scholar, prompted a debate on the role of agriculture in modern economic change.

12. T. H. Aston and C. E. Philpin, eds., The Brenner Debate: Agrarian Class Structure and Economic Development in Pre-Industrial Europe (Cambridge, 1985).

13. Wrigley, Continuity, Chance, and Change: The Character of the Industrial Revolution in England (Cambridge, 1988), 12–13.

14. Quoted in Joyce Oldham Appleby, Economic Thought and Ideology in Seventeenth-Century England (Princeton, 1978), 59–64.

15. Ibid., 130.

16. D. V. Glass, “Gregory King’s Estimation of the Population of England and Wales, 1695,” Population Studies, 2 (1950).

17. E. A. Wrigley and R. S. Schofield, The Population History of England, 1541–1871: A Reconstruction (London, 1981); Gregory Clark, “Too Much Revolution: Agriculture in the Industrial Revolution, 1700–1860,” in Joel Mokyr, ed., The British Industrial Revolution: An Economic Perspective, 2nd ed. (Boulder, 1999), 238–39.

18. Thomas Culpeper, Plain English (London, 1673).

19. Robert C. Allen, “Economic Structure and Agricultural Productivity in Europe, 1300–1800,” European Review of Economic History, 4 (2000), 6–8.

20. Brenner, “Agrarian Class Structure,” 68–72.

21. Arthur Young, Travels in France during the years 1787, 1788, and 1789 (Dublin, 1793), I: 130.

CHAPTER 4. COMMENTARY ON MARKETS AND HUMAN NATURE

1. D. V. Glass, “Gregory King’s Estimation of the Population of England and Wales, 1695,” Population Studies, 2 (1950).

2. Locke Manuscripts, Cambridge University Library, Cambridge, England.

3. Boswell’s Life of Johnson, ed. George Birkbeck Hill (Oxford, 1887), II: 323.

4. Quoted in R. D. Collinson Black, “Smith’s Contribution in Historical Perspective,” in T. Wilson and A. S. Skinner, eds., The Market and the State: Essays in Honour of Adam Smith (Oxford, 1976).

5. E. A. Wrigley, “A Simple Model of London’s Importance in Changing English Society and Economy 1650–1750,” Past and Present, 37 (July 1967): 44–47.

6. Puerta del Sol, vol. 5, no. 6 (1994).

7. B. E. Supple, Commercial Crisis and Change in England, 1600–1642 (Cambridge, 1959), 231–36.

8. England’s Treasure by Forraign Trade (London, 1664 [originally published in 1622]), 218–19. Spelling has been modernized.

9. Benjamin Nelson, The Idea of Usury: From Tribal Brotherhood to Universal Otherhood, 2nd ed. (Chicago, 1969 [originally published in 1949]).

10. Ibid., 229ff, 74ff. See also Joyce Oldham Appleby, Economic Thought and Ideology in Seventeenth-Century England (Princeton, 1978), 63–69.

11. Timur Kuran, “Explaining the Economic Trajectories of Civilization: The Systemic Approach,” Journal of Economic Behavior and Organization (2009, in press).

12. Appleby, Economic Thought and Ideology, 158–98.

13. Jan De Vries, “The Industrial Revolution and the Industrial Revolution,” Paper presented at the Fifty-third Annual Meeting of the Economic History Association (June 1994): 257.

14. [Nicholas Barbon], A Discourse of Trade (1690), 15; [Dalby Thomas], An Historical Account of the West-India Colonies (London, 1690), 6, both quoted in Appleby, Economic Thought and Ideology, 169–71.

15. [Barbon], A Discourse of Trade, 15; [Sir Dudley North], Discourses upon Trade (London, 1681), 14; [John Cary], An Essay on the State of England (Bristol, 1695), 143ff., quoted in Appleby, Economic Thought and Ideology, 169–70.

16. Robert C. Allen, “The British Industrial Revolution in Global Perspective” (2006): 3–7, available on the Internet.

17. H-J. Voth, “Time and Work in Eighteenth-Century London,” Journal of Economic History, 58 (1998): 36–37.

18. [Henry Layton] Observations Concerning Money and Coin (London, 1697), 12, quoted in Appleby, Economic Thought and Ideology, 237.

19. Appleby, Economic Thought and Ideology, 234.

20. Irwin Unger, The Greenback Era: A Social and Political History of American Finance, 1865–1879 (Princeton, 1964), 38–40.

21. This and the previous paragraph have been drawn from Mark Dincecco, “Fiscal Centralization, Limited Government, and Public Revenues in Europe, 1658–1913,” Paper given at the Van Gremp Seminar (UCLA, April 28, 2007), also available through scholar.Google.com.

22. Richard B. Sheridan, Sugar and Slavery: An Economic History of the British West Indies, 1623–1775 (Baltimore, 1974), 436–37.

23. Some Thoughts Concerning the Better Security of Our Trade and Navigation (London, 1685), 4.

24. Jeff Horn, The Path Not Taken: French Industrialization in the Age of Revolution, 1750–1830 (Cambridge, 2006), 51–53.

25. Elizabeth Fox-Genovese, The Origins of Physiocracy: Economic Revolution and Social Order in Eighteenth-Century France (Ithaca, 1976); Horn, Path Not Taken, 21, 30, 51–53.

CHAPTER 5. THE TWO FACES OF EIGHTEENTH-CENTURY CAPITALISM

1. These were the War of the League of Augsburg (1689–1697), War of the Spanish Succession (1702–1713), War of Jenkins’s Ear (1739–1741), War of the Austrian Succession (1740–1748), Seven Years’ War (1756–1763), War of the American Revolution (1777–1783), War of the French Revolution (1792–1800), Napoleonic Wars (1803–1815).

2. David Brion Davis, Inhuman Bondage: The Rise and Fall of Slavery in the New World (Oxford, 2006), 80; David Eltis, “The Volume and Structure of the Transatlantic Slave Trade: A Reassessment,” William and Mary Quarterly, 58 (2001).

3. Peter Bakewell, A History of Latin America, 2nd ed. (2004), 153–57.

4. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 2nd ed. (Armonk, NY, 2006), 88–89.

5. Arnold Pacey, Technology in World Civilization: A Thousand-Year History (Cambridge, 1991), 100.

6. Davis, Inhuman Bondage, 83–85.

7. Pomeranz and Topik, World That Trade Created, 104–07.

8. Richard S. Dunn, Sugar and Slaves: The Rise of the Planter Class in the English West Indies (Chapel Hill, 1972), 9–10.

9. Davis, Inhuman Bondage, 92–93.

10. Jan De Vries, “The Limits of Globalization in the Early Modern World,” Economic History Review (forthcoming): 8.

11. Frank Tannenbaum, Slave and Citizen: The Negro in America (New York, 1947), 33.

12. See Chapter 2 for a fuller account of Virginia’s tobacco boom.

13. Edmund Morgan, American Slavery, American Freedom: The Ordeal of Colonial Virginia (New York, 1975), 24–26.

14. Peter H. Wood, Black Majority: Negroes in Colonial South Carolina from 1676 through the Stono Rebellion (New York, 1974), 30–42.

15. Martha Schwendener, “Growing Up in the Caribbean, Inspiring Artists over the Centuries,” New York Times, June 29, 2007; Pomeranz and Topik, World That Trade Created, 72–73.

16. Tannenbaum, Slave and Citizen, 48–54.

17. Carl N. Degler, Neither Black nor White: Slavery and Race Relations in Brazil and the United States (New York, 1971), 245–56; Davis, Inhuman Bondage, 120–21; Tannenbaum, Slave and Citizen, 10.

18. www.digitalhistory.uh.edu/black_voices_display.cfn? id-24.

