Hedge

by Nicolas Colin

  [94] Rana Foroohar, Makers and Takers: The Rise of Finance and the Fall of American Business, First edition (New York: Crown Business, 2016).

  [95] Clayton M. Christensen, “A Capitalist’s Dilemma, Whoever Wins the Election,” The New York Times, November 3, 2012, http://www.nytimes.com/2012/11/04/business/a-capitalists-dilemma-whoever-becomes-president.html.

  [96] Jonathan Chait, “Barack Obama’s Legacy Is More Secure Than You, or the GOP, Think,” The New York Magazine, January 10, 2017, http://nymag.com/daily/intelligencer/2017/01/obama-legacy-more-secure-than-you-think.html.

  [97] Jacob Hacker, “The New Economic Insecurity—And What Can Be Done About It,” Harvard Law & Policy Review, vol. 1, 2007, http://www.hlpronline.com/Vol1No1/hacker.pdf.

  [98] Jacob Hacker, Ibid.

  [99] Alana Semuels, “This Is What Life Without Retirement Savings Looks Like,” The Atlantic, February 22, 2018,

  https://www.theatlantic.com/business/archive/2018/02/pensions-safety-net-california/553970/.

  [100] Steve Blank, “What’s a Startup? First Principles,” January 25, 2010,

  https://steveblank.com/2010/01/25/whats-a-startup-first-principles/.

  [101] Rebecca Traister, “Single Women Are Now the Most Potent Political Force in America,” New York Magazine, February 22, 2016, http://nymag.com/thecut/2016/02/political-power-single-women-c-v-r.html.

  [102] Enrico Moretti, The New Geography of Jobs (Boston: Mariner Books, 2012).

  [103] Vanessa Brown Calder, “Why Do People Move and Why Don’t They?,” Cato at Liberty, Cato Institute, November 3, 2017, https://www.cato.org/blog/why-do-people-move-why-dont-they.

  [104] Nelson Lichtenstein, State of the Union, Revised and Expanded edition with a new preface and two new chapters by the author (Princeton, New Jersey: Princeton University Press, 2013), 23.

  [105] Nelson Lichtenstein, State of the Union, Revised and Expanded edition with a new preface and two new chapters by the author (Princeton, New Jersey: Princeton University Press, 2013), 25.

  [106] Kevin Drum, “Why Screwing Unions Screws the Entire Middle Class,” Mother Jones, April 2011,

  http://www.motherjones.com/politics/2011/02/income-inequality-labor-union-decline.

  [107] Kevin Drum, Ibid.

  [108] Adam Davidson, “Welcome to the Failure Age!” The New York Times, November 12, 2014,

  https://www.nytimes.com/2014/11/16/magazine/welcome-to-the-failure-age.html.

  [109] Pankaj Ghemawat, “Competition and Business Strategy in Historical Perspective” Business History Review 76, no. 1 (Spring 2002).

  [110] “Global Value Chains,” https://www.oecd.org, accessed March 29, 2017,

  https://www.oecd.org/sti/ind/global-value-chains.htm.

  [111] David Weil, The Fissured Workplace (Cambridge, MA: Harvard University Press, 2014).

  [112] Sara Horowitz, “America, Say Goodbye to the Era of Big Work,” The Los Angeles Times, August 25, 2014, http://www.latimes.com/opinion/op-ed/la-oe-horowitz-work-freelancers-20140826-story.html.

  [113] David Leonhardt, “The Economics of Henry Ford May Be Passé,” The New York Times, April 5, 2006,

  https://www.nytimes.com/2006/04/05/business/the-economics-of-henry-ford-may-be-passe.html.

  [114] Colin Crouch, “Privatised Keynesianism: An Unacknowledged Policy Regime,” The British Journal of Politics & International Relations 11, no. 3 (August 1, 2009): 382–99.

  [115] Louis Hartz, The Liberal Tradition in America (San Diego: Harvest Books, 1991).

  [116] David Roberts, “The US coal industry is going out, not with a whimper, but with a burst of rent-seeking,” Vox, August 26, 2017,

  https://www.vox.com/energy-and-environment/2017/8/25/16201218/us-coal-industry-handouts.

