Strong Economy Quotes

Having happy families because of happy and prosperous individuals and businesses will fuel world economies. Helping more businesses grow and prosper is good for the economy. What is good for the economy is good for families. What is good for families is good for the consumer. Be good to small businesses for that is best for the consumers. - Strong by Kailin Gow on Strong Economies

Vices are simply overworked virtues, anyway. Economy and frugality are to be commended but follow them on in an increasing ratio and what do we find at the other end? A miser! If we overdo the using of spare moments we may find an invalid at the end, while perhaps if we allowed ourselves more idle time we would conserve our nervous strength and health to more than the value the work we could accomplish by emulating at all times the little busy bee. I once knew a woman, not very strong, who to the wonder of her friends went through a time of extraordinary hard work without any ill effects. I asked her for her secret and she told me that she was able to keep her health, under the strain, because she took 20 minutes, of each day in which to absolutely relax both mind and body. She did not even “set and think.” She lay at full length, every muscle and nerve relaxed and her mind as quiet as her body. This always relieved the strain and renewed her strength.

Among other possibilities, money was invented to make it possible for a foolish man to control wise men; a weak man, strong men; a child, old men; an ignorant man, knowledgeable men; and for a dwarf to control giants.

Too many people are scared to share their visions and thoughts in public or even in board-rooms. Having a strong vision is important for your personal brand. Don’t be afraid to say what you think. Ever. That said, don’t forget to listen, either.

Rafe asks him, could the king's freedom be obtained, sir, with more economy of means? Less bloodshed? Look, he says: once you have exhausted the process of negotiation and compromise, one you have fixed on the destruction of an enemy, that destruction must be swift and it must be perfect. Before you even glance in his direction, you should have his name on a warrant, the ports blocked, his wife and friends bought, his heir under your protection, his money in your strong room and his dog running to your whistle. Before he wakes in the morning, you should have the axe in your hand.

Or perhaps your marriage is more of a covalent bond,” she said, sketching a new structural formula. “And if so, lucky you, because that means you both have strengths that, when combined, create something even better. For example, when hydrogen and oxygen combine, what do we get? Water—or H2O as it’s more commonly known. In many respects, the covalent bond is not unlike a party—one that’s made better thanks to the pie you made and the wine he brought. Unless you don’t like parties—I don’t—in which case you could also think of the covalent bond as a small European country, say Switzerland. Alps, she quickly wrote on the easel, + a Strong Economy = Everybody Wants to Live There. In a living room in La Jolla, California, three children fought over a toy dump truck, its broken axle lying directly adjacent to a skyscraper of ironing that threatened to topple a small woman, her hair in curlers, a small pad of paper in her hands. Switzerland, she wrote. Move.

As the war progresses, and as population increases to an even more intolerable level stretching resources to impossible lengths, the strong will begin fighting for their very survival. That’s what we’re seeing right now. Society will become more and more stratified into the people who aren’t buying the bullshit in society and those who blindly follow where they are led. Satanists, freethinkers, are a burgeoning minority cause. We have an illness that needs to be recognized just like alcoholism, handicaps, addictive behaviors and AIDS. We suffer from a disease called independence — a pathological aversion to regimentation and institutionalism — which prevents us from getting ‘regular’ jobs and living a ‘normal’ life.

You have to distinguish between two things - the Swedish economy and the Swedish stock market. The Swedish economy is the sum of all the goods and services that are produced in this country every day. There are telephones from Ericsson, cars from Volvo, chickens from Scan, and shipments from Kiruna to Skovde. That's the Swedish economy, and it's just as strong or weak today as it was a week ago... The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn't have a thing to do with the Swedish economy.

In today's consumer-driven economy, a strong marketing strategy is essential for success. Board members with marketing expertise can provide valuable insights into consumer behavior, brand positioning, and digital marketing strategies. This is especially crucial for companies in consumer goods, retail, and technology sectors.

Once I make a decision, I decide to ignore any type of counter-arguments, no matter how reasonable they are. I have a strong personality; or, in other words, I’m an authentic imbecile.

If children of 5 are not taught to obey orders, sit still for 7 hours a day, respect their teacher, and raise their hands when they have to go to the bathroom, how will they learn (after 17 more years of education) to become the respectful clerks, technicians and soldiers who keep our society free, our economy strong, and such inspiring men as Richard Nixon and Deane Davis in political office.

Most people find the word Apocalypse, to be a terrifying concept. Checked in the dictionary, it means only revelation, although it obviously has also come to mean end of the world. As to what the end of the world means, I would say that probably depends on what we mean by world. I don’t think this means the planet, or even the life forms upon the planet. I think the world is purely a construction of ideas, and not just the physical structures, but the mental structures, the ideologies that we’ve erected, that is what I would call the world. Our political structures, philosophical structures, ideological frameworks, economies. These are actually imaginary things, and yet that is the framework that we have built our entire world upon. It strikes me that a strong enough wave of information could completely overturn and destroy all of that. A sudden realization that would change our entire perspective upon who we are and how we exist.

In other words, our constitution was designed by people who were idealistic but not ideological. There's a big difference. You can have a philosophy that tends to be liberal or conservative but still be open to evidence, experience, and argument. That enables people with honest differences to find practical, principled compromise. On the other hand, fervent insistence on an ideology makes evidence, experience, and arguments irrelevant: If you possess the absolute truth, those who disagree are by definition wrong, and evidence of success or failure is irrelevant. There is nothing to learn from the experience of other countries. Respectful arguments are a waste of time. Compromise is weakness. And if your policies fail, you don't abandon them; instead, you double down, asserting that they would have worked if only they had been carried to their logical extreme.

There needs to be an intersection of the set of people who wish to go, and the set of people who can afford to go...and that intersection of sets has to be enough to establish a self-sustaining civilisation. My rough guess is that for a half-million dollars, there are enough people that could afford to go and would want to go. But it’s not going to be a vacation jaunt. It’s going to be saving up all your money and selling all your stuff, like when people moved to the early American colonies...even at a million people you’re assuming an incredible amount of productivity per person, because you would need to recreate the entire industrial base on Mars. You would need to mine and refine all of these different materials, in a much more difficult environment than Earth. There would be no trees growing. There would be no oxygen or nitrogen that are just there. No oil.Excluding organic growth, if you could take 100 people at a time, you would need 10,000 trips to get to a million people. But you would also need a lot of cargo to support those people. In fact, your cargo to person ratio is going to be quite high. It would probably be 10 cargo trips for every human trip, so more like 100,000 trips. And we’re talking 100,000 trips of a giant spaceship...If we can establish a Mars colony, we can almost certainly colonise the whole Solar System, because we’ll have created a strong economic forcing function for the improvement of space travel. We’ll go to the moons of Jupiter, at least some of the outer ones for sure, and probably Titan on Saturn, and the asteroids. Once we have that forcing function, and an Earth-to-Mars economy, we’ll cover the whole Solar System. But the key is that we have to make the Mars thing work. If we’re going to have any chance of sending stuff to other star systems, we need to be laser-focused on becoming a multi-planet civilisation. That’s the next step.

(4) Modern capitalism is, and the ancient Roman economy was not, organized in a way that made it potentially rewarding to invest capital in technological development. (5) The strong individualism of U.S. society allows successful inventors to keep earnings for themselves, whereas strong family ties in New Guinea ensure that someone who begins to earn money will be joined by a dozen relatives expecting to move in and be fed and supported.

The desire for an increase of wealth can be satisfied through exchange, which is the only method possible in a capitalist economy, or by violence and petition as in a militarist society, where the strong acquire by force, the weak by petitioning.

The levelling of the European man is the great process which cannot be obstructed; it should even be accelerated. The necessity of cleaving gulfs, distance, order of rank, is therefore imperative —not the necessity of retarding this process. This homogenizing species requires justification as soon as it is attained: its justification is that it lies in serving a higher and sovereign race which stands upon the former and can raise itself this task only by doing this. Not merely a race of masters whose sole task is to rule, but a race with its own sphere of life, with an overflow of energy for beauty, bravery, culture, and manners, even for the most abstract thought; a yea-saying race that may grant itself every great luxury —strong enough to have no need of the tyranny of the virtue-imperative, rich enough to have no need of economy or pedantry; beyond good and evil; a hothouse for rare and exceptional plants.

The intricate networks of ecosystems teach us the importance of building strong supply chains and partnerships.

We know we have to face hard truths and take strong steps, but we have not done so; instead, we have drifted. And that drifting has eroded our resources, fractured our economy, and shaken our confidence.