19. Bryan Edwards, The History, Civil and Commercial, of the British Colonies in the West Indies, 5 vols. (London, 1810), 2:287–89, quoted by James Epstein, “Politics of Colonial Sensation: The Trial of Thomas Picton and the Cause of Louisa Calderon,” American Historical Review, 112 (June 2007): 714, n. 17.

20. Davis, Inhuman Bondage, 240–48.

21. Eric Williams, Capitalism and Slavery (London, 1944).

22. James M. Bryant, “The West and the Rest Revisited: Debating Capitalist Origins, European Colonialism, and the Advent of Modernity,” Canadian Journal of Sociology, 31 (2006): 434; Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, 2002), 123.

23. David Levine, Family Formation in an Age of Nascent Capitalism (New York, 1977), 77–78, 146–47.

24. E. A. Wrigley, “A Simple Model of London’s Importance in Changing English Society and Economy 1650–1750,” Past and Present, 37 (1967): 48.

25. E. A. Wrigley, Continuity, Chance, and Change: The Character of the Industrial Revolution in England (Cambridge, 1988), 26–29, 32, 56.

26. Robert C. Allen, The British Industrial Revolution in Global Perspective: How Commerce Created the Industrial Revolution and Modern Economic Growth, forthcoming, April 2009, http://www.nuffield.ox.ac.uk/users/ allen/unpublished/ econinvent-3.pdf.

27. Mokyr, Gifts of Athena, 75, n. 72.

28. Margaret C. Jacob, Scientific Culture and the Making of the Industrial West (Oxford, 1997).

29. Margaret C. Jacob and Larry Stewart, Practical Matter: Newton’s Science in the Service of Industry and Empire, 1687–1851 (Cambridge, 2004), 38–41; Mokyr, Gifts of Athena, 44–45.

30. Jacob and Stewart, Practical Matter, 83–87; Joyce Chaplin, The First Scientific American: Benjamin Franklin and the Pursuit of Genius (New York, 2006), 29–33.

31. Allen, British Industrial Revolution, 10; Mokyr, Gifts of Athena, 68.

32. Chaplin, The First Scientific American, 29–33; Jacob and Stewart, Practical Matter, 95, 97; the quote is from p. 93.

33. Pacey, Technology in World Civilization, 111–12; Allen, British Industrial Revolution, 27.

34. Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done about It (Oxford, 2007), 82–84.

35. Allen, British Industrial Revolution, 28.

36. Eric Robinson and A. E. Musson, James Watt and the Steam Revolution: A Documentary History (London, 1969), 4–6.

37. Jack A. Goldstone, “Efflorescences and Economic Growth in World History: Rethinking the ‘Rise of the West’ and the Industrial Revolution,” Journal of World History, 13 (2002): 363.

38. J. R. McNeill, Something New under the Sun: An Environmental History of the Twentieth-Century World (New York, 2000), 13, 315.

39. Neil McKendrick, “Josiah Wedgwood and Factory Discipline,” Historical Journal (1961).

40. Pacey, Technology in World Civilization, 101.

41. Charles P. Kindleberger, A Financial History of Western Europe, 2nd ed. (Oxford, 1993), 193.

42. Pacey, Technology in World Civilization, 116.

43. A. E. Musson, “Industrial Motive Power in the United Kingdom, 1800–70,” Economic History Review, 29 (1976): 415–17; Mokyr, Gifts of Athena, 131–40.

44. Walter G. Moss, An Age of Progress?: Clashing Twentieth-Century Global Forces (New York, 2008), 74–75.

45. Adrian J. Randall, “The Philosophy of Luddism: The Case of the West of England Woolen Workers, ca. 1790–1809,” Technology and Culture, 27 (1986): 1–8; Mokyr, Gifts of Athena, 267; Jeff Horn, The Path Not Taken: French Industrialization in the Age of Revolution, 1750–1830 (Cambridge, 2006), 96–101.

46. Raphael Samuel, “Workshop of the World: Steam Power and Hand Technology in Mid-Victorian Britain,” History Workshop, no. 3 (1977).

47. Mokyr, Gifts of Athena, 87; Christine MacLeod, “James Watt, Heroic Invention and the Idea of the Industrial Revolution,” in Maxine Berg and Kristine Bruland, eds., Technological Revolutions in Europe: Historical Perspectives (Northampton, MA, 1998), 96–98.

48. Mokyr, Gifts of Athena, 48, 65, 72.

49. Jan De Vries, “The Industrious Revolution and the Industrial Revolution,” Papers Presented at the Fifty-third Annual Meeting of the Economic History Association (June 1994).

50. Adam Smith, An Enquiry into the Nature and Causes of the Wealth of Nations (New York, 1937 [Modern Library ed.]), 306, 3, 328.

51. Ibid., 13.

52. Thomas Paine, Common Sense, ed. Isaac Kramnick (London, 1976), 65–72, 228.

53. Lynn Hunt, Inventing Human Rights: A History (New York, 2007), 24–32.

CHAPTER 6. THE ASCENT OF GERMANY AND THE UNITED STATES

1. Manu Goswami, Producing India: From Colonial Economy to National Space (Chicago, 2004), 67.

2. J. R. Harris, Industrial Espionage and Technology Transfer: Britain and France in the Eighteenth Century (London, 1998), 10–12, 355–56.

3. Gregory Clark, “Why Isn’t the Whole World Developed? Lessons from the Cotton Mills,” Journal of Economic History, 47 (1987): 141–42, 149. See also Joel Mokyr, “Editor’s Introduction: The New Economic History and the Industrial Revolution,” in Joel Mokyr, ed., The British Industrial Revolution (Oxford, 1999), esp. 126–27.

4. Alfred D. Chandler, Jr., Scale and Scope: The Dynamics of Industrial Capitalism (Cambridge, 1990), 3; Goswami, Producing India, 41; Eric Hobsbawm, The Age of Capital, 1848–1875 (New York, 1996 [originally published in 1975]), 40–41; W. D.Rubinstein, “Cultural Explanations for Britain’s Economic Decline: How True,” in Bruce Collins and Keith Robbins, eds., British Culture and Economic Decline: Debates in Modern History (London, 1990), 70–71.

5. Harold James, A German Identity, 1770–1990 (London, 1989), 66.

6. C. Knick Harley’s “Reassessing the Industrial Revolution,” in Joel Mokyr, The British Industrial Revolution: An Economic Perspective, 2nd ed. (Oxford, 1999), 204–05. The figure is for 1820. Michael G. Mulhall, The Dictionary of Statistics (London, 1899), 420, puts the figure at 35.6 percent for Great Britain.

7. R. Allen, “Economic Structure and Agricultural Productivity in Europe, 1300–1800,” in European Review of Economic History, 4 (2000), 20; Angus Maddison, Dynamic Forces in Capitalist Development (Oxford, 1991), 32; Alan S. Milward and S. B. Saul, The Economic Development of Continental Europe, 1780–1870 (London, 1973), 368; Thomas Weiss, “The American Economic Miracle of the 19th Century,” American Historical Association (1994): 18.

8. Milward and Saul, Economic Development of Continental Europe, 388–96.

9. Ibid., 376.

10. Hobsbawm, Age of Capital, 193–94.

11. United States Bureau of the Census, Historical Statistics of the United States: Colonial Times to 1957 (Washington, 1961), 7–11.

12. Edwin J. Perkins, American Public Finance and Financial Services, 1700–1815 (Columbus, OH, 1994); John Majewski, “Toward a Social History of the Corporation: Shareholding in Pennsylvania, 1800–1840,” in Cathy Matson, ed. The Economy of Early America: Historical Perspectives and New Directions (Philadelphia, 2006).

13. Noble E. Cunningham, Jr., The Process of Government under Jefferson (Princeton, 1978), 107; and L. Ray Gunn, The Decline of Authority: Political Economic Policy and Political Development in New York State, 1800–1860 (Ithaca, 1988).

