Myriad Genetics, 42, 396
National Economic Council (NEC), 196, 265, 266, 365
national income, 8
national investment, 61
nationalism, 376
nationalization, 229
national savings, 14, 61, 62, 407
National Security Council, 184
national treatment, 36
nativism, 376
natural gas, 167
neocolonialism, 59
“neo-liberal” policies, 169
Nepal, 178, 313
Netherlands, 18, 167, 273
Nevada, 38
New Deal, 151
New Deal Democrats, 258
New Democrats, 175, 258
New Development Bank, 37
New Economy, 144
New England, 57
new silk road initiative, 379–80
New York Federal Reserve Bank, 241
New York Times, 319
Nigeria, 133, 191
Nike, 102
Nixon, Richard, 75
Nobel Prize, 173, 174, 254, 272
nondiscrimination, 382
nongovernmental organizations (NGOs), 150–51
nonmarket status, 69
North Africa, 26
North American Free Trade Agreement (NAFTA), xxxiii–xxxiv, 11, 23, 24, 26, 27, 36, 48, 102
as check on president’s power, 64
need for updating of, 70–71
Perot’s criticism of, 53, 347
North Sea, 167
Norway, xxviii, 300, 372, 398, 414
nuclear proliferation, 268
Obama, Barack, 353–54, 381, 400, 408, 412
TPP pushed by, 26, 27, 28, 42, 382
Obama administration, 27, 48, 94, 365–66, 374, 416, 421
obesity, 56
oblasts, privatization and, 249
Obote, Milton, 136
Office of Science and Technology, 41, 333
offshore financial centers, 38
“off track,” 139
Ohio, 13
oil, 390
oil prices, 201, 226, 237, 278–79, 288
oil-rich countries, 372
oligarchy, Russian, 226, 235, 237–38, 250–51, 255, 261, 278, 435
1 percent, xvii, xviii, 5, 20, 53, 93, 95–96
One Belt, One Road, 379
O’Neill, Paul, 263, 264, 265, 315
opioid addiction, 56
Opium Wars, 137, 157, 421
Orbán, Viktor, 360
Organisation for Economic Co-operation and Development (OECD), xlix, 188, 359, 363, 397
outsourcing, xxiii, 23
“overbloated labor force,” 153
ozone depletion, 312
Pacific Alliance, xxxiv, 73, 375
Pakistan, 166, 323, 414
Panama, 38, 415
Panama Papers, 39
Papua New Guinea, 117
Paris Agreement, xxxvii, 17, 371, 381
Paris Commune, 253
pauperism, 173
pension funds, 35, 352, 372
Pepsi, 163
Perot, Ross, 53, 347
Peru, xxxiv, 73, 372, 375
Philip Morris, 36, 415
Philippines, 103
in East Asia financial crisis, 183
Pieth, Mark, 415
Pinochet, Augusto, 273–74
Poland, 69, 182, 264
macroshock therapy in, 359–60
market transition of, 243, 247, 270–71, 275, 276, 277, 359–60, 361, 436–37
pollution, xlii–xliii, 29, 32, 34, 37, 80, 406
Portugal, 355, 408
poverty, 111, 120, 131, 306, 307
in China, 176, 271–72
globalization’s exacerbation of, 303, 336
as IMF concern, 284, 304, 328
IMF’s exacerbation of, 113, 115, 116, 132, 170
increases in, 103–4, 121, 122, 157, 191, 226, 258, 271–72, 427
“participatory” assessments of, 146, 322
problems interrelated with, 312
reduction of, xix, 176, 185, 271–72, 335
in Russia, 226, 244–46, 271–72, 434
trickle-down economics and, 173–75
in U.S., xvii
vicious cycles and, 177
as World Bank concern, 120–21, 284, 304, 312
power shift, 376–77
Prague, 107, 155, 270
predatory pricing, 68
“price discovery,” 324
Price of Inequality, The (Stiglitz), 366
prices, 69
aluminum cartel and, 266
barter and, 243
equal to marginal cost of production, 67
marketing boards and, 170–71
monopolies and, 163–64
of oil, 201, 226, 237, 278–79, 288
in Russia’s market transition, 233–34
in Soviet economy, 230, 232
two-tier, 272–73
privacy, 383–84
