How So-called Experts Mislead Us about



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7. Blinder, op. cit., pp.45ff, 77ff.

8. “Falling Wages, Failing Policy” by Lester Thurow, Dollars and Sense, Sep./Oct. 1996.

9. “Why We Can Grow Faster” by Barry Bluestone and Bennett Harrison, The American Prospect, Sep.-Oct. 1997.

10. Reich, Robert B., Locked in the Cabinet (New York: Alfred A. Knopf, 1997), pp.78ff (entry for Mar. 9, 1993).

11. Quirk and Bridwell, op. cit., pp.158ff.

12. Associated Press, Jun. 17, 1998.

13.U.S. President, Weekly Compilation of Presidential Documents, vol. 10, no. 41, p.1247.

14. Blinder, op. cit, pp.45ff.

15. Blinder, op. cit., p.49.

16. Eisner, Robert, The Misunderstood Economy: What Counts and How to Count It (Boston: Harvard Business School Press, 1994), pp.146-147, pp.152-153.

17. Blinder, op. cit., pp.54ff.

18. “The Inflated Case against the CPI” by Dean Baker, The American Prospect, Winter 1996.

19. “Consumer Price Index needs change: The elderly will just have to swallow the facts” by Marilyn Geewax, Cox News Service, in Greensboro News & Record, Mar. 17, 1997.

20. Phillips (1993), op. cit., pp.144ff.

21. Galbraith, John Kenneth, The Affluent Society: Third Edition, Revised (Boston: Houghton Mifflin Co., 1976), pp.177ff,199ff.

22. Quirk and Bridwell, op. cit., pp.107ff.

23. Ibid.

24. “The Anti-Child Support Act” by Robert Weissman, Multinational Monitor, March 1998, pp.7-8.

25. Associated Press, Apr. 7, 1998.

26. “Size no sin, but let banks be banks” by William Safire, New York Times News Service, in Greensboro (NC) News & Record, Apr. 17, 1998, p.A15.

27. Associated Press, May 5, 1998.

28. Associated Press, Apr. 14, 1998.

29. Brockway (1985), op. cit., pp.190ff.

30. Transformation of the US Banking Industry: What a Long, Strange Trip It's Been, quoted in “The Making of the Banking Behemoths” by Jake Lewis, Multinational Monitor, June 1996.

31. “The Making of the Banking Behemoths” by Jake Lewis, Multinational Monitor, June 1996.

32. Quirk and Bridwell, op. cit., pp.88ff, 92ff, 107ff.

33. Quirk and Bridwell, op. cit., pp.158ff, 174ff.

34. Phillips (1990), op. cit., pp.96ff.

35. Quirk and Bridwell, op. cit., pp.158ff, 174ff.

36. Phillips (1993), op. cit., pp.186ff.

37. Mayer, Martin, The Greatest Ever Bank Robbery (New York: Scribners, 1990).

38. Quirk and Bridwell, op. cit., pp.174ff.

39. Johnson (1991), op. cit., pp.434ff.

40. Phillips (1993), op. cit., pp.186ff.

41. Quirk and Bridwell, op. cit., pp.177ff.

42. “Every Good Boy Deserves Favor” by Jonathan Kwitny, Village Voice, Oct. 20, 1992, pp.31ff; and Phillips, Kevin, Arrogant Capital (Boston: Little, Brown and Company, 1994), pp.100ff. See also: Wilmsen, Steven K., Silverado: Neil Bush and the Savings & Loan Scandal (1991).

43. Quirk and Bridwell, op. cit., pp.174ff.

44. Phillips (1994), op. cit., pp.93ff.

45. Korten, David C, When Corporations Rule the World (West Hartford, CT: Kumarian Press, 1995), pp.103ff.

46. “Sustaining Unsustainable Development” by Corinne Drumheller, Multinational Monitor, Dec. 1995.

