Asian contagion, 6, 188-91, 197
Asian Tigers, 13,311-16,320,321
Aspe, Pedro, 341
assets, 116-17, 368
debt as percentage of, 359
prices of, 362, 485
value of, 14, 398n, 429, 485-86
AT&T, 72, 167
Athabasca oil sands, 449, 45In
atomic bomb, 34, 38, 104
audit committees, 431
Australia, 276, 291-93, 334n, 351, 451
housing in, 231, 292
automobile industry, see cars
Baker, Howard, 98-99, 106-7, 109
Baker, Jim, 94-96, 98-99, 107, 109, 111-12, 113,
423
INDEX
Balcerowicz, Leszek, 132-33 Piano Real in, 334, 340, 341
Ball, Bob, 95-96 populism in, 337, 340
Balladur, Edouard, 277, 287 Bretton Woods Conference (1944), 29
Bankers' Club, 44 Breyer, Stephen, 82, 497
Bankers Trust, 79 Brezhnev, Leonid, 88-89, 126
Bank for International Settlements (BIS), 298, briefcase indicator, 197-98
362n, 372, 441 Brimmer, Andrew, 68
Bank of Japan, 188 Brokaw, Tom, 4
bankruptcy, 194, 226, 290, 360, 374, 420, 423-24 Brookings Institution, 405
of Russia, 190-96, 250, 328, 331 Brown, Gordon, 266, 283-84, 499, 500
banks, 79, 84, 103, 106, 120, 157, 158, 187, 191, Brown Brothers Harriman, 31, 32
256,257,284,431,485 Bryan, William Jennings, 176, 343, 480
Buchanan, Pat, 57
in China, 298, 302, 307, 308
Buckley, Dennis, 100
commercial, 117, 124, 189, 358, 375, 489
budget bill (1990), 120
electronic payment systems and, 2, 4
financial reform and, 198-99 budget deficits, 54, 55n, 70, 71, 73, 213, 215, 218,
investment, 108, 370-71, 489 255,481
in Japan, 189, 289-90, 291, 431 Clinton and, 143-50
LTCM and, 193-95 current account imbalance and, 349, 350, 357
universal, 199,285 G.H.W Bush and, 112, 113, 114, 120, 122, 143,
U.S., assets of, 359, 360 147
see also central banks; Federal Reserve banks G.W. Bush and, 233, 235-40, 243
Banks, J. Eugene, 31 $130 billion "magic number" and, 147
Barrett, Craig, 434-35 Reagan and, 92, 93, 102, 109, 112
baseball, 21-22,97 reduction of, 82, 143, 147-48, 182, 184
Beatles, 56, 396 Budget Enforcement Act (1990), 235-36
beer, beer cans, 50, 78 budgets, balanced, 65, 156, 184, 216, 218, 236, 239
Belda, Alain, 428n budget surplus, 161, 182-87, 207, 212-24, 233,
Bentsen, B.A., 146 234,239,481
Bentsen, Lloyd, 144-48, 157, 210 current account imbalance and, 349
Berlin Wall, fall of, 12, 113, 123, 139, 259, 367,
forecasting errors and, 223-24
384,481-82
Buffett, Warren, 433, 467
economic ruin exposed by, 130-31, 382 Burck, Gil, 346
Bhumibol Adulyadej, king of Thailand, 312-13 Bureau of Economic Analysis (BEA), 68, 69
bin Laden, Osama, 227 Bureau of Labor Statistics, U.S., 172, 394n
black markets, 132, 138, 139, 303, 331, 460n Burns, Arthur, 61-62, 63-64, 67, 83, 91, 99,125, 209
Black Monday (1987), 84, 105-6, 109, 390 as AG's professor, 35, 45
blacks, 230, 468 FOMC meeting tapes and, 151
Blair, Tony, 283,499 Bush, Barbara, 118
Boehner, John, 184,243 Bush, George H.W.,31, 111-14, 116, 118-22, 142,
Boeing, 397 150,235,373
Bohemian Grove, 312 budget deficit and, 112, 113, 114, 120, 122, 143,
bonds, 14, 44, 104, 144, 166, 193, 217, 237, 467, 147
488 in election of 1980, 91, 118
junk, 115,485 in election of 1992, 114, 122, 147
long-term, 83, 84 no-new-taxes pledge of, 112, 113, 114, 118, 120
of Mexico, 380 Bush, George W., 6, 31, 35, 215-24, 233^3, 428,
