INTRODUCTION
1. “Survey Highlights a Troubling Divergence in the U.S. Economy. Message for Business Leaders and Policy Makers: A Coordinated Strategy Is Needed to Lift Living Standards for the Average American,” Harvard Business School Press Release, September 8, 2014.
2. Hugo Dixon, “Britain Faces a Lose-Lose General Election,” New York Times, September 29, 2014.
3. Palash Ghosh, “How Many People Did Joseph Stalin Kill?” International Business Times, March 5, 2013.
4. See Milton Friedman, Capitalism and Freedom: Fortieth Anniversary Edition (Chicago: University of Chicago Press, 2002) and Allan Meltzer, Why Capitalism? (New York: Oxford University Press, 2012).
5. See www.stwr.org/multinational-corps/key-facts.html. Also see Philip and Milton Kotler, Winning Global Markets: How Businesses Invest and Prosper in the World’s High-Growth Cities (Hoboken, NJ: Wiley, 2015).
6. Bjorn Lomborg, ed., How Much Have Global Problems Cost the World: A Scorecard from 1900 to 2050 (New York: Cambridge University Press, 2013).
7. Winston Churchill, House of Commons Speech, November 11, 1947.
8. Gar Alperovitz, “The Rise of the New Economy Movement,” Huffington Post, July 12, 2014. Also see Alperovitz, America Beyond Capitalism: Reclaiming Our Wealth, Our Liberty, and Our Democracy, 2nd ed. (Takoma Park, MD: Democracy Collaborative Press, 2011).
CHAPTER 1: THE PERSISTENCE OF POVERTY
1. John Parker, “The 9 Billion-People Question,” Economist, February 24, 2011.
2. Thomas Robert Malthus, An Essay on the Principle of Population, 1798.
3. Donella H. Meadows, Dennis L. Meadows, Jørgen Randers, and William W. Behrens III, The Limits to Growth: A Report for the Club of Rome’s Project on the Predicament of Mankind (New York: Universe Books, 1972).
4. Paul Collier, The Bottom Billion: Why the Poorest Countries Are Failing and What Can Be Done About It (New York: Oxford University Press, 2007).
5. Jeffrey D. Sachs, The End of Poverty: Economic Possibilities for Our Time (New York: Penguin Press, 2005).
6. William Easterly, The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good (Oxford, UK: Oxford University Press, 2006).
7. C. K. Prahalad, The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits (Upper Saddle River, NJ: Pearson Education, Inc. 2005).
8. Peter Edelman, So Rich, So Poor: Why It’s So Hard to Reduce Poverty in America (New York: New Press, 2013).
9. “Census: U.S. Poverty Rate Spikes, Nearly 50 Million Americans Affected,” CBS.com, November 15, 2012.
10. Tavis Smiley and Cornell West, The Rich and the Rest of Us: A Poverty Manifesto (New York, Smiley Press, 2012).
11. Edelman, So Rich, So Poor.
12. See Philip Kotler and Nancy R. Lee, Up and Out of Poverty: The Social Marketing Solution: A Toolkit for Policy Makers, Entrepreneurs, NGOs, Companies, and Governments (Upper Saddle River, NJ: Pearson Education, Wharton School Publishing, 2009).
CHAPTER 2: INCOME INEQUALITY ON THE RISE
1. Vilfredo Pareto (1848–1923) was an Italian sociologist, economist, and philosopher.
2. See http://givingpledge.org.
4. http://patrioticmillionaires.org.
5. Thomas B. Edsall, op-ed on Capital in the Twenty-First Century by Tohmas Piketty, New York Times, January 28, 2014. http://www.nytimes.com/2014/01/29/opinion/capitalism-vs-democracy.html?nl=todaysheadlines&emc=edit_th_20140129&_r=0.
6. Edsall, “Capitalism vs. Democracy.” Piketty says that the owners of capital absorbed a number of bad blows, including losing their credibility as markets crashed and losing physical assets in the two world wars. They were highly taxed to finance the two wars, suffered from high inflation that eroded the value of their assets, lost some major industries that were nationalized by England and France, and lost industries and properties that were appropriated in postcolonial countries. In addition, the trade union movement was strong under Franklin Roosevelt’s New Deal and in the post-World War II period, enabling labor to participate in the economy’s productivity gains.