14. Malcolm Rohrbough, The Land Office Business: The Settlement and Administration of American Public Lands, 1789–1837 (Oxford, 1968), 48, as cited in Cunningham, Process of Government, 107. See also Arthur H. Cole, “Cyclical and Sectional Variations in the Sale of Public Land,” Review of Economics and Statistics, 9 (1927): 50; Andrew R. L. Cayton, The Frontier Republic: Ideology and Politics in the Ohio Country, 1780–1825 (Kent, 1986), 115–17.

15. Matthew Gardner, The Autobiography of Elder Matthew Gardner, Dayton, 1874), 69; Christopher Clark, “The Agrarian Context of American Capitalist Development” and Jonathan Levy, “The Mortgage Worked the Hardest’: The Nineteenth-Century Mortgage Market and the Law of Usury,” in Michael Zakim and Gary Kornbluth, eds., For Purposes of Profit: Essays on Capitalism in Nineteenth-Century America (Chicago, 2009).

16. John C. Pease and John M. Niles, A Gazetteer…of Connecticut and Rhode Island (Hartford, 1819), 6.

17. T. J. Stiles, The First Tycoon: The Epic Life of Cornelius Vanderbilt (New York, 2009), 90–95.

18. Thomas P. Hughes, Human-Built World: How to Think about Technology and Culture (Chicago, 2004), 35.

19. Henry L. Ellsworth, A Digest of Patents Issued by the United States, from 1790 to January 1, 1839 (Washington, 1840); see also Kenneth Sokoloff, “Inventive Activity in Early Industrial America: Evidence from Patent Records, 1790–1846,” Journal of Economic History, 48 (1988): 818–20.

20. Alexis de Tocqueville, Democracy in America, trans. and ed. Harvey C. Mansfield and Delba Winthrop (Chicago, 2000 [originally published 1835, 1840]), 386.

21. Olive Cleaveland Clarke, Things That I Remember at Ninety-Five (1881), 10–11. This was in 1802.

22. Bureau of the Census, Statistical Abstract of the United States (Washington, 1983). For slave fertility, see Robert Fogel and Stanley Engerman, eds., Without Consent or Contract: The Rise and Fall of American Slavery (New York, 1989), 149. See also Andrew R. L. Cayton, “The Early National Period,” Encyclopedia of American Social History, ed. Mary Kupiec Cayton et al., 3 vols. (New York, 1993), I: 100.

23. Warren S. Thompson, “The Demographic Revolution in the United States,” Annals of the American Academy of Political and Social Sciences, no. 262 (1949): 62–69; Andrew Cayton, “The Early National Period,” 88.

24. Allen Trimble, 1783–1870 Autobiography and Correspondence (1909), 74; Gershom Flagg, The Flagg Correspondence Selected Letters, 1816–1854, eds., Barbara Lawrence and Nedra Branz (Carbondale, 1986), 5–7; William J. Baumol, Productivity and American Leadership (Cambridge, MA, 1991), 34–35.

25. Arnold Pacey, Technology in World Civilization: A Thousand-Year History (Cambridge, 1991), 135–41.

26. Lynn Hunt, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia, and Bonnie G. Smith, The Making of the West: People and Cultures, A Concise History, 2nd ed. (Boston, 2007), 708.

27. John Majewski, A House Dividing: Economic Development in Pennsylvania and Virginia before the Civil War (New York, 2000), 111–40.

28. Joseph A. Schumpeter, Capitalism, Socialism and Democracy, 3rd ed. (New York, 1950), 83.

29. Maarten Prak, ed., Early Modern Capitalism: Economic and Social Change in Europe, 1400–1800 (New York, 2001), 194ff; “Werner von Siemens,” Allgemeine Deutsche Biog-raphie, online version, vol. 55 (Historische Kommission bei der Bayerischen Akademie der Wissenschaften und der Bayerischen Staatsbibliothek, 2007): 203–13.

30. Colleen A. Dunlavy, Politics and Industrialization: Early Railroads in the United States and Prussia (Princeton, 1994), 202–05.

31. Clive Trebilcock, The Industrialization of the Continental Powers, 1780–1914 (London, 1981), 44–46, 172–77; Stiles, First Tycoon, 82–85; Dunlavy, Politics and Industrialization, 38–41.

32. Trebilcock, Industrialization of Continental Powers, 173–74; Robert E. Wright and Richard Sylla, eds., The History of Corporate Finance: Development of Anglo-American Securities Markets, Financial Practices, Theories and Laws, 4 vols. (London, 2003), iv.

33. Timor Kuran, “Explaining the Economic Trajectories of Civilizations: The Systemic Approach,” Journal of Economic Behavior and Organization (2009).

34. Caroline Fohlin, Finance Capitalism and Germany’s Rise to Industrial Power (New York, 2007), 65–69.

35. Charles P. Kindleberger, A Financial History of Western Europe, 2nd ed. (Oxford, 1993 [1984]), 102–10.

36. Thorstein Veblen, Capitalism, Socialism and Democracy, 3rd ed. (New York, 1950), 83.

37. Trebilcock, Industrialization of Continental Powers, 40; Fohlin, Finance Capitalism and Germany’s Rise to Industrial Power, 220–21.

38. Margaret C. Jacob, Strangers Nowhere in the World: The Rise of Cosmopolitanism in Early Modern Europe (Philadelphia, 2006), 76–77; Thomas K. McGraw, “American Capitalism” in Thomas K. McGraw, ed., Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions (Cambridge, 1995), 335.

39. Robert C. Allen, “The British Industrial Revolution in Global Perspective,” (2006): 29 [available on the Internet]; Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 2nd ed. (Armonk, NY, 2006), 113.

40. Irwin Unger, Greenback Era: A Social and Political History of American Finance, 1865–1879 (Princeton, 1964), 13–20.

41. Mark Twain and Charles Dudley Warner, The Gilded Age (New York, 1873).

42. Stephen Mihm, A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States (Cambridge, MA, 2007), 69–74.

43. Wright, History of Corporate Finance, 1: iv; Timothy W. Guinnane, Ron Harris, Naomi R. Lamoreaux, and Jean-Laurent Rosenthal, “Putting the Corporation in Its Place,” Enterprise and Societ, 8 (2007): 690–91.

44. Kindleberger, Financial History of Western Europe, 196.

45. Wright, History of Corporate Finance, I: x–xxvii.

46. McGraw, “American Capitalism” in McGraw, ed., Creating Modern Capitalism, 315–16.

47. Guinnane, Harris, Lamoreaux, and Rosenthal, “Putting the Corporation in Its Place”: 698.

48. Trebilcock, Industrialization of Continental Powers, 54, 64–66.

49. Walter A. Moss, An Age of Progress?: Clashing Twentieth Century Forces (New York, 2008), 58–59.

50. Jeffrey A. Frieden, Global Capitalism: Its Fall and Rise in the Twentieth Century (New York, 2006), 6–7, 14–19, 42–43.

51. A striking exception to this generalization can be found in Colleen Dunlavy and Thomas Weisskopp, “Myths and Peculiarities: Comparing U.S. and German Capitalism,” German Historical Bulletin, 41(2007).

52. Henry James, “The German Experience and the Myth of British Cultural Exceptionalism,” in Bruce Collins and Keith Robbins, eds., British Culture and Economic Decline (London, 1990), 108.

53. Steve N. Broadberry, “How Did the United States and Germany Overtake Britain?: A Sectoral Analysis of Comparative Productivity Levels, 1870–1990,” Journal of Economic History, 58 (1998): 375–76.

54. Margaret C. Jacob and Larry Stewart, Practical Matter: Newton’s Science in the Service of Industry and Empire, 1687–1851 (Cambridge, 2004), 126–27.