It was grounded in my belief at the time that a business is only as strong as its closest customer relationships, and that what those customers said about our business beyond our four walls would shape our future. I

She (Kamila Sidiqi) believes strongly that Afghans can shape their own future using business to create a healthy economy that offers opportunity and a chance at a better and more peaceful tomorrow." ~in other words capitalism!(my words)

People in Hong Kong depended not on the government but on themselves and their families. They worked hard and tried their luck in business, hawking or making widgets, or buying and selling. The drive to succeed was intense; family and extended family ties were strong. Long before Milton Friedman held up Hong Kong as a model of a free enterprise economy, I had seen the advantage of having little or no social safety net. It spurred Hong Kong's people to strive to succeed.

Kaizen should be done when times are good or when the company is profitable, since your efforts to streamline and make improvements when the company is poor are limited to reduction in staff. Even if you try to go lean and cut out the fat to improve business performance, when your business is in a very difficult position financially there is no fat to be cut. If you are cutting out muscle, which you need, then you cannot say that your efforts to become lean are succeeding.The most important thing about doing kaizen is to do kaizen when times are good, the economy is strong, and the company is profitable

I’m riding a tram and, as is my habit, slowly absorbing every detail of the people around me. By ‘detail’ I mean things, voices, words. In the dress of the girl directly in front of me, for example, I see the material it’s made of, the work involved in making it – since it’s a dress and not just material – and I see in the delicate embroidery around the neck the silk thread with which it was embroidered and all the work that went into that. And immediately, as if in a primer on political economy, I see before me the factories and all the different jobs: the factory where the material was made; the factory that made the darker coloured thread that ornaments with curlicues the neck of the dress’ and I see the different workshops in the factories, the machines, the workmen, the seamstresses. My eyes’ inward gaze even penetrates into the offices, where I see the managers trying to keep calm and the figures set out in the account books, but that’s not all: beyond that I see into the domestic lives of all those who spend their working hours in these factories and offices...A whole world unfolds before my eyes all because the regularly irregular dark green edging to a pale green dress worn by the girl in front of me of whom I see only her brown neck. ‘A whole way of life lies before me. I sense the loves, the secrets, the souls of all those who worked just so that this woman in front of me on the tram should wear around her mortal neck the sinuous banality of a thread of dark green silk on a background of light green cloth. I grow dizzy. The seats on the tram, of fine, strong cane, carry me to distant regions, divide into industries, workmen, houses, lives, realities, everything. I leave the tram exhausted, like a sleepwalker, having lived a whole life.

Now, many Americans fear that China might grow too strong. I must confess that I’m not too worried about China getting too strong. I’m more worried that America might be getting too weak. It’s not bad for the United States if other nations have a strong economy. One fewer hungry-mouthed country wanting us to take care of it and its people is great news. If they have money, maybe they will buy the things we innovate and make. Instead, we need to fear that we will quit innovating and making things because excess taxation, regulation, and litigation will drive the jobs and the money away from American working men and women.

Principles of Liberty 1. The only reliable basis for sound government and just human relations is Natural Law. 2. A free people cannot survive under a republican constitution unless they remain virtuous and morally strong. 3. The most promising method of securing a virtuous and morally strong people is to elect virtuous leaders. 4. Without religion the government of a free people cannot be maintained. 5. All things were created by God, therefore upon him all mankind are equally dependent, and to Him they are equally responsible. 6. All men are created equal. 7. The proper role of government is to protect equal rights, not provide equal things. 8. Men are endowed by their Creator with certain unalienable rights. 9. To protect man's rights, God has revealed certain principles of divine law. 10. The God-given right to govern is vested in the sovereign authority of the whole people. 11. The majority of the people may alter or abolish a government which has become tyrannical. 12. The United States of America shall be a republic. 13. A constitution should be structured to permanently protect the people from the human frailties of their rulers. 14. Life and Liberty are secure only so long as the Igor of property is secure. 15. The highest level of securitiy occurs when there is a free market economy and a minimum of government regulations. 16. The government should be separated into three branches: legislative, executive, and judicial. 17. A system of checks and balances should be adopted to prevent the abuse of power. 18. The unalienable rights of the people are most likely to be preserved if the principles of government are set forth in a written constitution. 19. Only limited and carefully defined powers should be delegated to the government, all others being retained by the people. 20. Efficiency and dispatch require government to operate according to the will of the majority, but constitutional provisions must be made to protect the rights of the minority. 21. Strong human government is the keystone to preserving human freedom. 22. A free people should be governed by law and not by the whims of men. 23. A free society cannot survive a republic without a broad program of general education. 24. A free people will not survive unless they stay strong. 25. "Peace, commerce, and honest friendship with all nations; entangling alliances with none." 26. The core unit which determines the strength of any society is the family; therefore, the government should foster and protect its integrity. 27. The burden of debt is as destructive to freedom as subjugation by conquest. 28. The United States has a manifest destiny to be an example and a blessing to the entire human race.

Ormerod’s discovery strongly implies that effective planning is rare in the modern economy.

The Russian economy was strong, though only the wealthy seemed to enjoy the benefits. Throughout 1913 the stock market surged to record levels,

The Trust Economy methodology demystifies trust building in the context of today’s intricately connected, digitally powered, always-on world.

Trust is more than a value maximisation strategy; it embodies the core spirit of entrepreneurship.

Trust works like a magnetic field – whenever it is lost, there is room for a new order to emerge.

Brilliance has no bargaining power without trust, but bizarrely, incompetence very much does when it is overshadowed by strong trust.

A brand is a guarantee of value, and trust is the most important ingredient to it.

To air dry clothes by choice is countercultural. And who, more than any other group in twenty-first-century America, is both countercultural and committed to air drying clothes? Has intact families? Healthy communities? Gardens, home-cooked meals, and uncluttered homes? Restrained use of technology, strong local economies, and almost nonexistent debt? Most of all, what group has kept simplicity, service, and faith at the center of all they say and do? The Amish! All of which led to my epiphany: few of us can become Amish, but all of us can become almost Amish.

The coming of Caesarism breaks the dictature of money and its political weapon, democracy. After a long triumph of world-city economy and its interests over political creative force, the political side of life manifests itself after all as the stronger of the two. The sword is victorious over the money, the master-will subdues again the plunderer-will. If we call these money-powers 'Capitalism,' then we may designate as Socialism the will to call into life a mighty politico-economic order that transcends all class interests, a system of lofty thoughtfulness and duty-sense that keeps the whole in fine condition for the decisive battle of its history, and this battle is also the battle of money and law. The private powers of the economy want free paths for their acquisition of great resources. No legislation must stand in their way. They want to make the laws themselves, in their interests, and to that end they make use of the tool they have made for themselves, democracy, the subsidized party. Law needs, in order to resist this onslaught, a high tradition and an ambition of strong families that finds its satisfaction not in the heaping-up of riches, but in the tasks of true rulership, above and beyond all money-advantage. A power can be overthrown only by another power, not by a principle, and no power that can confront money is left but this one. Money is overthrown and abolished only by blood. Life is alpha and omega, the cosmic stream in microcosmic form. It is the fact of facts within the world-as-history. Before the irresistible rhythm of the generation-sequence, everything built up by the waking-consciousness in its intellectual world vanishes at the last. Ever in History it is life and life only race-quality, the triumph of the will-to-power and not the victory of truths, discoveries, or money that signifies. World-history is the world court, and it has ever decided in favour of the stronger, fuller, and more self-assured life decreed to it, namely, the right to exist, regardless of whether its right would hold before a tribunal of waking-consciousness.

The data on the economic utility of artists is really, really strong. Artists and entrepreneurs are the same people...and of course entrepreneurs are the people who provide all of the vision for the entire capitalist system. They're absolutely necessary. But conservatives tend to be so blind to art that they can't even see that the artists are the ones who drive the economy forward!

Every time a seismic shift takes place in our economy, there are people who feel the vibrations long before the rest of us do, vibrations so strong they demand action—action that can seem rash, even stupid. Ferry owner Cornelius Vanderbilt jumped ship when he saw the railroads coming. Thomas Watson Jr., overwhelmed by his sense that computers would be everywhere even when they were nowhere, bet his father’s office-machine company on it: IBM. Jeffrey Preston Bezos had that same experience when he first peered into the maze of connected computers called the World Wide Web and realized that the future of retailing was glowing back at him.

Reliability investing requires finding companies trading below their inherent worth--stocks with strong fundamentals including earnings, dividends, book value, and cash flow selling at bargain prices give their quality.

On the dimension of technology, the conflict has two poles: AI and crypto. Artificial Intelligence holds out the prospect of finally solving what economists call the “calculation problem”: AI could theoretically make it possible to centrally control an entire economy. It is no coincidence that AI is the favorite technology of the Communist Party of China. Strong cryptography, at the other pole, holds out the prospect of a decentralized and individualized world. If AI is communist, crypto is libertarian.

