The Invisible Handcuffs of Capitalism: How Market Tyranny Stifles the Economy by Stunting Workers (44 page)

3.
LeRoy,
The Great American Jobs Scam.

4.
Greg LeRoy,
No More Candy Store: States and Cities Making Job Subsidies Accountable
(Chicago and Washington D.C.: Federation for Industrial Retention and Renewal, 1994); Robert Guskind, “Dead before Arrival,”
National Journal
, Vol. 25, No. 20 (May 15, 1993): 1171–75.

5.
“Northwest Advised Workers to See Treasure in Trash,”
Reuters,
August 15, 2006.

6.
Abigail Goldman and Nancy Cleeland, “The Wal-Mart Effect” (first of three-part series),
Los Angeles Times,
November 23, 2003; cited in Holly Sklar and Paul Sherry,
A Just Minimum Wage: Good for Workers, Business and Our Future
(American Friends Service Committee/National Council of Churches, 2005).

7.
George Miller, “Everyday Low Wages: The Hidden Price We All Pay for Wal-Mart’s Labor Record,” Committee on Education and the Workforce, U.S. House of Representatives, February 16, 2004.

8.
President of the United States,
Economic Report of the President
(Washington, D.C.: U.S. Government Printing Office, 2008), Table B-47, 282.

9.
G. Pascal Zachary, “Study Predicts Rising Global Joblessness,”
Wall Street Journal,
February 22, 1995, A 2; see also William Bridges,
Job Shift: How to Prosper in a Workplace without Jobs
(New York: Addison-Wesley, 1994); and “The End of the Job,”
Fortune
, September 19, 1994.

10.
Edmund L. Andrews, “Don’t Go Away Mad, Just Go Away; Can AT&T Be the Nice Guy as It Cuts 40,000 Jobs?,”
New York Times,
February 13, 1996, D 1.

11.
Cited in Keith Thomas, “Work and Leisure,”
Past and Present
, No. 29 (December 1964): 63; see also H. Wilensky, “The Uneven Distribution of Leisure: The Impact of Economic Growth on ‘Free Time’,”
Social Problems
, Vol. 9 (1961): 35–56.

12.
Karl Kautsky,
The Agrarian Question
, tr. Pete Burgess (1899; London: Zwan, 1988), 107.

13.
Bill Watson, “Counter-Planning on the Shop Floor,”
Radical America
, Vol. 5, No. 3 (May–June 1971): 76–77,
http://www.zabalaza.net/pdfs/varpams/counterplanningontheshopfloor.pdf
.

14.
Ibid., 80.

15.
Ibid., 80–81.

16.
James P. Womack, Daniel T. Jones, and Daniel Roos,
The Machine that Changed the World: The Story of Lean Production
(New York: Harper Perennial, 1990), 57.

17.
Niccolo Machiavelli,
The Prince,
ed. Peter Bondanella (New York: Oxford University Press, 1984), 59.

18.
Martin Mayer,
The Bankers
(New York: Ballantine, 1976), 410–11.

19.
See Joseph Stiglitz,
The Roaring Nineties: A New History of the World’s Most Prosperous Decade
(New York: W. W. Norton, 2004), 81.

20.
Bob Woodward,
Maestro: Greenspan’s Fed and the American Boom
(New York: Simon & Schuster, 2000).

21.
Paul Volcker, Chairman of the Board of Governors of the Federal Reserve System, “Testimony before the Committee on Banking, Finance and Urban Affairs of the U.S. House of Representatives, 21 July 1981,”
Federal Reserve Bulletin
, Vol. 67, No. 8 (August 1981): 614; and “Testimony before the Joint Economic Committee, 26 January 1982,”
Federal Reserve Bulletin
, Vol. 68, No. 2 (February 1982): 89.

22.
Herbert Stein,
Presidential Economics: The Making of Economic Policy from Roosevelt to Reagan and Beyond
(New York: Simon and Schuster, 1984), 149; also cited in Ann May and Randy Grant, “Class Conflict, Corporate Power, and Macroeconomic Policy: The Impact of Inflation in the Postwar Period,”
Journal of Economic Issues
, Vol. 25, No. 2 (June 1991): 373.