47. Krugman, Paul R., Pop Internationalism (Cambridge, MA: MIT Press, 1996), pp.130ff [originally in his March 1993 Mexico City speech].

48. Book Notes: Masters of Illusion: The World Bank and the Poverty of Nations by Catherine Caulfield (New York: Henry Holt & Co., 1997), in Multinational Monitor, April 1997.

49. Rich, Bruce, Mortgaging the Earth: The World Bank, Environmental Impoverishment, and the Crisis of Development (Boston: Beacon Press, 1994), p.156.

50. “Challenging the New Imperial Authority: The World Bank and the Democratization of Development” by Jonathan Cahn, Harvard Human Rights Journal, 6 (1993):160.

51. “Reining in the IMF: The Case for Denying the IMF New Funding and Power” by Marijke Torfs, Multinational Monitor, Jan./Feb. 1998.

52. “International Monetary Fund 101” (an interview with Friends of the Earth), Multinational Monitor, Jan./Feb. 1998, p.27.

53. Korten, op. cit., pp.104ff.

54. Korten, op. cit., pp.160ff, citing “The Many Faces of Adjustment,” by Francis Stewart, World Development, 19, no. 12 (Dec. 1991): 1851.

55. “Up Against the `Death Plan': Haitians Resist U.S. Imposed Economic Restructuring” by Marie Kennedy and Chris Tilly, Dollars and Sense, Mar./Apr. 1996.

56. “International Monetary Fund 101” (an interview with Friends of the Earth), Multinational Monitor, Jan./Feb. 1998, p.27.

57. Associated Press, Apr. 26, 1997.

58. Korten, op. cit., pp.48ff, citing Francis Stewart, “The Many Faces of Adjustment,” World Development, 19, no. 12, and Multinational Monitor, July/Aug 1993, 20-22.

59. Korten, op. cit., pp.48ff.

60. Brockway (1985), op. cit., pp.183-184.

61. Barry, Tom, Zapata’s Revenge: Free Trade and the Farm Crisis in Mexico (Boston: South End Press, 1995), reviewed by Andrew Wheat in Multinational Monitor, Jan. Feb. 1996.

62. “A People Dammed: The Chixoy Dam, Guatemalan Massacres and the World Bank” by Matt Pacenza, Multinational Monitor, Jul./Aug. 1996.

63. “Strangling Mozambique: International Monetary Fund ‘Stabilization’ in the World’s Poorest Country” by Joseph Hanlon, Multinational Monitor, Jul./Aug. 1996.

64. “Making the Earth Rumble: The Lesotho South African Water Connection” by Korinna Horta, Multinational Monitor, May 1996.

65. Korten, op. cit., pp.160ff.

66. “World Bank Brownout” by Pratap Chatterjee, Multinational Monitor, Dec. 1995.

67. “Sustaining Unsustainable Development” by Corinne Drumheller, Multinational Monitor, Dec. 1995.

68. Chun Doo hwan and Roh Tae woo, according to New York Times News Service, Dec. 21, 1997.

69. “Behind the Lines: Corporate Crime Amnesty,” Multinational Monitor, October 1997.

70. Associated Press, Dec. 25, 1997.

71. “Reining in the IMF: The Case for Denying the IMF New Funding and Power” by Marijke Torfs, Multinational Monitor, Jan./Feb. 1998.

72. No Jobs Here: World Bank and IMF Policies Hurt Workers at Home and Abroad by John Cavanaugh, Sarah Anderson, and Jill Pike (Institute for Policy Studies, 1994), reviewed in Dollars and Sense, Jan./Feb. 1995.

PART FIVE: CORPORATIONS RULE THE WORLD
1. Korten (1995), op. cit., citing Peter Thompson, “Bilderberg and the West,” in Holly Sklar (ed.), Trilateralism: The Trilateral Commission and Elite Planning for World Management (Boston: South End Press, 1980), p.157.