You have to distinguish between two things – the Swedish economy and the Swedish stock market. The Swedish economy is the sum of all the goods and services that are produced in this country every day. There are telephones from Ericsson, cars from Volvo, chickens from Scan, and shipments from Kiruna to Skövde. That’s the Swedish economy, and it’s just as strong or weak today as it was a week ago.” He paused for effect and took a sip of water. “The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn’t have a thing to do with reality or with the Swedish economy.

It is my strong belief that in the wealthiest country in the history of the world, with exploding technological progress that will greatly increase worker productivity, we can finally end austerity economics and achieve the long-sought human dream of providing a decent standard of living for all. In the twenty-first century we can end the vicious dog-eat-dog economy in which the vast majority struggle to survive, while a handful of billionaires have more wealth than they could spend in a thousand lifetimes.

When viewed historically the development of philosophical liberalism has to be seen as inseparable from economic liberalism (laissez-faire capitalism). The effect for Nietzsche of the domination of the polity by a money-economy is that the basis for a strong communal, ethical life is undermined, and culture is overtaken by philistinism. The expression, and realisation, of true individuality becomes almost impossible in the modern world. For Nietzsche liberalism emancipates the ‘private person’ (of bourgeois society), but not the ‘true individual’. It lacks a conception of culture.

The creativity that can occur when a feel for both the humanities and the sciences combine in one strong personality was the topic that most interested me in my biographies of Franklin and Einstein, and I believe that it will be a key to creating innovative economies in the twenty-first century.

Let us all say together: "We want to build a green economy strong enough to life people out of poverty. We want to create green pathways out of poverty and into great careers for America's children. We want this 'green wave' to life all boats. This country can save the polar bears and poor kids too.

The antigovernment paradigm blinds us to possibilities that lie outside its ideological litmus tests and prevents us from creating new networks of cooperation that can restore economic growth, bring economic opportunity to more people and places, and increase our ability to lead the world to a better future.

Do you know what China is?” Ogden asked. “It’s the Soviet Union on steroids. It’s Russia with a world-class economy and ten times the population. We literally spent the old USSR to death. That won’t happen with China. They are strong, rich, ambitious, and spend close to two hundred billion a year on their military.

Paradoxically, liberalism and its historical party, the Democrats, are conservative, not by choice but by virtue of the radical character of the Republicans. At the historical moment when the citizenry is strongly antipolitical and responds to immaterial “values,” the Democrats, in order to preserve a semblance of a political identity, are forced into a conservatism. Out of desperation rather than conviction, they struggle halfheartedly to preserve the remains of their past achievements of social welfare, public education, government regulation of the economy, racial equality, and the defense of trade unions and civil liberties.

The existence of these remarkable regularities strongly suggests that there is a common conceptual framework underlying all of these very different highly complex phenomena and that the dynamics, growth, and organization of animals, plants, human social behavior, cities, and companies are, in fact, subject to similar generic “laws.

Today most of the debate on the cutting edge in macroeconomics would not call itself “Keynesian” or “monetarist” or any other label relating to a school of thought. The data are considered the ruling principle, and it is considered suspect to have too strong a loyalty to any particular model about the underlying structure of the economy.

I never believed in the virtue of fiscal stimulation of the economy; I was strongly focused on longer-term growth and thus on supply-side reforms. The whole transformation after socialism was about the supply side. (This is why conventional Western macroeconomics, with its focus on the demand side, was ill prepared to deal with the reforms after socialism.)

The ones with the most generous social provisions are the northern European countries: Germany, Netherlands, Denmark, Sweden, Finland, and Norway. These are export-oriented, surplus economies with sound fiscal balances and strong social safety nets. The claim that Europe’s fiscal mess is the result of overly generous social welfare systems simply cannot be substantiated.

Finally, has any single man had a greater long-term impact on Europe? In France, faced with the chaos and confusion caused by the Revolution and the Terror, he quickly restored peace, political equilibrium and a strong economy; he established religious freedom, while the concordat, which he signed with Pope Pius VII in 1801, restored good relations between Church and state. He maintained low prices for the basic foods; and he created the Code Napoléon of 1804, which remains the basis of French civil law and that of nearly thirty other countries as well. In Europe, he left a trail of pillage and destruction; but he also spread the revolutionary ideals of liberty, equality and fraternity the length and breadth of the continent, where such concepts were new and challenging indeed.

Under Coolidge, the federal debt fell. Under Coolidge, the top income tax rate came down by half, to 25 percent. Under Coolidge, the federal budget was always in surplus. Under Coolidge, unemployment was 5 percent or even 3 percent. Under Coolidge, Americans wired their homes for electricity and bought their first cars or household appliances on credit. Under Coolidge, the economy grew strongly, even as the federal government shrank. Under Coolidge, the rates of patent applications and patents granted increased dramatically. Under Coolidge, there came no federal antilynching law, but lynchings themselves became less frequent and Ku Klux Klan membership dropped by millions. Under Coolidge, a man from a town without a railroad station, Americans moved from the road into the air. Under Coolidge, religious faith found its modern context: the first great White House Christmas tree was lit, an ingenious use for the new technology, electricity. Under Coolidge, the number of local telephone calls went up by a quarter. In Silent Cal’s time, Americans learned to chatter. Under Coolidge, wages rose and interest rates came down so that the poor might borrow more easily. Under Coolidge, the rich came to pay a greater share of the income tax.

The right to issue unlimited quantities of anonymously tradable shares, along with the institution of a liquid market for them, created something new: corporations with power so immense, it dwarfed that of their countries of origin, and could be deployed in faraway places assiduously to exploit people and resources. Shareholding and well-governed share markets fired up history, separating ownership from the rest of the East India Company’s activities unleashed a fluid, irresistible force. Unchecked, the East India Company grew more powerful than the British state, answerable only to its shareholders. At home, its bureaucracy corrupted and largely controlled Her majesty’s government. Abroad, its 200,000-strong private army oversaw the destruction of well-functioning economies in Asia and a number of Pacific islands and ensured the systematic exploitation of their peoples.

It soon became apparent that Trina would be an extraordinarily good housekeeper. Economy was her strong point. A good deal of peasant blood still ran undiluted in her veins, and she had all the instinct of a hardy and penurious mountain race—the instinct which saves without any thought, without idea of consequence—saving for the sake of saving, hoarding without knowing why. Even McTeague did not know how closely Trina held to her new-found wealth.

On one hand the Christian missionaries sought to convert the heathen, by fire and sword if need be, to the gospel of peace, brotherhood, and heavenly beatitude; on the other, the more venturesome spirits wished to throw off the constraining traditions and customs, and begin life afresh, levelling distinctions of class, eliminating superfluities and luxuries, privileges and distinctions, and hierarchical rank. In short, to go back to the Stone Ages, before the institutions of Bronze Age civilization had crystallized. Though the Western hemisphere was indeed inhabited, and many parts of it were artfully cultivated, so much of it was so sparsely occupied that the European thought of it as a virgin continent against whose wildness he pitted his manly strength. In one mood the European invaders preached the Christian gospel to the native idolaters, subverted them with strong liquors, forced them to cover their nakedness with clothes, and worked them to an early death in mines; in another, the pioneer himself took on the ways of the North American Indian, adopted his leather costume, and reverted to the ancient paleolithic economy: hunting, fishing, gathering shellfish and berries, revelling in the wilderness and its solitude, defying orthodox law and order, and yet, under pressure, improvising brutal substitutes. The beauty of that free life still haunted Audubon in his old age.

Prahalad’s book The Fortune at the Bottom of the Pyramid. He opened with a strong statement of purpose: “If we stop thinking of the poor as victims or as a burden and start recognizing them as resilient and creative entrepreneurs and value-conscious consumers, a whole new world of opportunity will open up,” and an even stronger statement of possibility: “The BoP market potential is huge: 4 to 5 billion underserved people and an economy of more than $13 trillion PPP (purchasing power parity).

The economy — and the need to keep it strong and growing — has somehow become the most important aspect of modern life. Nothing else is allowed to rank higher. The economy is suffering; the economy is improving; the economy is stable or unstable — you’d think it was a patient on life support in an intensive-care unit from the way we anxiously await the next pronouncement on its health. But what we call the economy is nothing more than people producing, consuming and exchanging things and services.

A quote has an even more powerful effect if we presume not just a particular author behind it, but God, nature, the unconscious, labor, or difference. These are strong fetishes, each conjuring the powerful submedial in a particular way. Yet all of them must nonetheless be exchanged in a certain rhythm according to the laws of the medial economy. In order to create such fetishes, one does not have to use brilliant quotes by famous authors but can use anonymous quotes that stem from the author- less realm of the everyday, lowly, foreign, vulgar, aggressive, or stupid. Precisely such quotes produce the effect of medial sincerity, that is, the revelation of a deeply submerged, hidden, medial plane on the familiar medial surface. It then appears as if this surface had been blasted open from the inside and that the respective quotes had sprung forth from the submedial interior—like aliens. All of this, of course, refers to the economy of the quote as a gift that can be offered, accepted, and reciprocated.

