their campaign donations soared to 40 percent: Ibid (http://voteview.com/jep_BMPR.pdf).
the two biggest donors were Sheldon and Miriam Adelson: Ibid., pp. 112–13 (http://voteview.com/jep_BMPR.pdf).
Out of the 4,493 board members and CEOs: Ibid., p. 113 (http://voteview.com/jep_BMPR.pdf).
according to a 2014 Pew Research poll: “Economy, Jobs, Terrorism Rank High Across Partisan Groups,” Pew Research Center website, January 24, 2014. (www.people-press.org/2014/01/27/deficit-reduction-deadlines-or-policy-priority/1-25-2014_05/).
political scientists Benjamin Page and Larry Bartels: Benjamin I. Page, Larry M. Bartels, and Jason Seawright, “Democracy and the Policy Preferences of Wealthy Americans,” Perspectives on Politics 11, no. 1 (March 2013): 55 (http://faculty.wcas.northwestern.edu/~jnd260/cab/CAB2012%20-%20Page1.pdf).
two-thirds of them had contributed money: Ibid., p. 54 (http://faculty.wcas.northwestern.edu/~jnd260/cab/CAB2012%20-%20Page1.pdf).
Citizens United declared that corporations are people: Citizens United v. Federal Election Commission, 558 U. S. 310 (2010) (http://www.supremecourt.gov/opinions/09pdf/08-205.pdf).
A subsequent federal appeals court ruling: See Speechnow.org v. FEC, 599 D.C. Cir. F.3d 686 (D.C. Cir. 2010). See also “Recent Developments in the Law,” Federal Election Commission website (http://www.fec.gov/law/recentdevelopments.shtml#IECommittees) (http://www.fec.gov/law/litigation/speechnow_ac_opinion.pdf).
McCutcheon eliminated the $123,200 cap: McCutcheon et al. v. Federal Election Commission, 572 U.S. (2014).
In the 2014 midterm election: Nicholas Confessore, “Secret Money Fueling a Flood of Political Ads,” New York Times, October 10, 2014.
These groups financed more political advertising: Ibid (http://www.nytimes.com/2014/10/11/us/politics/ads-paid-for-by-secret-money-flood-the-midterm-elections.html).
“the corrosive and distorting effects”: Austin v. Michigan Chamber of Commerce, 494 U.S. 652 (1990) (http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=US&vol=494&invol=652).
“independent expenditures”: Citizens United v. Federal Election Commission, 558 U.S. 310 (2010), p. 5 (http://www.supremecourt.gov/opinions/09pdf/08-205.pdf).
In 1964, just 29 percent of voters: See “The ANES Guide to Public Opinion and Electoral Behavior,” American National Election Studies website. See also Thomas B. Edsall, “The Value of Political Corruption,” New York Times, August 5, 2014 (http://electionstudies.org/nesguide/toptable/tab5a_2.htm) (http://www.nytimes.com/2014/08/06/opinion/thomas-edsall-the-value-of-political-corruption.html?_r=2).
59 percent of Americans felt that government corruption was widespread: Jon Clifton, “Americans Less Satisfied with Freedom” (http://www.gallup.com/poll/172019/americans-less-satisfied-freedom.aspx).
In Rasmussen polls undertaken in the fall of 2014: “Voters Think Congress Cheats to Get Reelected,” Rasmussen Reports website, September 3, 2014 (http://www.rasmussenreports.com/public_content/archive/mood_of_america_archive/congressional_performance/voters_think_congress_cheats_to_get_reelected).
Sixty-six percent believed: “Americans Don’t Think Incumbents Deserve Reelection,” Rasmussen Reports website, October 2, 2014 (http://www.rasmussenreports.com/public_content/archive/mood_of_america_archive/congressional_performance/americans_don_t_think_incumbents_deserve_reelection).
