The Third Pillar
Page 54
conflict resolution, 9–10
consensus politics, 153
construction, 275
Constitution, U.S., 71
constitutional patriotism, 298
constitutions, 285
Consumer Price Index (CPI), 189
copyhold tenancy, 36
copyright laws, 204–6
corporations, 173, 176, 194, 195, 206, 355–56, 373–74
CEOs of, 193–94, 198–99, 209
and change in attitudes toward profit and incomes, 195–201
European, 209
lobbying by, 378, 389
monopolies by, see monopolies
new business creation, 201–7, 380–81
profit maximization and value maximization in, 374–79
social responsibility of, 378–79
corruption, 98–100, 109, 114, 138
in China, 261, 265
in India, 272
Cowen, Tyler, 161
Crecy, battle of, 42
crime, 343–44
Cristo Rey Catholic School, xxiv
Cromwell, Oliver, 66
cronyism, 99, 106, 108–9, 113–15, 139, 176, 244, 274, 184, 352, 392
in China, 257–58
in India, 268, 269
data, as market power, 384–86
David, Paul, 161
debt contract, 29–31
see also loans
de la Croix, David, 20
democracy(ies), xxvii, 79, 91, 97, 98, 118, 143, 160, 172, 218, 244, 319, 352, 357, 371, 380, 396
crony, 113–15
illiberal, 113
in India, 268–70, 272–74
markets and, 106, 110
public hearings and, 389–90
Democrats, 235–36, 240
Deng Xiaoping, 249–52, 265, 278
Depression, Great, see Great Depression
Depression of 1893, 133, 134
developing countries, 245
Dewey, John, 124–25, 227
Dickens, Charles, 129
diversity, 128, 134, 148, 177, 284, 287, 289, 302, 357
benefits of, 290–95
costs of, 293–95
see also immigration, immigrants
divorce, 235
Dodd–Frank Wall Street Reform and Consumer Protection Act, 204
Doepke, Matthias, 20
Douthat, Ross, 235
Dream Hoarders (Reeves), 224
drugs, drug companies, 183, 184, 204, 354, 362–63, 384
East India Company, 68, 69
Economist, 202
Edison, Thomas, 117
education and schools, xx, 6, 72, 83, 140, 158, 162, 221, 228–29, 283, 286, 290, 305, 308–9, 343
colleges and universities, see colleges and universities
community and, 119–25, 225–28, 232–34, 313–18
credentials and, 233–34, 317, 393
decentralization in, 316
decline in school quality, 232–34
in France, 125–27, 317
GI Bill and, 156, 157
new tools and methods in, 314–15
paying for, 317–18
segregation and, 229–30
teachers, 102–3
technological progress and, 122–23
in U.S., 119–25, 127, 190–91, 233–34, 317
worker capabilities and, 313–18
Einstein, Albert, 384
Einsweiler, Frank, 337, 339
Elberfeld system, 129–31, 320
Ellikson, Robert, 9–10
emerging markets, 245, 271
see also China; India
Engels, Frederick, 88, 90
Engerman, Stanley, 72, 96
England, 52, 59–60, 64–65, 67, 73, 132–33
agricultural laborer revolt in, 94–95
Chartist movement in, 95
Civil War in, 66, 70
Declaration of Rights in, 67–68, 71
emergence as constitutionally limited state, 52–74, 83
Glorious Revolution in, 67–71
Industrial Revolution in, see Industrial Revolution
Parliament in, 57, 60–62, 65–70, 74, 77, 84, 105
Poor Law in, 19, 84
Stuarts in, 52, 58, 65–67, 73, 108
Tudors in, 51–54, 73
voting rights in, 92, 94–95
William and Mary in, 67
environment, 365, 371–72, 396
climate change, xii, 245, 284, 365, 396–97
Erhard, Ludwig, 154
Essay on the Principles of Population, An (Malthus), 83