After World War II, the United States, triumphant abroad and undamaged at home, saw a door wide open for world supremacy. Only the thing called ‘communism’ stood in the way, politically, militarily, economically, and ideologically. Thus it was that the entire US foreign policy establishment was mobilized to confront this ‘enemy’, and the Marshall Plan was an integral part of this campaign. How could it be otherwise? Anti-communism had been the principal pillar of US foreign policy from the Russian Revolution up to World War II, pausing for the war until the closing months of the Pacific campaign when Washington put challenging communism ahead of fighting the Japanese. Even the dropping of the atom bomb on Japan – when the Japanese had already been defeated – can be seen as more a warning to the Soviets than a military action against the Japanese.19 After the war, anti-communism continued as the leitmotif of American foreign policy as naturally as if World War II and the alliance with the Soviet Union had not happened. Along with the CIA, the Rockefeller and Ford Foundations, the Council on Foreign Relations, certain corporations, and a few other private institutions, the Marshall Plan was one more arrow in the quiver of those striving to remake Europe to suit Washington’s desires: 1.    Spreading the capitalist gospel – to counter strong postwar tendencies toward socialism. 2.    Opening markets to provide new customers for US corporations – a major reason for helping to rebuild the European economies; e.g. a billion dollars (at twenty-first-century prices) of tobacco, spurred by US tobacco interests. 3.    Pushing for the creation of the Common Market (the future European Union) and NATO as integral parts of the West European bulwark against the alleged Soviet threat. 4.    Suppressing the left all over Western Europe, most notably sabotaging the Communist parties in France and Italy in their bids for legal, non-violent, electoral victory. Marshall Plan funds were secretly siphoned off to finance this endeavor, and the promise of aid to a country, or the threat of its cutoff, was used as a bullying club; indeed, France and Italy would certainly have been exempted from receiving aid if they had not gone along with the plots to exclude the Communists from any kind of influential role.

Economists who have studied financialization have found a strong correlation between the growth of the financial sector and inequality as well as the decline in labor’s share of national income.55 Since the financial sector is, in effect, imposing a kind of tax on the rest of the economy and then reallocating the proceeds to the top of the income distribution, it’s reasonable to conclude that it has played a role in a number of the trends we’ve looked at. Still, it seems hard to make a strong case for financialization as the primary cause of, say, polarization and the elimination of routine jobs.

The principles of war are the same as those of a siege. Fire must be concentrated on one point, and as soon as the breach is made, the equilibrium is broken and the rest is nothing.' Subsequent military theory has put the accent on the first clause instead of on the last: in particular, on the words 'one point' instead of on the word 'equilibrium'. The former is but a physical metaphor, whereas the latter expresses the actual psychological result which ensures 'that the rest is nothing'. His own emphasis can be traced in the strategic course of his campaigns. The word 'point' even, has been the source of much confusion, and more controversy. One school has argued that Napoleon meant that the concentrated blow must be aimed at the enemy's strongest point, on the ground that this, and this only, ensures decisive results. For if the enemy's main resistance be broken, its rupture will involve that of any lesser opposition. This argument ignores the factor of cost, and the fact that the victor may be too exhausted to exploit his success-so that even a weaker opponent may acquire a relatively higher resisting power than the original. The other school-better imbued with the idea of economy of force, but only in the limited sense of first costs-has contended that the offensive should be aimed at the enemy's weakest point. But where a point is obviously weak this is usually because it is remote from any vital artery or nerve centre, or because it is deliberately weak to draw the assailant into a trap. Here, again illumination comes from the actual campaign in which Bonaparte put this maxim into execution. It clearly suggests that what he really meant was not 'point', but 'joint'-and that at this stage of his career he was too firmly imbued with the idea of economy of force to waste his limited strength in battering at the enemy's strong point. A joint, however, is both vital and vulnerable. It was at this time too, that Bonaparte used another phrase that has subsequently been quoted to justify the most foolhardy concentrations of effort against the main armed forces of the enemy. 'Austria is our most determined enemy....Austria overthrown, Spain and Italy fall of themselves. We must not disperse our attacks but concentrate them.' But the full text of the memorandum containing this phrase shows that he was arguing, not in support of the direct attack upon Austria, but for using the army on the frontier of Piedmont for an indirect approach to Austria.

As the brilliant economist-educator Russell Roberts points out, chroniclers of the cult of celebrity have an extensive pedigree. Writing in The Theory of Moral Sentiments in 1759, Adam Smith points out, 'We frequently see the respectful attentions of the world more strongly directed towards the rich and the great, than towards the wise and the virtuous.' This perfectly anticipates the modern day cult around Z list celebrities. He argues that a fascination with others who are loved is part of our natural desire to be loved ourselves. So a natural obsession with celebrities is funneled toward managers, regardless of their virtue.

Employment of this concept of surfaces and gaps, then, gives us many advantages over what could be called slower moving forms of combat, where strength is thrown against strength. Attacking through gaps, avoiding surfaces, gives us an advantage of economy of force. If we are pitting strength against strength, assaulting enemy strong points, we are consuming our manpower as well as ammunition and supplies as we go along. If we go through the gaps, we are practicing economy of force. We are reaching our objective without using up our men. We are leaving the enemy behind. Because we are moving faster, we have the advantage of rapid exploitation.

When people talk about for-profit colleges, they often do so with a lot of disdain. If traditional colleges that take in a fraction of willing students every year annoy you, then you might be disdainful of their "prestige cartel." If you are concerned about vulnerable people making expensive educational decisions with little education, then you might disdain the "predatory" for-profit schools. If you think that a strong work ethic can trump all manner of troubles, you might disdain the "weak" people who go to a "predatory" school. What is interesting to me is how much disdain is spread among students and schools and how little disdain there is for labor markets.

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

A few years ago my friend Jon Brooks supplied this great illustration of skewed interpretation at work. Here’s how investors react to events when they’re feeling good about life (which usually means the market has been rising): Strong data: economy strengthening—stocks rally Weak data: Fed likely to ease—stocks rally Data as expected: low volatility—stocks rally Banks make $4 billion: business conditions favorable—stocks rally Banks lose $4 billion: bad news out of the way—stocks rally Oil spikes: growing global economy contributing to demand—stocks rally Oil drops: more purchasing power for the consumer—stocks rally Dollar plunges: great for exporters—stocks rally Dollar strengthens: great for companies that buy from abroad—stocks rally Inflation spikes: will cause assets to appreciate—stocks rally Inflation drops: improves quality of earnings—stocks rally Of course, the same behavior also applies in the opposite direction. When psychology is negative and markets have been falling for a while, everything is capable of being interpreted negatively. Strong economic data is seen as likely to make the Fed withdraw stimulus by raising interest rates, and weak data is taken to mean companies will have trouble meeting earnings forecasts. In other words, it’s not the data or events; it’s the interpretation. And that fluctuates with swings in psychology.

This was no coincidence. The best short stories and the most successful jokes have a lot in common. Each form relies on suggestion and economy. Characters have to be drawn in a few deft strokes. There's generally a setup, a reveal, a reversal, and a release. The structure is delicate. If one element fails, the edifice crumbles. In a novel you might get away with a loose line or two, a saggy paragraph, even a limp chapter. But in the joke and in the short story, the beginning and end are precisely anchored tent poles, and what lies between must pull so taut it twangs. I'm not sure if there is any pattern to these selections. I did not spend a lot of time with those that seemed afraid to tell stories, that handled plot as if it were a hair in the soup, unwelcome and embarrassing. I also tended not to revisit stories that seemed bleak without having earned it, where the emotional notes were false, or where the writing was tricked out or primped up with fashionable devices stressing form over content. I do know that the easiest and the first choices were the stories to which I had a physical response. I read Jennifer Egan's "Out of Body" clenched from head to toe by tension as her suicidal, drug-addled protagonist moves through the Manhattan night toward an unforgivable betrayal. I shed tears over two stories of childhood shadowed by unbearable memory: "The Hare's Mask," by Mark Slouka, with its piercing ending, and Claire Keegan's Irishinflected tale of neglect and rescue, "Foster." Elizabeth McCracken's "Property" also moved me, with its sudden perception shift along the wavering sightlines of loss and grief. Nathan Englander's "Free Fruit for Young Widows" opened with a gasp-inducing act of unexpected violence and evolved into an ethical Rubik's cube. A couple of stories made me laugh: Tom Bissell's "A Bridge Under Water," even as it foreshadows the dissolution of a marriage and probes what religion does for us, and to us; and Richard Powers's "To the Measures Fall," a deftly comic meditation on the uses of literature in the course of a life, and a lifetime. Some stories didn't call forth such a strong immediate response but had instead a lingering resonance. Of these, many dealt with love and its costs, leaving behind indelible images. In Megan Mayhew Bergman's "Housewifely Arts," a bereaved daughter drives miles to visit her dead mother's parrot because she yearns to hear the bird mimic her mother's voice. In Allegra Goodman's "La Vita Nuova," a jilted fiancée lets her art class paint all over her wedding dress. In Ehud Havazelet's spare and tender story, "Gurov in Manhattan," an ailing man and his aging dog must confront life's necessary losses. A complicated, only partly welcome romance blossoms between a Korean woman and her demented

I always thought of myself as a humanities person as a kid, but I liked electronics,” he said. “Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences, and I decided that’s what I wanted to do.” It was as if he were suggesting themes for his biography (and in this instance, at least, the theme turned out to be valid). The creativity that can occur when a feel for both the humanities and the sciences combine in one strong personality was the topic that most interested me in my biographies of Franklin and Einstein, and I believe that it will be a key to creating innovative economies in the twenty-first century.