  [117] Alan Wolfe, “Nobody Here but Us Liberals,” The New York Times, July 3, 2005,

  http://www.nytimes.com/2005/07/03/books/review/nobody-here-but-us-liberals.html.

  [118] Nicolas Colin, “A Valley Divided: Do Startups Widen the Inequality Gap?,” The Family Papers, February 4, 2016,

  https://salon.thefamily.co/a-valley-divided-do-startups-widen-the-inequality-gap-7bb783237eb8.

  [119] Julia Belluz, “Why the white middle class is dying faster, explained in 6 charts,” Vox, March 23, 2017,

  https://www.vox.com/science-and-health/2017/3/23/14988084/white-middle-class-dying-faster-explained-case-deaton.

  [120] German Lopez, “The opioid epidemic, explained,” Vox, August 3, 2017,

  https://www.vox.com/science-and-health/2017/8/3/16079772/opioid-epidemic-drug-overdoses.

  [121] Lynn Parramore, “America is Regressing into a Developing Nation for Most People,” Institute for New Economic Thinking, April 20, 2017,

  https://www.ineteconomics.org/perspectives/blog/america-is-regressing-into-a-developing-nation-for-most-people.

  [122] Thomas Hale, “Saving for old age: the global story (part II),” The Financial Times, February 14, 2018,

  https://ftalphaville.ft.com/2018/02/14/2198793/saving-for-old-age-the-global-story-part-ii/.

  [123] Chun Han Wong & Eva Dou, “Foreign Companies in China Get a New Partner: The Communist Party,” The Wall Street Journal, October 29, 2017,

  https://www.wsj.com/articles/foreign-companies-in-china-get-a-new-partner-the-communist-party-1509297523.

  [124] Don Weinland, “Deregulation creates China consumer loans boom,” The Financial Times, July 23, 2017,

  https://www.ft.com/content/9d7d9460-5cb4-11e7-9bc8-8055f264aa8b.

  [125] Lulu Yilun Chen, “Why Tencent and Sequoia Are Pouring Millions Into China's Rental Space,” Bloomberg, January 28, 2018,

  https://www.bloomberg.com/news/articles/2018-01-29/china-s-startups-use-technology-to-target-young-renters-vc-cash.

  [126] Linda Lew, “How Tencent’s medical ecosystem is shaping the future of China’s healthcare,” Technode, February 11, 2018, https://technode.com/2018/02/11/tencent-medical-ecosystem/.

  [127] Simina Mistreanu, “Life Inside China’s Social Credit Laboratory,” Foreign Policy, April 3, 2018,

  http://foreignpolicy.com/2018/04/03/life-inside-chinas-social-credit-laboratory/.

  [128] Kevin Rudd, “On China’s Rise and a New World Order,” conference at La Trobe University, October 26, 2017,

  https://www.youtube.com/watch?v=psErow4xaIo.

  [129] Kevin Rudd, Ibid.

  [130] Laetitia Vitaud, “Back To Craftsmanship: Lessons from the Arts and Crafts Movement,” Medium, June 6, 2017,

  https://medium.com/want-more-work/back-to-craftsmanship-lessons-from-the-arts-and-crafts-movement-e1aa5f09ec16.

  [131] Oussama Ammar, “No Passport Needed: Launching in Internet Nation,” The Family, October 17, 2016,

  https://salon.thefamily.co/no-passport-needed-launching-in-internet-nation-27440ff5a9e4.

  [132] Balaji Srinivasan, “Software Is Reorganizing the World,” Wired, November 2013,

  https://www.wired.com/2013/11/software-is-reorganizing-the-world-and-cloud-formations-could-lead-to-physical-nations/.

  [133] Benedict Anderson, Imagined Communities: Reflections on the Origin and Spread of Nationalism (London: Verso Book, 2016).

  [134] Babak Nivi, “No Tradeoff between Quality and Scale,” Venture Hacks, February 18, 2013,

  http://venturehacks.com/articles/there-is-no-finish-line-for-entrepreneurs.

