165 Abolition of Money 3 Absolutism (True Believer

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Index

abolition of money 3 creation of ‘national champions’ absolutism (true believer syndrome) 64 28–9, 39–42 inflation and 60 agriculture 11, 26, 39 macroeconomic imbalances 60 Alesina, Alberto 104 state controls 59–60 anthropology (pressure-of-history) natural resources 18, 61 37–8, 56–7, 84–5, 156 structuralist economics 60 anti-capitalists/-globalists 4–5, 8–10 see also BRIC countries ‘peaceniks’ 9–10 BRIC countries 158 ‘The Indignant’ 3, 5, 10, 12–13, 135, strengths and weaknesses 90–94 147 structural transitions in economic prospective alliances 11–12 development process 64–70 archeology 34–5 see also Brazil; China; India; astrophysics 35 Russia Attali, Jacques 115–16 Brown, Gordon 120–21 Australia 93, 111 Bulgaria 67 Austria 64, 67, 99, 125 Aviva survey 118 Canada 93, 101–2 capitalism 6, 149–50 Balladur, Édouard 119 Cardoso, F.M. 62 Baltic countries 126, 153 Castro, Fidel 111 banks 97, 100 change, attitudes towards 155 Barro, Robert 102 China 6, 17, 25, 72–82 Bauer, Peter 7 demographic policies/consumption/ ‘Beijing Consensus’ 75 labor 77–8, 88, 92–3 Belgium 64, 99 environmental problems 79 Bhagwati, Jagdish 82, 85–6 expectations, ideological and BHP Billiton (Australia) 18 substantive 72–3, 79–81 biofuels 43 foreign trade 76–7 Brazil 59–64 housing market 75 demographic factors 93 industrial economy 74 efficiencies/growth/macroeconomic innovation/research/education 81–2, stability 61–3 159 foreign direct investment 60 investment-intensive growth 75–6 GDP per capita increases overview of prospects 159 (1950–1995) 60 share of private consumption in interventionist/inward-oriented GDP 75–6 economics town and village enterprises 74–5 bureaucratization and wage see also BRIC countries differentials 60–61 Club of Rome 14–15

165

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166 Index

collectivism 3–4, 37–8, 52–3, 74–5, democracy 152–3, 155, 160 111–12, 116, 136 within Europe 153–5 communist economies 3, 6, 22, 28, taxation posited as solution to 50–52, 66–7, 80 problems 150–52 criminality 146–7 welfare state as determinant of Cuba 111 problems 141–8 Czech Republic 153 adjusted and non-adjusted Czechoslovakia 67 scenarios 119, 121, 160–62 economic structuralism 60 Dalrymple, Theodore (pen name) 123, economies: world ranking (1850) 92 147 Economist, The (8 September 2008) 102 Dasgupta, A.K. 81 education 81–2, 129 debt 98–102, 103, 116 Ehrlich, Paul 22–3 democracy 152–3, 155, 160 Eichengreen, B. 69 demographic factors employment subsidies 151 Brazil 93 energy consumption, communist/ China 77–8, 88, 92–3 capitalist comparisons 67 India 89–90, 93 energy supply, see mineral resource Russia 52–3, 92–3 cycles United States of America 131, European Monetary Union 124–7 137–8, 151, 156 European Union 54 working age changes: comparison economic growth and employment projections (2006–50) 93 benefits 129 Denmark 67 economic strengths 153–4 Deutsch, Karl 155 Eurozone crisis 124–7 Growth and Stability Pact (GSP) East–Central European economies 51, 124 52, 66, 126, 153 membership rules 124–5 Easterly, William 7 welfare: adjustment and non- Eberstadt, Nicholas 137, 138 adjustment scenarios 160–62 ecological issues 38–9, 79, 107–8 see also individual country names economic analysis of politics 41 expansionary policies 102–3 economic cycles, see mineral resource cycles financial crisis, see global financial economic freedom crisis growth and 5–6 financial transactions tax 150–51 innovation and 54, 133–4 Finland 67, 125 profit-making principle 100 fiscal policies 104, 124, 131–2, 150–52 structural transitions 64–70 fiscal revenues 151 agriculture to industrialization food production 11, 26, 39 66–8 foreign aid 6–7 ‘good-enough’ rules scenario 65 foreign direct investment (FDI) 6, 55, industrialization to services 60 68–70 France 64, 92, 93, 146 institutional factors 69–70 collectivist ideas 116–17 US exceptionalism 134–9, 155–6 demoralization through subsidy economic prospects 141–57 117–18 capitalism questioned 149–50 expenditure and sustainability 99, overview 158–60 115–16 strengths/advantages 152–7 pensions 105, 118