Thomas Malthus (1766–1834) had a growth schema with only two factors of production—natural resources and labour—with no allowance for technical progress, capital formation, or gains from international specialization. In 1798, he portrayed the general situation of humanity as one where population pressure put such strains on the ability of natural resources to produce subsistence that equilibrium would be attained only by various catastrophes. His influence has been strong and persistent, largely because of his forceful rhetoric and primitive scaremongering…He would have been very surprised to discover that Britain in 2003 would have only 1.2 per cent of its working population in agriculture and a life expectation of 78 years.

Black people are expected by the white world to be strong but not angry. Pain must be hidden. Daily slights are to be borne with grace, humility, even gratitude. Weakness is intolerable. Vulnerability must wait until the day is done and the mask can come off in the privacy of our won homes. And by then we are too tired or too stiff to feel it. This is not just true for black people living in Europe or America. It is also true, in a different form in Africa and the Caribbean, where black people are the majority. People in former European colonies must see their lives in relation to the lives of white people. As communities, as individuals, we have been told we are inferior. Our economies, our livelihoods, are reliant on Western economies, white people's livelihoods.

Let’s say that you could carry around a perfect copy of a three-dimensional realization of a Caravaggio painting (or if your tastes are more modern make it a Picasso). You would carry a small box in your pocket, and whenever you wanted, you could press a button and the box would open up into life-sized glory and show you the picture. You would bring it to all the parties you attended. The peak of the culture of the seventeenth century (or say the 1920s if you prefer Picasso) would be at your disposal. Alternatively, let’s say you could carry around in your pocket an iPhone. That gives you thousands of songs, a cell phone, access to personal photographs, YouTube, email, and web access, among many other services, not to mention all the applications that have not yet been written. You will have a strong connection to the contemporary culture of small bits.

It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913. Is there a relationship between the results of the income tax and the thinking of the professors? There is now a strong movement in this country to bring the publicschool system under federal domination. The movement could not have been thought of before the government had the means for carrying out the idea; that is, before income taxation. The question is, have those who plug for nationalization of the schools come to the idea by independent thought, or have they been influenced by the bureaucrats who see in nationalization a wider opportunity for themselves? We must lean to the latter conclusion, because among the leaders of the movement are many bureaucrats. However, if the movement is successful, if the schools are brought under the watching eye of the federal government, it is a certainty that the curriculum will conform to the ideals of Big Government. The child’s mind will never be exposed to the idea that the individual is the one big thing in the world, that he has rights which come from a higher source than the bureaucracy. Thus, the immunities of property, body and mind have been undermined by the Sixteenth Amendment. The freedoms won by Americans in 1776 were lost in the revolution of 1913.

Every time a seismic shift takes place in our economy, there are people who feel the vibrations long before the rest of us do, vibrations so strong they demand action—action that can seem rash, even stupid. Ferry owner Cornelius Vanderbilt jumped ship when he saw the railroads coming. Thomas Watson Jr., overwhelmed by his sense that computers would be everywhere even when they were nowhere, bet his father’s office-machine company on it: IBM. Jeffrey Preston Bezos had that same experience when he first peered into the maze of connected computers called the World Wide Web and realized that the future of retailing was glowing back at him.… Bezos’ vision of the online retailing universe was so complete, his Amazon.com site so elegant and appealing, that it became from Day One the point of reference for anyone who had anything to sell online. And that, it turns out, is everyone.

Life expectancy continues to rise in most of the rest of the industrialized world, but in the United States it has dropped for three years in a row—for the first time in a century. As we’ll see, American kids today are 55 percent more likely to die by the age of nineteen than children in the other rich countries that are members of the OECD, the club of industrialized nations. America now lags behind its peer countries in health care and high-school graduation rates while suffering greater violence, poverty and addiction. This dysfunction damages all Americans: it undermines our nation’s competitiveness, especially as growing economies like China’s are fueled by much larger populations and by rising education levels, and may erode the well-being of our society for decades to come. The losers are not just those at the bottom of society, but all of us. For America to be strong, we must strengthen all Americans.

Economies can be rebuilt, armies can be repopulated, but once a nation’s pride is gone it can almost never be restored. The loss of a nation’s honor is something not even centuries can repair. The next president must love America. The next president must embody unequivocally everything that is good about this country going back to its founding. The next president must be the exact opposite of Barack Obama. He must be a man of high character and strong commitment to American values, because he will be facing problems and issues that no U.S. leader has had to face since the years leading up to World War II. In the late 1930s—only a few years before the Japanese attack on Pearl Harbor—our economy was still trying to recover from the Great Depression in the face of the policies of a big-government president, our military had been depleted, and our enemies were gathering strength and threatening war on many fronts.

In his 1995 book Trust, he argues that the ability of a society to form large networks is largely a reflection of that society’s level of trust. Fukuyama makes a strong distinction between what he calls “familial” societies, like those of southern Europe and Latin America, and “high-trust” societies, like those of Germany, the United States, and Japan. Familial societies are societies where people don’t trust strangers but do trust deeply the individuals in their own families (the Italian Mafia being a cartoon example of a familial society). In familial societies family networks are the dominant form of social organization where economic activity is embedded, and are therefore societies where businesses are more likely to be ventures among relatives. By contrast, in high-trust societies people don’t have a strong preference for trusting their kin and are more likely to develop firms that are professionally run.

The second decade of the 21st century has seen the rise of a counter-Enlightenment movement called populism, more accurately, authoritarian populism.24 Populism calls for the direct sovereignty of a country’s “people” (usually an ethnic group, sometimes a class), embodied in a strong leader who directly channels their authentic virtue and experience. Authoritarian populism can be seen as a pushback of elements of human nature—tribalism, authoritarianism, demonization, zero-sum thinking—against the Enlightenment institutions that were designed to circumvent them. By focusing on the tribe rather than the individual, it has no place for the protection of minority rights or the promotion of human welfare worldwide. By failing to acknowledge that hard-won knowledge is the key to societal improvement, it denigrates “elites” and “experts” and downplays the marketplace of ideas, including freedom of speech, diversity of opinion, and the fact-checking of self-serving claims. By valorizing a strong leader, populism overlooks the limitations in human nature, and disdains the rule-governed institutions and constitutional checks that constrain the power of flawed human actors. Populism comes in left-wing and right-wing varieties, which share a folk theory of economics as zero-sum competition: between economic classes in the case of the left, between nations or ethnic groups in the case of the right. Problems are seen not as challenges that are inevitable in an indifferent universe but as the malevolent designs of insidious elites, minorities, or foreigners. As for progress, forget about it: populism looks backward to an age in which the nation was ethnically homogeneous, orthodox cultural and religious values prevailed, and economies were powered by farming and manufacturing, which produced tangible goods for local consumption and for export.

Fascism has a contradictory character and carries within it strong elements of ideological and political dislocation and dissolution. Its goal is to recast the old bourgeois 'democratic' state into a fascist state based on violence. This unleashes conflicts between the old established bureaucracy and the new fascist one; between the standing army with its officer corps and the new militia with its leaders; between the violent fascist policies in the economy and state and the ideology of the remaining liberal and democratic bourgeoisie; between the monarchists and republicans; between the actual fascists (the blackshirts) and the nationalists recruited into the party and its militia; between the fascists' original program, which deceived the masses and achieved victory, and present-day fascist politics, which serve the interest of industrial capitalists and above all heave industry, which has been propped up artificially.

