B005HFI0X2 EBOK (66 page)

24.
Alan Tonelson, “Obama’s Trade Fantasyland: Lack of Exports to Mercantilist East Asia Is America’s Fault,”
AmericanEconomicAlert.org
, November 26, 2009, http://www.americaneconomicalert.org/view_art .asp?Prod_ID=3354 (accessed October 6, 2011).

25.
Eric Janszen,
The Post-Catastrophe Economy: Rebuilding America and Avoiding the Next Bubble
(New York: Penguin, 2010), 35.

26.
Andrew Glyn,
Capitalism Unleashed:
Finance
Globalization and Welfare
(Oxford: Oxford University Press, 2006), 83.

27.
Cohen and DeLong,
The End of Influence
, 110.

28.
“Manufacturing share of employment (1970–2009,” http://stats.oecd.org/index.aspx (accessed January 6, 2012).

29.
Robert Wade, “The Economy Has Not Solved Its Problems,”
Challenge
54, no. 2 (March–April 2011): 17.

30.
Simon Johnson and James Kwak,
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
(New York: Pantheon, 2010), 12.

31.
Gerald Frederick Davis,
Managed by the Markets: How Finance Reshaped America
(New York: Oxford University Press, 2009), 105–106.

32.
Johnson and Kwak,
13 Bankers
, 85.

33.
Yves Smith,
ECONned
(New York: Palgrave, 2010), 140.

34.
John Arlidge, “I’m Doing ‘God’s Work,’ Meet Mr. Goldman Sachs,” London
Sunday Times
, November 8, 2009.

35.
Amar Bhide,
A Call for Judgment: Sensible Finance for a Dynamic Economy
(New York: Oxford University Press, 2010), 286–87.

36.
Alan Greenspan, “Government Regulation and Derivative Contracts” (speech, Financial Markets Conference of the Federal Reserve Bank of Atlanta, Coral Gables, FL, February 21, 1997).

37.
Gordon Fairclough, “As Barriers Fall in Auto Business, China Jumps In,”
Wall Street Journal
, November 7, 2006; cited in Gerald F. Davis,
Managed by the Markets: How Finance Reshaped America
(New York: Oxford University Press, 2009), 200.

38.
Table 3.1, “Ten Largest US-Based Corporate Employers, 1960–2007,” in Davis,
Managed by the Markets
, 89.

39.
US Congress, Economic Report of the President, 1996 (Washington, DC: US Government Printing Office, 1996), 343 and 360; cited in William Lazonick and Mary O’Sullivan, “Finance and Industrial Development, Part I: The United States and the United Kingdom,”
Financial History Review
4 (1997): 20.

40.
William Lazonick,
Sustainable Prosperity in the New Economy?
(Kalamazoo, MI: W. E. Upjohn Institute for Employment Research, 2009), 12.

41.
Ibid.

42.
Gerald F. Davis, “A New Finance Capitalism? Mutual Funds and Ownership Re-concentration in the United States,”
European Management Review
5, no. 1 (Spring 2008): 17.

43.
Davis,
Managed by the Markets
, 213.

44.
Matteo Tonnello,
Revisiting Stock Market Short Termism
(New York: Conference Board, 2006), 3, citing John R. Graham, R. Harvey Campbell, and Rajgopal Shivaram, “The Economic Implications of Corporate Financial Reporting,”
Journal of Accounting and Economics
4 (December 2005): 3–73; cited in Lawrence E. Mitchell,
The Speculation Economy: How Finance Triumphed over Industry
(San Francisco: Berrett-Koehler, 2008), 278.

45.
Mitchell,
The Speculation Economy
, 277.

46.
Ibid.

47.
Quoted in Mark Maremont and Charles Forelle, “Bosses’ Pay: How Stock Options Became Part of the Problem,”
Wall Street Journal
, December 27, 2006.

48.
Davis,
Managed by the Markets
, 243.

49.
Stephen S. Cohen and J. Bradford DeLong,
The End of Influence
:
What Happens When Other Countries Have the Money?
(New York: Basic Books, 2010), 112; Thomas Philippon and Ariell Reshef, “Wages and Human Capital in the U.S. Financial Industry: 1909–2006” (Cambridge, MA: The National Bureau of Economic Research, 2009), working paper no. 14644.

50.
Figure 4-1, “Real Average Annual Compensation, Banking vs. Private Sector Overall,” in Johnson and Kwak,
13 Bankers
, 115.