2. Hawken, Paul, The Ecology of Commerce: A Declaration of Sustainability (New York: Harper Business, 1993), p. 92.

3. “US Companies Use Affiliates Abroad to Skirt Sanctions,” NY Times, Dec. 27, 1993, pp. A 1, D 3.

4. “Multinationals’ Spreading Tentacles” by Chakravarthi Ragavan, Multinational Monitor, Mar. 1996.

5. “When Corporations Rule the World: An Interview with David Korten,” Multinational Monitor, Jan./Feb. 1996.

6. Korten (1995), op. cit., pp.40ff.

7. Korten (1995), op. cit., pp.44ff

8. Quoted by Robert Kuttner, “Taking Care of Business,” The American Prospect, Jul. Aug. 1996, p. 6.

9. Korten (1995), op. cit., p.286.

10. Associated Press, May 15, 1997.

11. “1995's 10 Worst Corporations” by Russell Mokhiber & Andrew Wheat, Multinational Monitor, Dec. 1995.

12. As quoted in Harvey Wasserman, America Born & Reborn (New York: Collier Books, 1983), pp.89-90.

13. As quoted in Wasserman, op. cit., p.291.

14. Grossman, Richard L. and Frank T. Adams, Taking Care of Business: Citizenship and the Charter of Incorporation (Cambridge, MA: Charter, Ink, 1993), p.21.

15. Grossman and Adams, op. cit., pp.18-20.

16. Korten (1995), op. cit., pp.141ff.

17. Associated Press, Dec. 18, 1997.

18. Associated Press (Jonathan D. Salant), July 8, 1998.

19. Associated Press, Feb. 1, 1998.

20. Smith, Adam, The Wealth of Nations (1776), Modern Library 1937 edition, p.128.

21. “America’s Real Farm Problem: It Can Be Solved,” by Byron Dorgan, The Washington Monthly, April 1983.

22. Florida, Richard and Martin Kenney, The Breakthrough Illusion: Corporate America's Failure to Move from Innovation to Mass Production (Basic Books), 1990, pp.49ff.

23. Dye, Thomas R., Who's Running America? The Conservative Years (Fourth Edition), (Englewood Cliffs, NJ: Prentice Hall), 1986, p.16.

24. Johnson, Haynes, Sleepwalking Through History America in the Reagan Years (New York: W. W. Norton & Co., 1991), p.220.

25. Associated Press, Oct. 8, 1997.

26. “Merger frenzy has adverse effects,” by Prof.. Thomas Leary, in Greensboro (NC) News & Record, Dec. 21, 1997.

27. Chicago Tribune editorial quoted in Greensboro (NC) News & Record, Sept. 23, 1998, p.A-11, “ADM executives are guilty of price fixing.”

28. Associated Press, Jun. 17, 1998.

29. “Buying sprees shadow TV stations” by Andy Morrissey, in High Point (NC) Enterprise, Mar. 9, 1998, p.B 1.

30. Associated Press, May 11, 1998.

31. Associated Press, Dec. 16, 1996.

32. “Raid of the Privateers: Saving Their Assets: How to Stop Plunder at Blue Cross and Other Nonprofits” by Judith E. Bell in The American Prospect, May June 1996.

33. “An Unhealthy Merger Policy” by Patrick Bond, Multinational Monitor, Jun. 1996.

34. “The Fraud Epidemic” by John Bermingham, Multinational Monitor, Jul./Aug. 1997, pp.6-7.

35. High Point (NC) Enterprise , Jul. 2, 1997, p.7A.

36. Dye, op. cit., p.93.

37. Associated Press, Oct. 28, 1998. The 1996 Supreme Court case was Brown v. Pro Football Inc. The 1998 law was titled the Curt Flood Act for the St. Louis Cardinals player who refused to be traded to the Philadelphia Phillies in 1970 and lost his case in the Supreme Court in 1972.