7. Tyler Cowen, “Wealth Taxes: The Future Battleground,” New York Times, July 21, 2013, p. 6.
8. Paul Vigna, “What’s a CEO Really Worth? Too Many Companies Simply Don’t Know,” Wall Street Journal, November 21, 2014.
9. Ezra Klein, “10 Startling Facts About Global Wealth Inequality,” Washington Post, January 22, 2014.
10. Annie Lowrey, “Even Among the Richest of the Rich, Fortunes Diverge,” New York Times, February 11, 2014, p. F2.
11. See Paul Krugman, “Inequality, Dignity, and Freedom,” New York Times, February 14, 2014, p. A25.
12. Christopher S. Rugaber, “Struggle Shows Up in Label,” Herald-Tribune, April 3, 2014.
13. Jeffrey D. Sachs, The End of Poverty: Economic Possibilities for Our Time (New York: Penguin Press, 2005).
14. Tom Worstall, “Six Waltons Have More Wealth Than the Bottom 30% of Americans,” Forbes, December 14, 2011. http://www.forbes.com/sites/timworstall/2011/12/14/six-waltons-have-more-wealth-than-the-bottom-30-of-americans/.
15. Gretchen Morgenson, “Invasion of the Supersalaries,” New York Times, April 13, 2014, p. B1.
16. Larry Ellison of Oracle took home $96.2 million in 2011, but Oracle’s board lowered his pay to $78.4 million in 2012. Ellison owns 25 percent of Oracle, and it is unusual for an owner to pay himself so much. His pay package rises or falls with Oracle’s worth in the stock market and whether Oracle outperforms its competition. See Steven M. Davidoff, “Vote Against Executive Pay Rings Hollow,” New York Times, November 7, 2013, p. 16.
17. Michael Dorff, Indispensable and Other Myths: Why the CEO Pay Experiment Failed and How to Fix It (Berkeley: University of California Press, 2014).
18. Jesse Westbrook, “Pay for Top-Earning U.S. Hedge Fund Managers Falls 35%,” Bloomberg, March 30, 2012.
19. Paul Krugman, “Now That’s Rich,” New York Times, May 8, 2014.
20. Spencer Stuart Board Index 2013, pp. 33-34.
21. Morgenson, “Invasion of the Supersalaries.”
22. Sam Polk, “Op-Ed: For the Love of Money,” New York Times, January 19, 2014.
23. Annie Lowrey, “The Rich Get Richer Through the Recovery,” New York Times, September 10, 2013.
24. Mark Gongloff, “Median Income Falls for 5th Year, Inequality at Record High,” Huffington Post, September 17, 2013. http://www.huffingtonpost.com/2013/09/17/median-income-falls-inequality_n_3941514.html.
25. “Growing Apart,” Economist, September 21, 2013, pp. 12-14.
26. Nicholas D. Kristof, “Why Let the Rich Hoard All the Toys?” New York Times, October 3, 2012.
27. “Inequality v Growth,” Economist, March 1, 2014, p. 76.
28. Adam Withnall, “Pope Francis Tells Davos: ‘Ensure Humanity Is Served by Wealth, Not Ruled by It.’” The Independent, January 22, 2014, p. 1.
29. See Philip Kotler and Nancy R. Lee, Up and Out of Poverty (Philadelphia: Wharton School Publishing, 2009), pp. 14-18.
30. Nafeez Ahmed, “Inclusive Capitalism Initiative Is Trojan Horse to Quell Coming Global Revolt,” Guardian, May 28, 2014.
31. Dominic Barton, “Capitalism for the Long Term,” Harvard Business Review, March 2011.
32. Ibid.
33. Joe Klein, “The Populist Mirage,” Time, January 20, 2014.
34. Allan Sloan, “Positively Un-American Tax Dodges,” Fortune, July 7, 2014, pp. 62-70.
35. See http://www.irishtimes.com/business/economy/us-wants-law-to-clamp-down-on-firms-moving-overseas-1.1867990.
36. Jacques Leslie, “A Piketty Protégé’s Theory of Tax Havens,” New York Times, June 15, 2014.
37. “Companies Keep Piling Up Cash Overseas,” Bloomberg BusinessWeek, 2014, pp. 51-52.
