The Invisible Handcuffs of Capitalism: How Market Tyranny Stifles the Economy by Stunting Workers (51 page)

64.
See J. Kagel, “Economics According to the Rats (and Pigeons Too): What Have We Learned and What Can We Hope to Learn?” in ed. A. Roth,
Laboratory Experimentation in Economics: Six Points of View
(Cambridge: Cambridge University Press, 1987), 99–130.

65.
Fernand Braudel,
The Perspective of the World,
Vol. 3,
Civilization and Capitalism: 15th–18th Century
(New York: Harper and Row, 1982).

66.
Karl Marx,
Contribution to the Critique of Political Economy
(New York: International Publishers, 1970), 158.

Abreu, José Antonio,
293

accidents, industrial,
59
,
112
,
113
,
237
–38

Adams, Henry,
64

Adams, John,
272

advertising,
55
,
210
,
249
–50,
274

agriculture,
170
,
249

division of labor and,
198

Industrial Revolution and,
141

protectionism and,
194

railroads and,
64
,
65

in Smith’s four stages,
156
,
157

airline disasters,
60
–61

Alwaleed Bin Talal Alsaud, Prince,
145

American Economic Association,
67
,
81
,
103
,
239
,
298

American Federation of Labor,
122
,
256

American Public Health Association,
58

Ames, Lord,
279

Anderson, Perry,
281

Aristotle,
213

artisans,
174
,
182

asset prices,
40
,
266
–67

AT&T,
31

automobile industry,
33
–36,
131
–32,
226
–28,
240
,
244
–45

Awakening Slave
(Michelangelo sculpture),
15

Babbage, Charles,
83
–84,
112
,
225

Bach, Johann Sebastian,
290

Bagehot, Walter,
72
–73

Bankers, The
(Mayer),
37

Bank for International Settlements,
42

banks,
37
–38,
44
,
64

Bartlett, Eric,
293
–94

Bayer CropScience Institute plant explosion,
59

Bearded Slave
(Michelangelo sculpture),
15
,
273
,
313

Bechtel corporation,
57

Becker, Gary,
305

Beethoven, Ludwig van,
290
,
293
,
295

behavioral economics,
85
–86,
104
–7

Bentham, Jeremy,
175

Berlin, Isaiah,
280
–81,
296

Bernstein, Jared,
51

Bhopal disaster,
59

Bhutan, kingdom of,
216
–17

Biden, Joseph,
51

Black-Scholes-Merton option-pricing model,
302

Blake, William,
32

Blincoe, Robert,
126
,
127
,
133

Braudel, Fernand,
311

Bretton Woods agreements,
144

Britain (England),
32
,
75
,
146
,
202

American Civil War and,
67

class warfare in,
190

colonialist policies,
151

disciplining of labor in,
53

empire of,
198

Industrial Revolution in,
141
,
171

landlords versus manufacturers in,
126

opium wars against China,
139

supervisory workers in,
254
.
See also
Scotland

British Association for the Advancement of Science,
72
,
74
,
129

British Factory Act (1833),
126
–27

Brown, John,
126

Bruni, Luigino,
214

Buchanan, James,
81
–82

Buffett, Warren,
45
,
259

bureaucracy,
226
–29,
231
–33,
247
–48,
254

Bureau of Labor Statistics,
110
,
128

Burke, Edmund,
16
,
22
,
272

Bush, George W.,
16
,
22
,
106
,
218
,
240

economic crisis and,
265

on public education spending,
249

rhetoric of freedom and,
272

Cannan, Edwin,
171

cannery industry,
92
–93

capabilities, human,
216
,
221

capital,
114
,
298

access to,
142

accumulation of,
98
,
141
,
305

capital goods,
90
,
92

classes and,
118
,
154

as factor of production,
11
,
69
–70,
108
,
109
,
130
,
230

Federal Reserve and,
44

GDP and,
211

mobility of,
144

productivity and,
130

railroads and,
64

as social relation,
223
.
See also
human capital

capital, labor’s relations with,
36
,
50
,
69
,
89
,
119

brewing conflict of nineteenth century,
63
–66

Smith’s view of,
192
–93,
197

Treaty of Detroit,
131
,
228

working conditions and,
96
.
See also
class divisions and conflict

capitalism,
56
,
162
,
270

bureaucracy and,
226

culture and,
311

depicted as harmonious system,
71

dys-functionality of,
52

economists critical of,
16

emergence from feudalism,
294

as eternal system,
271

exploitation and,
86

guard labor and,
256

in historical perspective,
273

inefficiency of,
15

invisible hand metaphor and,
10

iron cage metaphor and,
23

legitimacy of authority and,
36

organization of production by,
9

“penny capitalism,”
141
–42

Smith’s kindly picture of,
151

social democracy and,
181

stages in transition to,
158

workers’ potential constrained by,
12
,
19

Capital
(Marx),
66

“captains of industry,”
12

Card, David,
81
–82,
83
,
94
,
107

Carlisle, Lord,
171

Carlyle, Alexander,
167

Carnegie, Andrew,
89
,
122

Carney, Steve,
246

Carnot, Sadi,
248

Carron Company,
160
–62,
169
,
174
,
189

cartels,
68

cash registers,
259
–60

CEOs (chief executive officers),
102
,
174
,
232

corporate control and,
229

education of working class and,
114

leisure activities of,
300

rewarded for failure,
45
,
277
,
297

stock market and,
230

Wal-Mart,
30
.
See also
corporations

“Character and Qualifications of an Honest Merchant, The” (anonymous),
213

Cheney, Richard,
245

Cheung, Steven,
71

Chicago, University of,
57
,
81
,
149

behavioral economics and,
104
,
105

conservative perspective of,
45

economics department,
98

school of economics associated with,
56
,
80
,
82
–83,
117
–18

children,
46
,
87

effects of poverty on,
52

excessive working hours of parents and,
124

in factories,
70
–71,
125
–27,
133

failed education system and,
248
–49

Chile, economy of,
99

China,
71
,
110
,
139
,
212
,
215

Circuit City,
232

Citibank/Citicorp,
44
,
143
,
144
–45,
147

Civil War,
67
,
157
,
291

Clapham, John H.,
162

Clark, John Bates,
81

class divisions and conflict,
42
,
43
,
181
,
189
–90,
221

absent from Smith’s theory,
150
,
151
,
159
–60,
173

destructiveness of,
225

division of labor and,
168
,
177

meritocracy and,
276
–80

Clinton, Bill,
132

Coats, Robert,
163

Cold War,
228
,
257

colonialism,
151

Commercial and Financial Chronicle,
134

commercial transactions (buying and selling),
11
,
221