Mariana Mazzucato - The Value of Everything - Making and Taking in the Global Economy

32. M. Mazzucato and A. Shipman, ‘Accounting for productive investment and value creation’, Industrial and Corporate Change , 23(4) (2014), pp. 1059–85: http://doi.org/10.1093/icc/dtt037

33. B. Cournède and O. Denk, ‘Finance and economic growth in OECD and G20 countries’, OECD Economics Department Working Papers no. 1223 (2015).

34. P. Hill, ‘The Services of Financial Intermediaries, or FISIM Revisited’, paper presented to the Joint UNECE/Eurostat/ OECD Meeting on National Accounts, Geneva, 30 April–3 May 1996: http://www.oecd.org/dataoecd/13/62/27900661.pdf

35. https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/

36. Bank of England, Financial Stability Report , 30 (December 2011), p. 16; available at https:www.bankofengland.co.uk/media/boe/files/financial-stability-report/2011/december-2011

37. Ibid.

38. Lavoie, Introduction to Post-Keynesian Economics .

39. http://www.bbc.co.uk/news/uk-37873825

40. Using OECD data we can see that the budget surplus in the UK was 0.72 in 1990; 1.11 in 2000; and 0.39 in 2001. In the US it was 0 in 1999, 0.8 in 2000.

41. C. Borio, M. Drehmann and K. Tsatsaronis, ‘Anchoring countercyclical capital buffers: The role of credit aggregates’, BIS Working Paper no. 355 (November 2011).

42. See A. Glyn, Capitalism Unleashed: Finance, Globalization and Welfare (Oxford: University Press, 2006), p. 53; almost 80 per cent of the total increase in US demand from 1995 to 2000 is represented by household spending on consumption and residential investment.

43. A. Barba and M. Pivetti, ‘Rising household debt: Its causes and macroeconomic implications – a long-period analysis’, Cambridge Journal of Economics , 33(1) (2009), pp. 113–37.

44. Glyn, Capitalism Unleashed , p. 7.

45. T. Piketty, Capital in the Twenty-First Century (Cambridge, MA: Belknap Press, 2014), p. 438.

46. Source: A. Haldane, Labour’s Share (London: TVC, 12 November 2015), p. 32, adapted from J. P. Pessoa and J. Van Reenen, ‘The UK productivity and jobs puzzle: Does the answer lie in labour market flexibility?’, Centre for Economic Performance Special Paper 31 (2013), compared to 65–70 per cent during similar periods at the end of the 1960s and during the 1980s.

47. Source: author’s elaboration from: piketty.pse.ens.fr/capital21c

48. https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/bp210-economy-one-percent-tax-havens-180116-summ-en_0.pdf

49. Source: author’s elaboration on OECD data.

50. See A. Greenspan and J. Kennedy, Estimates of Home Mortgage Originations, Repayments, and Debt on One-to-Four-Family Residences , Finance and Economic Discussion Series 2005-41 (Washington, DC: Board of Governors of the Federal Reserve System, 2005). Greenspan and Kennedy (p. 5) define mortgage equity extraction as ‘the extraction of equity on existing homes as the discretionary initiatives of home owners to convert equity in their homes into cash by borrowing in the home mortgage market’.

51. https://www.cbo.gov/sites/default/files/110th-congress-2007-2008/reports/01-05-housing.pdf

52. Source: adapted from Table 1 in Barba and Pivetti, ‘Rising household debt’.

53. Source: Federal Reserve, 2004 Survey of Consumer Finances.

54. C. Crouch, ‘Privatised Keynesianism: An unacknowledged policy regime’, British Journal of Politics and International Relations , 11(3) (August 2009), pp. 382–99.

55. Ibid., p. 390.

5. THE RISE OF CASINO CAPITALISM

1. H. Minsky, ‘Reconstituting the United States’ financial structure’, Levy Economics Institute Working Paper no. 69 (1992).

2. http://www.economist.com/blogs/economist-explains/2016/02/economist-explains-0

3. R. Foroohar, Makers and Takers (New York: Crown, 2016), p. 7.

4. H. P. Minsky, ‘Finance and stability: The limits of capitalism’, Levy Economics Institute Working Paper no. 93 (1993).