51.
Greg Ip, “Income-Inequality Gap Widens,”
Wall Street Journal
, October 12, 2007; Davis,
Managed by the Markets
, 207.

52.
Peter Drucker, “The New Society I: Revolution by Mass Production,”
Harper’s
, September 1949, 27.

53.
Quoted in Eric J. Weiner,
What Goes Up: The Uncensored History of Wall Street as Told by the Bankers, Brokers, CEOs, and Scoundrels Who Made It Happen
(New York: Little, Brown, 2005), 31.

54.
Claudia Goldin and L. Katz, “Transitions: Career and Family Life Cycles of the Educational Elite,”
American Economic Review
98, no. 2 (2008): 363–69.

55.
Gar Mudmundsson, “How Might the Current Financial Crisis Shape Financial Sector Regulation and Structure?” (keynote address, Financial Technology Conference, Boston, September 23, 2008), http://www.bis.org/speeches/sp081119.htm (accessed October 6, 2011).

56.
James K. Galbraith and Travis Hale, “The Evolution of Economic Inequality in the United States, 1969–2007: Evidence from Data on Inter-industrial Earnings and Inter-Regional Income,” University of Texas Inequality Project Working Paper no. 57 (Austin: Lyndon B. Johnson School of Public Affairs, February 2, 2009).

57.
Steven M. Yoder, “Airline, Auto Industries: Pension Protection Act Leaves Door Open to Bankruptcies, Mass Payouts,”
Bankruptcy Strategist
, February 2007.

58.
Phyllis C. Borzi, “Retiree Health VEBAs: A New Twist on an Old Paradigm; Implications for Retirees, Unions and Employers,” Henry J. Kaiser Family Foundation, March 2009.

59.
Davis,
Managed by the Markets
, 204.

60.
Christopher Howard,
The Hidden Welfare State: Tax Expenditures and Social Policy in the United States
(Princeton, NJ: Princeton University Press, 2007).

61.
Lawrence Mishel, “Where Has All the Income Gone? Look Up,” Economic Policy Institute, March 3, 2010, http://www.epi.org/publication/where_has_all_the_income_gone_look_up/ (accessed October 6, 2011).

62.
Andrea Orr, “At the Top: Soaring Incomes, Falling Tax Rates,” Economic Policy Institute, April 7, 2010, http://www.epi.org/publication/for_americas_top_earners_growing_incomes_falling_tax_rates/ (accessed October 6, 2011).

63.
Ibid.

64.
Andrea Orr and Anna Turner, “Small Group Takes Large Slice of Capital Income,” Economic Policy Institute, April 14, 2010, http://www.epi .org/publication/small_group_takes_large_slice_of_capital_income/ (accessed October 6, 2011).

65.
Robert Wade, “The Economy Has Not Solved Its Problems,”
Challenge
54, no. 2 (March/April 2011): 25–26.

66.
Ajay Kapur, Niall MacLeod, and Narendra Singh, “Plutonomy: Buying Luxury, Explaining Global Imbalances,” Citigroup Global Markets, October 16, 2005, 1–2.

67.
Rick Newman, “Why Rich Consumers Matter More,”
U.S. News Online
, December 3, 2009, http://money.usnews.com/money/blogs/flowchart/ 2009/12/03/why-rich-consumers-matter-more (accessed October 6, 2011).

68.
Menzie D. Chinn and Jeffrey A. Frieden,
Lost Decades: The Making of America’s Debt Crisis and the Long Recovery
(New York: W. W. Norton, 2011), 103–104.

69.
WSJ Staff, “Barney Frank Celebrates Free Market Day,”
Wall Street Journal
, September 17, 2008.

70.
Dean Baker,
The End of Loser Liberalism: Making Markets Progressive
(Washington, DC: Center for Economic and Policy Research, 2011), 18–19.

71.
Alan Blinder and Mark Zandi, “How the Great Recession Was Brought to an End,” www.economy.com/mark-zandi/documents/End-of-Great-Recession.pdf (accessed July 27, 2010).

72.
Jeffrey Sachs, “Two Parties, No Solutions to Jobs,”
Huffington Post
, September 16, 2011.

73.
Chinn and Frieden,
Lost Decades
, 148.

74.
Ibid., 155.

75.
Lawrence Michel, “Huge Disparity in Share of Total Wealth Gain Since 1983,” Economic Snapshot, Economic Policy Institute, September 15, 2011, http://www.epi.org/publication/large-disparity-share-total-wealth-gain/ (accessed October 6, 2011).