CHAPTER 7. THE INDUSTRIAL LEVIATHANS AND THEIR OPPONENTS

1. T. J. Stiles, The First Tycoon: The Epic Life of Cornelius Vanderbilt (New York, 2009).

2. Ibid., 279.

3. Harold C. Livesay, Andrew Carnegie and the Rise of Big Business (Boston, 1986).

4. Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York, 1991), 39–42.

5. Jeffrey Fear, “August Thyssen and German Steel,” in Thomas K. McGraw, ed., Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions (Cambridge, 1997), 185–226; Clive Trebilcock, The Industrialization of the Continental Powers, 1780–1914 (London, 1981), 61–62.

6. J. R. McNeill, An Environmental History of the Twentieth-Century World (New York, 2000), 24–25.

7. Jean-Christophe Agnew, “Capitalism, Culture and Catastrophe: Lawrence Levine and the Opening of Cultural History,” Journal of American History, 93 (2006): 783

8. Jose C. Moya, “A Continent of Immigrants: Post Colonial Shift’s in the Western Hemisphere,” Hispanic American Historical Review, 86 (2006): 3–4; Stephen Nicholas and Deborah Oxley, “The Living Standard of Women during the Industrial Revolution, 1795–1820,” Economic History Review, 46 (1993): 745–49.

9. Geoffrey Barraclough, ed., Times Atlas of World History (London, 1992), 208–09.

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

11. Moya, “A Continent of Immigrants,” 3–4.

12. Trebilcock, Industrialization of Continental Powers, 32; Alan S. Milward and S. B. Saul, The Economic Development of Continental Europe, 1780–1870 (London, 1973), 142–45.

13. David Khoudour-Casteras, “The Impact of Bismarck’s Social Legislation on German Emigration before World War I,” eScholarship Repository, University of California; http://repositories.edlib.org/berkely.econ211/spring2005/, 4–45; Trebilcock, Industrialization of Continental Powers, 65–77; Hubert Kiesewetter, Industrielle Revolution in Deutschland, 1815–1914, Neue Historische Bibliothek (Frankfurt, 1989), 90.

14. Thomas Weiss, “U.S. Labor Force Estimates and Economic Growth, 1800 to 1860,” in R. Gallman and J. Wallis, eds., The Standard of Living in Early Nineteenth Century America (Chicago, 1992), 8–10; Lee A. Craig and Thomas Weiss, “Hours at Work and Total Factor Productivity Growth in 19th-Century U.S. Agriculture,” Advances in Agricultural Economic History, 1 (2000): 1–30; Weiss, “American Economic Miracle”: 20.

15. Nelson Lichtenstein, State of the Union: A Century of American Labor (Princeton, 2002), 4; Karen Orren, Belated Feudalism: Labor, The Law, And Liberal Developments In The United States (Cambridge, 1992); Irwin Unger, The Greenback Era: A Social and Political History of American Finance, 1865–1879 (Princeton, 1964), 22.

16. Mark Twain and Charles Dudley Warren, The Gilded Age (New York, 1973); Upton Sinclair, The Jungle (New York, 1906).

17. Walter G. Moss, An Age of Progress?: Clashing Twentieth-Century Global Forces (New York, 2008), 3–12.

18. Lisa Tiersten, “Redefining Consumer Culture: Recent Literature on Consumption and the Bourgeoisie in Western Europe,” Radical History Review, 57 (1995): 116–59.

19. Lisa Jacobson, Raising Consumers: Children and the American Mass Market in the Early Twentieth Century (New York, 2004).

20. Price F. Fishback and Shawn Everett Kantor, “The Adoption of Workers’ Compensation in the United States, 1900–1930,” Journal of Law and Economics, 41 (1998): 305–308.

21. Alfred D. Chandler, Jr., Scale and Scope: The Dynamics of Industrial Capitalism (Cambridge, 1990), 70ff, 167–70, 218–36, 375ff, 430–34.

22. Rosanne Curriaro, “The Politics of ‘More’: The Labor Question and the Idea of Economic Liberty in Industrial America,” Journal of American History, 93 ( 2006): 22–27.

CHAPTER 8. RULERS AS CAPITALISTS

1. Thomas Pakenham, The Scramble for Africa: White Man’s Conquest of the Dark Continent from 1876 to 1912 (New York, 1991), 18–74; Adam Hochschild, King Leopold’s Ghost: A Story of Greed, Terror, and Heroism in Colonial Africa (New York, 1999), 26–33.

2. Tim Jeal, Stanley: The Impossible Life of Africa’s Greatest Explorer (New Haven, 2007), 230.

3. Pakenham, Scramble for Africa, 15, 22.

4. Ibid., 71–87.

5. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 2nd ed. (Armonk, NY, 2006), 108–09.

6. Debora Silverman, “‘The Congo, I Presume’”: Tepid Revisionism in the Royal Museum of Central Africa, Tervuren, 1910/2005,” Paper given at the annual meeting of the American Historical Association, January 2–6, 2009.

7. Geoffrey Barraclough, ed., The Times Atlas of World History, rev. ed. (London, 1984), 238–41.

8. Pomeranz and Topik, World That Trade Created, 130–32.

9. Jonathan Holland, ed., Puerto del Sol, 13 (2006): 4: 61–62; 14 (2007): 38–40.

10. Walter G. Moss, An Age of Progress?: Clashing Twentieth Century Forces (New York, 2008).

11. Hannah Arendt, The Origins of Totalitarianism (New York, 1951).

12. Jared Diamond, Guns, Germs and Steel: The Fates of Human Societies (New York, 1999), 56–57.

13. Lynn Hunt, Inventing Human Rights: A History (New York, 2007).

14. Kazushi Ohkawa and Henry Rosovsky, “Capital Formation in Japan,” in Kozo Yamamura, ed., The Economic Emergence of Modern Japan (New York, 1997), 208.

15. F. G. Notehelfer, “Meiji in the Rear-View Mirror: Top Down vs. Bottom Up History,” Monumenta Nipponica, 45 (1990): 207–28.

16. W. G. Beasley, The Modern History of Japan, 2nd ed. (New York, 1973), 156–57, 311, 120–31; Notehelfer, “Meifi in the Rear-View Mirror,” 222–26; E. Sydney Crawcour, “Economic Change in the Nineteenth Century” and “Industrialization and Technological Change, 1885–1920,” in Yamamura, ed., Economic Emergence of Modern Japan, 34–41, 53–55; Thomas K. McGraw, Introduction to Thomas K. McGraw, ed. Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions (Cambridge, 1995), 1.

17. Kaoru Sugahara, “Labour-Intensive Industrialisation in Global History: The Second Notel Butlin Lecture,” Australian Journal of Economic History, 47 (2007): 134, n. 24; Ohkawa and Rosovsky, “Capital Formation in Japan,” in Yamamura, ed., Economic Emergence of Modern Japan, 214–15; Mark Elvin, “The Historian as Haruspex,” New Left Review, 52 (2008): 88.

18. Yamamura, ed., Economic Emergence of Modern Japan, 34–41, 53–55.

19. Beasley, Modern History of Japan, 134–49.

20. Constance Chen, “From Passion to Discipline: East Asian Art and the Culture of Modernity in the United States, 1876–1945” (UCLA dissertation, 2000).

21. Yamamura, ed., Economic Emergence of Modern Japan, 112.

22. Jon Halliday, A Political History of Japanese Capitalism (New York, 1975), 82–91.

23. Ibid., 112.

24. Alfred D. Chandler, Jr., Scale and Scope: The Dynamics of Industrial Capitalism (Cambridge, 1990), 226–29.

25. Mary A. Yeager, “Will There Ever Be a Feminist Business History?,” in Mary A. Yeager, ed., Women in Business (Cheltenham, 1999), 12–15, 33–34.