Index 167

state-dominated character of 119–20 anthropogenic ‘settled science’ trade unions and 118 29–31 work ethic/workfare 119 archeologists 34–5 France Telecom 118 astrophysicists 35 Friedman, Milton 40, 143 geologists 36 Fukuyama, Francis, The Origins of ‘Heidelberg Appeal’ 30 Political Order 65 ‘Maunder Minimum’ 35–6 overview 42–5 Gandhi, Rajiv 87 globalization 3–14 GDP ratios anti-globalists/anti-capitalists 4–5, debt ratios 103, 124, 132 8–10 energy intensity, communist/ ‘peaceniks’ 9–10 capitalist comparisons 67 ‘The Indignant’ 3, 5, 10, 12–13, per capita, as measure of growth 54, 135, 147 57, 68–9, 73, 75–6 prospective alliances 11–12 public expenditure ratios 97–9, economic freedom and catch-up 103–4, 116, 142 rates 5–6 geology 36 foreign aid 6–7 Germany 67, 92, 93, 99, 112–15, 126, foreign direct investment (FDI) 6 146, 161 Gore, Al 29–31 global financial crisis 97–108 Gray, John 14–15 interest rate cuts 102–3 growth, see economic freedom; GDP pension liabilities 105–7 ratios public expenditure and indebtedness Greece 105, 124 97–100 ‘green economy’, see global warming GDP ratios 103–4 Greenspan, Alan 102 US housing market 100–101 Growth and Stability Pact (EU) 124 welfare state model and 103 global warming 28–46 Hayek, Friedrich von 38 biofuels 43 Heitger, Bernhard 98 climatologists and 31–4 history 37–8, 56–7, 84–5, 156 anthropogenic supporters and Hoffer, Eric, The True Believer 28–9 mitigators 34 Hollande, François 117 databases and methodology 32–3 housing markets 75, 100–103 predictive models 32 Hughes, Gordon 43–4 economics of 107–8 Hungary 67, 153 government subsidy and public choice 41–2 immigration 138 ‘green economy’ 43, 107–8 Index of Economic Freedom 120 media and 40 India 6, 82–90, 92 psychology and political economics bureaucracy 84, 86–7, 89 of 37–46 demographic factors 89–90, 93 obsessive compulsive disorder 39 dirigiste economy 82–3 ‘pressure-of-history’ explanation exports 89 37–8 historical and religious influences technology, fear of 38–9 84–6 ‘true believer syndrome’ 28–9, industrialization 83–4 39–42 job creation 88 renewables 43–4 poverty 87, 88–90 skeptics’ views 29–37 pro-market shift 86

168 Index

reforms 84–5, 88 Keynesian multiplier 150 service sector development 86, 89 Kindleberger, Charles 144–5 see also BRIC countries Kohl, Helmut 9 ‘The Indignant’ 3, 5, 10, 12–13, 135, Kolakowski, Leszek 12 147 Korea 93 individualism and learned helplessness Kornai, János 76 144–5 Indonesia 92, 93 Lal, Deepak 84–5 Industrial Revolution 133 learned helplessness 143–9 industrialization legal systems 122–3, 146–7 in China 74 Lindzen, Richard 29, 34 under communism 50–52 Lomborg, Bjørn 44 dynamic transition from agriculture Luce, Edward 86, 87 to 66–8 Luxembourg 99 in India 83–4 inflation 60 Magnusson, David 143–4 institutions Marxism 3, 6 as determinants of growth 5, 70, 74, Maslov’s hierarchy of needs 79 113 McTaggart, David 40 economic transitions and 63–5, Mead, Walter Russell 155 68–70 media 40 bad choices and wishful thinking Mexico 93 110–11 Miami 136 British 121–3 military activities 156 European Monetary Union 124–7 military expenditures and exports 52, French 115–20 132 German 112–15 Mill, John Stuart 9, 45 India’s dirigiste economy 82–3 mineral resource cycles 14–26 liberal, rule-of-law 152–3 action–reaction model 24 religious, see religion capitalist market economy 24 see also political economics; public dynamics of supply and demand expenditure; welfare state 15–17 intellectual freedom 159 availability/lead time 17–18 interest rates 102–3 investment phases 20–21 Intergovernmental Panel on Climate price decline triggers 20 Change (IPCC) 107–8 supply response and new Ireland 146 technologies 18–19 iron ore 18 political errors and 25–6, 58 Islamic economies 163 shortage predictions 14–15, 22–3 Italy 64, 67, 92, 99, 146 mortgages 100–102 Moyo, Dambisa 7 Jager, Cornelis de 35 Muravchik, Joshua, Heaven on Earth Japan 92, 93 3 job creation, India 88 Muslim economies 163 journalists 40 judicial systems 122–3, 146–7 Napieralski, G. 150 Nehru, Jawaharlal 83 Kaletsky, Anatole, Capitalism 4.0: The Netherlands 99, 125, 146, 147 Birth of a New Economy 10 Nietzsche, Friedrich 13 Kennedy, Paul 150 Nouvel Observateur, Le 118