I do not believe in supporting bailouts without strong ramifications. It is a fool’s fantasy to think we can live in a globally connected economy and never have a situation arise where the government prudently steps in to prevent a failure that might lead to catastrophic ramifications. In most cases, I believe it would be much better to let bailed-out companies fail when they have mismanaged themselves, rather than waste taxpayer money propping up greedy idiots who are trying to salvage their own bonuses; however, there are exceptions to almost every rule. The wiser course would be to penalize the CEO or board of directors who drove the company to the brink of failure. The most obvious punishment would be the elimination of any “golden parachutes” or bonuses for the executive and seizure of all company-derived assets, including any attempts to hide company assets in the spouse’s name. When C-level executives come to the realization that managing a company is not a game and that there are serious consequences for their actions, we will see fewer instances of requests for bailouts.

Ionic is the ‘opposites attract’ chemical bond,” Elizabeth explained as she emerged from behind the counter and began to sketch on an easel. “For instance, let’s say you wrote your PhD thesis on free market economics, but your husband rotates tires for a living. You love each other, but he’s probably not interested in hearing about the invisible hand. And who can blame him, because you know the invisible hand is libertarian garbage.” She looked out at the audience as various people scribbled notes, several of which read “Invisible hand: libertarian garbage.” “The point is, you and your husband are completely different and yet you still have a strong connection. That’s fine. It’s also ionic.” She paused, lifting the sheet of paper over the top of the easel to reveal a fresh page of newsprint. “Or perhaps your marriage is more of a covalent bond,” she said, sketching a new structural formula. “And if so, lucky you, because that means you both have strengths that, when combined, create something even better. For example, when hydrogen and oxygen combine, what do we get? Water—or H2O as it’s more commonly known. In many respects, the covalent bond is not unlike a party—one that’s made better thanks to the pie you made and the wine he brought. Unless you don’t like parties—I don’t—in which case you could also think of the covalent bond as a small European country, say Switzerland. Alps, she quickly wrote on the easel, + a Strong Economy = Everybody Wants to Live There. In a living room in La Jolla, California, three children fought over a toy dump truck, its broken axle lying directly adjacent to a skyscraper of ironing that threatened to topple a small woman, her hair in curlers, a small pad of paper in her hands. Switzerland, she wrote. Move. “That brings us to the third bond,” Elizabeth said, pointing at another set of molecules, “the hydrogen bond—the most fragile, delicate bond of all. I call this the ‘love at first sight’ bond because both parties are drawn to each other based solely on visual information: you like his smile, he likes your hair. But then you talk and discover he’s a closet Nazi and thinks women complain too much. Poof. Just like that the delicate bond is broken. That’s the hydrogen bond for you, ladies—a chemical reminder that if things seem too good to be true, they probably are.” She walked

Ibn Khaldun wanted to discover the underlying causes of this change. He was probably the last great Spanish Faylasuf; his great innovation was to apply the principles of philosophic rationalism to he study of history, hitherto considered to be beneath the notice of a philosopher, because it dealt only with transient, fleeting events instead of eternal truths. But Ibn Khaldun believed that, beneath the flux of historical incidents, universal laws governed the fortunes of society. He decided that it was a strong sense of group solidarity (asibiyyah) that enabled a people to survive and, if conditions were right, to subjugate others. This conquest meant that the dominant group could absorb the resources of the subject peoples, develop a culture and a complex urban life. But as the ruling class became accustomed to a luxurious lifestyle, complacency set in and they began to lose their vigour. They no longer took sufficient heed of their subjects, there was jealousy and infighting and the economy would begin to decline. Thus the state became vulnerable to a new tribal or nomadic group, which was in the first flush of its own asibiyyah, and the whole cycle began again.

In North America, there is no nostalgia for the postwar period, quite simply because the Trente Glorieuses never existed there: per capita output grew at roughly the same rate of 1.5–2 percent per year throughout the period 1820–2012. To be sure, growth slowed a bit between 1930 and 1950 to just over 1.5 percent, then increased again to just over 2 percent between 1950 and 1970, and then slowed to less than 1.5 percent between 1990 and 2012. In Western Europe, which suffered much more from the two world wars, the variations are considerably greater: per capita output stagnated between 1913 and 1950 (with a growth rate of just over 0.5 percent) and then leapt ahead to more than 4 percent from 1950 to 1970, before falling sharply to just slightly above US levels (a little more than 2 percent) in the period 1970–1990 and to barely 1.5 percent between 1990 and 2012. Western Europe experienced a golden age of growth between 1950 and 1970, only to see its growth rate diminish to one-half or even one-third of its peak level during the decades that followed. [...] If we looked only at continental Europe, we would find an average per capita output growth rate of 5 percent between 1950 and 1970—a level well beyond that achieved in other advanced countries over the past two centuries. These very different collective experiences of growth in the twentieth century largely explain why public opinion in different countries varies so widely in regard to commercial and financial globalization and indeed to capitalism in general. In continental Europe and especially France, people quite naturally continue to look on the first three postwar decades—a period of strong state intervention in the economy—as a period blessed with rapid growth, and many regard the liberalization of the economy that began around 1980 as the cause of a slowdown. In Great Britain and the United States, postwar history is interpreted quite differently. Between 1950 and 1980, the gap between the English-speaking countries and the countries that had lost the war closed rapidly. By the late 1970s, US magazine covers often denounced the decline of the United States and the success of German and Japanese industry. In Britain, GDP per capita fell below the level of Germany, France, Japan, and even Italy. It may even be the case that this sense of being rivaled (or even overtaken in the case of Britain) played an important part in the “conservative revolution.” Margaret Thatcher in Britain and Ronald Reagan in the United States promised to “roll back the welfare state” that had allegedly sapped the animal spirits of Anglo-Saxon entrepreneurs and thus to return to pure nineteenth-century capitalism, which would allow the United States and Britain to regain the upper hand. Even today, many people in both countries believe that the conservative revolution was remarkably successful, because their growth rates once again matched continental European and Japanese levels. In fact, neither the economic liberalization that began around 1980 nor the state interventionism that began in 1945 deserves such praise or blame. France, Germany, and Japan would very likely have caught up with Britain and the United States following their collapse of 1914–1945 regardless of what policies they had adopted (I say this with only slight exaggeration). The most one can say is that state intervention did no harm. Similarly, once these countries had attained the global technological frontier, it is hardly surprising that they ceased to grow more rapidly than Britain and the United States or that growth rates in all of these wealthy countries more or less equalized [...] Broadly speaking, the US and British policies of economic liberalization appear to have had little effect on this simple reality, since they neither increased growth nor decreased it.

The common cause of the massive blindness of the Chinese officials in the nineteenth century was a huge Chinese philosophical assumption that China was a great self-sufficient Middle Kingdom that did not need to engage the world. As the Chinese emperor Qianlong famously told Lord Macartney, China had everything it needed. It didn’t need the rest of the world. That painful century of humiliation finally led to China opening up. Deng made the decision on pragmatic grounds. And the opening up worked: China’s economy soared. Yet, do the Chinese view this opening up as a temporary measure until China becomes strong again? Do they have a desire to return eventually to their Middle Kingdom mentality, trading with the world while remaining culturally detached from it? When China built walls and cut off communication with the rest of the world, it fell behind. When China opened up to the world, it thrived. To guarantee its continued long-term success, China should completely abandon its two-thousand-year-old Middle Kingdom mentality and decide to become the most open society in terms of economic engagement with the rest of the world. Only such a major change of mind would enable the Chinese officials to lay out the red carpet for foreign businesses, including American businesses.

To observe the kingdom of Scotland in 1513 in terms of the strength of the Crown, its relations with its magnates, the quality and administration of its justice, its economy, foreign relations, culture and religious life, is to see a community at some remove from the leaderless country inherited by James I in 1424; yet it is also to see a country still strongly tied to its ancient traditions, customs and ethnic divisions which it either could not, or would not, abandon. By 1513 the Crown was strong, popular, its position in society unassailable. It had both sought and obtained the co-operation of its nobility who were themselves closely bound together by bonds of alliance, and whose status in society was recognised by the strength and closeness its kin groups. It had introduced some useful, constructive statutes and had strengthened its legal procedures. It had sought to inform its legal officers of the body of the law. New and more efficient methods of land registration and of royal revenue collection had been the direct result of the reorganisation of the Chancery, the Exchequer, and of the Secretariat of the Privy Seal. Its economy was buoyant enough to enable a protected merchant class to trade modestly with the Baltic states through Denmark, with Southern Europe through its Staple in Flanders, with England and France. Through its many embassies abroad it pursued, as far as possible, constructive peace treaties with the major European powers.