23.
David Ricardo, “Letter to the Editor,”
Morning Chronicle,
September 6, 1810; reprinted in ed. Piero Sraffa,
The Works and Correspondence of David Ricardo
, Vol. 3,
Pamphlets and Papers, 1809–1811
(Cambridge: Cambridge University Press, 1951), 136.

24.
George Akerlof, William Dickens, and George Perry, “The Macroeconomics of Low Inflation,”
Brookings Papers on Economic Activity
, No. 1 (1996): 1–60.

25.
See May and Grant, “Class Conflict, Corporate Power, and Macroeconomic Policy.”

26.
Edwin Dickens, “The Great Inflation and U.S. Monetary Policy in the Late 1960s: A Political Economy Approach,”
Social Concept
, Vol. 9, No. 1 (July 1995): 49–82; and “The Federal Reserve’s Tight Monetary Policy During the 1973–75 Recession: A Survey of Possible Interpretations,”
The Review of Radical Political Economics
, Vol. 29, No. 3 (Summer 1997): 79–91.

27.
James K. Galbraith, Olivier Giovannoni, and Ann J. Russo, “The Fed’s Real Reaction Function: Monetary Policy, Inflation, Unemployment, Inequality, and Presidential Politics,” Levy Economics Institute Working Paper, No. 511 (August 2007),
http://www.levy.org/pubs/wp_511.pdf
.

28.
Valerie Cerra and Sweta Chaman Saxena, “Growth Dynamics: The Myth of Economic Recovery,”
American Economic Review
, Vol. 98, No. 1 (March 2008): 439–57.

29.
John Maynard Keynes, “The Economic Consequences of Mr. Churchill,” in
The Collected Works of John Maynard Keynes
, Vol. 9,
Essays in Persuasion
, ed. Donald Moggridge (London: Macmillan, 1972), 218.

30.
Ibid., 211.

31.
Ibid., 218.

32.
Wall Street Journal
, October 9, 1979.

33.
George Melloan, “Some Reflections on My 32 Years with Bartley,”
Wall Street Journal,
December 16, 2003.

34.
William Greider,
Secrets of the Temple
(New York: Simon and Schuster, 1987), 429.

35.
Michael Mussa, “U.S. Monetary Policy in the 1980s” in ed. Martin Feldstein,
American Economic Policy in the 1980s
(Chicago: University of Chicago Press, 1994), 81, 112.

36.
Louis Uchitelle, “Advocate of Paying Chiefs Well Revises Thinking,”
New York Times,
September 28, 2007.

37.
Warren Buffett, “Annual Letter to the Shareholders of Berkshire Hathaway Inc.” (2005),
http://www.berkshirehathaway.com/letters/2005ltr.pdf
.

38.
Walter Hamilton and Kathy M. Kristof, “Merrill Lynch Chief Resigns,”
Los Angeles Times,
October 31, 2007.

39.
Harry G. Johnson, “Problems of Efficiency in Monetary Management,”
Journal of Political Economy
, Vol. 76, No. 5 (September 1968): 986.

40.
Andrew Clark and James Oswald, “Unhappiness and Unemployment,”
The Economic Journal
, Vol. 104, No. 424 (May 1994): 658.

41.
Richard Layard,
Lessons from a New Science
(New York: Penguin Press 2005), 67.

42.
George Orwell, “Looking Back on the Spanish War,” in
The Collected
Essays, Journalism and Letters,
Vol. 2,
My Country Right or Left, 1940–1943
(New York: Harcourt Brace and World, 1968), 265.

43.
Woodward,
Maestro
, 163.

44.
Alan Greenspan, “Testimony Before the Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services House of Representatives,” March 5, 1997,
http://commdocs.house.gov/committees/bank/hba38677.000/hba38677_0f.htm
.

45.
Ibid., 254.

46.
Greenspan, “The Interaction of Education and Economic Change: Address to the 81st Annual Meeting of the American Council on Education,” Washington, D.C., February 16, 1999.

47.
Governor Edward W. Kelley, Jr., “Federal Open Market Committee Meeting Transcripts,” August 22, 1995,
http://www.federalreserve.gov/FOMC/transcripts/1995/950822Meeting.pdf
.