privacy rights, 4
privatization, 149, 150–54, 170, 186, 254, 270, 280, 310, 351
argument for, 150, 309
in China, 272, 274, 275
effects of hasty implementation of, 151–53, 154, 168, 271, 275, 309
IMF’s pursuit of, 150–52, 168
as part of comprehensive program, 153–54
regulation and, 151–52
in Russia’s market transition, 154, 232, 234–35, 236, 244, 248–51, 255–56, 257
in U.S., 267–69
productivity, xliv, 16, 84–85, 164
in East Asia, 59
increased by trade, 9
profits, 67, 390, 414, 416
property rights, 154, 168, 169, 230, 254–55
intellectual, 106, 333
prostitution, 175
protectionism, xxv, 84, 105, 111, 113–15, 117, 149, 157, 166, 263–69, 332
aluminum cartel and, 263–66
economic case against, 53–60
future of, xxxix–xlii
prices driven up by, 62
rising popularity of, 4
unemployment created by, 60
uranium and, 267–69
see also trade
public services, 417
purchasing power, 271
Putin, Vladimir, 11, 259
Qatar, 304
quantitative easing, xxxii
racial justice, 37
railroads, 352
Reagan, Ronald, xxii, xl, 13, 19, 85, 111, 160, 425
Reagan administration, 208, 267
Reagan era, 207
real estate, 194–95, 287, 300, 301, 420
realpolitik, 147, 205, 281
recessions, 134, 215, 229, 307
balanced budgets and, 199–200
capital flight in, 194
causes of, 150, 160–61, 172, 193
in East Asia, 198, 200, 203, 205, 213, 219
in Latin America, 180, 241, 337
long-term effects of, 214–15
of 1991, 160, 207
Regional Comprehensive Economic Partnership, 375
regional development banks, 372
regulation, 55, 375, 381
of financial sector, 176
harmonization of, 28
and loss of coal mining jobs, 21
privatization and, 151–52
race to bottom on, 27, 28–29
of sharing economy, 384–85
trade agreements’ effect on, 48
see also deregulation
regulations, compensation for, 415
regulatory takings, 415
Reich, Robert, 19–20
renminbi, 13, 15
rents, 417
“rents,” resources and, 167
“rent seeking,” 41, 111, 153–54, 234, 417
Republican Party, 48, 63, 66, 86, 372, 416, 419, 426
research, 383
research and development (R&D), 419
reserves, 126, 134
East Asia financial crisis and, xxx
v, 188, 201, 298–99
form and function of, 125, 161
resource allocation, 220, 329
resources, 167, 177, 178, 191, 235, 236, 240, 282
stripping of, 235
revolving doors, 296
Ricardo, David, xvi, 8, 389, 408
Riegle-Neal Interstate Banking and Branching Efficiency Act, 413
“right to know,” 224, 317
ringgit, exchange rates and, 215, 216
riots, 101, 118, 132, 143, 172, 212, 213
risk, 349, 350
diversification of, 83
risk management, 10–11, 326–27
risk markets, 82
imperfect, 349
river blindness, 120, 121, 312
roads, 352
robber barons, 251
robots, 13, 57
Rogoff, Ken, 347
Romania, 292–94, 323
royalties, 40–41
Rubin, Robert, 117, 196, 216, 221, 266
ruble, 227, 237–39, 241, 260, 278, 287, 290
rule of law, xix, 24, 37–38, 179, 230, 435
corporations and, 80
and foreign direct investment, 31–32
after Trump, 378, 391
Russia, xxx, 39, 77–78, 143, 183, 189, 191, 192, 201, 223, 224, 225–26, 287, 292, 300, 323, 373
aluminum trade and, 263–66, 436
barter in, 243
challenges and opportunities of market transition in, 228–33
corruption in, 225, 230, 239–40, 248–49, 252, 257, 259, 261, 266, 278, 289, 309
currency devaluation in, 227, 237–39, 241, 242, 260, 278, 434
democracy and, 225, 228, 258, 260, 281, 282–83
differences in institutional functions in, 230