Only 58.2 percent of eligible voters: Drew DeSilver, “Voter Turnout Always Drops Off for Midterm Elections, but Why?” Pew Research Center website, July 24, 2014 (http://www.pewresearch.org/fact-tank/2014/07/24/voter-turnout-always-drops-off-for-midterm-elections-but-why).
Turnout in midterm elections is always lower: “2014 November General Election Turnout Rates,” U.S. Election Project website, updated December 16, 2014 (http://www.electproject.org/2014g).
the lowest percentage since the midterm elections of 1942: Philip Bump, “We Probably Just Saw One of the Lowest-Turnout Elections in American History,” Washington Post, November 11, 2014 (http://www.washingtonpost.com/blogs/the-fix/wp/2014/11/11/we-probably-just-saw-one-of-the-lowest-turnout-elections-in-american-history).
Catalonians in a straw poll: Raphael Minder, “Catalonia Overwhelmingly Votes for Independence from Spain in Straw Poll,” New York Times, November 9, 2014 (http://www.nytimes.com/2014/11/10/world/europe/catalans-vote-in-straw-poll-on-independence-from-spain.html).
19 RESTORING COUNTERVAILING POWER
In a CNBC/Burson-Marsteller international survey: Donald A. Baer, “The West’s Bruised Confidence in Capitalism,” Wall Street Journal, September 22, 2014 (http://www.wsj.com/articles/donald-baer-the-wests-bruised-confidence-in-capitalism-1411358403?KEYWORDS=capitalism).
“cannot be the party of fat cats”: Rand Paul, speech at the Freedom Summit, Manchester, NH, April 12, 2014.
Republican senator Ted Cruz: “The Tea Party’s New Koch-Flavored Populism,” Daily Beast, April 15, 2014 (http://www.thedailybeast.com/articles/2014/04/15/the-tea-party-s-new-inequality-tune.html).
“cheap labor…that’s going to lower wages”: Michael Laris and Jenna Portnoy, “Meet David Brat, the Man Who Brought Down House Majority Leader Eric Cantor,” Wall Street Journal, June 10, 2014 (http://www.washingtonpost.com/local/dc-politics/meet-david-brat-the-man-who-brought-down-house-majority-leader-eric-cantor/2014/06/10/ed7f6406-f0fc-11e3-bf76-447a5df6411f_story.html).
Polls show, for example, support among self-described Republicans: See “2013 Lake Poll Questions and Data,” Americans for Financial Reform website, 2013 (http://ourfinancialsecurity.org/2013-lake-poll-questions-and-data/).
Republican representative David Camp: Jim Nunns, Amanda Eng, and Lydia Austin, Description and Analysis of the Camp Tax Reform Plan, Urban-Brookings Tax Policy Center website, July 8, 2014, p. 18 (http://www.taxpolicycenter.org/UploadedPDF/413176-Camp-Plan-Description-and-Analysis.pdf).
“There is nothing conservative”: Rand Paul, speech at the Conservative Political Action Conference, Washington, D.C., March 6, 2014.
“The establishment political class”: See “Repeal of Glass-Steagall and the Too Big to Fail Culture,” Tea Party Tribune, April 23, 2014 (http://www.teapartytribune.com/2014/04/23/repeal-of-glass-steagall-and-the-too-big-to-fail-culture).
“The Tea Party movement”: Judson Phillips, “Trade and the Tea Party: Washington Insiders Remain Clueless,” The Hill, February 24, 2014 (http://thehill.com/blogs/congress-blog/foreign-policy/198942-trade-and-the-tea-party-washington-insiders-remain).
“The darkest secret”: Ben White and Maggie Haberman, “Wall Street Republicans’ Dark Secret: Hillary Clinton 2016,” Politico, April 28, 2014 (http://www.politico.com/story/2014/04/wall-street-republicans-hillary-clinton-2016-106070.html).
“If it’s Rand Paul or Ted Cruz”: Ibid (http://www.politico.com/story/2014/04/wall-street-republicans-hillary-clinton-2016-106070.html).