26. Duncan K. Foley, Adam’s Fallacy: A Guide to Economic Theology (Cambridge, 2006), 9.

27. Thomas K. McGraw, “American Capitalism,” in McGraw, ed., Creating Modern Capitalism, 327–28.

28. Alfred D. Chandler, Jr., and Stephen Salsbury, Pierre S. du Pont and the Making of the Modern Corporation (New York, 1971), 591–600.

29. Charles S. Maier, “Accounting for the Achievements of Capitalism: Alfred Chandler’s Business History,” Journal of Modern History, 65 (1993): 779–82.

30. Chandler, Jr., Scale and Scope, 74–78, 21; Colleen Dunlavy and Thomas Weiskopp, “Myths and Peculiarities: Comparing U.S. and German Capitalism,” German Historical Bulletin, no. 41 (2007): 18–19; Naomi Lamoreaux, The Great Merger Movement in American Business, 1895–1904 (Cambridge, 1895), 2–5.

31. Peter Barnes, Capitalism 3.0: A Guide to Reclaiming the Commons (San Francisco, 2006), 20–23.

32. Miguel Cantillo Simon, “The Rise and Fall of Bank Control in the United States, 1890–1939,” American Economic Review, 88 (1998): 1079–83; Vincent P. Carosso, Investment Banking in America: A History (Cambridge, 1970), 496–99; Ronald Dore, William Lazonick, and Mary O’Sullivan, “Varieties of Capitalism in the Twentieth Century,” Oxford Review of Economic Policy, 15 (1999): 104.

33. McGraw, “American Capitalism,” 322–25.

34. John M. Kleeberg, “German Cartels: Myths and Realities,” http://www.econ.barnard.columbia.edu /~econhist/papers/ Kleeberg_German_Cartels.

35. Chandler, Jr., Scale and Scope, 492.

36. Dore, Lazonick, and O’Sullivan, “Varieties of Capitalism in the Twentieth Century,” 104.

37. James, A German Identity, 57.

38. Charles P. Kindleberger, The World in Depression, 1919–1939, rev. and enlarged ed. (Berkeley, 1986), 291.

39. Jeffrey Fear, “August Thyssen and German Steel,” in McGraw, ed., Creating Modern Capitalism, 191; Clive Trebilock, Industrialization of Continental Powers, 1780–1914 (London, 1982), 63–64.

40. Henry James, “The German Experience and the Myth of British Cultural Exceptionalism,” in Bruce Collins and Keith Robbins, eds., British Culture and Economic Decline: Debates in Modern History (London, 1990), 108–11.

41. Richard B. DuBoff, Electric Power in American Manufacturing, 1889–1958 (New York, 1979), 17, 100–01.

42. Lee Iacocca, “Builders & Titans,” The Time 100 (New York, 2000). Available also at www.time.com/time/time100/builder/profile/ford.

43. James P. Womack, Daniel T. Jones, and Daniel Roos, The Machine That Changed the World (New York, 1990), 30–31.

44. Moss, Age of Progress?, 38, 62; Lynn Hunt, Thomas R. Martin, Barbara H. Rosenwein, R. Po-chia Hsia, and Bonnie G. Smith, The Making of the West: People and Cultures: A Concise History, 2nd ed. (Boston, 2007), 881.

45. Thomas K. McGraw and Richard S. Tedlow, “Henry Ford, Alfred Sloan, and the Three Phases of Marketing,” in McGraw, ed., Creating Modern Capitalism, 269.

46. Kindleberger, The World in Depression, 43.

47. William Berg, “History of GM,” http://ezinearticles.com/? The-History-of-GM—-General-Motors&id=110696.

48. Pomeranz and Topik, World That Trade Created, 97–100.

49. Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York, 1991), 58–63.

50. Ibid., 110–11.

51. Simon, “Rise and Fall of Bank Control”: 1077–93.

CHAPTER 9. WAR AND DEPRESSION

1. Rondo Cameron, A Concise Economic History of the World: From Paleolithic Times to the Present (New York, 1989), 347–50.

2. Charles Kindleberger, A Financial History of Western Europe, 2nd ed. (New York, 1993), 308–13.

3. Alan S. Milward and S. B. Saul, The Economic Development of Continental Europe, 1780–1870 (London, 1973), 128, 130, 142–68.

4. Walter G. Moss, An Age of Progress?: Clashing Twentieth-Century Global Forces (New York, 2008), 42.

5. W. G. Beasley, The Modern History of Japan, 2nd ed. (New York, 1973), 161–63; Jon Halliday, A Political History of Japanese Capitalism (New York, 1975) 84–86.

6. Kozo Yamamura, ed., Economic Emergence of Modern Japan (New York, 1997), 123–37.

7. Charles P. Kindleberger, The World in Depression, 1929–1939 (Berkeley, 1986), 119.

8. Lizbeth Cohen, Making a New Deal: Industrial Workers in Chicago, 1919–1939 (New York, 1990), 102–03, 213–35.

9. Jack Garraty, The Great Depression (New York, 1987), 23; Cameron, Concise Economic History of the World, 356–60.

10. Garraty, Great Depression, 75–77.

11. John Maynard Keynes, The General Theory of Employment, Interest and Money (London, 1930).

12. Paul Krugman, “Franklin Delano Obama?,” New York Times, November 10, 2008.

13. Richard Overy, “About the Second World War,” excerpted from Charles Townshend, ed., The Oxford Illustrated History of Modern War (New York, 1997), available at englishuiuc.edu/maps/ww2/overy, 10.

14. Bill Gordon, “Greater East Asia Co-Prosperity Sphere,” www.wgordon.web.wesleyan.edu.; Beasley, Modern History of Japan, 256–57.

15. Geoffrey Barraclough, ed., The Times Atlas of World History, rev. ed. (Maplewood, NJ, 1985), 280–81.

16. Beasley, Modern History of Japan, 268–76.

17. Mark Harrison, “Resource Mobilization for World War II: The U.S.A., U.K., U.S.S.R., and Germany, 1938–1945,” Economic History Review, 2nd ser., 12 (1988): 175.

18. Overy, “About the Second World War,” 6.

19. Ibid., 10.

20. Ibid., 4.

CHAPTER 10. A NEW LEVEL OF PROSPERITY

1. Jeffrey A. Frieden, Global Capitalism: Its Fall and Rise in the Twentieth Century (2006 [paperback ed., 2007]), 287; Charles Kindleberger, A Financial History of Western Europe, 2nd ed. (New York, 1993), 453.

2. Elizabeth Borgwardt, A New Deal for the World: America’s Vision for Human Rights (Cambridge, 2005), 14–15.

3. Kindleberger, Financial History of Western Europe, 453.

4. Cameron, Concise Economic History of the World, 371–78.

5. Frieden, Global Capitalism, 278; N. R. R. Crafts, “The Golden Age of Economic Growth in Western Europe, 1950–1973,” Economic History Review, 48 (1995): 429–30; Angus Maddison, Dynamic Forces in Capitalist Development: A Long-Run Comparative View (Oxford, 1991), 164.

6. Diethelm Prowe, “Economic Democracy in Post–World War II Germany: Corporatist Crisis Response, 1945–1948,” Journal of Modern History, 57 (1985): 452–58.

7. Paul L. Davies, “A Note on Labour and Corporate Governance in the U.K.,” in Klaus J. Hopt et al, eds., Comparative Corporate Governance: The State of the Art and Emerging Research (Oxford, 1999), 373; Martin Wolf, “European Corporatism Must Embrace Change,” Financial Times, January 23, 2007.

8. Maddison, Dynamic Forces in Capitalist Development, 274–75; Frieden, Global Capitalism, 289.

9. John Gillingham, “The European Coal and Steel Community: An Object Lesson,” in Barry Eichengreen, ed., Europe’s Post-War Recovery (Cambridge, 1995), 152–53, 166.