Authoritarian populism can be seen as a pushback of elements of human nature—tribalism, authoritarianism, demonization, zero-sum thinking—against the Enlightenment institutions that were designed to circumvent them. By focusing on the tribe rather than the individual, it has no place for the protection of minority rights or the promotion of human welfare worldwide. By failing to acknowledge that hard-won knowledge is the key to societal improvement, it denigrates “elites” and “experts” and downplays the marketplace of ideas, including freedom of speech, diversity of opinion, and the fact-checking of self-serving claims. By valorizing a strong leader, populism overlooks the limitations in human nature, and disdains the rule-governed institutions and constitutional checks that constrain the power of flawed human actors. Populism comes in left-wing and right-wing varieties, which share a folk theory of economics as zero-sum competition: between economic classes in the case of the left, between nations or ethnic groups in the case of the right. Problems are seen not as challenges that are inevitable in an indifferent universe but as the malevolent designs of insidious elites, minorities, or foreigners. As for progress, forget about it: populism looks backward to an age in which the nation was ethnically homogeneous, orthodox cultural and religious values prevailed, and economies were powered by farming and manufacturing, which produced tangible goods for local consumption and for export.

Authoritarian populism can be seen as a pushback of elements of human nature—tribalism, authoritarianism, demonization, zero-sum thinking—against the Enlightenment institutions that were designed to circumvent them. By focusing on the tribe rather than the individual, it has no place for the protection of minority rights or the promotion of human welfare worldwide. By failing to acknowledge that hard-won knowledge is the key to societal improvement, it denigrates “elites” and “experts” and downplays the marketplace of ideas, including freedom of speech, diversity of opinion, and the fact-checking of self-serving claims. By valorizing a strong leader, populism overlooks the limitations in human nature, and disdains the rule-governed institutions and constitutional checks that constrain the power of flawed human actors. Populism comes in left-wing and right-wing varieties, which share a folk theory of economics as zero-sum competition: between economic classes in the case of the left, between nations or ethnic groups in the case of the right. Problems are seen not as challenges that are inevitable in an indifferent universe but as the malevolent designs of insidious elites, minorities, or foreigners. As for progress, forget about it: populism looks backward to an age in which the nation was ethnically homogeneous, orthodox cultural and religious values prevailed, and economies were powered by farming and manufacturing, which produced tangible goods for local consumption and for export.

A very different threat to human progress is a political movement that seeks to undermine its Enlightenment foundations. The second decade of the 21st century has seen the rise of a counter-Enlightenment movement called populism, more accurately, authoritarian populism. Populism calls for the direct sovereignty of a country’s “people” (usually an ethnic group, sometimes a class), embodied in a strong leader who directly channels their authentic virtue and experience. Authoritarian populism can be seen as a pushback of elements of human nature—tribalism, authoritarianism, demonization, zero-sum thinking—against the Enlightenment institutions that were designed to circumvent them. By focusing on the tribe rather than the individual, it has no place for the protection of minority rights or the promotion of human welfare worldwide. By failing to acknowledge that hard-won knowledge is the key to societal improvement, it denigrates “elites” and “experts” and downplays the marketplace of ideas, including freedom of speech, diversity of opinion, and the fact-checking of self-serving claims. By valorizing a strong leader, populism overlooks the limitations in human nature, and disdains the rule-governed institutions and constitutional checks that constrain the power of flawed human actors. Populism comes in left-wing and right-wing varieties, which share a folk theory of economics as zero-sum competition: between economic classes in the case of the left, between nations or ethnic groups in the case of the right. Problems are seen not as challenges that are inevitable in an indifferent universe but as the malevolent designs of insidious elites, minorities, or foreigners. As for progress, forget about it: populism looks backward to an age in which the nation was ethnically homogeneous, orthodox cultural and religious values prevailed, and economies were powered by farming and manufacturing, which produced tangible goods for local consumption and for export.

The fragility of the US economy had nearly destroyed him. It wasn't enough that Citadel's walls were as strong and impenetrable as the name implied; the economy itself needed to be just as solid. Over the next decade, he endeavored to place Citadel at the center of the equity markets, using his company's superiority in math and technology to tie trading to information flow. Citadel Securities, the trading and market-making division of his company, which he'd founded back in 2003, grew by leaps and bounds as he took advantage of his 'algorithmic'-driven abilities to read 'ahead of the market.' Because he could predict where trades were heading faster and better than anyone else, he could outcompete larger banks for trading volume, offering better rates while still capturing immense profits on the spreads between buys and sells. In 2005, the SEC had passed regulations that forced brokers to seek out middlemen like Citadel who could provide the most savings to their customers; in part because of this move by the SEC, Ken's outfit was able to grow into the most effective, and thus dominant, middleman for trading — and especially for retail traders, who were proliferating in tune to the numerous online brokerages sprouting up in the decade after 2008. Citadel Securities reached scale before the bigger banks even knew what had hit them; and once Citadel was at scale, it became impossible for anyone else to compete. Citadel's efficiency, and its ability to make billions off the minute spreads between bids and asks — multiplied by millions upon millions of trades — made companies like Robinhood, with its zero fees, possible. Citadel could profit by being the most efficient and cheapest market maker on the Street. Robinhood could profit by offering zero fees to its users. And the retail traders, on their couches and in their kitchens and in their dorm rooms, profited because they could now trade stocks with the same tools as their Wall Street counterparts.

KEYNESIAN ECONOMICS AND STIMULUS Keynesian economics is based on the notion that unemployment arises when total or aggregate demand in an economy falls short of the economy’s ability to supply goods and services. When products go unsold, jobs are lost. Aggregate demand, in turn, comes from two sources: the private sector (which is the majority) and the government. At times, aggregate demand is too buoyant—goods fly off the shelves and labor is in great demand—and we get rising inflation. At other times, aggregate demand is inadequate—goods are hard to sell and jobs are hard to find. In those cases, Keynes argued in the 1930s, governments can boost employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people’s taxes (what we now call looser fiscal policy). By the same logic, when there is too much demand, governments can fight actual or incipient inflation by raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening fiscal policy). That’s part of standard Keynesian economics, too, although Keynes, writing during the Great Depression, did not emphasize it. Setting aside the underlying theory, the central Keynesian policy idea is that the government can—and, Keynes argued, should—act as a kind of balance wheel, stimulating aggregate demand when it’s too weak and restraining aggregate demand when it’s too strong. For decades, American economists took for granted that most of that job should and would be done by monetary policy. Fiscal policy, they thought, was too slow, too cumbersome, and too political. And in the months after the Lehman Brothers failure, the Federal Reserve did, indeed, pull out all the stops—while fiscal policy did nothing. But what happens when, as was more or less the case by December 2008, the central bank has done almost everything it can, and yet the economy is still sinking? That’s why eyes started turning toward Congress and the president—that is, toward fiscal stimulus—after the 2008 election.

These four changes—in the nature of work, education, social values, and communication technology—make it harder for dictators to dominate citizens in the old way. Harsh laws and bureaucratic regulations provoke furious responses from previously docile groups. These groups have new skills and networks that help them resist. At the same time, violent repression and comprehensive censorship destroy the innovation now central to progress. Eventually, the expansion of the highly educated, creative class, with its demands for self-expression and participation, makes it difficult to resist a move to some form of democracy. But so long as this class is not too large and the leader has the resources to co-opt or censor its members, an alternative is spin dictatorship. At least for a while, the ruler can buy off the informed with government contracts and privileges. So long as they stay loyal, he can tolerate their niche magazines, websites, and international networking events. He can even hire the creative types to design an alternative reality for the masses. This strategy will not work against a Sakharov. But Sakharovs are rare. With a modern, centrally controlled mass media, they pose little threat. Co-opting the informed takes resources. When these run low, spin dictators turn to censorship, which is often cheaper. They need not censor everything. All that really matters is to stop opposition media reaching a mass audience. And here the uneven dynamics of cultural change help. Early in the postindustrial era, most people still have industrial-era values. They are conformist and risk averse. The less educated are alienated from the creative types by resentment, economic anxiety, and attachment to tradition. Spin dictators can exploit these sentiments, rallying the remaining workers against the “counterculture” while branding the intellectuals as disloyal, sacrilegious, or sexually deviant. Such smears inoculate the leader’s base against opposition revelations. As long as the informed are not too strong, manipulation works well. Dictators can resist political demands without destroying the creative economy or revealing their own brutality to the public.