  [135] The Family, La Transition numérique au coeur des territoires, 2014,

  https://www.dropbox.com/s/n2wxkkxdrkw9xz4/TheFamily_Territoires.pdf?dl=0 (in French).

  [136] A critical source was Steve Blank, “The Secret History of Silicon Valley,” Steve Blank’s Blog, March 23, 2009,

  https://www.evernote.com/shard/s236/sh/2152575f-0376-470b-87c6-e2c78fc0f584/8ae24372478485aa.

  [137] Olivier Zunz, Why the American Century?, 1st edition (Chicago: University Of Chicago Press, 1998), 8.

  [138] Olivier Zunz, Why the American Century?, 1st edition (Chicago: University Of Chicago Press, 1998), 9.

  [139] Naomi
R. Lamoreaux and Kenneth L. Sokoloff, eds., Financing Innovation in the United States, 1870 to Present, Reprint edition (Cambridge, MA: The MIT Press, 2009).

  [140] Naomi R. Lamoreaux and Kenneth L. Sokoloff, “Inventors, Firms, and the Market for Technology in the Late Nineteenth and Early Twentieth Centuries,” Working Paper (National Bureau of Economic Research, April 1997),

  http://www.nber.org/papers/h0098.

  [141] Carlota Perez, Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (Cheltenham: Edward Elgar Publishing, 2003), 11.

  [142] Tim Wu and Will Oremus, “The Great American Information Emperors,” Slate, November 7, 2010,

  http://www.slate.com/articles/technology/technology/features/2010/the_great_american_information_emperors/how_theodore_vail_built_the_att_monopoly.html.

  [143] Steve Blank, “The Secret History of Silicon Valley,” Steve Blank’s Blog, March 23, 2009,

  https://www.evernote.com/shard/s236/sh/2152575f-0376-470b-87c6-e2c78fc0f584/8ae24372478485aa.

  [144] Vannevar Bush, “Science: The Endless Frontier. A Report to the President” (Washington, DC, July 1945),

  https://www.nsf.gov/od/lpa/nsf50/vbush1945.htm.

  [145] Amar Bhidé, “Don’t Expect Much From the R&D Tax Credit,” The Wall Street Journal, September 11, 2010,

  http://www.wsj.com/articles/SB10001424052748704644404575481534193344088.

  [146] Paul A. Gompers, “The Rise and Fall of Venture Capital,” Business and Economic History, Volume 23, no. 2, Winter 1994, http://www.thebhc.org/sites/default/files/beh/BEHprint/v023n2/p0001-p0026.pdf. See also Brad Feld, “Why The SBIC Doesn’t Work For Venture Capital Anymore,” FeldThoughts, July 28, 2014,

  https://www.feld.com/archives/2014/07/sbic-doesnt-work-venture-capital-anymore.html.

  [147] C. Stewart Gillmor, Fred Terman at Stanford: Building a Discipline, a University, and Silicon Valley, First edition (Stanford, Calif: Stanford University Press, 2004).

  [148] Tom Wolfe, “The Tinkerings of Robert Noyce: How the Sun Rose on the Silicon Valley,” Esquire Magazine, December 1983, https://web.stanford.edu/class/e145/2007_fall/materials/noyce.html.

  [149] Dan Gillmor and Daniel Gross, “Intel’s Andy Grove Was Brilliant, Paranoid, and Prophetic. No Wonder Silicon Valley Reveres Him.,” Slate, March 22, 2016,

  http://www.slate.com/blogs/moneybox/2016/03/22/andy_grove_who_led_intel_has_died_he_was_brilliant_paranoid_and_prophetic.html.

  [150] Jaron Lanier, “Early Computing’s Long, Strange Trip: A Book Review,” American Scientist, August 2005,

  http://www.americanscientist.org/bookshelf/pub/early-computings-long-strange-trip.

  [151] Andrew S. Grove, Only the Paranoid Survive (London: Profile Books, 1998).

  [152] Clayton M. Christensen, The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail, Reprint edition (Cambridge, MA: Harvard Business Review Press, 2016).