ethnicity and race, xxi–xxii, 298, 397
residential sorting and, 229–31
see also African Americans; diversity; immigration, immigrants; minorities
ethnic nationalism, 215–16
populist, 216–17; see also populist nationalism
Europe, 52, 59, 74, 160, 167–68, 236, 368, 370
feudalism in, see feudalism, feudal communities
immigration in, 144, 159, 167, 210, 241–43
inequalities in, 177
populist nationalism in, 241–43
regulators in, 359
safety nets in, 156
after World War II, 148–54
European Coal and Steel Community, 150
European Economic Community (EEC), 150
European Payment Services Directive, 385
European Payments Union, 150
European Union (EU), 168–73, 208–10, 310, 369, 370
Brexit and, 242
competition and, 208–9
creation of, 168
currency integration in, 169, 237
immigration crisis and, 242
loss of sovereignty in, 171–72
poultry farms in, 355, 356
Stability and Growth Pact in, 169, 170
factories, 18, 78, 88–89, 104, 185
fairness, 115–16
Fallows, Deborah, 344
Fallows, James, 344
families, 231, 235
familism, amoral, 14
Farmers’ Alliance, 23
fascism, xvii, 97, 138, 145, 153
Fault Lines (Rajan), xxvi
Federal Reserve, 104, 163, 366
feudalism, feudal communities, xxvii, 19, 25, 35–36, 42, 51–52, 55, 64, 73, 74, 83, 84, 91, 92
and Church’s attack on usury, 34–40
commercial revolution and, 36–39
technology and, 41–42
financial crises:
technological change and, 118, 119
of 2007–2008, see Global Financial Crisis of 2007–2008
in U.S., 87–88, 118
Food and Drug Administration, 387
Forastie, Jean, 153
Forbes 400, 192
Ford, Gerald, 235
Ford, Henry, 179–80
France, 59, 145, 168, 246, 298
in European Union, 169, 170
income in, 191, 192
in postwar period, 150, 152–54
Revolution in, 74, 94, 125–26
schooling in, 125–27, 317
free-rider problem, 17
Friedman, Milton, 139–40, 164, 195–201, 375, 377
Friedman, Rose, 139–40
Furstenberg, Carl, 209
G7 nations, 368
Galena, Ill., 337–38, 339, 344
gaming, 334
Gandhi, Indira, 269, 271
Gandhi, Mohandas K., 281, 298
Gao, Xiaohui, 201
Gaud, Malinil, 336, 339
GDP, 163, 164
&
nbsp; General Agreement on Tariffs and Trade (GATT), 146, 150, 353
gentry, 54–58, 64–66, 71, 72
Gentzkow, Matt, 332–33
Germany, 73, 74, 162, 236, 238, 241
Elberfeld system of assistance in, 129–31, 320
in European Union, 169–71
income in, 191, 192
migrants and foreign workers in, 159, 242
Nazi, 112, 157, 380
in postwar period, 150, 153, 154
social insurance in, 132, 156
state and industry linked in, 111–12
Giersch, Herbert, 167
Giving Pledge, 396
Glaeser, Edward, 98, 137
Glass-Steagall Act, 104
Global Financial Crisis of 2007–2008, xiii, xxvi, xxviii, 88, 144, 199, 204, 213, 236–43, 353–54, 358, 370, 393
China and, 258, 259
global governance, 245–46, 367–70
globalization, 371–72
gold, 100, 101
Goldin, Claudia, 98
Goldstein, Amy, 186
Google, 201, 203, 350, 386
Gorbachev, Mikhail, 251
Gordon, Robert, 161
government, governance, xv, 107, 139, 394
centralization of, 51
deficits, 162–64, 324
federal, xiii–xiv, xvi; see also state
global, 245–46, 367–70
local, xiv, xv, xvi, 11–12, 286, 305, 311–13; see also community
promises made by, 145–73, 324–25
promotion of views in, 107
Grant, Ulysses S., 98, 337