CHAPTER 17: THE NEXT AMERICAN ECONOMY

1.
Joseph Schumpeter,
Capitalism, Socialism, and Democracy
(New York and London: Harper and Brothers, 1942), 82–83.

2.
Theodore Roosevelt, “Who Is a Progressive?” (speech delivered in April 1912 in Louisville, KY), www.teachingamericanhistory.org (accessed November 1, 2011).

3.
“FTZ Facts and Features,” Port Authority of New York and New Jersey, www.panynj.gov (accessed November 1, 2011).

4.
Carmen M. Reinhart and Kenneth Rogoff,
This Time Is Different: Eight Centuries of Financial Folly
(Princeton, NJ: Princeton University Press, 2009).

5.
Ronald Bailey, “Post-Scarcity Prophet,”
Reason
, December 2001.

6.
The figures are from Jesse Ausubel, quoted in Ronald Bailey, “The Kyoto Protocol Launches! But Will It Matter?”
Reason.com
, February 16, 2005.

7.
Adam Smith,
The Wealth of Nations
(Indianapolis: Liberty Classics, 1976), 1:343.

8.
Congress of the United States, Office of Technology Assessment, “Innovation and Commercialization of Emerging Technologies,” September 1995, OTA-BP-ITC-165 (Washington, DC: U.S. Government Printing Office, September 1995), 4.

9.
Ronald Bailey, “Post-Scarcity Prophet,”
Reason
, December 2001.

10.
Chart 1 from Evan Koening, “U.S. Economy Productivity Growth,” www.dallasfed.org.

11.
J. Bradford DeLong, “Productivity Growth in the 2000s,” Draft 1.2, www.j-bradford-delong.net, March 2002.

12.
Susan N. Houseman, “Offshoring and Import Price Measurement,”
Survey of Current Business
(February 2011): 7–11l; Susan N. Houseman, Christopher Kurz, Paul Lengermann, and Benjamin Mandel, “Offshoring Bias in U.S. Manufacturing,”
Journal of Economic Perspectives
25, no. 2 (2011): 111–32; Michael Mandel and Susan Houseman,“Not All Productivity Gains Are the Same. Here’s Why,” What Matters/McKinsey&Company, June 1, 2011.

13.
Michael Lind, “Public Purpose Finance: Investing in America’s Future Through Regional Economic Development Banks” (Washington, DC: New America Foundation, September 9, 2010).

14.
Adam Smith,
The Wealth of Nations
, 334.

15.
Jesse Jenkins, Devon Swezey, and Yael Borofsky, “Where Good Technologies Come From,” Case Studies in Innovation, Breakthrough Institute, December 2010.

16.
Lind, “Public Purpose Finance.”

17.
Michael Lind, “Mailing Our Way to Solvency,”
New York Times
, October 5, 2008.

18.
The Papers of Alexander Hamilton
, ed. Harold C. Syrett et al. (New York: Columbia University Press, 1963), 3:419, quoted in Frank Bourgin,
The Great Challenge: The Myth of Laissez-Faire in the Early Republic
(New York: George Braziller, 1989), 80.

19.
Quoted in Michael Lind, “Healthcare Can Get America Working,”
Financial Times
, September 24, 2009.

20.
Congressional Budget Office (CBO), Figure 2-1, “Total Spending for Health Care Under CBO’s Extended-Baseline Scenario,” in “The Long-Term Budget Outlook,” June 2009; Michael Lind and David McNamee,
The American Social Contract: A Promise to Fulfill
(Washington, DC: New America Foundation, 2008), 46–47.

21.
Lyndon Baines Johnson, “Remarks at the Signing of the Immigration Bill” (speech, Liberty Island, New York, October 3, 1965), http://www .lbjlib.utexas.edu/johnson/archives.hom/speeches.hom/651003.asp (accessed December 8, 2011).

22.
George Washington, “Circular to the States,” June 8, 1783, in
The Writings of George Washington from the Original Manuscript Sources
,
1745–1799
, 39 vols., ed. John C. Fitzpatrick (Washington, DC: US Government Printing Office, 1931), 44.

23.
Franklin Delano Roosevelt, “Acceptance Speech for the Re-Nomination of the Presidency,” June 27, 1936, in
Great Speeches
, ed. John Grafton (Mineola, NY: Dover, 1999), 47–51.

