| Preface |
|
xix | |
| List Of Illustrations |
|
xxiii | |
| Acknowledgments |
|
xxix | |
| Part 1: Political Economy |
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1 Capitalism Shakes the World |
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1 | (28) |
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The Permanent Technological Revolution |
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3 | (8) |
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The Enrichment of Material Life |
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6 | (5) |
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11 | (1) |
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The Population Explosion and the Growth of Cities |
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12 | (3) |
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The Changing Nature of Work |
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15 | (1) |
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The Transformation of the Family |
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16 | (1) |
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17 | (5) |
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The Effects of Climate Change |
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17 | (4) |
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21 | (1) |
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22 | (1) |
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23 | (3) |
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26 | (3) |
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2 People, Preferences, and Society |
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29 | (20) |
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Constraints, Preferences, and Beliefs |
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32 | (2) |
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"Economic Man" Reconsidered |
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34 | (2) |
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Human Nature and Cultural Differences |
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36 | (3) |
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The Economy ProdUces People |
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39 | (6) |
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45 | (1) |
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46 | (3) |
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3 Three-Dimensional Approach to Economics |
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49 | (18) |
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Economic Systems and Capitalism |
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50 | (5) |
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Three-Dimensional Economics |
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51 | (1) |
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51 | (1) |
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52 | (1) |
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53 | (2) |
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55 | (2) |
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Values in Political Economy |
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57 | (10) |
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59 | (1) |
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59 | (1) |
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60 | (1) |
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60 | (2) |
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62 | (1) |
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Balancing Efficiency, Fairness, and Democracy |
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63 | (4) |
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4 The Surplus Product: Conflict and Change |
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67 | (22) |
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Economic Interdependence, Production, and Reproduction |
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69 | (5) |
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70 | (1) |
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Links Between Production and Reproduction |
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71 | (2) |
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A Labor Process Example: Making Pancakes |
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73 | (1) |
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74 | (4) |
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A Model of Production and Reproduction |
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78 | (2) |
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80 | (1) |
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80 | (3) |
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Application of Model to Labor |
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83 | (1) |
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The Surplus Product and Conflict |
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84 | (2) |
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The Surplus Product and Change |
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86 | (3) |
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5 Capitalism as an Economic System |
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89 | (24) |
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Class and Class Relationships |
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91 | (2) |
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Classes and Economic Systems |
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93 | (3) |
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93 | (1) |
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94 | (1) |
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Distinctions Among Economic Systems |
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94 | (2) |
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96 | (12) |
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97 | (5) |
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Privately Owned Capital Goods |
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102 | (6) |
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108 | (1) |
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Capitalism, the Surplus Product, and Profits |
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108 | (2) |
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110 | (3) |
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6 Government and the Economy |
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113 | (19) |
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Rules of the Game: Government and the Capitalist Economy |
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115 | (4) |
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The Emergence of Modern Legal Forms of Corporate Business |
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115 | (1) |
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115 | (1) |
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116 | (1) |
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From Competition to Monopoly |
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117 | (1) |
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From National to Transnational |
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118 | (1) |
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Democratic Government as Collective Provision for the General Welfare |
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119 | (1) |
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Government and the Distribution of Income, Wealth, and Welfare in the Nineteenth Century |
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120 | (8) |
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Railroad Financing: Public and Private Gains |
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121 | (2) |
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Other Rules: Winners and Losers |
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123 | (1) |
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Contention Between Capital and Labor over Rules |
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124 | (2) |
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Voter Turnout in the United States and Around the World |
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126 | (2) |
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Democracy in the Twentieth Century |
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128 | (2) |
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130 | (2) |
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7 U.S. Capitalism: Accumulation and Change |
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132 | (37) |
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Accumulation as a Source of Change |
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134 | (3) |
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135 | (1) |
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136 | (1) |
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Capitalism Comes to the United States |
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137 | (4) |
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Social Structures of Accumulation |
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141 | (3) |
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Changing Strategies for Profit-Making |
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142 | (1) |
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Consolidation and Decay of an SSA |
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143 | (1) |
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The Stages of Capitalism in the United States |
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144 | (3) |
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Competitive Capitalism (1860s-1898) |
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144 | (2) |
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Corporate Capitalism (1898-1939) |