former Communists in, 228, 258–59, 435–36
in G-8, 112n
gas exported by, 11
global reserve system supported by, xxxv
gross domestic product of, 104, 235, 236, 243–44
inequality in, 244–46, 360, 434
loans-for-share program in, 250–51, 256, 257, 261, 281, 283
market transition of, 104, 225–26, 270, 274, 275, 276, 277, 359–61, 434, 437
misguided market transition policies in, 246–56
1998 crisis in, 237–39, 257, 278, 290
oligarchy in, 226, 235, 237–38, 250–51, 255, 261, 278, 435
optimistic vs. pessimistic views of, 226
parliament of, 228, 258, 261
poverty in, 226, 244–46, 271–72, 434
privatization in, 154, 232, 234–35, 236, 244, 248–51, 255–56, 257
recommendations for, 277–82
“reform” story in, 233–42
rescue package for, 239–40
“shock therapy” economic reform approach taken in, 232, 234, 249, 253, 257–58, 273, 276, 359, 360
social transformation in, 227–28, 251–53
uranium deal between U.S. and, 267–69
U.S. interests and, 262–69
Western advisers and, 225–27, 228, 232, 236, 253, 256, 257–69, 277–78
Russia, Imperial, 157
Russian Revolution, 225, 227–28, 235, 254
safety nets, 115, 151, 156, 161, 168, 172, 178, 232, 273, 327
safety regulations, 381
sales, 407
Samsung, 188
Samuelson, Paul, 8, 409
Saudi Arabia, xxxvi
savings:
domestic, 14, 61, 62, 91
long-term, 35
savings and loan debacle, 160, 196, 207
savings rates:
comparison of, 162
in East Asia, 162, 168, 174, 185, 192
Scandinavia, xvii, xxviii, xliv, 398
scarcity, IMF reforms and, 133
science, 51–52
Seattle, Wash., xxxii, 101, 107, 155, 156, 332
selectivity, 145–46, 330
self-employment, 193
self-finance, 224
Seoul, 141
September 11 terrorist attacks, xxxii, 316, 324, 370
sequencing, 168–73, 181, 232
consequences in ignoring of, 170
definition of, 116, 170
social transformation and, 171–72
see also gradualism; “shock therapy”
services:
nontraded, 10
trade in, 94, 157
service sector economy, 83, 85, 88–89, 385–87
Severino, Jean Michel, 205
Seychelles, 364
sharecropping, 175–76
share ownership, 220, 231
Sharif, Nawaz, 166
sharing economy, 384–85
Shleifer, Andrei, 254–55
“shock therapy,” 271, 357–60
in Russia’s market transition, 232, 234, 249, 253, 257–58, 273, 276, 359
short-term capital, 33–35, 426
short-termerism, 414
Sierra Leone, 133
Silicon Valley, 13, 19
Sinclair, Upton, 75
Singapore, 38, 163, 168, 195, 213
Slovakia, 243
Slovenia, 243, 277
small and medium-sized enterprises (SMEs), 87
smallpox, 312
Smith, Adam, xvi, 8, 16, 32, 47, 168–69, 306, 308, 349, 351, 389, 405, 429
smoking, 37
Smoot-Hawley Tariff Act (1930), 63
social capital, 252–53, 263, 275
social contract, 153n, 173, 297
Social Democrats, 258
socialism, 104, 254, 354
social justice, 37, 95, 307, 393
social protection, 78–79, 89–90, 390
Social Security, 310, 346
social security systems, 151
social transformation, 171–72, 330, 441
social welfare, 306
soft drink manufacturers, 163
solar industry, 57, 421
Soros, George, 281
South, U.S., 57
South Africa, Republic of, 12, 77–78, 131, 135, 373, 406, 408
South China Sea, 382
Southeast Asia, 237
South Korea, see Korea, Republic of (South Korea)
sovereignty, 392
loss of, xxxv, 24–25
sovereign wealth funds, 35, 372
Soviet Union, xviii, 75, 112, 230, 231, 235, 245, 306
see also Russia; other former members of
Special Drawing Rights (SDRs), 331
specialization, 389