24.
Roy P. Basler, ed.,
The Collected Works of Abraham Lincoln
, 8 vols. (New Brunswick, NJ: Rutgers University Press, 1953), 5: 357.

The pagination of this electronic edition does not match the edition from which it was created. To locate a specific passage, please use the search feature of your e-book reader.

A&P, 252–253, 425

Adams, Abigail, 59

Adams, Charles Francis, 157–158, 229

Adams, Henry, 180, 190–191

Adams, Henry Carter, 225

Adams, John, 30, 54, 76, 101

Adams, John Quincy, 54, 61, 92, 109, 113, 117

Adams Act (1906), 203

Addyston Pipe and Steel
, 232

Advanced Research Projects Agency (ARPA), 406, 420

advertising sector, 254

Agricultural Adjustment Administration (AAA), 289, 293, 346

Agricultural Marketing Act, 276, 346

agriculture

government support of, 203–204

Great Depression and, 276

railroads and, 178–179

Aiken, Howard, 407, 411

airmail program, 206

Alabama, 124, 176

A. L. A. Schechter Poultry Corp. v. United States
, 293–295, 361

Alaska Highway, 315

Alcoa, 312, 349

Aldrich, Nelson W., 222–223

Alexander, Catherine, 41

Allen, Hervey, 71

Allen, Horatio, 93

Allen, Paul, 417

Allis-Chalmers, 404

Allison, Saul, 396

Almy, William, 85

Altgeld, John Peter, 172

Amalgamated Association of Iron and Steel Workers, 172

American Appliance Company, 415

American Artillerists’ Companion
(Tousard), 96

American Broadcasting Company (ABC), 207, 348

American Colonization Society, 57

American Construction Council, 258

American Economic Republic, The
(Berle), 350

American Farm Bureau, 204

American Federation of Labor (AFL), 172, 298, 320–321

American Fur Trade Company, 72–73

American Housing Rescue and Foreclosure Prevention Act, 447

American Individualism
(Hoover), 256

American Industry in the War
(Baruch), 245

American International Group (AIG), 447

American Life, An
(Reagan), 304

American Petroleum Institute, 334

American Railway Union, 173

American Recovery and Reinvestment Act (ARRA), 448

American republics, 5–12, 150, 336, 481.
See also
Next American Economy

American Research and Development (ARD), 418

American System, of Clay, 8, 16, 81, 104–108, 116–117, 140–141, 460

American system, of interchangeable manufacturing parts, 95–97

American Telephone and Telegraph (AT&T), 250–251, 347–348, 437

Bell Labs and, 192

breakup of, 382–383

Morgan and, 220

RCA and NBC and, 207

American Tobacco, 217, 232–233

Amerika
(Kafka), 169

Ames, Fisher, 113

Ames, Oakes, 155

Anderson, Martin, 359

Anderson, Robert O., 387

Andrew, A. Piatt, 222

Anglo-Iranian Oil, 333

Anglo-Persian Oil Company, 335

Anthony Adverse
(Allen), 71

antitrust activism

conglomerates and, 365–366

mergers and, 213–233

progressivism and, 230–233

after World War II, 349

Antoine de St. Maxent, Gilbert, 319

A. O. Higgins Lumber and Export Company, 319

Apple Computer, Inc., 417

applied chemistry, nineteenth century innovation and, 202–203

Arab-American Oil Company, 335

Armour, Philip, 160

Arnold, H. H. “Hap,” 404

Arnold, Thurman, 299–300, 313–314

Arnold and Porter, 314

ARPANET, 413, 420

Articles of Confederation, 29–30

Ashley, William H., 74

Asian financial crisis, 429, 455

asset bubbles

from 1980–2008, 16, 47, 273, 388–390, 455–456, 467, 470