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146 | (1) |
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Regulated Capitalism (1939-1991) |
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146 | (1) |
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Transnational Capitalism (1991-) |
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147 | (1) |
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U.S. Capitalism: Labor Organizing and Labor Markets |
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147 | (8) |
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The Rise and Fall of Labor Unions |
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147 | (5) |
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The Decline of Labor Unions |
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149 | (2) |
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The Rise and Fall of the Labor Accord |
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151 | (1) |
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152 | (3) |
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The Independent Primary Labor Market |
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153 | (1) |
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The Subordinate Primary Labor Market |
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154 | (1) |
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The Secondary Labor Market |
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155 | (1) |
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U.S. Capitalism Today is Transnational |
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155 | (12) |
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157 | (2) |
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Shifts in What U.S. Labor Produces |
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159 | (2) |
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Fragmenting Global Production |
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161 | (1) |
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Rules for the Global Economy |
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162 | (1) |
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Tax Motives for TNCs to Go Global |
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163 | (1) |
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The Transnational Capitalism SSA: Deregulation and Financialization |
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163 | (3) |
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Corporate Stock Buybacks and Falling Productive Investment |
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166 | (1) |
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167 | (2) |
| Part 2: Microeconomics |
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8 Supply and Demand: How Markets Work |
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169 | (12) |
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170 | (1) |
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171 | (1) |
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171 | (4) |
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173 | (10) |
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174 | (1) |
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175 | (1) |
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Demand and Supply Interacting |
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175 | (3) |
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Shifts in Demand or Supply |
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178 | (2) |
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180 | (1) |
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9 Competition and Coordination: The Invisible Hand |
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181 | (26) |
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Adam Smith and Laissez-Faire Economics |
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182 | (1) |
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183 | (4) |
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Coordination by Rules and by Command |
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184 | (1) |
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The Limits of Coordination by Command |
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185 | (2) |
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187 | (4) |
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The Invisible Hand in Action |
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188 | (3) |
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Problems with the Invisible Hand |
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191 | (1) |
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192 | (8) |
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Negative Externalities as Market Failures |
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193 | (1) |
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Positive Externalities as Market Failures |
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194 | (2) |
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Monopoly as a Market Failure |
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196 | (1) |
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Economies of Scale as a Market Failure |
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196 | (4) |
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200 | (7) |
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The Prisoner's Dilemma and the Benefits of Cooperation |
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200 | (3) |
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The Prisoner's Dilemma and Global Warming |
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202 | (1) |
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The Tragedy of the Commons |
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203 | (4) |
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10 Capitalist Production and Profits |
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207 | (26) |
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208 | (5) |
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Profits from a Production Process |
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209 | (2) |
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Calculating Profit and Other Property Incomes in the Whole Economy |
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211 | (2) |
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Profit in a Grain-Growing Capitalist Economy |
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213 | (3) |
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Calculating the Rate of Profit |
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213 | (2) |
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The Corporate Profit Rate in the United States |
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215 | (1) |
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Corporations and Other Businesses: Who Gets the Profit or Bears the Loss? |
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216 | (4) |
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217 | (6) |
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217 | (1) |
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Financing by Issuing Bonds or Stock |
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218 | (1) |
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Management Separated from Ownership |
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219 | (1) |
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Determinants of Total Profit and the Profit Rate |
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220 | (3) |
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Example: The Good Cod Fishing Company |
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223 | (2) |
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Profit per Unit of Output |
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224 | (1) |
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Conflict Over the Profit Rate |
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225 | (7) |
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Intermediate Inputs per Unit of Output as Profit Rate Determinants |
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226 | (1) |
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Unit Labor Cost as a Profit Rate Determinant |
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227 | (2) |
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Work Effort and the Efficiency of Labor |
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228 | (1) |
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Understanding the Profit Rate |
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229 | (3) |
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232 | (1) |
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11 Competition and Concentration |
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233 | (38) |
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235 | (2) |
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237 | (1) |
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238 | (12) |
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Price as a Markup over Cost |
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241 | (2) |
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Economies of Scale and Price Competition |
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243 | (4) |
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Other Advantages of Large Size |
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247 | (1) |
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248 | (2) |
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250 | (2) |
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252 | (2) |
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254 | (4) |
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The Dynamics of Competition |
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258 | (10) |
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Toward Equal Profit Rates? |