In a Gallup poll conducted in September 2014: Jeffrey M. Jones, “Americans Continue to Say a Third Political Party Is Needed,” September 24, 2014 (http://www.gallup.com/poll/177284/americans-continue-say-third-political-party-needed.aspx).
46 percent of self-described Republicans: Ibid (http://www.gallup.com/poll/177284/americans-continue-say-third-political-party-needed.aspx).
Democrats grew from holding 37.7 percent of the seats: “Party Division in the Senate, 1789–Present,” U.S. Senate website; also see “Party Divisions of the House of Representatives, 1789–Present,” U.S. House of Representatives website (https://www.senate.gov/pagelayout/history/one_item_and_teasers/partydiv.htm) (http://history.house.gov/Institution/Party-Divisions/Party-Divisions).
In the campaign of 1912: The
odore Roosevelt, Progressive Covenant with the People, motion picture, Broadcasting and Recorded Sound Division, Library of Congress, August 1912 (http://www.theodorerooseveltcenter.org/en/Research/Digital-Library/Record.aspx?libID=o285071).
21 REINVENTING THE CORPORATION
A bill introduced in the California legislature: See Corporation Taxes: Tax Rates: Publicly Held Corporations: Credits, Cal. SB-1372, February 21, 2014 (http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201320140SB1372).
The California Chamber of Commerce: See “CalChamber Releases 2014 Job Killer List,” CalChamber Advocacy website, April 10, 2014 (http://www.calchamber.com/Headlines/Pages/04102014-CalChamber-Releases-2014-Job-Killer-List.aspx).
A variation on this idea: William A. Galston, “Closing the Productivity and Pay Gap,” Wall Street Journal, February 18, 2014 (http://www.wsj.com/news/articles/SB10001424052702303945704579391070814416410).
It dates back to the early years of the Republic: See Joseph R. Blasi, Richard B. Freeman, and Douglas L. Kruse, The Citizen’s Share: Putting Ownership Back into Democracy (New Haven, CT: Yale University Press, 2013), p. 5.
Apple raised $97 million: William Lazonick, Marina Mazzucato, and Öner Tulum, “Apple’s Changing Business Model: What Should the World’s Richest Company Do with All Those Profits?” Accounting Forum 37, no. 4 (2013): 249–67 (http://www.sciencedirect.com/science/article/pii/S0155998213000434).
Steve Jobs’s successor: U.S. Securities and Exchange Commission, “Definitive Proxy Statement Apple Corporation,” Summary Compensation Table—2012, 2011, and 2010, p. 31 (http://www.sec.gov/Archives/edgar/data/320193/000119312513005529/d450591ddef14a.htm).
In 2014, the managers, employees, and customers: Jena McGregor, “An Ousted CEO So Popular Employees Are Protesting to Get His Job Back,” Washington Post, July 22, 2014 (http://www.washingtonpost.com/blogs/on-leadership/wp/2014/07/22/an-ousted-ceo-so-popular-employees-are-protesting-to-get-his-job-back).
By 2014, twenty-seven states had enacted laws: See “State by State Legislative Status,” Benefit Corporation website (http://www.benefitcorp.net/state-by-state-legislative-status).
more than 1,165 companies: See B Corps Fellows (http://www.bcorporation.net/).
corporate laws require “co-determination”: See Rebecca Page, “Codetermination in Germany—A Beginner’s Guide,” Arbeitspapier 33 (June 2009) (http://www.boeckler.de/pdf/p_arbp_033.pdf).
as was dramatically illustrated in 2014: Amanda Becker, “Auto Union Forms Branch for Workers at VW Plant in Tennessee,” Reuters, July 10, 2014 (http://www.reuters.com/article/2014/07/10/us-usa-volkswagen-unions-idUSKBN0FF22W20140710).