38. “The Real Internal Revenue Scandal,” New York Times, July 5, 2014, p. 10.
39. Eduardo Porter, “In New Tack, IMF Aims at Income Inequality,” New York Times, April 9, 2014, p. B1
40. Belinda Luscombe, “Do We Need $75,000 a Year to Be Happy?” Time, September 6, 2010.
41. Douglas K. Smith, “A New Way to Rein in Fat Cats,” New York Times, February 3, 2014, p. A19.
42. “EU Proposes New Shareholder Powers over Executive Pay,” BBC.com, April 9, 2014.
43. Kay Bell, “Tax Loopholes That Mainly Benefit the Rich.” http://www.bankrate.com/finance/taxes/tax-loopholes-mainly-benefit-rich-1.aspx#ixzz2hpYhsMmV.
44. Chris Isidore, “Buffett Says He’s Still Paying Lower Tax Rate than His Secretary,” CNN Money, March 4, 2013.
45. “Carried interest,” definition found at http://www.investopedia.com/terms/c/carriedinterest.asp.
46. Gretchen Morgenson, “When Taxes and Profit Are Oceans Apart,” New York Times, July 5, 2014.
47. Ron Wyden, “We Must Stop Driving Businesses Out of the Country,” Wall Street Journal, May 9, 2014.
48. Zaid Jilani, “How Unequal We Are: The Top 5 Facts You Should Know About the Wealthiest One Percent of Americans,” Think Progress, October 3, 2011.
49. Fabian T. Pfeffer, Sheldon Danziger, and Robert F. Schoeni, “Wealth Levels, Wealth Inequality, and the Great Recession,” Russell Sage Foundation, June 2014.
50. David Gilson, “Charts: How Much Have the Kochs Spent on the 2012 Election?” Mother Jones, November 5, 2012.
51. Stephen Gandel, “Buffett: Coke Exec Compensation Plan Was Excessive,” New York Times, April 23, 2014.
52. Joe Nocera, “Buffett Punts on Pay,” New York Times, April 25, 2014.
53. Stephen Gandel, “Buffett: Coke Exec Compensation Plan Was Excessive,” New York Times, April 23, 2014.
54. James B. Stewart, “A Bonus Is Declined: A Problem Remains,” New York Times, February 21, 2014.
55. Paul Krugman, “Paranoia of the Plutocrats,” New York Times, January 27, 2014.
56. “Little Tax Haven on the Prairie,” BusinessWeek, January 13-19, 2014, pp. 38-39.
57. See John Cassidy, “Forces of Divergence,” New Yorker, March 31, 2014, pp. 69-73.
58. Peter Coy, “An Immodest Proposal,” Bloomberg BusinessWeek, April 12, 2014, pp. 10-11.
59. Paul Krugman, “The Piketty Panic,” New York Times, April 24, 2014.
CHAPTER 3: WORKERS UNDER SIEGE
1. Steven Greenhouse, “In Florida’s Tomato Fields, a Penny Buys Progress,” New York Times, April 24, 2014.
2. “Exploitative Labor Practices in the Global Palm Oil Industry,” report prepared by Accenture for Humanity United, 2012.
3. Timothy Egan, “How to Kill the Minimum Wage Movement,” New York Times, April 24, 2014.
4. Nancy DuVergne Smith, “MIT Living Wage Calculator: Why Higher Wages Help Everybody,” Slice of MIT (blog), February 6, 2014.
5. Stanley F. Stasch, “The Creation and Destruction of the Great American Middle Class (1930–2010),” School of Business Faculty Publications and Other Works. Paper 5. http://ecommons.luc.edu/business_facpubs/5.
6. Sheila Bair, “Corporate America Needs to Raise Wages. Why? It’s Good for Business,” Fortune, July 21, 2014, p. 43.
7. Alan Pyke, “Republican Millionaire Has a Compelling Case for a $12 Minimum Wage, and He’s Taking It Directly to California Voters,” Think Progress, January 13, 2014.