treasury, 191, 195,228,237 463, 493
yields on, 378, 485 in election of 2000, 206, 208, 215, 233
boo.com, 197 Social Security reform and, 217
Boskin, Michael, 113, 118,121 tax cuts and, 54, 215, 218-24, 233, 234, 236,
Boston College, Lynch School of Education at, 399 238-39, 242
Bowery Savings, 100 2004 budget plan of, 238-39
BP, 451, 457 Bush, Prescott, 31, 118
Brady, Dorothy, 269-70 business, 82, 106, 175
Brady, Kitty, 119 costs of, 172,381
Brady, Nicholas, 113, 116, 118-22, 135 globalization advantages of, 396-97
Branden, Nathaniel, 40 investment of, 385
Brazil, 157, 193, 278n, 446, 459 savings of, 385-86
currency devaluation in, 380 spending of, 66
inflation in, 83, 334, 340, 341, 380 U.S. current account and, 353-60
514
INDEX
Business Council, 155
business cycles, 35, 153-54, 167, 171, 480, 490-91
profit share vs. employee share in, 393
soft landing and, 155-56, 163, 207
see also depression; inflation; recession
Business Record, 33, 42
BusinessWeek, 43, 479
Byrd, Bob, 221
Cambodia, 65
Canada, 149, 291, 334n, 354
energy and, 440, 449-52
Cantarell oil field, 456-57
cap-and-trade system, 454, 455-56
capital, 15, 168, 261, 275, 296, 393, 398n, 434,
436, 498
in East Asia, 311,314
Capital Cities/ABC, 77
capital gains, 184, 187, 230, 232, 353, 355, 398
tax on, 224, 242
capital investment, 12, 165, 168, 172, 361-62
capitalism, 364-65, 396
crony, 274-75, 312
see also laissez-faire capitalism; market economies,
market capitalism
carbon taxes, 455
Card, Andy, 4, 241
Cardenas, Cuauhtemoc, 337
Cardenas, Lazaro, 336-37
Cardoso, Fernando Henrique, 334-35, 340, 341
cars, 5, 34, 46, 86, 131-32, 207, 395
energy and, 439, 446, 447
hybrid and plug-in, 458, 461-62
trust and, 256, 257
Carter, Jimmy, 71, 81-87, 235
in election of 1976, 61n, 75, 76, 81, 145, 208,
211,245
in election of 1980, 6In, 85-87, 89, 90
Carville, James, 148
Cary, Frank, 78
Castle, Michael, 195
Cavallo, Domingo, 341, 342
CBS Evening News, 91
cell phones, 11, 321, 395, 474, 492
cellulosic ethanol, 458, 461-62
Center for the Study of the American Electorate, 58n
Central Bank of Russia (CBR), 191, 329-30
central banks, 14, 104, 130, 137, 188, 195, 204,
255, 364n, 389-91,480-81
in China, 298, 306, 308
in South Korea, 188-89
central planning, 15, 127-34, 251, 259, 265, 267,
326,331
in China, 302-3, 305, 307, 310, 316
demise of, 12, 13, 123, 125, 132-34, 139, 141,
187, 190, 260, 296n, 316, 318, 322, 350-51,
365, 382-83, 476-77, 503
in market economy, 62
CEOs, 46, 155,424-30,431-32, 434-35, 436
bonuses of, 394
compensation of, 425-28, 435-36
chaebol (Korean conglomerates), 312
"Changing American Market, The" [Fortune article
series), 43
Chase Manhattan, 79, 117
Chavez, Hugo, 337, 339^0, 341
checks, transportation and clearing of, 4-5, 7
Cheney, Dick, 62, 206, 209-11, 216, 240, 241
Chevron, 274
Chicago, 111., 23, 109-10
Chicago Fed, 110
Chicago school, deregulation and, 72
Chile, 337, 340
China, 141, 226, 276, 292, 294-310, 311, 334n,
389, 503
AG's visits to, 294-97, 299, 301
banks in, 298, 302, 307, 308
creative destruction in, 254, 304
currency of, 302-3, 306
current account surplus of, 351
energy and, 446, 459, 460