Index 169

oil 16, 18, 58 ‘true believer syndrome’ 28–9, Olson, Mancur, The Logic of Collective 39–42 Action 11 renewables 43–4 OPEC 17 Ridley, Matt 39 Rio Conference (1992) 30 Park, D. 69 Russia 49–59 pensions 105–7, 115, 118, 130, 146 demographic factors 52–3, 92–3 Peru 61 economic vulnerability 49–50 Poland 67, 146, 153 engineering exports 51–2 political economics GDP per capita (2010) 57 global warming issues 37, 40, 41–2, industrial performance under 107–8 communism 50–52 housing policies (USA) 100–101 modernization proposals (since mineral resources and 25–6, 58 2009) public choice and 41 domestic and foreign business reality gap, Russia 57 firms 54–6 see also institutions; public history and politics 56–7 expenditure investment and bond markets 56 Popper, Karl 37 mineral resources and 58 poverty 39 R&D spending 54 foreign aid and 6–8 service sectors 58 ‘green-economy’ and 44–5 top–down nature of 53–4 India 87–90 see also BRIC countries; Soviet sweatshops 11 Union world share (1820–2000) 8 property rights 70, 74–5 Samuelson, Paul 106 psychology 143–4, 154–5 Sarbanes–Oxley Act (USA) 133 sense of entitlement 147–8 Sarkozy, Nicolas 116 true believer syndrome 28–9, Schneider, Stephen 40 39–42 Seligman, David 144 public choice 41–2 Shin, K. 69 public expenditure Shultz, George 45 affecting growth 97–102 Silicon Valley 54 demonstrations against 134–5 Simon, Julian 24 expansionary policies 102–3 Sloterdijk, Peter 151–2 GDP ratios 104, 138 Slovakia 67, 153 health/welfare payments 130–31 Slovenia 153 pension liabilities 105–7 SMEs, Russian 55 welfare system, see welfare state socialist politics 8–9, 83, 111 see also institutions; political Soviet Union 9–10, 52, 153; see also economics Russia Putin, Vladimir 57 Sowell, Thomas 148 Spain 83, 92, 99 Rasmussen, P.N. 150 Stevens, Bret 152, 162 religion Stigler, George 32 Brahminical 83, 85 Stuart Mill, John 9, 45 Catholicism 136 subsidy and public choice 41–2 monotheistic 37–8 Svensmark, Henrik 35 nature and 37, 40 Sweden 67, 99, 125–6 Protestantism (USA) 136 Switzerland 126, 127

170 Index

Tarchalski, Kazimierz 130 expansionary policies 102–3, 131 taxation 150–52 fiscal policy ‘Europeanization’ technological innovation 18–19, 39, 54, 131–2, 134 81–2, 133–4, 159 fiscal revenues 151 town and village enterprises (TVEs) housing market 100–101, 130 74–5 labor market 131, 137–8, 151 transitions in economic development Miami 136 process 64–70 pension liabilities 105 true believer syndrome 28–9, 39–42 public choice (sugar support Turkey 93 program) 41–2 public expenditure unemployment 119, 129, 131 demonstrations against 134–5 United Kingdom of Great Britain 92, GDP ratios 99, 104 93 health/welfare payments 130–31, criminality and legal system 122–3, 138 147 non-adjusted and adjusted global warming policies 45 scenarios 160–61 public expenditure 99 R&D spending 54 under Labour 104, 132 Sarbanes–Oxley Act and venture under the Coalition 120–22 capital 133–4 United Nations: Intergovernmental Silicon Valley 54 Panel on Climate Change 31 United States of America 92, 146 Venezuela 111 biofuels drive 44 California 134 Wall Street Journal 152–3 demographic factors 93, 131, 137–8, Wang, H. 81 151, 156 welfare state dollar weakness 127 as determinant of economic economic growth (1980s and 1990s) problems 12, 103, 130, 141–3 129–30 non-adjusted and adjusted exceptionalism 129–39 scenarios 119, 121, 160–62 attitude to change 155 long-term effects of learned creditworthiness and political helplessness 143–9 uncertainly 139 sense of entitlement 147–8 demographic underpinnings see also institutions 137–8, 156 Wildavsky, Aaron 100 demonstrators/Tea Party Winiecki, Jan, Economic Prospects: network135–6 East and West 9, 141, 145 incentive to innovate 133–4 religious bodies and 136, 156 Zischka, Anton, Oil Runs the World 15

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