spillovers, 12–13, 32
Sputnik, 243
Sri Lanka, 57
stability, 104, 109, 113, 120, 131, 175, 186, 194, 196, 208, 217, 274, 280, 284, 300, 312, 381
stagnant wages, xvii, xliv
standard of living, 62, 79, 95, 102, 186, 233, 244, 245, 306, 336
State Department, U.S., 159, 266
steel, 17, 67–68, 397, 423
Stern, Nicholas, 373
stock buybacks, 35
Stockholm Consensus, 351–52, 399
Stolper, Wolfgang, 409
Strauss-Kahn, Dominique, 366
structural adjustment loans, 111, 115–16, 427–28
definition of, 102
structural reforms, 190, 206–11
structural transformation of economy, 376
students, 407
subsidiarity, 28
subsidies, 17, 22
agriculture, xxx, xxxii, xlii, 20, 23–24, 73, 105, 341
in China, 423
cotton, xxx, xlii, 73, 370
of exports, 418
food and fuel, 172, 212, 305, 308
kerosene, 172
of movies, 82
rules against, 67
Suez Lyonnaise, 166
Suharto, Mohammed, 166, 219, 302
suicide, 56
Summers, Lawrence, 184, 196, 205, 221, 261, 324
superstar economy, 383
Supreme Court, U.S., 42, 396
Swahili, 136
Sweden, x
xviii, 125, 273, 300, 306, 322, 398, 419
Switzerland, 241, 242
“swords to plowshares” agreement, 267
Syria, xxx
Taiwan, 150, 174, 176, 213, 228, 229, 306
Talbot, Strobe, 257
Tanzania, 136
Target, 62
targets, 140
tariffs, xx, 27, 33, 111, 113, 149, 166, 369
on autos, 61
on China, xxxiv, 4, 25, 55
on Mexico, 23–24, 55
Trump’s threat of, 370–71
by WTO, 63
tax avoidance, 415–16
taxes, xxii, xxv–xxvi, xxx, 13, 96, 109, 110, 124, 126, 165, 168, 175, 176, 198, 199, 216–17, 280, 324, 440
on carbon, 17, 371–72
corporate income, 413, 425
and globalization, 38
global reform of, 362–64
lowering of, 396–97
regressivity of, 19–20, 87–88
restructuring of, 85
tax evasion, 415–16
tax inversions, 416
tech bubble, 407
technology, 21–23, 386, 408, 410, 419
telecommunications, 57, 85
telegraph line, first, 119
“terms of trade,” 105
terrorism, 393
financing of, 316
Texas, 268
textiles, 8, 21, 89
Thailand, 34, 116, 118, 175, 287, 289, 290, 291–92, 301, 322, 326, 430
constitution of, 224
in East Asia financial crisis, 183, 186, 188–89, 191, 193, 194, 200, 202, 204, 205, 206, 210, 213–14, 217, 219, 298, 299, 301, 430
Thatcher, Margaret, xl, 19, 85, 111, 160, 267–68
Third World, 103, 111
Tibet, 382
Tientsin, Treaty of (1858), 157
Tobin Tax, 440
tourism, 57, 407
toxic waste, 37
Toys “R” Us, 196
Tract on Monetary Reform, A (Keynes), 337n
trade, 103, 170, 218, 257–69, 305
aluminum cartel and, 263–66, 436
balancing the agenda of, 332–34
beggar-thy-neighbor policies in, 14, 25, 113, 200–201, 299, 345, 422
beggar-thyself policies in, 200–202, 299
benefits of, 102
distributive consequences of, 18–20
dumping and, 263–66, 267
increase in, xx
inequities in, 102, 104–5, 106, 114, 156–58, 159, 263, 332, 386
international agreements on, 76, 102, 106, 113, 156–57, 159, 304, 314, 332, 338, 370, 374–75, 408–9, 411–12
job creation and, 8–9, 18
liberalization of, 114, 149, 155–60, 161, 178–79, 186, 195–96, 329, 349–50, 417, 441
measurement of, 396
mismanagement of, xx–xxiv
overselling of, 7–15
polls on discontent with, 3–4
productivity increased by, 9
seen as zero sum, xlii, 55
in services, 157
Trump’s complaints about, xv, xvi, xx–xxi, xxxiii–xxxiv, xliv, 3, 4, 5, 21, 24, 25, 50, 53–54, 55, 60, 61, 62–63, 64, 65, 66, 354, 375
uranium and, 267–69
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