foreign direct investment in, 12-13, 296, 304,
311,322
future of, 477-78, 501-2, 503
India compared with, 316-22, 501
market capitalism in, 12, 293, 295-98, 301-2,
318, 365, 382, 477, 501-2, 503
migration restrictions in, 302, 305
one-child policy in, 411
property rights in, 12-13, 251, 254, 293, 296-97,
299, 309,327
savings in, 386, 483-84
shift of rural workers to cities in, 304-5, 383-84
Special Economic Zones (SEZs) in, 304—5, 311
technology in, 303, 306, 388
U.S. relations with, 38, 297, 306n
wages in, 395, 477
China Banking Regulatory Commission, 308
China National Offshore Oil Corporation
(CNOOC), 274
Chirac, Jacques, 287
Christian Science Monitor, 404
Churchill, Winston, 122, 281, 344, 465
Citigroup, 316
Civil Aeronautics Board, 71
Civil Rights Act (1964), 246-47
Civil War, U.S., 363,480
Clark, Howard, 427
Clark, Jim, 164
Clinton, Bill, 58, 142-50, 152-63, 218, 234, 235,
244,297-98
AG reappointed by, 162, 202-3, 210
budget surplus and, 161, 182-87
congressional trench war of, 148—49
in election of 1992, 114, 147
in election of 1996, 144, 155
millennium events and, 202, 203
senior economic team of, 144-45
technological change and, 160, 170-71
Clinton, Hillary, 142, 202, 203
coal, 282,450,453,457
Coca-Cola, 50
515
INDEX
cold war, 12, 34, 41, 126, 131, 265, 292
end of, 136, 146, 187, 382, 476n
precautions against nuclear attack in, 2-3
Collective, the, 40-41, 51-52
Colombia, 336
Coltrane, John, 26
Columbia University, 34-38
Combest, Larry, 234
Commerce Department, U.S., 46, 172, 224, 303n,
394n
Commission on an All-Volunteer Armed Force, 60
communications, 22, 350, 379, 492, 495
revolutions in, 11-12, 49, 168
communism, 40, 138, 139, 264, 265, 281
in India, 318, 321
in United States, 34, 38
see also Soviet Union
Communist Party, 125, 126, 134-35
Communist Party, Chinese, 295, 297, 299-302,
304,309-10,316,317,327
Riture of, 501-2
rise of, 299, 305
Communist Party, Vietnamese, 316
competition, 52, 124n, 128, 131, 139, 250-51,
268-89,292,373,401
ambivalence about, 16, 181, 268-69, 504
corporate governance and, 426, 435-36
in East Asia, 313-14
education and, 399^00, 405-6
Riture of, 477-78,494, 504
globalization and, 366, 382-83, 393, 397, 401,
426n
living standards and, 249, 268-69, 392-96
productivity and, 262, 268-69
Comptroller of the Currency, 375
computers, 11, 64-65, 98, 190, 304, 375, 395, 474
job displacement and, 397
productivity and, 172, 476
rise of Internet and, 167, 168
Y2K bug and, 203-4,319
Condit, Gary, 5
Conference of Business Economists, 98
Congress, U.S., 28, 81, 109, 110, 158, 216-22, 233 37,
242^4, 255, 279, 392, 418,435, 481, 491
AG's testimony to, 21, 70, 116, 146, 151, 154,
201, 219-22, 235-36, 239-40, 377, 391
Bill Gates's testimony to, 407
budget surplus and, 183-87
Clinton's relations with, 148^19, 187
deregulation and, 72, 82
election of 1994 and, 156, 211
energy and, 442
Fed's problem with, 150-53
financial industry laws and, 198-99
inflation and, 63, 65, 67
military issues and, 42, 56, 60
9/11 and, 6-10
Reagan's plan and, 93
regulation and, 374, 375-76
RTCand, 116, 117
Social Security and, 94, 417
taxes and, 54, 71, 213, 223, 235, 240
see also House of Representatives, U.S.; Senate,
U.S.
