The Invisible Handcuffs of Capitalism: How Market Tyranny Stifles the Economy by Stunting Workers (52 page)

in GDP,
19

government spending and,
14

imaginary,
199

individualism and,
175

measurement of national income and,
203

women in labor force and,
207

commodities,
31
,
56
,
108
,
112
,
159

accumulation of,
119

circulation of,
63

consumers/consumption and,
55
,
70
,
275

division of labor and,
167

guard labor and,
252
,
260

labor as standard of value and,
62

market valuation of,
203

medical care as commodity,
120

packaging of,
210
,
252
–53

slave economy in South and,
141

utility and,
71
,
117
,
209

workers’ skills as,
11

Communication Workers of America (CWA),
246

Communist Manifesto
(Marx and Engels),
142

commuting, time and cost of,
60
–61,
210
–11,
212
,
221

conductors, orchestral,
289
–96

conservatives,
39
,
86
,
106

consumers/consumption,
55
–56,
274
–75,
309

debt and,
50

disappearance of classes and,
118

downward mobility and,
46

in economic theory,
68
–72,
95

as form of capital,
305

frivolity of,
120
–22

guard labor and,
253

habits of the poor,
86

happiness and,
220

quality of service,
208
–9

utility and,
33
,
85
,
147

value and,
194

Contemporary Socialism
(Rae),
67

Continental Connection flight 3407 disaster,
60
–61

corporations,
29
–30,
33
,
45
,
102

bureaucracy of,
226

“Electronic Herd” and,
143

financial interests in control of,
229
–33

GDP measurements
and,
209
.
See also
CEOs (chief executive officers)

Council of Economic Advisors,
40

Cox, James D.,
92
–93

Cox, W. Michael,
124
–25

credit,
38

crises, economic,
10
,
45
,
49
,
72
,
111

Asian currency crisis (1998),
146

pensions decimated by,
126

Crooked Timber of Humanity, The
(Berlin),
280
,
281

Cuba,
217
–18

cycles, economic,
131

death, in workplace,
26
,
31
,
57
–58,
105
,
106

debt, consumer,
50
,
265

debt, national,
44
,
139

deflation,
62

DeLorean, John,
227

Delta Airlines,
111

democracy,
22
,
139
,
272
,
291
–94

Democratic Party,
107

Department of Labor, U.S.,
249
–50,
251
,
253

depressions,
42
,
118
,
131
,
134
–35,
283
,
310
.
See also
Great Depression

Dickens, Edwin,
41

dignity, as factor of production,
307
–8

Dingell, John,
145

discipline, market,
154
,
233
,
280

authoritarian control and,
242

class differences and,
297
–98

on international scale,
137

lethal costs of,
51
–54

military discipline and,
183
–87,
255
–56

prosperity at odds with,
134

religion and,
187
–88

diseases, in workplace,
26
,
58

division of labor,
164
,
165
,
166
,
171
,
179
,
197

agriculture and,
198

class conflict and,
168
,
177

Ferguson’s critique of,
167
–68

production process and,
173

rigid control and,
235
–36

Smith’s critique of,
184
–85,
189

Dockwra copper works,
169

dot-com bubble,
47

Dow Jones average,
211

downsizing,
31

Dudamel, Gustavo,
295
–96

Dundas, Henry,
172

Dyson, Freeman,
176

Eastern Airlines,
245

East India Company,
151

economic growth,
47
,
221

Federal Reserve and,
38
–39,
42

inflation and,
41

Keynes’s view of,
283
–84

metaphors for,
103

Economic Journal,
284

“Economic Possibilities for Our Grandchildren” (Keynes),
282
,
284

economics, mainstream,
10
,
13

consumerism and,
68
–72,
118
–19

dogmatism of,
14

ideological victory of,
11

international trade and,
138

macroeconomics,
16
,
205

Marx’s challenge to,
66
–68

Newtonian method and,
196
–97

psychology and,
87
–88

rationality as central assumption of,
85
–86,
90
,
105

rebranding of,
76
–78

science and,
55
,
73
–74.
See also
political economy

Economics of Industry, The
(Marshall),
75

Economist, The
(journal),
72
,
86
,
293

economists,
9
–10,
311

Anglo-Saxon/European split among,
73
,
197
,
213
–14,
216

behavioral,
85
–86,
104
–7

coercive aspect of market and,
24
–26,
61

early primacy of labor in thinking of,
61
–63

GDP and,
205
–6

human
capital and,
303

length of working day and,
122
–25

marginalized critical minority among,
14
,
16

micro-foundations and,
80
,
83
,
117

narrow framework of debate among,
13
–14

scientific pretensions of,
74
–76,
78
–79,
85
,
95
,
128
–29,
214
,
312

self-congratulation of,
78
–83

selfish behavior of,
240

work and working conditions ignored by,
54
,
55
–59,
122

Edgeworth, Francis Ysidro,
24

efficiency, markets’ claim to,
16
,
27
,
79
,
83
,
90
,
297

allocative efficiency,
99

asset prices and,
266

business cycles and,
131
,
235

command-and-control system and,
259

corporate hierarchy and,
234

GDP and,
205
,
208

household work and,
208

layoffs of workers and,
232

meritocracy and,
36

monopolies and,
100

penny capitalism and,
142

prosperity and,
130

Smith’s pin factory and,
169

unions and,
91

waste and,
248
–49

Eisner, Robert,
207
,
211

“Electronic Herd,”
143
,
145
,
146
–47

Emerson, Harrington,
245

England.
See
Britain (England) environmental protection,
29
,
312

Essay on the History of Civil Society, An
(Ferguson),
167

eudaimonia
(“human flourishing”),
213
–17

European Union,
145

exploitation,
71
,
86

Exxon,
230
–31

farm work, gardening versus,
298
–300

Fast Food Nation
(Schlosser),
110

Federal Reserve,
17
,
37
–39,
144
,
266

as bureaucracy,
233

class warfare policies of,
43
–44

disciplining of workers and,
39
–41

economic instability and,
263
–64

“Electronic Herd” and,
145

Great Depresssion and,
261
,
263
,
264

interest rates increased by,
139

monetarism and,
262
–63

Open Market Committee,
38
,
39
,
41
,
49

traumatized worker and,
49
–50,
260

unemployment engineered by,
41
–42,
306