How to write a bestseller and get a Pulitzer Award?

I am not sure if I missed something, or if it was just a rumor about some things that went wrong around that time?

What makes capital provision work so well in America is the security and regulation of our capital markets, where minority shareholders are protected. Lord knows, there are scams, excesses, and corruption in our capital markets. That always happens when a lot of money is at stake. What distinguishes our capital markets is not that Enrons don’t happen in America—they sure do. It is that when they happen, they usually get ex- posed, either by the Securities and Exchange Commission or by the business press, and get corrected. What makes America unique is not Enron but Eliot Spitzer, the attorney general of New York State, who has doggedly sought to clean up the securities industry and corporate board-rooms. This sort of capital market has proved very, very difficult to duplicate outside of New York, London, Frankfurt, and Tokyo. Said Foster, “China and India and other Asian countries will not be successful at innovation until they have successful capital markets, and they will not have successful capital markets until they have rule of law which protects minority interests under conditions of risk… We in the U.S. are the lucky beneficiaries of centuries of conditions of risk… We in the U.S. are the lucky beneficiaries of centuries of economic experimentation, and we are the experiment that has worked.”

From: Thomas L. Friedman: The World is Flat; New York: Picador: 2007: 332 f.

Well, the Friedmans, be it Thomas or Milton, don’t understand that we face what James Galbraith calls

The End of Normal: The Great Crisis and the Future of Growth

as reviewed here.

One important point is, and that is another way of thinking about the end of the normal, the need to question the normal or at least part of it. Three (we always strive for trinities) essential parts of the normal were: growth, growth, and some form of regulation – and indeed Friedman talks about such regulation. But what he does not say is that this had been about marginal forms of social distribution, limited control of excesses and in particular/not least about securing the conditions of and for growth. It is interesting that even this is now largely taken away. As we know since recently, namely the leak of the TISA-Annex on the Annex on State Owned Enterprises the role of securing the conditions of and for growth is now under the increasing pressure of being finally, formally and completely handed over to the ‘market’. This is globalisation not simply by imposing specific structures and conditions on other countries but by establishing the control

by the US, EU and 22 other countries that account for 2/3rds of global GDP

Freedom and democracy – the flattening of the world by fattening the few global players.

Does one ‘super-corporation’ run the global economy? Study claims it could be terrifyingly unstable

The Network of Global Corporate Control – Research Article

The Network of Global Corporate Control – Annex

Indeed, I took up on some of the issues of the supposedly flattened world not only recently in Havana (here for for a background paper), but now again during the Shanghai Forum, presenting on ‘Growth and Development – Complement or Contradiction? Challenges for a Global Agenda‘ – more information can be found here.