10. Barry Eichengreen, “Mainsprings of Economic Recovery,” in ibid.: 6–21.

11. Cameron, Concise Economic History of the World, 377–78.

12. H. Bathelt, C. Wiseman, and G. Zakrzewski, “Automobile Industry: A ‘Driving Force’ behind the German Economy,” wwwgeog/specialist/vgt/Englisih/ger, 2.

13. Mary Nolan, review of Hans Mommsen, Volkswagenweck and seine Arbeiter im Dritten Reich, International Labor and Working Class History, 55 (1999): 149–54.

14. Maddison, Dynamic Forces in Capitalist Development, 151; Cameron, a Concise Economic History of the World, 329–30.

15. James F. Hollifield, Immigrants, Markets, and States: The Political Economy of Postwar Europe (Cambridge, 1992), 4–5.

16. Maddison, Dynamic Forces in Capitalist Development, 128; Russell Shorto, “Childless Europe: What Happens to a Continent When It Stops Making Babies?,” New York Times Magazine, June 29, 2008.

17. Robert Higgs, “From Central Planning to the Market: The American Transition, 1945–1947,” Journal of Economic History, 59 (1999): 611–13. The wonderful list of government measures is Higgs’s.

18. Tom Lewis, “The Roads to Prosperity,” Los Angeles Times, December 26, 2008.

19. Nelson Lichtenstein, State of the Union: A Century of American Labor (Princeton, 2002), 76–80; Nelson Lichtenstein, “American Trade Unions and the ‘Labor Question’: Past and Present,” in What’s Next for Organized Labor: The Report of the Century Foundation Task Force on the Future of Unions (New York, 1999), 65–70.

20. Frieden, Global Capitalism, 261–62; Higgs, “From Central Planning to the Market”: 600.

21. Kindleberger, Financial History, 413–17.

22. Louis Hyman, “Debtor Nation: How Consumer Credit Built Postwar America” (Ph.D. dissertation, Harvard, 2007); Karen Orren, Corporate Power and Social Change: The Politic of the Life Insurance Industry (Baltimore, 1974), 127–31.

23. Alfred D. Chandler, Jr., Inventing the Electronic Century: The Epic Story of the Consumer Electronics and Computer Industries (New York, 2001), 27–30.

24. Vanessa Schwartz, “Towards a Cultural History of the Jet Age,” Paper presented in Paris, November 13, 2008.

25. Walter G. Moss, An Age of Progress?: Clashing Twentieth Century Forces (New York, 2008), 2–23.

26. Clark Kerr, The Uses of the University ( Cambridge, MA, 1963).

27. Kenneth Flamm, “Technological Advance and Costs: Computers versus Communications,” in Robert W. Crandall and Kenneth Flamm, eds., Changing the Rules: Technological Change, International Competition, and Regulation in Communications (Washington, 1989), 15–20.

28. Rowena Olegario, “IBM and the Two Thomas J. Watsons,” in Thomas K. McGraw, ed., Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions (Cambridge, 1997), 352.

29. Public Papers of the Presidents of the United States (Washington) Dwight D. Eisenhower Papers (Washington, 1960) 1035–40.

30. J. R. McNeill, Something New under the Sun: An Environmental History of the Twentieth-Century World (New York, 2000), 149, 168–69, 178–80.

31. Olegario, “IBM and the Two Thomas J. Watsons,” 349–93.

32. Ibid., 350–54.

33. Chandler, Inventing the Electronic Century, 91; Emerson W. Pugh, Memories that Shaped An Industry: Decisions Leading to IBM System/360 (Cambridge, 1984), 187–90.

34. Olegario, “IBM and the Two Thomas J. Watsons,” 378–79.

35. Ibid., 366–70.

36. Robert Korstad and Nelson Lichtenstein, “Opportunities Found and Lost: Labor, Radicals, and the Early Civil Rights Movement,” Journal of American History, 75 (1988): 786–96.

37. Stephen F. Rohde, Freedom of Assembly (New York, 2005), 33–38; Frieden, Global Capitalism, 299–300.

38. Roger Lowenstein, “The Prophet of Pensions,” Los Angeles Times Opinion, May 11, 2008.

39. New York Times, June 18, 2008.

40. Crafts, “Golden Age of Economic Growth in Western Europe,” 433.

41. Joseph A. McCartin, “A Wagner Act for Public Employees: Labor’s Deferred Dream, and the Rise of Conservatives, 1970–1976,” Journal of American History, 95 (2008): 129–31; Tami J. Friedman, “Exploiting the North-South Differential: Corporate Power, Southern Politics, and the Decline of Organized Labor after World War II,” Journal of American History, 95 (2008): 323–48.

42. Frieden, Global Capitalism, 344.

43. Olegario, “IBM and the Two Thomas J. Watsons,” 356.

44. Maddison, Dynamic Forces in Capitalist Development, 148.

45. Cameron, Concise Economic History of the World, 394.

46. Maddison, Dynamic Forces in Capitalist Development, 155–167.

47. Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York, 1991), 601–909.

48. Ibid., 590–91.

49. Barbara Weinstein, “Presidential Address: Developing Inequality,” American Historical Review, 113 (2008): 15.

50. Kaoru Sugihara, “Labour-Intensive Industrialisation in Global History,” Australian Economic History Review, 47 (2001): 122.

51. Joyce Appleby, “Modernization Theory and the Formation of Modern Social Theories in England and America,” Comparative Studies in Society and History, 20 (1978): 260; Crafts, “Golden Age of Economic Growth in Western Europe,” 434; Barbara Weinstein, “Developing Inequality,” American Historical Review, 113 (2008): 6–8.

CHAPTER 11. CAPITALISM IN NEW SETTINGS

1. Sheldon L. Richman, “The Sad Legacy of Ronald Reagan,” Free Market, 10 (1988): 1.

2. Milton Friedman, “Noble Lecture: Inflation and Unemployment” and Gary Becker, “Afterward: Milton Friedman as a Microeconomist,” in Milton Friedman on Economics: Selected Papers (Chicago, 2007), 1–22, 181–86.

3. Edward Perkins, “The Rise and Fall of Relationship Banking,” www.Common-Place.org, 9:2 (2009).

4. Andrew Ross Sorkin, “A ‘Bonfire’ Returns as Heartburn,” New York Times, June 24, 2008.

5. Thomas K. McGraw, Introduction to Thomas K. McGraw, ed., Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions (Cambridge, 1995), 1.

6. Ronald Dore, William Lazonick, and Mary O’Sullivan, “Varieties of Capitalism in the Twentieth Century,” Oxford Review of Economic Policy, 15 (1999): 105; Randall K. Morck and Masao Nakamura, “A Frog in a Well Knows Nothing of the Ocean,” in Randall K. Morck, ed., A History of Corporate Governance around the World: Family Business Groups to Professional Managers, National Bureau of Economic Research Report (Chicago, 2007), 450–52.

7. Yutaka Kosai, “The Postwar Japanese Economy, 1945–1973,” in Yamamura, ed., Economic Emergence of Modern Japan.

8. Ibid., 138–39, 185.

9. Ian Buruma, “Who Freed Asia?,” Los Angeles Times, August 31, 2007; W. G. Beasley, Modern History of Japan, 2nd ed. (New York, 1973), 286–87.

10. Beasley, Modern History of Japan, 290–93, 303–07, 311–14; Jon Halliday and Gavin McCormack, A Political History of Japanese Capitalism (New York, 1978), 195–203; Normitsu Onishi, “No Longer a Reporter, but a Muckraker within Japan’s Parliament,” New York Times, July 19, 2008.

11. Kosai, “Postwar Japanese Economy,” 181–89.

12. Rondo Cameron, A Concise Economic History of the World: From Paleolithic Times to the Present (New York, 1989), 375, 392; James P. Womack, Daniel T. Jones, and Daniel Roos, The Machine That Changed the World(New York, 1990), 11.