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259 | (2) |
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Toward Economic Concentration? |
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261 | (1) |
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Large Size and Monopoly Power |
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262 | (2) |
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262 | (1) |
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262 | (1) |
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Government Subsidies and Contracts |
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263 | (1) |
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264 | (3) |
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267 | (1) |
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268 | (2) |
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270 | (1) |
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271 | (28) |
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Work, Sloth, and Social Organization |
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273 | (2) |
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The Capitalist Firm as a Command Economy |
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275 | (1) |
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The Conflict between Workers and Employers |
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276 | (6) |
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Labor Discipline: Carrots and Sticks |
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282 | (3) |
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The Labor Market, the Wage, and the Intensity of Labor |
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285 | (14) |
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286 | (2) |
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Avoiding the Cost of Job Loss |
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288 | (7) |
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Additional Implications of the Labor Extraction Curve |
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295 | (4) |
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13 Technology, Control, and Conflict in the Workplace |
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299 | (26) |
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The Social Organization of the Workplace |
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301 | (6) |
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304 | (1) |
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304 | (1) |
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305 | (2) |
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Technology and the Labor Process |
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307 | (2) |
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Conflict in the Workplace |
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309 | (10) |
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Technical Change and Workplace Conflict |
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309 | (5) |
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Raising the Efficiency of Labor |
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309 | (1) |
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310 | (2) |
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312 | (2) |
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314 | (3) |
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Recent Trends in Union Membership |
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314 | (1) |
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315 | (1) |
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Managing the Threat of Replacement |
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315 | (2) |
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Promoting Social Changes to Benefit Workers |
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317 | (1) |
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Discrimination in the Workplace |
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317 | (2) |
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Profitability Versus Efficiency |
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319 | (2) |
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321 | (4) |
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322 | (3) |
| Part 3: Macroeconomics |
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14 The Mosaic of Inequality |
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325 | (27) |
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Well-Being and Inequality |
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328 | (3) |
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Influences on Well-Being and the Economy |
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328 | (1) |
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Measuring Living Standards and Inequality |
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329 | (2) |
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331 | (15) |
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334 | (4) |
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338 | (3) |
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341 | (1) |
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342 | (1) |
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Problem of Differential Pay |
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342 | (4) |
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Women's Work, Women's Wages |
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346 | (4) |
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350 | (2) |
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15 Progress and Poverty on a World Scale |
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352 | (31) |
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355 | (4) |
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359 | (7) |
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Vicious Circles of Low Productivity |
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359 | (5) |
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361 | (2) |
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363 | (1) |
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Intellectual Property Rights |
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364 | (2) |
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Other Government Interventions to Promote Development |
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366 | (1) |
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Requisites for Economic Development |
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366 | (7) |
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366 | (3) |
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367 | (1) |
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367 | (1) |
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A Well-Functioning Government |
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368 | (1) |
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368 | (1) |
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369 | (1) |
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369 | (1) |
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Access to Foreign Markets |
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369 | (1) |
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Other Factors in Development |
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369 | (2) |
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Variations in Rate of Growth of Productivity |
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371 | (2) |
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Foreign Investment and Development |
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373 | (8) |
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Investment Decisions by Transnational Corporations |
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375 | (2) |
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Transnational Investment and Tax Havens |
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377 | (4) |
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381 | (2) |
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16 Aggregate Demand, Employment, and Unemployment |
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383 | (39) |
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386 | (3) |
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What Determines Employment and Output? |
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388 | (1) |
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Aggregate Supply and Aggregate Demand |
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389 | (6) |
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391 | (1) |
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Terms for Measuring the Macroeconomy |
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391 | (1) |
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Analyzing Aggregate Supply and Aggregate Demand |
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392 | (3) |
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A Basic Macroeconomic Model |
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395 | (5) |
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Unemployment and Government Fiscal Policy |
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400 | (7) |
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Effects of Deficit Spending on Employment |
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401 | (3) |
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Multiplier Effect of Deficit Spending |
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404 | (3) |
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The Business Cycle and the Built-in Stabilizers |
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407 | (3) |
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409 | (1) |
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Automatic or Built-in Stabilizers |