5. F. Grigoli and A. Robles, ‘Inequality overhang’, IMF Working Paper 17/76, 28 March 2017; R. Wilkinson and H. Pickett, The Spirit Level (London: Penguin, 2009).

6. W. Churchill, ‘WSC to Sir Otto Niemeyer, 22 February 1925’, Churchill College, Cambridge, CHAR 18/12A-B.

7. Bank of England database, ‘Three centuries of macroeconomic data’: http://www.bankofengland.co.uk/research/Pages/onebank/threecenturies.aspx

8. Data in this sentence from House of Commons Library reports – Standard Note SN/EP/06193 (Gloria Tyler, 25.2.15) and Briefing Paper 01942 (Chris Rhodes, 6.8.15). The exact figures in Eurostat for Financial and Insurance Activities as a per cent of total value added are as follows: 1995: 6.3 per cent; 2000: 5.1 per cent; 2009: 9.1 per cent; 2015: 7.2 per cent. Or as percentage of GDP: 1995: 5.7 per cent; 2000: 4.6 per cent; 2009: 8.3 per cent; 2015: 6.5 per cent.

9. Source: (2009–13 data extended by author) P. Alessandri and A. Haldane, ‘Banking on the State’ (Bank of England, 2009): http://www.bankofengland.co.uk/archive/Documents/historicapubs/speeches/2009/speech409.pdf

10. Source: Bureau of Economic Analysis, Matthew Klein’s calculations.

11. D. Tomaskovic-Devey and K. H. Lin, ‘Income dynamics, economic rents, and the financialization of the U.S. economy’, American Sociological Review , 76(4) (August 2011), pp. 538–59. The figure for 2014 is similar to what it was in 2009.

12. Source: Bureau of Economic Analysis, adapted from Tomaskovic-Devey and Lin, ‘Income dynamics, ecnomic rents, and the financialization of the U.S. economy’.

13. https://www.ici.org/pdf/2015_factbook.pdf

14. Asset Management in the UK , The Investment Association Annual Survey: http://www.theinvestmentassociation.org/assets/files/research/2016/20160929-amsfullreport.pdf

15. http://www.bbc.co.uk/news/business-37640156

16. http://www.knightfrank.com/wealthreport

17. http://www.businessinsider.com/chart-stock-market-ownership-2013-3?IR=T

18. https://www.ons.gov.uk/economy/investmentspensionsandtrusts/bulletins/ownershipofukquotedshares/2015-09-02

19. https://www.ft.com/content/14cda94c-5163-11e5-b029-b9d50a74fd14

20. http://www.agefi.fr/sites/agefi.fr/files/fichiers/2016/07/bcg-doubling-down-on-data-july-2016_tcm80-2113701.pdf

21. http://uk.businessinsider.com/richest-hedge-fund-managers-in-the-world-2016-3

22. G. Morgenson, ‘Challenging private equity fees tucked in footnotes’, New York Times , 17 October 2015: https://www.nytimes.com/2015/10/18/business/challenging-private-equity-fees-tucked-in-footnotes.html

23. http://www.wsj.com/articles/kkr-to-earn-big-payout-from-walgreen-alliance-boots-deal-1420068404

24. B. Burrough and J Helyar, Barbarians at the Gate: The Fall of RJR Nabisco , rev. edn (New York: HarperCollins, 2008).

25. G. Moran, ‘Urine lab flaunted piles of gold’, San Diego Union-Tribune , 24 October 2015; J. Montgomery, ‘Bankruptcy court must clarify Millennium Labs fraud release’, Law 360 , 20 March 2017.

26. Barba and de Vivo, ‘An “unproductive labour” view of finance’ p. 1491.

27. A. Hutton and E. Kent, The Foreign Exchange and Over-the-counter Interest Rate Derivatives Market in the United Kingdom (London: Bank of England, 2016), p. 225.

28. Bank for International Settlements, Basel III phase-in arrangements: http://www.bis.org/bcbs/basel3/basel3_phase_in_arrangements.pdf

29. Jordan Weissmann, ‘How Wall Street devoured corporate America’, The Atlantic , 5 March 2013: https://www.theatlantic.com/business/archove/2-13/03/how-wall-street-devoured-corporate-america/273732/

30. L. Randall Wray, Modern Money Theory (Basingstoke: Palgrave Macmillan, 2012), pp. 76–87.