8. Egan, “How to Kill the Minimum Wage Movement.”
9. One of the most compelling cases against increasing the minimum wage is found in Gary Will, “Raise Minimum Wage? If …” Washington Post.
10. “Poll Results, IGM Forum,” Igmchicago.org, February 23, 2013, retrieved March 29, 2013.
11. Egan, “How to Kill the Minimum Wage Movement.”
12. Paul Krugman, “Better Pay Now,” New York Times, December 1, 2013.
13. Guy Standing, “About Time: Basic Income Security as a Right,” in Guy Standing, Promoting Income Security as a Right: Europe and North America, 2nd ed. (London: Anthem Press, 2005), p. 18.
14. Annie Lowrey, “Switzerland’s Proposal to Pay People for Being Alive,” New York Times Magazine, November 17, 2013.
15. “New Research Findings on the Effects of the Earned Income Tax Credit,” Center on Budget and Policy Priorities, retrieved June 30, 2010.
16. “Minimum Wages Only in Some Economic Branches in Germany,” Statistisches Bundesamt, retrieved May 9, 2010.
17. Jonathan Cowan and Jim Kessler, “Capitalize Workers!” New York Times, April 6, 2014, p. SR 7.
18. Tony Hsieh, Delivering Happiness: A Path to Profits, Passion, and Purpose (New York: Business Plus, Hachette Book Group, 2010).
19. “Testing the Happiness Factor,” The Drucker Institute, January 2, 2014.
20. Adam Davison, “A Ready-to-Assemble Business Plan,” It’s the Economy, January 5, 2014, pp. 12-13.
21. “Do Workplace Wellness Programs Save Employers Money?” Research Brief, Rand Health, 2014.
22. Shai Oster, “In China, 1,600 People Die Every Day from Working Too Hard,” Bloomberg BusinessWeek, July 3, 2014.
23. Tanya Mohn, “U.S. the Only Advanced Economy That Does Not Require Employers to Provide Paid Vacation Time, Report Says,” Forbes, August 13, 2013.
CHAPTER 4: JOB CREATION IN THE FACE OF GROWING AUTOMATION
1. http://www.pbs.org/newshour/rundown/more-than-200-million-people-were-unemployed-in-the-world-in-2013/.
2. Statement from Geoff S. Jones, Bennington, Vermont, MIT Technology Review 116, no. 5 (September-October 2013), p. 8.
3. Simon Head, Mindless: Why Smarter Machines Are Making Dumber Humans (New York: Basic Books, 2014).
4. See “The Emporium Strikes Back,” Economist, July 13, 2013, pp. 23-25.
5. Jerry Mander, The Capitalism Papers: Fatal Flaws of an Obsolete System (Berkeley, CA: Counterpoint Press, 2012).
6. “Putting Released Prisoners Back to Work,” BusinessWeek, February 6, 2014. In addition, in a New York Times editorial on May 24, 2014, titled “End Mass Incarceration Now,” the main proposed solutions were summarized: “Reduce sentence lengths substantially. Provide more opportunities for rehabilitation inside prison. Remove the barriers that keep people from rejoining society after they are released from prison. Use alternatives to imprisonment for nonviolent offenders, drug addicts, and the mentally ill. Release elderly or ill prisoners, who are the least likely to re-offend.… Rate prisons on their success in keeping former inmates from returning.”
7. Jeremy Rifkin, The End of Work (New York: Putnam Publishing, 1995).
8. See Erik Brynjolfsson and Andrew McAfee, The Second Machine Age (New York: W. W. Norton, 2014). Also see Tom Malone, The Future of Work (Boston: Harvard Business School Publishing, 2004).
9. “Briefing the Future of Jobs. The Oncoming Wave,” Economist, January 18, 2014.
10. Robert J. Gordon, “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds,” NBER Working Paper #18315, August 2012.
11. This figure comes from “Game Plan for a Future-Ready Workforce,” Futurist, November-December 2013, an interview with Ed Gordon, author of Future Jobs: Solving the Unemployment and Skills Crisis, conducted by Rick Docksai.