Great Britain, see England; United Kingdom
Great Depression, xxvii, 88, 119, 134–38, 139, 145–47, 151, 157, 210, 237, 364
safety nets in the U.S. before, 133–34
Great Recession, xiii, 238, 334
Great Society, 158
Greece, 145, 170, 237, 238, 359
Gregory VII, Pope, 38, 54
guilds, 58–62, 64, 81
gunpowder, 41–42
Gutenberg, Johannes, 46
Habermas, Jurgen, 298
Hampton, Keith, 331
handloom weavers, 18–19, 116, 188
Hanson, Gordon, 185
Harrington, James, 58
Hart, Oliver, 11
Harvard University, 98, 137, 197, 233, 242, 293, 362, 364, 371, 389
Hayek, Friedrich, 91, 164
health care, 156, 162–63, 318–19, 324
Affordable Care Act (Obamacare), 144, 214, 239–41
drugs, 183, 184, 204, 354, 362–63
training and wages in, 388
in U.K., 156
in U.S., 158, 203
Heckman, James, 6, 223, 225, 226
Hendren, Nathaniel, xvi
Henry VII, King, 53–54
Henry VIII, King, 54, 57
Hicks, John, 99
Hillbilly Elegy (Vance), 300–301
Hochschild, Arlie Russell, 239–40
Holland, 65
housing, 237, 307–9
Hsieh, Chang-Tai, 220, 253, 258
Huang, Yasheng, 251
Hume, David, 63
Hurst, Erik, 333–34
Icahn, Carl, 197
ICT, see Information and Communications Technology revolution
Idea of India, The (Khilnani), 298
Ignatieff, Michael, 299
immigration, immigrants, xvi, xviii, 121, 134, 137, 147, 148, 159–60, 173, 218, 219, 245, 284, 286, 289, 297, 302, 348
benefits of, 290–95
distressed communities and, 342
in Europe, 144, 159, 167, 210, 241–43
Harvard study on, 242, 293
Japan and, 292–93
Muslim, 241, 242
population aging and, 260, 284, 286, 292–93, 396
residential sorting and, 229–31
talent and, 290–91
in U.S., 137, 159–60, 292
inclusive civic nationalism, 297–99, 302
inclusive localism, xxii, 22, 285–87, 289–302, 327, 351, 394
income and wages, 90, 127, 152, 213, 388, 395, 396
dispersion across US cities, 220
of doctors, 388
Earned Income Tax Credit and, 345–46
economic segregation and, 307–9
effects of technology and trade on, 188–94
median wage, 189–91
occupational licensing and, 207
top one percent, 102, 191–94
universal basic income, 322–23
India, xxvi, xxviii, 19–20, 31, 113–15, 139, 144, 245, 246, 267–74, 287, 298, 317, 350, 391
affirmative action in, 300–302
bribery in, 312
China compared with, 247–48, 267, 269, 270, 275–76
corruption in, 272
cronyism in, 268, 269
decentralization in, 270, 272
democracy in, 268–70, 272–74
economic growth of villages in, 275
Finance Ministry in, 274
Indore, 335–37, 339, 344
land acquisition for public projects in, 275–76
liberalization in, 269–71, 273, 276
populism in, 272, 276–78
Rashtriya Swayamsevak Sangh in, xix, 277
socialism in, 267–69, 391
state, markets, and democracy in, 272–74
individualism, 194–96, 201, 284
Indore, 335–37, 339, 344
industrialization, 75, 88, 127, 275
Industrial Revolution(s), 16, 18, 26, 70, 74, 78, 84, 87, 91, 230
First, 116–17
Fourth, 117
handloom weavers and, 18–19, 116, 188
Second, 117–19, 122, 146, 147, 152, 153, 160–61
Third, 117
in U.S., 121
see also Information and Communications Technology (ICT) revolution
inflation, 56–57, 163, 164, 366
Information and Communications Technology (ICT) revolution, xii–xiii, xxi, xxviii, 117, 148, 161, 162, 175–211, 213, 313, 321–22, 338, 340, 382, 393, 394