48.
Paul Samuelson and William D. Nordhaus,
Macroeconomics
, 16th ed. (New York: McGraw Hill, 1998), 36.

49.
United States Department of Labor, Bureau of Labor Statistics,
Major Work Stoppages in 2007,
http://www.bls.gov/news.release/pdf/wkstp.pdf
.

50.
Derek Rucker and Adam Galinsky, “Desire to Acquire: Powerlessness and Compensatory Consumption,”
Journal of Consumer Research
, Vol. 35, No. 2 (August 2008): 257.

51.
Jared Bernstein,
All Together Now: Common Sense for a Fair Economy
(San Francisco, CA: Berrett-Koehler, 2006).

52.
Audrey Laporte, “Do Economic Cycles Have a Permanent Effect on Population Health? Revisiting the Brenner Hypothesis,”
Health Economics
, Vol. 13 (August 2004): 767–79.

53.
Daniel Sullivan and von Wachter, “Mortality, Mass-Layoffs, and Career Outcomes: An Analysis Using Administrative Data,” National Bureau of Economic Research, Working Paper No. 13626, 2007.

54.
Richard G. Wilkinson,
Unhealthy Societies: The Afflictions of Inequality
(London: Routledge, 1997).

55.
Robert Sanders, “EEGs Show Brain Differences Between Poor and Rich Kids,” December 2008,
http://www.berkeley.edu/news/media/releases/2008/12/02_cortex.shtml
; Mark M. Kishiyama et al., “Socioeconomic Disparities Affect Prefrontal Function in Children,”
Journal of Cognitive Neuroscience
, Vol. 21, No. 6 (June 2009): 1106–1115.

56.
Greg Ip, “His Legacy Tarnished, Greenspan Goes on Defensive,”
Wall Street Journal,
April 8, 2008.

57.
Karl Marx,
Capital
, Vol. 1 (New York: Vintage, 1977), 896ff.

1.
Lionel Charles Robbins,
An Essay on the Nature and Significance of Economic Science
, 2nd ed. (London, Macmillan, 1969), 1, 65.

2.
Frank Knight, “Cost of Production and Price Over Long and Short Periods,”
Journal of Political Economy
, Vol. 29, No. 4 (April 1921): 73.

3.
Marc Linder,
Labor Statistics and Class Struggle
(New York: International Publishers 1994), 57; citing United States House of Representatives,
Occupational Safety and Health Act of 1969: Hearings before the Select Subcommittee on Labor of the House Committee on Education and Labor
, 91st Congress, 1st Session, 1969, 112.

4.
Centers for Disease Control, “Nonfatal Occupational Injuries and Illnesses among Workers Treated in Hospital Emergency Departments–United States, 2003,” April 28, 2006,
http://www.cdc.gov/mmwr/preview/mmwrhtml/mm5516a2.htm
; “Workers’ Memorial Day,” April 28, 2008,
http://www.cdc.gov/Features/WorkersMemorialDay
.

5.
Centers for Disease Control, “Workers’ Memorial Day”; J Paul Leigh et al., “Occupational Injury and Illness in the United States: Estimates of Costs, Morbidity and Mortality,”
Archives of Internal Medicine
, Vol. 167 (July 1997): 1557–68.

6.
Kris Maher, “Black Lung on Rise in Mines, Reversing Trend,”
Wall Street Journal,
December 15, 2009, A 5.

7.
Philip J. Landrigan, “Commentary: Environmental Disease—A Preventable Epidemic,”
American Journal of Public Health
, Vol. 82, No. 7 (July 1992): 941–43.

8.
Centers for Occupational and Environmental Health,
Green Chemistry: Cornerstone to a Sustainable California
, University of California, 2008,
http://coeh.berkeley.edu/docs/news/green_chem_brief.pdf
.

9.
David Barstow, “U.S. Rarely Seeks Charges for Deaths in Workplace,”
New York Times,
December 22, 2003.

10.
David Uhlmann, “The Working Wounded,”
New York Times
, May 27, 2008.

11.
David Barstow and Lowell Bergman, “At a Texas Foundry, an Indifference to Life,”
New York Times
, January 8, 2003.

12.
Kenneth D. Rosenman et al., “How Much Work-Related Injury and Illness Is Missed by the Current National Surveillance System?,”
Journal of Occupational and Environmental Medicine
. Vol. 48, No. 4 (April 2006): 357–65.