12. Philip Kotler, Hermawan Kartajaya, and David Young, Attracting Investors: A Marketing Approach to Finding Funds for Your Business (Hoboken, NJ: Wiley, 2004).
13. See Sean Higgins, “U.S. Ranks Below Rwanda, Belarus, and Azerbaijan in Ease of Creating New Businesses, World Bank Says,” Washington Examiner, January 22, 2014. The rankings were included in the joint study undertaken by the World Bank and the International Finance Corp., in Doing Business 2014: Understanding Regulations for Small and Medium-Size Businesses (Washington, DC: World Bank Group, 2013).
14. Jonathan Berr, “Billionaire Carlos Slim Argues for a 3-Day Work Week,” Money Watch, July 2014.
CHAPTER 5: COMPANIES NOT COVERING THEIR “SOCIAL COSTS”
1. Dale W. Jorgenson, Richard J. Goettle, Mun S. Ho, and Peter J. Wilcoxen, Double Dividend: Environmental Taxes and Fiscal Reform in the United States (Cambridge, MA: MIT Press, 2013).
CHAPTER 6: ENVIRONMENT EXPLOITATION
1. Justin Gillis, “U.N. Panel Warns of Dire Effects from Lack of Action over Global Warming,” New York Times, November 2, 2014, p. 1.
2. Paul Hawken, The Ecology of Commerce: A Declaration of Sustainability, rev. ed. (New York: HarperCollins, 2010).
3. Rachel Carson, Silent Spring (New York: Houghton Mifflin, 1962).
4. Donella H. Meadows, Dennis L. Meadows, Jørgen Randers, and William W. Behrens III, The Limits to Growth: A Report for the Club of Rome’s Project on the Predicament of Mankind (New York: Universe Books, 1972).
5. “World Nuclear Association, Plans for New Reactors Worldwide,” March 2013. http://www.world-nuclear.org/info/current-and-future-generation/plans-for-new-reactors-worldwide/.
6. Paul Vitello, “Ray Anderson, Businessman Turned Environmentalist, Dies at 77,” New York Times, August 10, 2011.
7. Jacquelyn Smith, “The World’s Most Sustainable Companies of 2014,” Forbes.com, January 22, 2014. http://www.forbes.com/sites/jacquelynsmith/2014/01/22/the-worlds-most-sustainable-companies-of-2014/.
8. Peter Barnes, Capitalism 3.0: A Guide to Reclaiming the Commons (San Francisco: Berrett-Koehler Publishers, 2006).
9. Tim Jackson, Prosperity Without Growth: Economics for a Finite Planet (Abingdon, Oxon, UK: Earthscan, 2009).
10. Tim Jackson, “Prosperity Without Growth?” Policy Innovations, August 31, 2009.
11. Donella Meadows, Jørgen Randers, and Dennis Meadows, The Limits to Growth: The 30-Year Update (White River Junction, VT: Chelsea Green Publishing, 2004).
12. Jonathan Foley, Director, Institute on the Environment.
13. David Kashi, “Study Finds 37 Countries Face Severe Water Shortages: Study Suggests Water Shortages Affects Economy,” International Business Times, December 13, 2013.
14. Daniel C. Esty and Andrew S. Winston, Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage (New Haven, CT: Yale University Press, 2006).
15. Michael Grunwald, “The (Slow) Greening of America,” Time, June 23, 2014.
CHAPTER 7: BUSINESS CYCLES AND ECONOMIC INSTABILITY
1. U.S. Business Cycle Dates, National Bureau of Economic Research, www.nber.org/cycles.html. The NBER sets the dates of troughs and peaks by making an informed judgment based on the course of various indicators such as real GDP, real personal income, employment, and sales.
2. See Kimberly Amadeo, “Business Cycle.” http://useconomy.about.com/od/glossary/g/businesscycle.htm.
3. Charles Kindleberger, “Manias, Panics, and Crashes: A History of Financial Crisis.”
4. Atif Mian and Amir Sufi, House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again (Chicago: University of Chicago Press). Also see Peter Coy, “Sharing the Pain,” Bloomberg BusinessWeek, pp. 12-13.
5. See Philip Kotler and John A. Caslione, Chaotics: The Business of Managing and Marketing in the Age of Turbulence (New York: AMACOM, 2009). Material in this chapter is drawn from this source.