13. Womack, Jones, and Roos, ibid., 159–68.

14. Ibid., 240–45; Ralph Landau, “Strategy for Economic Growth: Lessons from the Chemical Industry,” in Ralph Landau, Timothy Taylor, Gavin Wright, eds., The Mosaic of Economic Growth (Stanford, 1996), 411–12.

15. Kosai, “Postwar Japanese Economy,” 198; Nick Bunkley, “Toyota Moves Ahead of G.M. in Auto Sales,” New York Times, July 24, 2008.

16. Jeffrey R. Bernstein, “Japanese Capitalism,” in McGraw, ed., Creating Modern Capitalism, 473–74.

17. Ibid., 477–78; Kosai, “Postwar Japanese Economy,” 192–93; E. S. Crawcour, “Industrialization and Technological Change, 1885–1920,” in Yamamura, ed., Economic Emergence of Modern Japan, 341; Womack, Jones, and Roos, Machine That Changed the World, 54.

18. Alfred D. Chandler, Jr., Inventing the Electronic Century: The Epic Story of the Consumer Electronics and Computer Science Industries (New York, 2001), 35–40.

19. Ibid., 45–48.

20. Walter G. Moss, An Age of Progress?: Clashing Twentieth Century (New York, 2008), 44; Rowena Olegario, “IBM and the Two Thomas J. Watsons,” in Thomas K. McGraw, ed., Creating Modern Capitalism, 355; Chandler, Jr., Inventing the Electronic Century, 136–37.

21. Ben Marsden and Crosbie Smith, Engineering Empires: A Cultural History of Technology in Nineteenth-Century Britain (New York, 2005), 99; Chandler, Jr., Inventing the Electronic Century, 137.

22. Olegario, “Two Thomas J. Watsons,” 383.

23. Chandler, Jr., Inventing the Electronic Century, 35–40; Lee S. Sproul, “Computers in U.S. Households since 1977,” in Alfred D. Chandler, Jr., and James W. Cortada, eds., A Nation Transformed by Information: How Information Has Shaped the United States from Colonial Times to the Present (New York, 2003), 257.

24. Emerson W. Pugh, Building IBM: Shaping an Industry and Its Technology (Cambridge, MA, 1995), 314; Chandler, Jr., Inventing the Electronic Century, 140–41.

25. Ibid.

26. Ibid., 170–75.

27. Alex MacGillivray, A Brief History of Globalization: The Untold Story of Our Incredible Shrinking Planet (New York, 2006), 267.

28. David Carr, “Google Seduces with Utility,” New York Times, November 24, 2008.

29. Kenneth Flamm “Technological Advance and Costs,” in Robert W. Crandall and Kenneth Flamm, eds., Changing the Rules: International Competition, and Regulation in Communications (Washington, 1989), 28; Marsden and Smith, Engineering Empires, 100–1.

30. “Tech Hot Spots,” Silicon.com (2008).

31. William S. Broad and Cornelia Dean, “Rivals Visions Differ on Unleashing Innovation,” New York Times, October 16, 2008.

32. Olegario, “Two Thomas J. Watsons,” 381.

33. Chandler, Jr., Inventing the Electronic Century, 233–34.

34. Brenton R. Shlender, “U.S. PCs Invade Japan,” Fortune, July 12, 1993.

35. Chandler, Jr., Inventing the Electronic Century, 211–12; Michael C. Latham, Modernization as Ideology: American Social Science and “Nation-Building” in the Kennedy Era (Chapel Hill, 2000).

36. Richard A. Stanford, “The Dependency Theory Critique of Capitalism,” Furman University Web site.

37. Barbara Stallings, “The Role of Foreign Capital in Economic Development” in Gary Gereffi and Donald L. Wyman, eds., Manufacturing Miracles: Paths of Industrialization in Latin America and East Asia (New York, 1990), 56–57.

38. Stephen Haggard, “The Politics of Industrialization in the Republic of Korea and Taiwan,” in Helen Hughes, ed., Achieving Industrialization in East Asia (Cambridge, 1988), 262–63.

39. Ian Buruma, “Who Freed Asia?,” Los Angeles Times, August 31, 2007.

40. Robert Wade, “The Role of Government in Overcoming Market Failure in Taiwan, Republic of Korea, and Japan,” in Hughes, ed., Achieving Industrialization in East Asia, 157–59.

41. Seiji Naya, “The Role of Trade Policies in the Industrialization of Rapidly Growing Asian Developing Countries,” in Hughes, ed., Achieving Industrialization in East Asia, 64.

42. James Riedel, “Industrialization and Growth: Alternative Views of East Asia,” in Hughes, ed., Achieving Industrialization in East Asia, 9–13.

43. Chandler, Jr., Inventing the Electronic Century, 212–15; David Mitch, “The Role of Education and Skill in the British Industrial Revolution,” in Joel Mokyr, ed., The British Industrial Revolution (Oxford, 1999), 277–78.

44. Nancy Birdsall, “Inequalitiy Matters: Why Globalization Doesn’t Lift All Boats,” Boston Review (March–April 2007): 7–11.

45. Amelia Gentleman, “Sex Selection by Abortion Is Denounced in New Delhi,” New York Times, April 29, 2008.

46. Choe Sang-Hun, “South Korea, Where Boys Were Kings, Revalues Its Girls,” New York Times, October 23, 2007.

47. Robert W. Crandall and Kenneth Flamm, “Overview,” in Crandall and Flamm, eds., Changing the Rules, 114–29; Tony A. Freyer, Antitrust and Global Capitalism (New York, 2006), 6–7.

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

49. “The Time 100,” New York (2000).

50. Thomas L. Friedman, The World Is Flat: A Brief History of the Twenty-first Century (New York, 2005), 128–39; Nelson Lichtenstein, “Why Working at Wal-Mart Is Different,” Connecticut Law Review, 39 (2007): 1649–84; “How Wal-Mart Fights Unions,” Minnesota Law Review, 92 (2008): 1462–1501.

51. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Ecoomy, 1400 to the Present (Armonk, NY, 2006), 260.

52. Robert Pollin et al., A Measure of Fairness: The Economics of Living Wages and Minimum Wages in the United States (Amherst, 2008).

53. Nelson Lichtenstein, “American Trade Unions and the ‘Labor Question’: Past and Present, What’s Next for Organized Labor: The Report of the Century Foundation Task Force on the Future of Unions” (New York, 1999); Steven Greenhouse, The Big Squeeze: Tough Times for the American Worker (New York, 2008), 289–301.

54. Robert Brenner, The Economics of Global Turbulence: The Advanced Capitalist Economies from Long Boom to Long Downturn, 1945–2005 (London, 2006).

55. Charles R. Beitz, “Does Global Inequality Matter?,” in Thomas W Pogge, ed., Global Justice (Oxford, 2001), 106, quoted in Barbara Weinstein, “Developing Inequality,” American Historical Review, 113 (2008): 2.

CHAPTER 12. INTO THE TWENTY-FIRST CENTURY

1. Kenneth Pomeranz and Steven Topik, The World That Trade Created: Society, Culture, and the World Economy, 1400 to the Present (Armonk, NY, 2006), 263; Joseph E. Stiglitz, “Capital Market Liberalization, Globalization, and the IMF,” Oxford Review of Economic Policy, 20 (2004).

2. Justin Yifu Lin, “Lessons of China’s Transition from a Planned Economy to a Market Economy,” Distinguished Lectures Series, no. 16 (2004): 30; Jonathan Holland, ed., “Top Manta: la pirateria musical en Espana,” Puerto del Sol, vol. 11, no. 5 (2003): 15–18; Stephen Mihm, “A Nation of Outlaws,” Boston Globe, August 26, 2007.