38. Korten (1995), op. cit., p.317.

39. “Who Governs Globalism” by William Greider, The American Prospect, Jan. Feb. 1997.

40. Korten (1995), op. cit., p.128.

41. Thurow, Lester C., The Future of Capitalism: How Today's Economic Forces Shape Tomorrow’s World (New York: William Morrow and Company, Inc., 1996), p.205.

42. Phillips (1990), op. cit., pp.128ff.

43. Tolchin, Martin and Susan, Buying into America: How Foreign Money is Changing the Face of Our Nation (New York: Times Books, 1988), p.194.

44. Slavin, op. cit., pp.685ff.

45. Phillips (1990), op. cit., pp.141ff.

46. Eisner, op. cit., pp.80-82.

47. 1996 World Almanac, p.124.

48. Associated Press, May 11, 1998.

49. Associated Press, Aug. 12, 1998.

50. Korten, op. cit., pp.128ff.

51. Los Angeles Times editorial, Aug. 8, 1997.

52. “The New China Lobby” by Robert Dreyfuss, The American Prospect, Jan. Feb. 1997.

53. “Breaching the Great Wall” by Chalmers Johnson, The American Prospect, Jan. Feb. 1997.

54. Florida, Richard and Martin Kenney, op. cit, pp.4ff..

55. “Who Governs Globalism” by William Greider, The American Prospect, Jan. Feb. 1997.

56. “The Downside of Development” by Andrew Cohen, The Nation, Nov. 4, 1991, pp.544-46.

57. Korten (1995), op. cit., pp.128ff.

58. “Another NAFTA Nightmare” by Robert Weissman, Multinational Monitor, Oct. 1996.

59. “The Case for Conditional Free Trade: The Real China Question” by Greg Mastel, The American Prospect, Jul. Aug. 1997.

60. Hawken, Paul, The Ecology of Commerce: A Declaration of Sustainability (New York: Harper Business, 1993), pp.99-100.

61. Public Citizen, Nov. Dec. 1996, p.13.

62. “The WTO Strikes” (Editorial), Multinational Monitor, Jan. Feb. 1996.

63. “Trade Body Threatens Democracy” by Chris McGinn, Public Citizen News, Jan. Feb. 1998.

64. “Attempted censorship threatens consumer labelling,” Public Citizen, Fall 1996, p.6.

65. Hilliard, Tom, Trade Advisory Committees: Privileged Access for Polluters (Washington, DC: Public Citizen's Congress Watch, 1991).

66. Korten, op. cit., pp.174ff.

67. Wolman, William, and Anne Colamosca, The Judas Economy: The Triumph of Capital and the Betrayal of Work (Boston: Addison Wesley, 1997), pp.44ff, 88ff.

68. Brown, Charles, James Hamilton, and James Medoff, Employers Large and Small (Cambridge, Mass.: Harvard University Press, 1990), p.25.

69. “Big Winner from Plunge in Sterling,” New York Times, Oct. 27, 1992, p.D 9.

70. Korten, op. cit., p.202.

71. Phillips (1990), op. cit., pp.119ff.

72. Wolman and Colamosca, op. cit., pp.121-122.

73. Thurow, op. cit. (1996), pp.7ff..

74. “Congress slouches toward campaign reform” (editorial), New York Times, Apr. 23, 1998.