Congressional Budget Office (CBO), 183, 184,
213-14,217,242-43
Congress Party, Indian, 318, 321
Conrad, Kent, 219-21,236
Conservative Party, British, 282-83
Constitution, U.S., 90, 343, 344n, 373, 468
consumer price index (CPI), 62, 481-82, 483
consumers, consumption, 124n, 386, 387-88
confidence of, 114,207
profits and, 368
short-term debt of, 346^17
Soviet, 127, 128n
consumer spending, 10, 13, 14, 69-70, 153, 166,
207
Category 5 recession and, 67
inflation and, 66
9/1 l's effects on, 5, 229-32
ratio of income to, 269-70
Continental Illinois Bank, 109
contracts, 256, 319n, 379, 451
"Contract with America," 156
"conundrum," the, 377-91
downward pressures on wages and, 381-84
globalization and, 378-81
interest rates and, 377-78, 380-81, 382, 383-85,
387-88,390-91
use of word, 381
Coors Brewing Company, 50
copper, 42, 257
corn ethanol, 461
Corn Laws, 264
corporate governance, 278, 423-36
AG's role in, 77-80, 100, 101, 209, 371, 427-28
authoritarianism in, 424-25, 429, 431-32, 436
Sarbanes-Oxley and, 430-31
shareholder role in, 424-25, 435-36
"corporate university," 402
Corrigan, Gerry, 103, 105, 106, 108, 134
corruption, 126, 254, 302, 317, 337, 388-89
freedom from, 275-76, 388, 389
in Russia, 325, 327
Costello, Peter, 293
Cost of Living Council, 62
cotton, 62
Cotton Counts Its Customers, 32
cotton gin, 495
C0 2 emissions, 453, 454-55, 458
Council of Economic Advisors (CEA), 54, 61, 236,
249-50,279,446-47,494
AG as chairman of, 63-76, 373
description of, 64
counterparty surveillance, 370-71, 373, 489
creative destruction, 48-51, 127, 174, 282, 285,
401,504
buffers against, 279, 280
in China, 254, 304
corporate governance and, 432, 436
deregulation and, 72-73
516
INDEX
fear of, 260,376 Clinton policies and, 148, 149
information technology and, 167-69 deregulation and, 82
national treasures and, 273 Nixon and, 58, 59, 245
productivity and, 268-69 Reagan and, 87, 94, 109
Venice as antithesis of, 180-81 taxes and, 113,221,222, 223
credit default swap (CDS), 371-72, 490 Deng Xiaoping, 295, 300, 302, 304, 309, 502
Cronkite, Walter, 91 deposit insurance, 115, 257, 373-74
Crystal, GraefBud," 427-28 depression, 28, 86-87
culture, economic consequences of, 139, 252, 271 -see also Great Depression
82, 298,468,482 deregulation, 71-73, 81-82, 114, 183, 241, 255,
currency, 85, 104, 258, 380, 389-90 279, 366, 502
in Argentina, 341-42 de Soto, Hernando, 253-54, 296
in China, 302-3, 306 developing countries, 12-15, 237, 251-55, 385-89,
economic freedom and, 276 504
fiat, 13-14, 389-90, 391, 480,482, 484,491 current account surpluses of, 348
see also dollar, U.S.; euro; exchange rates dollar ties of, 188-89
current account deficit, U.S., 247-62 Dutch disease and, 257-59
causes of, 348-52 economic growth in, 13, 311
defined, 347 GDP shift toward, 13,459
financing of, 348 globalization and, 364
post-Civil War, 355n savings in, 13, 385-88, 483
current account surpluses, 348, 350, 351, 355 technology in, 388, 389, 459, 473
Czechoslovakia, 133-34, 137 Diaz, Francisco Gil, 341
Dillon, Doug, 145
D'Amato,Alfonse, 150 DiMaggio, Joe, 22
Dana, Richard Henry, Jr., 44 discomfort index (misery index), 61
Daniels, Mitch, 239 discount rate, 103, 111-12
Darman, Richard, 113, 118-19, 120, 122 disinflation, 378-84, 389-90, 476n, 478, 482, 491