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

4. Jeffrey A. Frieden, Global Capitalism: Its Fall and Rise in the Twentieth Century (New York, 2007), 166–67, 467–70.

5. Kenneth Pomeranz, “Chinese Development in Long-Run Perspective,” American Philosophical Society Proceedings, 152 (2008): 83–84.

6. Barry Naughton, The Chinese Economy: Transitions and Growth (Cambridge, 2007), 82, 222.

7. Ibid., 217–19.

8. S. Shuming Bao et al., “Geographic Factors and China’s Regional Development under Market Reforms, 1978–98,” China Economic Review, 13 (2002): 90, 109–10; Lin, “Lessons of China’s Transition”: 2; Naughton, Chinese Economy, 222.

9. Lin, “Lessons of China’s Transition”: 29.

10. Wing Thye Woo, “Transition Strategies: The Second Round of Debate” (2000): 10.

11. Siri Schubert and T. Christian Miller, “Where Bribery Was Just a Line Item,” New York Times, December 21, 2008.

12. Naughton, Chinese Economy, 79; Philip Huang, The Peasant Family and Rural Development in the Yangzi Delta, 1350–1988 (Stanford, 1990); Philip Huang, The Peasant Economy and Social Change in North China(Stanford, 1985).

13. C. V. Ranganathan, “How to Understand Deng Xiaping’s China,” in Tan Chung, ed., Across the Himalayan Gap: An Indian Quest for Understanding China (1998).

14. Pomeranz, “Chinese Development in Long-Run Perspective”: 90–92.

15. Naughton, Chinese Economy, 202–3, 398.

16. Pomeranz, “Chinese Development in Long-Run Perspective”: 95.

17. Edward Wong, “In Major Shift, China May Let Peasants Sell Rights to Farmland,” New York Times, October 11, 2008.

18. Naughton, Chinese Economy, 161.

19. David E. Bloom et al., “Why Has China’s Economy Taken Off Faster than India’s?” (June 2006), available on the Web; Kenneth Pomeranz, “Why China’s Dollar Pile Has to Shrink (Relatively Soon),” China Beat Blog, http://thechinabeat.blogspot.com/2008/01/why-chinas-dollar-pile-has-to-shrink.htmlp, January 19, 2008.

20. Woo, “Transition Strategies”: 10; Ranganathan, “How to Understand Deng Xiapeng’s China.”

21. James Fallows, “China Makes, the World Takes,” Atlantic Monthly (July–August 2007); Ching-Ching Ni, “The Beijing She Knew Is Gone; In Its Place, the Beijing She Loves,” Los Angeles Times, August 3, 2008.

22. Donald Clarke, Peter Murrell, and Susan Whiting, “The Role of Law in China’s Economic Development” and Fang Cai, Albert Park, and Yohui Zhao, “The Chinese Labor Market in the Reform Era,” in Loren Brandt and Thomas G. Rawski, eds., China’s Great Economic Transformation (New York, 2008), 172–73, 390–91; Robert Brenner, The Economics of Global Turbulence: The Advanced Capitalist Economies from Long Boom to Long Downturn, 1945–2005 (London, 2006), 324–26; Emily Hannum, Jere Behrman, Meiyan Wang, and Jihong Liu, “Education in the Reform Era” and Alan Heston and Terry Sicular, “China and Development Economics,” in Brandt and Rawski, eds., China’s Great Economic Transformation, 233, 40.

23. Naughton, Chinese Economy, 422–23, 107–10, 478–81; Keith Bradsher, “Qualifying Tests for Financial Workers,” New York Times, December 26, 2008.

24. Hannum, Behrman, Wang, and Liu, “Éducation in the Reform Era” and Heston and Sicular, “China and Development Economics,” 233, 40; Amy Chua, World on Fire: How Exporting Free Market Democracy Breeds Ethnic Hatred and Global Instability (New York, 2005), 3–7.

25. D. S. Rajan, “China: Tibet-Indian Ocean Trade Route—Mixing Strategy, Security and Commerce,” South Asia Analysis Group, Paper No. 1546 (2005); Somini Sengupta, “After 60 Years, India and Pakistan Begin Trade across the Line Dividing Kashmir,” New York Times, October 22, 2008.

26. Lin, “Lessons of China’s Transition”: 16; Jeffrey D. Sachs and Wing Thye Woo, “Understanding China’s Economic Performance,” Journal of Policy Reform, 4 (2000): 18; Woo, “Transition Strategies”: 10, 12, 23; Sachs and Woo, “China’s Economic Growth after WTO Membership,” Journal of Chinese Economic and Business Studies, vol. 1, no. 27 (2003): 27; Albert G. S. Yu and Gary H. Jefferson, “Science and Technology in China,” in Brandt and Rawski, China’s Great Economic Transformation, 320.

27. Qiu Xiaolong, Death of a Red Heroine (New York, 2000), 135, 308.

28. J. R. McNeill, Something New under the Sun: An Environmental History of the Twentieth-Century World (New York, 2000), 107.

29. Mark Magnier, “Bribery and Graft Taint Every Facet of Life in China,” Los Angeles Times, December 29, 2008.

30. Barry Naughton, “China: Which Way the Political Economy?,” Paper delivered at the UCLA Brenner Seminar, April 9, 2007.

31. Lin, “Lessons of China’s Transition”: 3. The opinion expressed is that of Grzegorz W. Kolodko.

32. Parag Khanna, “Waving Goodbye to Hegemony,” New York Times Magazine, January 27, 2008.

33. Manu Goswami, Producing India: From Colonial Economy to National Space (Chicago, 2004), 46–53.

34. Ibid., 224–26, 233.

35. Pranah Bardhan, “What Makes a Miracle?: Some Myths about the rise of China and India,” Boston Review (January–February 2008); Heston and Sicular, “China and Development Economics,” 31.

36. Los Angeles Times, July 7, 1973, Part 1:6.

37. Somini Sengupta, “A Daughter of India’s Underclass Rises on Votes That Cross Caste Lines, New York Times, July 18, 2008.

38. Bardhan, “What Makes a Miracle?”: 11–13; Amartya Sen, Development as Freedom (New York, 1999), 149–51, and “An Elephant, Not a Tiger: A Special Report on India,” Economist, December 13, 2008, 6.

39. Naughton, Chinese Economy, 154–57, 196.

40. McNeill, Something New under the Sun, 219–21.

41. Naughton, Chinese Economy, 497; Mira Kamdar, Planet India: The Turbulent Rise of the Largest Democracy and the Future of Our World (New York, 2007), 143–48, 160, 179–85; Somini Sengupta, “India’s Growth Outstrips Crops,” New York Times, June 22, 2008.

42. Kamdar, Planet India, 112–16.

43. Ibid., 192–94, 102, 116–17; Jeremy Kahn, “Booming India Is Suddenly Caught in the Credit Vise,” New York Times, October 24, 2008; Joe Nocera, “How India Avoided a Crisis,” New York Times, December 20, 2008.

44. Kamdar, Planet India, 102, 107, 124; Anand Giridharadas, “Indian to the Core, and an Oligarch,” New York Times, June 15, 2008.

45. Gurcharan Das, “The Next World Order,” New York Times, January 2, 2009.

46. Keith Bradsher, “A Younger India Is Flexing Its Industrial Brawn,” New York Times, September 11, 2008.

47. Alexei Barrionuevo, “For Wealthy Brazilian, Money from Ore and Might from the Cosmos,” New York Times, August 2, 2008.

48. Kahn, “Booming India Is Suddenly Caught in the Credit Vise.”

49. Heather Timmons, “Singing the Praises of a New Asia,” New York Times, April 19, 2007.

CHAPTER 13. OF CRISES AND CRITICS

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.

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