75. Phillips, Kevin, Arrogant Capital (Boston: Little, Brown and Company, 1994), pp.185ff.

76. Associated Press, Apr. 23, 1998.

77. Chase, Stuart, The Economy of Abundance (Port Washington, N.Y., Kennikat Press, 1934, reissued 1971), pp.257ff.

78. Quirk and Bridwell, op. cit., pp.436ff.

79. Eisner, op. cit., pp.210-213.

80. Phillips, Kevin, op. cit. (1994), pp.185ff.

81. Kuttner, Robert, Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997), pp.107-109.

82. Kuttner, Robert, op. cit., pp. 107-109.

83. Phillips, Kevin, op. cit. (1994), pp.185ff.

84. Thurow, Lester C., op. cit. (1996), p.138.






INDEX


abundance 141

acquisitions 216, 217, 218

advisory committees 243

Aetna 219

affluent society 146, 147

Agency for International Development 189, 190

air traffic controllers 145

airlines 94

AirTran 94

Allende Gossens, Salvador 153

American Association of Retired Persons 116

American College of Surgeons 135

American Hospital Association 131

American Medical Association 130, 131

American Medical Association 208

Amway Corporation 208

antitrust 98, 106, 169, 214, 217, 222

Archer Daniels Midland Co. (ADM) 219

artificial growth hormones 242

Asian Development Bank 196, 248

Asian financial crisis 195

assault weapons 102

auditing firms 220

bailout 181, 182

balance of trade 229, 232

Balanced Budget Amendment 27

Baltimore 117

bananas 242

Bangkok 189

bank concentration 173

bank failures 172

bank mergers 173

bankruptcies 87, 169

banks 168

Bartik 90

baseball 224

Bell Atlantic 208, 222

Bertelsmann AG 222

Bilderberg 198

Blair, Tony 110, 156

Blinder, Alan S. 26, 49, 50, 51

block grants 89

blood donors 116

Blue Cross/Blue Shield 118

bracket creep 55

Brazil 163, 191

Britain 110, 111, 127, 130

British Petroleum 234

British Rail 110

broadcasting 221, 252

Brockway, George P. 139, 191

Brzezinski, Zbigniew 199

Buchanan, Pat 255

budget balancing 24, 111

Bundesbank 156

Burma 242

Bush, Neil 181

Bush, Pres. George 28, 29, 54, 97, 175, 181, 199

California 119, 120

campaign contributions 183

campaign finance reform 252

Canada 238

capital gains 62, 68, 102

capital losses 63

capitalism 81, 128, 129

Carter, Pres. Jimmy 17, 25, 49, 94, 95, 133, 144, 199

Cato Institute 126

Cavanaugh 3, 31, 34, 37

Center for Responsive Politics 131

charitable contributions 74

Chase, Stuart 142

chief executive officers 79

Chile 126, 154

Chilkanand 196

China 229, 235

Civil Aeronautics Board 93

class warfare 77

Clayton Antitrust Act 215

Clean Air Act 241

Clean Water Act 101

Clearcut Rider 101

Clinton health-care plan 123, 131

Clinton, Pres. Bill 12, 17, 27, 53, 58, 95, 99, 103, 111, 114, 131, 133, 140, 181, 199, 219, 231, 248, 254