6. Alan Greenspan, The Age of Turbulence (New York: Penguin Press, 2007).
7. “Business turbulence,” BNET Business Dictionary. http://dictionary.bnet.com/index.php?d=turbulence.
8. Andy Grove, Only the Paranoid Survive (New York: Currency Doubleday, 1999).
9. Joseph Schumpeter, Capitalism, Socialism and Democracy, 3rd ed. (New York: Harper & Row, 1950).
10. Clayton M. Christensen, The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail (Cambridge, MA: Harvard Business School Press, 1997); Clayton M. Christensen and Michael E. Raynor, The Innovator’s Solution: Creating and Sustaining Successful Growth (Cambridge, MA: Harvard Business School Press, 1997).
11. “The Blood of Incumbents,” Economist, October 28, 2004.
12. Harold L. Vogel, “Disruptive Technologies and Disruptive Thinking,” Michigan State Law Review, no. 1, 2005. https://www.msu.edu/~michstlr/Symposium_2005/Vogel.pdf.
13. Fareed Zakaria, The Post-American World and the Rise of the Rest (London: Penguin Books, 2009).
14. See Nirmalya Kumar and Jan-Benedict E. M. Steenkamp, Brand Breakout: How Emerging Market Brands Will Go Global (Basingstoke, UK: Palgrave Macmillan, 2013).
15. “A Bigger World,” Economist, September 18, 2008.
16. “Hypercompetition,” Wikipedia. http://en.wikipedia.org/wiki/Hypercompetition.
17. Richard A. D’Aveni, Hypercompetition: Managing the Dynamics of Strategic Maneuvering (Glencoe, IL: Free Press, 2004).
18. D’Aveni, Hypercompetition.
19. “Sovereign wealth fund,” Wikipedia. http://en.wikipedia.org/wiki/Sovereign_wealth_fund.
20. 2008 Sovereign Wealth Fund Institute Inc. http://www.swfinstitut.org/funds.php.
21. “A Bigger World,” Economist.
22. “The End of Arrogance: America Loses Its Dominant Economic Role,” Spiegel Online, September 30, 2008.
23. “Sovereign Funds Become Big Speculators,” Washington Post, August 12, 2008.
24. “A Bigger World,” Economist.
25. “From Risk to Opportunity,” McKinsey Quarterly, October 2008.
26. “How Climate Change Could Affect Corporate Valuations,” McKinsey Quarterly, October 2008.
27. Peter F. Drucker, Managing in Turbulent Times (Oxford, UK: Butterworth-Heinemann, 1981).
CHAPTER 8: THE DANGERS OF NARROW SELF-INTEREST
1. John Micklethwait and Adrian Wooldridge, “The State of the State,” Foreign Affairs, July-August 2014.
2. R. Edward Freeman, Strategic Management: A Stakeholder Approach (Cambridge, UK: Cambridge University Press, 2010).
3. Philip Kotler and Nancy Lee, Corporate Social Responsibility: Doing the Most Good for Your Company and Your Cause (Hoboken, NJ: Wiley, 2005).
4. Philip Kotler, David Hessekiel, and Nancy Lee, Good Works!: Marketing and Corporate Initiatives That Build a Better World … and the Bottom Line (Hoboken, NJ: Wiley, 2012).
5. Philip Kotler and Milton Kotler, Market Your Way to Growth: Eight Ways to Win (Hoboken, NJ: Wiley, 2013).
6. “Simon Anholt: Which country does the most good for the world?” YouTube video, 17:54, from TEDSalon Berlin, July 2, 2014.
7. Emily Ekins, “Reason-Rupe Poll Finds 24 Percent of Americans Are Economically Conservative and Socially Liberal, 28 Percent Liberal, 28 Percent Conservative, and 20 Percent Communitarian,” Reason Magazine, August 29, 2011.
CHAPTER 9: THE DEBT BURDEN AND FINANCIAL REGULATION
1. Some of this section on the U.S. economy before the Great Recession follows the views of Richard Wolff in a number of talks he gave at various conferences that can be viewed on the Internet.