  [153] William H. Janeway, Doing Capitalism in the Innovation Economy, 2nd edition (Cambridge: Cambridge University Press, 2018), 45.

  [154] William H. Janeway, Ibid., 260-261.

  [155] Andrew McAfee and Erik Brynjolfsson, “Investing in the IT That Makes a Competitive Difference,” Harvard Business Review, July 1, 2008, https://hbr.org/2008/07/investing-in-the-it-that-makes-a-competitive-difference.

  [156] The Economist, “Another Game of Thrones,” The Economist, December 1, 2012,

  http://www.economist.com/news/21567361-google-apple-facebook-and-amazon-are-each-others-throats-all-sorts-ways-another-game.

  [157] Erik Brynjolfsson and Andrew McAfee, “The Big Data Boom Is the Innovation Story of Our Time,” The Atlantic, November 21, 2011,

  https://www.theatlantic.com/business/archive/2011/11/the-big-data-boom-is-the-innovation-story-of-our-time/248215/.

  [158] Michael Mandel, “Scale and Innovation in Today’s Economy,” Progressive Policy Institute, December 2011,

  http://www.progressivepolicy.org/wp-content/uploads/2011/12/12.2011-Mandel_Scale-and-Innovation-in-Todays-Economy.pdf.

  [159] William Janeway, Doing Capitalism in the Innovation Economy, 2nd edition (Cambridge: Cambridge University Press, 2018), 190.

  [160] Babak Nivi, “No Tradeoff between Quality and Scale,” Venture Hacks, February 18, 2013,

  http://venturehacks.com/articles/there-is-no-finish-line-for-entrepreneurs.

  [161] Carlota Perez, “Technological Revolutions and Techno-Economic Paradigms,” Working Papers in Technology Governance and Economic Dynamics 20 (January 2009),

  http://technologygovernance.eu/files/main/2009070708552121.pdf.

  [162] Tim O’Reilly, “Gov 2.0: It's All About The Platform”, TechCrunch, September 4, 2009,

  https://techcrunch.com/2009/09/04/gov-20-its-all-about-the-platform/.

  [163] Philip Evans, Patrick Forth, “Borges’ Map: Navigating a World of Digital Disruption”, BCG Perspectives, 2015,

  http://digitaldisrupt.bcgperspectives.com/.

  [164] Clayton M. Christensen, “A Capitalist’s Dilemma, Whoever Wins the Election,” The New York Times, November 3, 2012, http://www.nytimes.com/2012/11/04/business/a-capitalists-dilemma-whoever-becomes-president.html.

  [165] Carlota Perez, “The Direction of Innovation after the Financial Collapse” (Technology, 9th Triple Helix Conference, Stanford, July 2011), https://www.slideshare.net/fredwilson/carlota-perez-talk-at.

  [166] Edmund Phelps, “Mass Flourishing: How Grassroots Innovation Created Jobs, Challenge, and Change, 1st edition (Princeton: Princeton University Press, 2013).

  [167] Steve Blank, “Fear of Failure and Lack of Speed In a Large Corporation,” Steve Blank’s Blog, March 11, 2015,

  https://steveblank.com/2015/03/11/fear-of-failure-and-lack-of-speed-in-a-large-corporation/.

  [168] Scott D. Anthony, “The New Corporate Garage,” Harvard Business Review, September 1, 2012,

  https://hbr.org/2012/09/the-new-corporate-garage.

  [169] Brad Templeton, “On the Invention of the Internet,” Brad Ideas, May 4, 2005,

  http://ideas.4brad.com/archives/000204.html.

  [170] Babak Nivi, “The Entrepreneurial Age,” Venture Hacks, February 25, 2013,

  http://venturehacks.com/articles/the-entrepreneurial-age.

  [171] Susan Reid, “The Numbers Are In: Most People Want To Be Their Own Boss,” Forbes, October 12, 2015,

  https://www.forbes.com/sites/susanreid/2015/10/12/the-numbers-are-in-most-people-want-to-be-their-own-boss/#62cf43071451.