22 WHEN ROBOTS TAKE OVER
“the discovery of means of economizing”: John Maynard Keynes, Essays in Persuasion (New York: W. W. Norton & Co., 1963), pp. 358–73.
in my book The Work of Nations: See Robert B. Reich, The Work of Nations: Preparing Ourselves for 21st Century Capitalism (New York: Vintage Books, 1992).
Using the same methodology I used then: Ibid.
In 1990, by my estimate: Ibid., p. 177.
I also predicted their pay would drop: For discussion of “in-person services” wage predictions, see ibid., pp. 215–16.
the median pay of such work: U.S. Department of Commerce, Bureau of Labor Statistics, various issues.
By 2014 Amazon was busily wiping out retail jobs: Greg Bensinger, “Amazon Robots Get Ready for Christmas,” Wall Street Journal, updated November 19, 2014. See also Stacy Mitchell, “The Truth About Amazon and Job Creation,” Huffington Post, July 30, 2013 (http://www.wsj.com/articles/amazon-deploys-robots-to-speed-delivery-1416433198) (http://www.huffingtonpost.com/stacy-mitchell/the-truth-about-amazon_b_3673084.html).
In their 2004 book, The New Division of Labor: Frank Levy and Richard J. Murnane, The New Division of Labor: How Computers Are Creating the Next Job Market (Princeton, NJ: Princeton University Press, 2004), p. 48.
Google’s self-driving car posed a serious threat: Alex Davies, “Google’s Self-Driving Car Hits Roads Next Month—Without a Wheel or Pedals,” Wired, December 23, 2014. See also U.S. Bureau of Labor Statistics, “Occupational Outlook Handbook, 2014–15 Edition,” U.S. Bureau of Labor Statistics website, January 8, 2014 (http://www.wired.com/2014/12/google-self-driving-car-prototype-2/) (http://www.bls.gov/ooh/transportation-and-material-moving/home.htm).
Such manipulations improve efficiency: For a discussion of “symbolic-analytic services,” see Reich, The Work of Nations, pp. 170–240.
the life expectancy of an American white woman: S. Jay Olshansky et al., “Differences in Life Expectancy Due to Race and Educational Differences Are Widening, and Many May Not Catch Up,” Health Affairs 31, no. 8 (2012): 1803–13 (http://content.healthaffairs.org/content/31/8/1803.full.pdf+html).
Instagram, a popular photo-sharing site: See Shayndi Raice and Spencer E. Ante, “Insta-Rich: $1 Billion for Instagram,” Wall Street Journal, April 10, 2012. See also Steve Cooper, “Instagram’s Small Workforce Legitimizes Other Small Start-Ups,” Forbes, April 7, 2012 (http://www.wsj.com/articles/SB10001424052702303815404577333840377381670) (http://www.forbes.com/sites/stevecooper/2012/04/17/instagrams-small-workforce-legitimizes-other-small-start-ups/).
Contrast this with Kodak: See Eric Savitz, “Kodak Files Chapter 11,” Forbes, January 19, 2012 (http://www.forbes.com/sites/ericsavitz/2012/01/19/kodak-files-chapter-11/).
In its prime, Kodak had employed: Dana Mattioli, “Their Kodak Moments,” Wall Street Journal, January 6, 2012 (http://www.wsj.com/articles/SB10001424052970203513604577142701222383634).
When Facebook purchased WhatsApp: Adam Hartung, “Three Smart Lessons from Facebook’s Purchase of WhatsApp,” Forbes, February 24, 2014 (http://www.forbes.com/sites/adamhartung/2014/02/24/zuckerbergs-3-smart-leadership-lessons-from-facebook-buying-whatsapp).
Forty-seven years later, the largest American companies: Derek Thompson, “This Is What the Post-Employee Economy Looks Like,” The Atlantic, April 20, 2011 (http://www.theatlantic.com/business/archive/2011/04/this-is-what-the-post-employee-economy-looks-like/237589).