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409 | (1) |
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Investment, Aggregate Demand, and Monetary Policy |
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410 | (7) |
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Wages, Aggregate Demand, and Unemployment |
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417 | (4) |
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When is an Employment Situation Wage-Led? |
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419 | (1) |
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Implications for Economic Policy |
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420 | (1) |
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421 | (1) |
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17 The Dilemmas of Macroeconomic Policy |
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422 | (32) |
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The High-Employment Profit Squeeze |
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426 | (9) |
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The High-Employment Wage Push |
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426 | (4) |
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430 | (1) |
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Rising Costs Squeeze Profits |
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431 | (4) |
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Exports, Imports, and Aggregate Demand |
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435 | (4) |
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The Demand for Exports and Imports |
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436 | (1) |
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The Foreign Exchange Rate |
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437 | (2) |
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International Trade and Macroeconomic Policy |
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439 | (3) |
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439 | (2) |
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Competing in Global Markets |
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441 | (1) |
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Monetary and Fiscal Policy at Odds |
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442 | (5) |
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What Determines the Interest Rate? |
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443 | (3) |
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Borrowing and the Exchange Rate |
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446 | (1) |
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The Conflict between Monetary and Fiscal Policy |
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447 | (1) |
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Institutions for Achieving Full Employment |
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447 | (1) |
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Institutional Obstacles to Full Employment |
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448 | (4) |
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The Handshake: Ways to Reach Full Employment |
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449 | (3) |
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452 | (2) |
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18 Financial and Economic Crisis |
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454 | (37) |
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The Great Recession and the Subprime Crisis |
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456 | (2) |
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Understanding the Great Recession |
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458 | (16) |
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458 | (1) |
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Home Prices Start to Rise |
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459 | (3) |
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462 | (1) |
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Securitization of Mortgages |
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462 | (1) |
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462 | (1) |
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Prime and Subprime Mortgages |
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463 | (1) |
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463 | (2) |
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465 | (2) |
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467 | (3) |
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470 | (1) |
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Derivatives of Other Kinds |
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471 | (2) |
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473 | (1) |
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473 | (1) |
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Lessons from the History of Economic Crises |
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474 | (4) |
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Nonfinancial Causes of Crisis: Overinvestment, Underconsumption |
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476 | (1) |
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Underconsumption as a Cause of Stagnation or Crisis |
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476 | (1) |
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Asset Markets Differ from Goods Markets |
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477 | (1) |
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Why Are Asset Markets Prone to Price Bubbles? |
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478 | (4) |
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479 | (1) |
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480 | (1) |
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481 | (1) |
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Deregulation and Financial Fragility |
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482 | (4) |
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Large Firms Exacerbate the Problem |
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483 | (2) |
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Weakening the Social Safety Net |
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485 | (1) |
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Regulation in a Capitalist Economy |
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486 | (5) |
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Regulating the Financial Sector |
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486 | (2) |
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488 | (1) |
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Inequality, Concentration and Crisis |
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488 | (3) |
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19 Government and the Economy in Transnational Capitalism |
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491 | (38) |
|
More Spending, Less Health |
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494 | (2) |
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Government in the United States: Too Big? |
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496 | (4) |
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Government Spending: Comparing the United States with Other Countries |
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496 | (2) |
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498 | (2) |
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500 | (6) |
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502 | (4) |
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Tax Rates and Tax Payments to the Federal Government |
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503 | (1) |
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Tax Rules and Enforcement |
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504 | (1) |
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504 | (2) |
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Rules that Affect Business Costs and Profits |
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506 | (1) |
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Contracting Out Government Services |
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506 | (2) |
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Government Contracting: Profits and the Public Interest |
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507 | (1) |
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Decline in Competitive Bidding for Government Contracts |
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508 | (1) |
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Government Contracting for Private Prison Services |
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|
508 | (8) |
|
Laws and Norms on Sentencing |
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509 | (2) |
|
Rethinking Private Prisons and Mass Incarceration |
|
|
511 | (1) |
|
Selling to Government, Maximizing Profit |
|
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512 | (2) |
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Medical Services in Private Prisons |
|
|
514 | (1) |
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515 | (2) |
|
Rules Written into Contracts |
|
|
515 | (1) |
|
Taxing Transnational Corporations: Who Is In Control? |
|
|
516 | (1) |
|
|
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517 | (2) |
|
Feedback Loops Between Inequality and Power |
|
|
519 | (1) |
|
Supranational Rule Changes |
|
|
519 | (5) |
|
TNC Power over Foreign Government Decisions |
|
|
520 | (1) |
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521 | (1) |
|
Proposals for Alternative Rules |
|
|
522 | (2) |
|
Capitalism and Inequality |
|
|
524 | (2) |
|
|
|
525 | (1) |
|
|
|
526 | (3) |
| List Of Variables |
|
529 | (3) |
| Sources Of Economic Information |
|
532 | (3) |
| Glossary |
|
535 | (9) |
| Index |
|
544 | |
