Footnotes
1.
John
Gray; “False Dawn”; The New Press, New York; 1998; p. 215.
2.
Ibid., p.p. 81, 82.
3.
We
use current statistics rather than Gray’s 1994 data. The U.S. incarceration rate is the third highest in the world. Turkmenistan's is the fourth highest. The law is enforced in different ways in different societies. Current incarceration rate
data is from the World Prison Brief website; accessed 12/8/15.
4. Income distribution data is from the Economic Policy Institute report, "The Increasingly Unequal States of America."
5.
Gray,
p. 84.
6.
Joseph
Stiglitz and Bruce Greenwald, “Creating a Learning
Society”; Columbia University Press, New York; 2014; p. 50.
Professor Stiglitz was awarded the Novel Prize in 2001. He has demonstrated , “…unfettered markets often not only do not
lead to social justice, but do not even produce efficient outcomes.”
Professor
Greenwald is Director of Columbia’s Heilbrunn Center
for Graham Dodd Investing. He teaches a three day course on
value investing open to the public. This course could bring major benefits to
serious investors; it is well worth a trip if you live out of the New York area.
He has also written, "Value Investing (2001).”
6a. Historian Bernard Lewis (2002) notes that knowledge in the West is something to be grown and developed through invention and experiment. Alfred Crosby (1997) notes, "The West's distinctive intellectual accomplishment was to bring mathematics and measurement together and to hold them to the task of making sense of a sensorially perceivable reality..." Unfortunately, it is also possible for cultures to cease new learning.
7. Stiglitz and Greenwald (2014), p. 67.
8.
Ibid., p. 333.
8a The last two advances in science and technology were large group efforts. Future advances will likely be so as well; this is likely a major discovery. Note the description (common to physics, biology and economics - as sciences) of a mechanism and then the more complex historical correlations over time that require varying degrees of interpretation.
9.
Stiglitz and Greenwald (2014), p.p. 271-272.
10. Ibid., p. 90.
11. Ibid., p. 281.
12. Ibid., p. 128.
13. Ibid., p. 277.
14. Ibid., p. 349.
15. Ibid., p. 349.
16. Ibid., p. 350.
17. Ibid., p. 364.
18. Ibid., p. 384.
19. Ibid., p. 389. Pages 382-385 are an excellent summary of the authors’ arguments in relation to standard trade theory.
20. World Bank; "World Development Indicators"; table 4.2; accessed on 12/8/15.
21..Clyde Prestowitz (2010) was a U.S. trade negotiator in the Reagan administration. He writes,"...(by 1914) America had become the richest country in the world. And importantly, it had reached this height by using high tariffs and a catch-up strategy that resulted in 4 percent plus annual rate of GDP growth while free-trade, laissez-faire Britain could not maintain even a 2 percent annual economic growth rate. It had been argued in the old tariff debates that protection of infant U.S. manufacturers with intially higher costs than foreign producers would impose higher price on consumers and inhibit the growth of the American economy. In fact, (due to spillovers) as they rapidly improved quality and exploited the potential for economies of scale (shifting the production possibility curve), American manufacturers were becoming the world's low-cost producers even as they paid the highest wages, and American consumers were enjoying the lowest relative prices. Not only did the domestic prices of American producers decline rapidly, but their exports soared as they undercut the prices of the higher-cost British producer. p. 61."
......."One reason for the persistence of orthodox thinking and policies was that the decline of Britain's economic might was masked to a large degree by the exploitation of its colonial posessions. p. 62." which constituted a captive market. The leading role of the U.S. dollar in international trade, that enables the U.S. to run large and addictive trade deficits, is a counterpart to this.
.......He concludes, "This first step on the way out of our present predicament should be to reread our own history. And not only to reread it, but to broadcast and promote it to diverse audiences so that a wide cross-section of leaders and ordinary citizens understand the complex and subtle interaction between the government and the private sector that has always underpinned American success. p.p. 285-286." Simplistic ideology is a sledge hammer when a scalpel is required.
22. Stiglitz and Greenwald (2014), p.p. 473-474.