  [172] Simon Kuper, “The Great Middle-Class Identity Crisis,” The Financial Times, November 8, 2013,

  https://www.ft.com/content/04179370-4741-11e3-b4d3-00144feabdc0.

  [173] Dominic Rossi, “The Global Savings Glut,” Fidelity, May 2015,

  http://www.fidelity.com.au/insights-centre/investment-articles/the-global-savings-glut/.

  [174] William H. Janeway, Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State, 2nd edition (Cambridge: Cambridge University Press, 2018), 52.

  [175] Tim O’Reilly, WTF: What’s the Future and Why It’s Up to Us, 1st edition (New York: Harper Business, 2017).

  [176] Carl Shapiro and Hal R. Varian, Information Rules, (Cambridge, MA: Harvard Business School Press, 1998), 179.

  [177] Nicolas Colin and Henri Verdier, L’ge de la multitude, Entreprendre et gouverner après la révolution numérique, Second edition (Armand Colin, 2015). For an overview in English, read Nicolas Colin and Henri Verdier, “The Economics of the Multitude,” Paris Innovation Review, June 7, 2012,

  http://parisinnovationreview.com/2012/06/07/economics-multitude/.

  [178] Antonio Negri and Michael Hardt, Multitude: War and Democracy in the Age of Empire (New York: Penguin Books, 2009).

  [179] Tim O’Reilly, “Why The Game of Business Needs to Change Its Rules,” WTF?, August 9, 2016,

  https://wtfeconomy.com/why-the-game-of-business-needs-to-change-its-rules-4332ee4917de.<
br />
  [180] Charles Fishman, The Wal-Mart Effect: How the World’s Most Powerful Company Really Works and How It’s Transforming the American Economy, Reprint edition (New York: Penguin Books, 2006).

  [181] Pankaj Ghemawat and Ken A. Mark, “The Real Wal-Mart Effect”, Working Knowledge, Harvard Business School, August 23, 2006, http://hbswk.hbs.edu/item/the-real-wal-mart-effect.

  [182] Roger Cheng, “Why Technology Companies Loathe Dividends,” CNET, March 19, 2012,

  https://www.cnet.com/uk/news/why-technology-companies-loathe-dividends/.

  [183] Tim O’Reilly, “Networks and the Nature of the Firm,” WTF?, August 14, 2015,

  https://medium.com/the-wtf-economy/networks-and-the-nature-of-the-firm-28790b6afdcc.

  [184] Clayton M. Christensen, Stephen P. Kaufman, and Willy C. Shih, “Innovation Killers: How Financial Tools Destroy Your Capacity to Do New Things” Harvard Business Review, January 1, 2008,

  https://hbr.org/2008/01/innovation-killers-how-financial-tools-destroy-your-capacity-to-do-new-things.

  [185] The Economist, “A New Idolatry,” The Economist, April 22, 2010, http://www.economist.com/node/15954434. See also Michael C. Jensen and William H. Meckling, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” SSRN Scholarly Paper (Rochester, NY: Social Science Research Network, July 1, 1976),

  https://papers.ssrn.com/abstract=94043.

  [186] Sam Walton and John Huey, Made In America: My Story (New York: Bantam America, 1993).

  [187] Sebastian Mallaby, More Money Than God: Hedge Funds and the Making of a New Elite, Reprint edition (New York: Penguin Books, 2011), 123.

  [188] James Hawes, The Shortest History of Germany (London: Old Street Publishing, 2017), 194.

  [189] Matt Phillips, “Germany’s Bizarre Version of Capitalism—where Bosses and Workers Actually Cooperate—is Winning,” Quartz, accessed May 6, 2017, https://qz.com/452076/this-just-in-german-capitalism-has-won/.

  [190] Wired Staff, “Mark Zuckerberg’s Letter to Investors: ‘The Hacker Way,’” Wired, February 2012,

  https://www.wired.com/2012/02/zuck-letter/.

  [191] Marcus Wohlsen, “What Uber Will Do With All That Money From Google,” Wired, January 2014,

  https://www.wired.com/2014/01/uber-travis-kalanick/.