in canals and railroads, 119, 216

debt-driven, 12

in Japan, 429

in stocks, in 1929, 269

in tech stocks, in 2001, 12, 441

associationalism, of Hoover, 257–259, 289, 361

Astor, George, 68

Astor, Henry, 68

Astor, John Jacob, 49, 68–75

Astor, Vincent, 75

Astoria: Or Anecdotes of an Enterprise Beyond the Rocky Mountains
(Irving), 69

“As We May Think” (V. Bush), 398–399, 419–421

Atanasoff, John V., 408

Atlanta Constitution
, 180

Atlantic
, 398, 399

Atlas Shrugged
(Rand), 156

atomic bomb, 396–397, 402–404

Atomic Energy Commission (AEC), 339

Augusta Powder Works, 134

Australia, 146, 432

banking system in, 166–167

economic growth of, 371

immigration and, 479–480

wages in, 290

World War I, 240

Austria, 270, 371

automobiles

demographic changes post–World War II and, 342

development of early, 200, 246–249

aviation industry

deregulation of, 382, 383

government support of, 204–206, 257

World War II, 318

Babbage, Charles, 401, 411

Backhouse, William, 68

Baekeland, Leo, 203

Bahrain, 335

Bakelite, 203

Baker, Dean, 448

Baker, George F., 232

Baker, James, 388–389

balanced budget.
See
deficit spending

Baltimore and Ohio Railroad, 92–93

Bankers’ Trust, 219

Bankhead-Jones Act (1935), 204

Banking Act (1935), 355

banking system.
See also
financial system

creation of national, 141–142

deregulation of, 385–386, 468–469

financial panics and, 165–166

fragmented nature of early, 166–167

megabanks in early twenty-first century, 434–435

public-investment banks proposed, 467–469

as public utility, 354–355

savings and loans and, 355, 363, 385

securitization and, 444–446

unit banks and, 116–167, 218–221, 229, 231, 254, 286

Bank of America, 254, 434, 447

Bank of England, 33

Bank of International Settlements (BIS), 264

Bank of New York, 41–42

Bank of North America, 27, 28, 29

Bank of Stephen Girard, 68, 70

Bank of the United States (first), 31, 36, 41, 70

Bank of the United States (second), 8–9, 47, 71

Clay and, 81, 108

Jackson and, 110, 111–117

Barkley, Alben, 302

Barnard, George, 157–158

Bartlett, Bruce, 391

Baruch, Bernard M., 241–242, 245, 312

Baruch, Hartwig, 242

Batchelor, Charles, 193

Bayer AG, 203

Bear Stearns, 434, 446, 447

Beatrice Foods, 366

Bechtel Corporation, 317

Beckwourth, Jim, 74

Belgium, 281–282

Bell, Alexander Graham, 204

Bell, Daniel W., 369

Bellamy, Edward, 179

Bell Labs, 192, 408, 414, 436–437

Belmont, August, 227

benefits.
See
employer-based benefits; social contract

Bennett, Harry, 261

Benton, Thomas Hart, 73, 116

Benton, William, 352

Benz, Karl, 191, 199

Berge, Wendell, 300

Berle, Adolf, 184, 213–214, 299, 302, 348, 350

Berlin, Irving, 325–326

Bernanke, Ben, 447

Bernays, Edward, 254

Berners-Lee, Tim, 419

Bessemer, Henry, 202

Bessemer steel process, 163, 202

bicycles, 200

Biddle, Nicholas, 71, 111–112, 114, 116, 117

Biddle, Thomas, 117

bimetallism, 37, 149, 183

birth control, 356

Bismarck, Otto von, 223, 237

Bituminous Coal Conservation Act, 346

Black, Hugo, 288

black codes, in South, 175–176

blacks, migration of, 260

Blackwood’s Magazine
, 123

Blanc, Honoré, 96

Blanchard, Thomas, 96–97

Blankfein, Lloyd, 435

Blinder, Alan, 448

Blue Eagle.
See
National Industrial Recovery Act (NIRA)