Co-founder Brian Acton: Parmy Olson, “Exclusive: The Rags-to-Riches Tale of How Jan Koum Built WhatsApp into Facebook’s New $19 Billion Baby,” Forbes, February 19, 2014 (http://www.forbes.com/sites/parmyolson/2014/02/19/exclusive-inside-story-how-jan-koum-built-whatsapp-into-facebooks-new-19-billion-baby/2/).
That was a bigger advantage: David Leonhardt, “Is College Worth It? Clearly, New Data Says,” New York Times, May 27, 2014 (http://www.nytimes.com/2014/05/27/upshot/is-college-worth-it-clearly-new-data-say.html?abt=0002&abg=1).
the entry-level wages of college graduates: For the discussion of wage stagnation of college graduates since 2000, see Josh Bivens, Elise Gould, Lawrence Mishel, and Heidi Shierholz, Raising America’s Pay: Why It’s Our Central Economic Policy Challenge, Briefing Paper #378, Economic Policy Institute website, June 4, 2014 (http://www.epi.org/publication/raising-americas-pay).
the top marginal rate never fell below 70 percent: Tax Foundation, “US Federal Individual Income Tax Rates History, 1862–2013 (Inflation-Adjusted 2013 Dollars),” Tax Foundation website, October 17, 2013. See also Andrew Fieldhouse, Rising Income Inequality and the Role of Shifting Market-Income Distribution, Tax Burdens, and Tax Rates, Issue Brief #365, Economic Policy Institute website, June 14, 2013 (http://taxfoundation.org/sites/taxfoundation.org/files/docs/fed_individual_rate_history_adjusted.pdf) (http://www.epi.org/publication/rising-income-inequality-role-shifting-market/#_note8).
23 THE CITIZEN’S BEQUEST
By 2014 six of the ten wealthiest Americans: See “Forbes 400,” Forbes,
September 12, 2014. See also “America’s Richest Families: 185 Clans with Billion Dollar Fortunes,” Forbes, last edited July 8, 2014 (http://www.forbes.com/forbes-400/list/#tab:overall) (http://www.forbes.com/families/).
The six Walmart heirs together: Josh Bivens, “Inequality, Exhibit A: Walmart and the Wealth of American Families,” The Economic Policy Institute Blog, July 17, 2012 (http://www.epi.org/blog/inequality-exhibit-wal-mart-wealth-american).
According to political economist Peter Barnes: Peter Barnes, “Why You Have the Right to a $5K Dividend from Uncle Sam,” PBS NewsHour website, August 27, 2014 (http://www.pbs.org/newshour/making-sense/right-5k-dividend-uncle-sam/).
the expected transfer by wealthy Americans: For discussion of the expected transfer of wealth, see John J. Havens and Paul G. Schervish, A Golden Age of Philanthropy Still Beckons: National Wealth Transfer and Potential for Philanthropy Technical Report, Boston College, Center on Wealth and Philanthropy website, May 28, 2014 (http://www.bc.edu/content/dam/files/research_sites/cwp/pdf/A%20Golden%20Age%20of%20Philanthropy%20Still%20Bekons.pdf).
One straightforward way to do this: Variations on this suggestion have been made by several thoughtful researchers. See, for example, Bruce Ackerman and Anne Alstoff, The Stakeholder Society (New Haven, CT: Yale University Press, 1999), and Peter Barnes, With Liberty and Dividends for All (Oakland, CA: Berrett-Koehler, 2014).
“The assurance of a certain minimum income”: Friedrich A. Hayek, Law, Legislation, and Liberty, vol. 3: The Political Order of a Free People (Chicago: University of Chicago Press, 1979), p. 55.
This would be that kind of society: John Maynard Keynes, Essays in Persuasion (New York: W. W. Norton & Co., 1963).
Such landholdings were useful: Thomas Paine, The Writings of Thomas Paine, vol. 3, ed. Moncure Daniel Conway (New York: G. P. Putnam’s Sons, 1895).
Index
Abercrombie & Fitch
Saving Capitalism Page 30