2. Arthur Laffer, quoted in Michael Bastasch, “Analysis: Real Stimulus Spending Is at Least $2.5 Trillion Since 2008,” Daily Caller, August 6, 2012. http://dailycaller.com/2012/08/06/analysis-real-stimulus-spending-is-at-least-2-5-trillion-since-2008/.
3. Gallup Daily: U.S. Employment. http://www.gallup.com/poll/125639/gallup-daily-workforce.aspx36.
4. Interest Expense on the Debt Outstanding. http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm.
5. Jeanne Sahadi, “Washington’s $5 Trillion Interest Bill,” CNNMoney.com, March 12, 2012. http://money.cnn.com/2012/03/05/news/economy/national-debt-interest/index.htm.
6. “Budget sequestration,” Wikipedia. http://en.wikipedia.org/wiki/Budget_sequestration_in_2013.
7. Mark Gongloff, “Median Income Falls for 5th Year, Inequality at Record High,” Huffington Post, September 17, 2013. http://www.huffingtonpost.com/2013/09/17/median-income-falls-inequality_n_3941514.html.
8. http://www.globalpost.com/dispatch/news/afp/130918/fed-cuts-2013-2014-us-economic-growth-forecast-0.
9. “The U.S. Economy from 1970–2010, in 3 Charts.” http://tipstrategies.com/blog/2011/08/a-tale-of-two-charts-employment-by-sector-1970-2010/.
10. “Income in the United States,” Wikipedia. http://en.wikipedia.org/wiki/Income_in_the_United_States.
11. Tim Chen, “American Household Credit Card Debt Statistics: 2014.” http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/.
12. “Household debt,” Wikipedia. http://en.wikipedia.org/wiki/Household_debt.
13. Jessica Silver-Greenberg and Michael Corkery, “In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates,” New York Times, July 19, 2014.
14. Editorial Board, “Payday Lenders Set the Debt Trap, New York Times, July 19, 2014.
15. Gary Hart, “The New Debate About Capitalism,” Blog, January 12, 2012.
16. “Economy of the United States,” Wikipedia. wikipedia.org/wiki/Economy_of_the_United_States#Finance.
17. Ralph Nader, Unstoppable: The Emerging Left-Right Alliance to Dismantle the Corporate State (New York: Nation Books, 2014).
18. Luigi Zingales, A Capitalism for the People: Recapturing the Lost Genius of American Prosperity (New York: Basic Books, 2012).
19. Robert J. Shiller, The New Financial Order: Risk in the 21st Century (Princeton, NJ: Princeton University Press, 2003).
20. Ibid.
21. Robert Creamer, “The Dominance of the Financial Sector Has Become a Mortal Danger to Our Economic Security,” Blog, October 12, 2009.
22. Jesse Eisinger, “Soothing Words on ‘Too Big to Fail,’ but with Little Meaning,” The Trade, December 11, 2013.
23. Zingales, A Capitalism for the People.
24. “Back from the Dead: The Return of Securitisation,” Economist, January 11, 2014, pp. 59-60.
25. Adapted from Rana Foroohar, “The Myth of Financial Reform,” Time, September 23, 2013, pp. 32-35.
26. Gretchen Morgenson, “Big Banks Still a Risk,” New York Times, August 3, 2014.
27. Peter Eavis, “Wall St. Wins a Round in a Dodd-Frank Fight,” New York Times, December 12, 2014.
28. Martin Wolf, The Shifts and the Shocks: What We’ve Learned—and Have Still to Learn—from the Financial Crisis (New York: Penguin, 2014).
29. Economist, May 31, 2014.
30. “A Better Model for Paying Bankers,” BusinessWeek, October 23, 2014.
CHAPTER 10: HOW POLITICS SUBVERTS ECONOMICS
1. Gar Alperovitz, America Beyond Capitalism (Hoboken, NJ: John Wiley, 2005).
2. Francis Fukuyama, “The Decay of the American Political Institutions,” American Interest, December 8, 2013.
3. Richard D. Wolff, “How the Rich Soaked the Rest of Us,” Guardian, March 1, 2011. Also see Wolff’s Democracy at Work: A Cure for Capitalism (Chicago: Haymarket Books, 2012).