Boehm, Ludwig, 193

Bohr, Neils, 401

Bomford, George, 96

Bonaparte, Joseph, 67

Bonaventura, Rose, 322

Bond, Phineas, 40

Bonneville Dam, 312, 318, 338–339

“Bonus Army,” 283

Bosch, Carl, 202

Boston Manufacturing Company, 86

Boston Tea Party, 21–22

Boulton, Matthew, 79

Bracero Program, 324, 358

Brandeis, Louis, 182, 299

New Freedom and, 10

NIRA and, 293–294

Progressivism and, 228–229, 232, 286

Brave New World
(Huxley), 261

Brazil, 432, 459

Breadwinners, The
(Hay), 180

Bretton Woods, 368–369, 457.
See also
gold standard

Bretton Woods II, 429–431

Bridger, Jim, 74

Briggs, Lyman, 403

Brin, Sergei, 420

Britain

atomic bomb and, 403

Civil War and, 132–134

free trade and, 145–146

immigration policies in, 479–480

initial manufacturing superiority, 83–85, 99–104

jet engines and, 405

manufacturing capacity, after World War I, 263

mercantilist policies and, 100

nineteenth century social reforms, 224

nineteenth century US economic rivalry with, 206

railroads and, 154

telegraph and, 159

World War I and, 240, 264

Broadus, James, 209

Brougham, Henry, 101

Brown, E. Carey, 305

Brown, George and Herman, 285

Brown, Moses, 85

Brown, Walter Folger, 206

Brown and Root, 285, 316

Brush, Charles F., 194

Brush Electric Company, 194

Bryan, William Jennings

gold standard and, 149

political economy of, 180–182

as presidential nominee, 166, 222

T. Roosevelt on, 228

Bryce, James, 411

Buchanan, James, 149, 155

“Buckeye Bimetallism,” 149

Buckingham, J. S., 125

Budd, Alan, 386

Buffett, Warren, 443

buna rubber, 312–313

Burke, Edmund, 23–24

Burnham, James, 350, 351

Burr, Aaron, 42

Bush, George, H. W., 418

Bush, George W., 363, 448, 450, 457

Bush, Vannevar, 255, 397–398, 415, 416, 419, 462

biography, 400–402

information technology and, 399–400

jet engine and, 404–405

nuclear power and, 396–397

space program and, 406

Business Advisory Council (BAC), 301

Caesar’s Column
(Donnelly), 179

Cain, Louis P., 361

Calhoun, John C., 43, 108, 110

California, 318

California Rural Legal Assistance program (CRL), 358

Camden and Amboy Railroad, 91–92

Cameron, William J., 248

Campbell, George W., 71

Canada

banking system in, 166–167

economic growth of, 371

immigration and, 479–480

import substitution and, 146

World War I, 240

capitalism

developmental capitalism, 12–13, 15–17, 182, 224, 460

finance capitalism’s transition to managerial capitalism, 349–351

financial-market capitalism, 364, 436–440

welfare capitalism, 86, 260–261, 441

capital of United States, compromises about location of, 34

Cardozo, Benjamin, 229, 299

Carey, Henry C., 104–105, 144–145, 147, 148–149

Carey, Mathew, 104

Carnegie, Andrew, 13, 162–163, 173, 220, 227

Carnegie Steel, 220

Carroll, Charles, 92

Carson, Kit, 74

cartels, 215–216, 258–259.
See also
mergers

Edison and, 251

government-sponsored, 346–347, 361–362

oil industry, 161, 333–335

railroad, 154, 161

telegraph industry, 161

before World War I, 16

in World War II, 309

Carter, Jimmy, 11, 368, 457

dismantling of New Deal regulations, 362, 375, 380–381, 383, 390–391

catalytic cracking, 315

Catchings, Waddill, 273

CBS, 348

Cellar-Kefauver Act (1950), 349, 365

Central Pacific Railroad, 146, 151–153, 156

Central Valley Water Project, 338

Chamberlain, John, 352

Chandler, Alfred D. Jr., 221

Chaplin, Charlie, 261

Chapters of Erie
(Adams), 157–158

Charles River Bridge
case, 216

Chase, Salmon P., 138, 141, 165

Chase, Stuart, 277

Chavez, Cesar, 358

Chesapeake and Ohio Canal, 55–56, 59, 92–93

Cheves, Langdon, 71, 112

Chevron, 335

Chicago Rapid Transit Company (CRT), 250

Chicago School, 378

child and child-care tax credits, 442

Chile, 432

China

early trade with, 63–67, 68

economic growth of, 458–459

England and, 100

globalization and current-account deficits, 423, 428–433, 457–458

support of low-end industries, 86

Walmart and, 426

Choate, Rufus, 201

Christy, David, 126

Chrysler, 353–354, 448

Chungju Fertilizer Company, 374

Churchill, Winston, 288, 290

Cisternay du Fay, Charles-François, 190

Citibank, 434

Citigroup, 386, 437

Civil Aeronautics Board (CAB), 346–347, 383

Civilian Conservation Corps (CCC), 304

Civil Rights Act (1964), 357

civil rights era, 357–358

Civil War

CSA’s constitution and, 130–131

CSA’s reliance on agriculture and shunning of manufacturing, 8, 130–131, 132–134, 464

financing of, 134, 137–139, 145

gold-backed currency and repayment of debts of, 148–149

human costs of, 139

income tax and, 231

origins of, 81–82, 93, 127–128, 129–130

South’s shrunken wealth after, 174–175