Codex Alimentarius Commission 243

Columbia/HCA Healthcare 119, 223

commercialism 129

commercials 104, 106

communications 221

communications legislation 103-104

comparative advantage 244

Concord Coalition 125

constitutional amendment 253

constitutional convention 254, 255

consumer labels 242

Consumer Price Index (CPI) 38, 161, 164

Contract with America 100

Coolidge, Pres. Calvin 20

corporate income tax 49, 52, 67, 69

corporate welfare 41, 43

Costa Rica 191

Council on Foreign Relations 198

CPI revision 166

cramming 107

credit cards 169

cyanide 201

defense budget 27

department stores 216

deposit insurance 172

depression 33, 82, 150

deregulation 93, 95, 96, 98, 99, 100, 102, 103, 106, 108, 109, 110, 189

devolution 86, 88

Disney 221

Dole 208

dolphin 241

double taxation 67, 68

economic assumptions 8

economic man 7

economic well being 10, 13

economies of scale 173, 214

Educational Alternatives, Inc (EAI) 117

Eisenhower, Pres. Dwight D. 29, 32, 224

Eisner, Michael 80

Eisner, Robert 3, 11, 37, 59, 60, 139, 162, 256

electoral college 7

electricity 108, 109

electronics industry 237

Endangered Species Act 241

energy crisis 95

England 116, 156

entitlements 34, 39

environment 242

Environmental Protection Agency 100, 101

errors about economics 2

Ethyl Corporation 239

European Community 259

European Union 242

Exchange Rate Mechanism (ERM) 247

externalities 8, 185, 201

factor incomes 233

Fairness Doctrine 97

fast track 254

Federal Communications Commission (FCC) 96, 98

federal deficits 24, 30, 31

Federal Deposit Insurance Corp. (FDIC) 172, 178, 182

Federal Elections Commission 74

federal estate tax 70, 72

Federal Reserve 4, 19, 22, 82, 155, 159, 161, 164, 180, 184, 249

Federal Trade Commission 99, 215, 219

First Gibraltar 178

fiscal policy 156

flat tax 73

Ford, Pres. Gerald 161

foreign bonds 175

foreign exchange 232, 246

foreign ownership 234

forged checks 170

formularies 123

Fowler, Mark S. 96

fraudulent transaction 170

free markets 81

free trade 230

freedom of speech 206, 207

Friedman, Milton 21, 126, 150, 151, 153, 155, 202

FSLIC 178, 179, 1823

Galbraith, John Kenneth 22, 147, 167

General Agreement on Tariffs and Trade (GATT) 237

General Electric 221

Genuine Progress Indicator 12

George, Henry 4, 227

Georgia 119

Germany 163

Gibraltar Savings 182

Gingrich, Newt 100, 208

Glass-Steagall Act 169, 171

global competition 225

global corporations 238, 252, 258

Gore 238

government bonds 30

Gramm-Rudman 26

Greenspan, Alan 29, 35, 158, 159, 162, 164, 166, 179, 180, 219

Greider, William 21, 82

Gross Domestic Product (GDP) 10

Gross National Product (GNP) 10

Gross, Martin L. 40

Guatemala 192

Haiti 189

Harry and Louise 132

Hartford 117

Hayes, Rutherford B 207

health care 130, 133

health maintenance organizations (HMOs) 120, 121, 122, 132, 223

Heilbroner, Robert L. 6

Hollings, Sen. Ernest F. 26, 28

Holmes, Oliver Wendell 224

home equity loans 169

Hoover, Pres. Herbert 143, 230

hospitals 118, 123

household debt 60

human rights 242

immunity from lawsuits 102

incentives for business 90

income averaging 51

income distribution 78, 79

India 194

inequality 77

inflation 63, 141, 142, 143, 158, 161, 162, 166, 174, 195

inflation adjustment 10

infomercial 106

inheritance tax 70

insurance companies 115, 122, 130

International Labor Organization (ILO) 188

International Monetary Fund (IMF) 147, 156, 161, 184, 185, 188, 190, 194, 196, 238, 246, 258

Interstate Commerce Commission (ICC) 93, 213

Inter-American Development Bank 189, 192

investment 59

Janeway, Eliot 1

Japan 233, 237

Johnson, Haynes 22

Johnson, Pres. Lyndon 29

junk bonds 168

Justice Department 219

Kemp 47


Kennedy, Pres. J.F. 32, 48, 83

Kentucky 91

Keynes, John Maynard 142-144, 152, 250

Kissinger, Henry 133

Korea 241

Korten, David 69, 184-185, 189

Krugman, Paul 2, 186

Kuttner, Robert 7, 120, 151, 256

Kuwait 175

labor exploitation 239

labor unions 146, 149, 188

Laffer Curve 46

laissez-faire 217

land as a natural monopoly 227

Law and Economics 151

law schools 151

legal fiction 206

Lesotho 194

Libya 200

life expectancies 134

Limbaugh, Rush 97

Lincoln Savings 159, 180, 181

Lincoln, Pres. Abraham 207, 213

lobbying 235

logging 101

Lombardi, Richard 186

Madison Savings and Loan 181

Major, John 110, 161

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