4. Lawrence Lessig, Republic, Lost: How Money Corrupts Congress—and a Plan to Stop It (New York: Twelve/Hachette Book Group, 2011).
5. “Lobbying,” Wikipedia. http://en.wikipedia.org/wiki/lobbying#cite_note-twsNovZ111-22.
6. http://en.wikipedia.org/wiki/lobbying#cite_note-23.
7. “Corruption Perceptions Index.” http://cpi.transparency.org/cpi2012/#sthash.5W0Oh7Nn.dpuf.
8. John Kenneth Galbraith, The Affluent Society (New York: Houghton Mifflin, 1958).
CHAPTER 11: CAPITALISM’S SHORT-TERM ORIENTATION
1. Robert L. Reid, “The Infrastructure Crisis,” Civil Engineering—ASCE 78, no. 1 (January 2008).
2. “New Infrastructure Survey Reveals U.S. Weakness and Need for Clear Vision,” CG/LA Infrastructure LLC news release, October 4, 2011.
3. L. Randall Wray, “Developing the ‘Financial Instability Hypothesis’: More on Hyman Minsky’s Approach,” EconoMonitor, April 11, 2012.
4. Paul Davidson, “IKEA to Raise Its Minimum Wage,” USA Today, June 26, 2014.
CHAPTER 12: QUESTIONABLE MARKETING OUTPUTS
1. See the excellent discussion in Robert and Edward Skidelsky, How Much Is Enough? (New York, Other Press, 2012).
2. Benjamin R. Barber, Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole (New York: W. W. Norton, 2007).
3. “Economic Survey of the United States 2012,” Organization for Economic Cooperation and Development, 2012. The Organization for Economic Cooperation and Development (OECD) is an international economic organization of thirty-four countries founded in 1961 to stimulate economic progress and world trade. Its member countries are committed to democracy and the market economy.
4. “Why Is Health Spending in the United States So High?” OECD Health at a Glance 2011.
5. Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions About Health, Wealth, and Happiness (New York: Penguin Group, 2009).
6. Nancy R. Lee and Philip Kotler, Social Marketing: Influencing Behaviors for Good, 4th ed. (Thousand Oaks, CA: Sage, 2011).
CHAPTER 13: SETTING THE RIGHT GDP GROWTH RATE
1. http://www.worldofCEOs.com/dossiers/paul-polman.
2. Robert J. Gordon, “Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds,” NBER Working Paper #18315, August 2012.
3. Donella H. Meadows, Dennis L. Meadows, Jørgen Randers, and William W. Behrens III, The Limits to Growth: A Report for the Club of Rome’s Project on the Predicament of Mankind (New York: Universe Books, 1972).
4. Chandran Nair, Consumptionomics: Asia’s Role in Reshaping Capitalism and Saving the Planet (Oxford, UK: Infinite Ideas Limited, 2011).
5. Herman Daly, Steady-State Economics, 2nd ed. (Washington, DC: Island Press, 1991), p. 17.
CHAPTER 14: CREATING HAPPINESS AS WELL AS GOODS
1. Richard Easterlin, “Does Economic Growth Improve the Human Lot?” Paper circulated at the University of Pennsylvania, 1971–1972 and published in 1974.
2. Thorsten Veblen, The Theory of the Leisure Class (New York: B. W. Huebsch, 1924).
3. John Kenneth Galbraith, The Affluent Society (New York: Houghton Mifflin, 1958).
4. Anne Muller and Tashi Wangchuk, Gross National Happiness of Bhutan (Jackson, WY: Pursue Balance, 2008).
5. Med Jones, “The American Pursuit of Unhappiness: Gross National Happiness (GNH)—A New Socioeconomic Policy,” iim-edu.org, January 15, 2006, retrieved November 7, 2012.
6. See Arthur Brooks, “Love People, Not Pleasure,” New York Times, July 18, 2014.
7. Galbraith, The Affluent Society.
8. Jagdish Sheth, personal correspondence with the author.
9. Pierre Rosanvallon, The Society of Equals, translated by Arthur Goldhammer (Cambridge, MA: Harvard Business Press, 2013).