When a country’s economy is in trouble—when it has a balance of trade deficit, for instance, and when its debts are mounting—and when the currency, therefore, is declining in value because everybody can see that the economy is bad, politicians, throughout history, have found a way of making things worse with the imposition of exchange controls. They run to the press and they say, “Listen, all you God-fearing Americans, Germans, Russians, whatever you are, we have a temporary problem in the financial market and it is caused by these evil speculators who are driving down the value of our currency—there is nothing wrong with our currency, we are a strong country with a sound economy, and if it were not for these speculators everything would be OK.” Diverting attention away from the real cause of the problem, which is their own mismanagement of the economy, politicians look to three crowds of people to blame for the regrettable situation. After the speculators come bankers and foreigners. Nobody likes bankers anyway, not even in good times; in bad times, everybody likes them less, because everybody sees them as rich and growing richer off the bad turn of events. Foreigners as a target are equally safe, because foreigners cannot vote. They do not have a say-so in national affairs, and remember, their food smells bad. Politicians will even blame journalists: if reporters did not write about our tanking economy, our economy would not be tanking. So we are going to enact this temporary measure, they say. To stem the scourge of a declining currency, we are going to make it impossible, or at least difficult, for people to take their money out of the country—it will not affect most of you because you do not travel or otherwise spend cash overseas. (See Chapter 9 and the Bernanke delusion.) Then they introduce serious exchange controls. They are always “temporary,” yet they always go on for years and years. Like anything else spawned by the government, once they are in place, a bureaucracy grows up around them. A constituency now arises whose sole purpose is to defend exchange controls and thereby assure their longevity. And they are always disastrous for a country. The free flow of capital stops. Money is trapped inside your country. And the country stops being as competitive as it once was.

Positive arguments for the natural possibility of absent qualia have not been as prevalent as arguments for inverted qualia, but they have been made. The most detailed presentation of these arguments is given by Block (1978). These arguments almost always have the same form. They consist in the exhibition of a realization of our functional organization in some unusual medium, combined with an appeal to intuition. It is pointed out, for example, that the organization of our brain might be simulated by the people of China or even mirrored in the economy of Bolivia. If we got every person in China to simulate a neuron (we would need to multiply the population by ten or one hundred, but no matter), and equipped them with radio links to simulate synaptic connections, then the functional organization would be there. But surely, says the argument, this baroque system would not be conscious! There is a certain intuitive force to this argument. Many people have a strong feeling that a system like this is simply the wrong sort of thing to have a conscious experience. Such a “group mind” would seem to be the stuff of a science-fiction tale, rather than the kind of thing that could really exist. But there is only an intuitive force. This certainly falls far short of a knockdown argument. Many have pointed out that while it may be intuitively implausible that such a system should give rise to experience, it is equally intuitively implausible that a brain should give rise to experience! Whoever would have thought that this hunk of gray matter would be the sort of thing that could produce vivid subjective experiences? And yet it does. Of course this does not show that a nation's population could produce a mind, but it is a strong counter to the intuitive argument that it would not. . . . Once we realize how tightly a specification of functional organization constrains the structure of a system, it becomes less implausible that even the population of China could support conscious experience if organized appropriately. If we take our image of the population, speed it up by a factor of a million or so, and shrink it into an area the size of a head, we are left with something that looks a lot like a brain, except that it has homunculi—tiny people—where a brain would have neurons. On the face of it, there is not much reason to suppose that neurons should do any better a job than homunculi in supporting experience.

her that when he had first raised the idea, I hadn’t known he was sick. Almost nobody knew, she said. He had called me right before he was going to be operated on for cancer, and he was still keeping it a secret, she explained. I decided then to write this book. Jobs surprised me by readily acknowledging that he would have no control over it or even the right to see it in advance. “It’s your book,” he said. “I won’t even read it.” But later that fall he seemed to have second thoughts about cooperating and, though I didn’t know it, was hit by another round of cancer complications. He stopped returning my calls, and I put the project aside for a while. Then, unexpectedly, he phoned me late on the afternoon of New Year’s Eve 2009. He was at home in Palo Alto with only his sister, the writer Mona Simpson. His wife and their three children had taken a quick trip to go skiing, but he was not healthy enough to join them. He was in a reflective mood, and we talked for more than an hour. He began by recalling that he had wanted to build a frequency counter when he was twelve, and he was able to look up Bill Hewlett, the founder of HP, in the phone book and call him to get parts. Jobs said that the past twelve years of his life, since his return to Apple, had been his most productive in terms of creating new products. But his more important goal, he said, was to do what Hewlett and his friend David Packard had done, which was create a company that was so imbued with innovative creativity that it would outlive them. “I always thought of myself as a humanities person as a kid, but I liked electronics,” he said. “Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences, and I decided that’s what I wanted to do.” It was as if he were suggesting themes for his biography (and in this instance, at least, the theme turned out to be valid). The creativity that can occur when a feel for both the humanities and the sciences combine in one strong personality was the topic that most interested me in my biographies of Franklin and Einstein, and I believe that it will be a key to creating innovative economies in the twenty-first century. I asked Jobs why he wanted me to be the one to write his biography. “I think you’re good at getting people to talk,” he replied. That was an unexpected answer. I knew that I would have to interview scores of people he had fired, abused, abandoned, or otherwise infuriated, and I feared he would not be comfortable with my getting them to talk. And indeed he did turn out to be skittish when word trickled back to him of people that I was interviewing. But after a couple of months,

me to be honest about his failings as well as his strengths. She is one of the smartest and most grounded people I have ever met. “There are parts of his life and personality that are extremely messy, and that’s the truth,” she told me early on. “You shouldn’t whitewash it. He’s good at spin, but he also has a remarkable story, and I’d like to see that it’s all told truthfully.” I leave it to the reader to assess whether I have succeeded in this mission. I’m sure there are players in this drama who will remember some of the events differently or think that I sometimes got trapped in Jobs’s distortion field. As happened when I wrote a book about Henry Kissinger, which in some ways was good preparation for this project, I found that people had such strong positive and negative emotions about Jobs that the Rashomon effect was often evident. But I’ve done the best I can to balance conflicting accounts fairly and be transparent about the sources I used. This is a book about the roller-coaster life and searingly intense personality of a creative entrepreneur whose passion for perfection and ferocious drive revolutionized six industries: personal computers, animated movies, music, phones, tablet computing, and digital publishing. You might even add a seventh, retail stores, which Jobs did not quite revolutionize but did reimagine. In addition, he opened the way for a new market for digital content based on apps rather than just websites. Along the way he produced not only transforming products but also, on his second try, a lasting company, endowed with his DNA, that is filled with creative designers and daredevil engineers who could carry forward his vision. In August 2011, right before he stepped down as CEO, the enterprise he started in his parents’ garage became the world’s most valuable company. This is also, I hope, a book about innovation. At a time when the United States is seeking ways to sustain its innovative edge, and when societies around the world are trying to build creative digital-age economies, Jobs stands as the ultimate icon of inventiveness, imagination, and sustained innovation. He knew that the best way to create value in the twenty-first century was to connect creativity with technology, so he built a company where leaps of the imagination were combined with remarkable feats of engineering. He and his colleagues at Apple were able to think differently: They developed not merely modest product advances based on focus groups, but whole new devices and services that consumers did not yet know they needed. He was not a model boss or human being, tidily packaged for emulation. Driven by demons, he could drive those around him to fury and despair. But his personality and passions and products were all interrelated, just as Apple’s hardware and software tended to be, as if part of an integrated system. His tale is thus both instructive and cautionary, filled with lessons about innovation, character, leadership, and values.

one’s life begins when he is born and one’s life story begins when he realizes that he was born into the wrong family. I would expand that somewhat, to say that anyone paying attention must eventually have a moment in which he wonders if he has been born into the wrong society. I suspect that you would have to be on some fairly strong drugs to escape those moments when you feel like a Martian.

Our former policy goals of a strong economy built on heavy industry and cheap energy are no longer appropriate for an age marked by national economic sluggishness, fierce international competition and emerging third world nations reclaiming their resources. … We must look to a new ‘post-industrial’ economy built around relatively resource-efficient information technologies and innovation.”28

You have to distinguish between two things - the Swedish economy and the Swedish stock market. The Swedish economy is the sum of all the goods and services that are produced in this country every day. There are telephones from Ericsson, cars from Volvo, chickens from Scan, and shipments from Kiruna to Skövde. That's the Swedish economy, and it's just as strong or weak today as it was a week ago... The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn't have a thing to do with the Swedish economy.

Business deals such as this one were not merely about making money. Local Vietnamese businessmen also used them to redefine Vietnam’s global economic position and its relationship to the West and East Asia. When Chu Xanh compared Vietnam to the economic powerhouse of China, he was asserting Vietnam’s rise as a strong nation in the new global economy.

I do think we’re at a turning point. The question is how strong and permanent this recovery will be,” he noted. But while these external factors are helping Italy emerge from economic decline, others — mainly events in Greece and Ukraine — could spoil any momentum and plunge the eurozone’s third-largest economy back into the doldrums. “We are definitely concerned, I see all the elements for a moderate recovery [but] there are risks coming from a number of open issues in the world,” Mr Rossi said. Mr Rossi credited the European Central Bank’s recent decision to buy government debt — known as quantitative easing — with driving the likely Italian recovery, through a weaker euro, lower borrowing costs, higher confidence and portfolio shifts. He estimated it would add about 1 percentage point to Italian gross domestic product over the next two years, but this would be in line with the rest of the eurozone — offering “no special advantage to Italy”.