automation in, xii, xviii, 3, 143–44, 175, 178, 185–87, 314
communities and, xviii–xx, 176, 184–88
decentralization and, 312–13
interconnected world and, 350–51
jobs and, 143–44, 173, 175, 177–88, 395
trade and, 143–44, 173, 181–88
inheritance, 37, 45, 105
Inquiry into the Nature and Causes of the Wealth of Nations, An (Smith), 80
intellectual property, 73, 183, 278, 351, 362–63, 382–84
patents, 204–6, 362, 382–84
International Monetary Fund (IMF), xxvi, 146, 151, 270, 367, 368–69
international responsibilities, 363–67, 372, 397
internet, 117, 310
China and, 266, 350
community and, 330–35
political views and, 332–33
Ireland, 237, 238, 353–54
Italy, 145, 162, 303–4, 359
in European Union, 169
Montegrano, 12–14, 113, 227
in postwar period, 149, 152
Jackson, Andrew, 93
James I, King, 66–67
Jams II, King, 70
Janesville, Wisc., 341
Janesville (Goldstein), 186
Japan, 157, 160, 302, 368, 380
aging population in, 292–93
currency in, 366
immigration and, 292–93
income in, 191
in postwar period, 148, 153<
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protectionism in, 354
Jeffers, Jessica, 205
Jefferson, Thomas, 58
Jensen, Michael, 196
Jiang Zemin, 251
jobs, xii, xviii, 163, 164, 224, 343, 389, 395
African Americans and, 230–31
credentials and, 233–34, 317, 393
ICT revolution and, 143–44, 173, 175, 177–88, 395
and lump of labor fallacy, 180
mercantilism and, 62–63
occupational licensing and, 206–7, 387–88, 393
Second Industrial Revolution and, 122
see also income and wages; workers
Johnson, Lyndon, 157–58, 229
Juncker, Jean-Claude, 172
Jungle, The (Sinclair), 104
Justice, US Department of, 202
Kahn, Alfred, 165
Kalanick, Travis, 196
Kaplan, Steve, 192
Katz, Bruce, 303
Kautilya, 31
Keynes, John Maynard, 154, 163, 395
Khan, Khizr, xxi
Khilnani, Sunil, 298
Khodorkovsky, Mikhail, 111
Kim, Han, 220
King, Martin Luther, Jr., 157, 158, 397
Kleiner, Morris, 207
knowledge, diffusion of, 204–6
Krueger, Alan, 207
Kyoto Protocol, 365
laissez-faire, 77–78, 81, 83
landowners, 37, 58, 72, 74
gentry, 54–58, 64–66, 71, 72
Lasch, Christopher, 227
Latin America, 72, 93, 96
Lee Kuan Yew, 247
LEGO, 391
lending, see loans
Le Pen, Marine, 236
Lerner, Josh, 362
Levine, David, 382–83
liberal democracy, 74–75
liberalism, 83, 160
liberalization, 206
in China, 248–67, 276
in India, 269–71, 273, 276
private sector’s reaction to, 194–201, 207–8
liberal market democracies, xiii, xx, xxvii
libertarianism, 115
limited-access societies, 97–98
Lindsey, Brink, 205
loans, 44–45, 48
contract in, 29–31
see also usury
lobbying, 378, 389
localism, xxi, xxviii, 285, 286, 303
inclusive, xxii, 22, 285–87, 289–302, 327, 351, 394
long-term benefits of, 303
location, importance of, 219–21
Long, Huey, 136
looms, 18–19, 116, 188
Louis XIV, King, 60, 65, 66
Luce, Edward, 227
Luther, Martin, 46
Madison, James, 97, 218
magnates, decline of, 53–54
Mahajan, Vijay, 337
Malthus, Thomas Robert, 83
Mann, Horace, 121
manufacturing, 152, 184–85, 206
Mao Zedong, 247–50
markets, xiii, xv, xvii–xviii, xx, xxii, xxvii–xxviii, 25–27, 50, 56, 77–106, 145, 154, 172, 173, 243–44, 283, 184, 285–87, 304, 393, 394