Notes
1 This chapter is adapted from Greycourt White Paper No. 52: The End of History (Again): Why We May Be Living in a Permanent Financial Crisis (2012), available at www.Greycourt.com.
2 See Chapter 5.
3 Published in the current affairs journal, The National Interest.
4 The End of History and the Last Man (New York: Harper Perennial, 1992).
5 This probably came as news to the fundamentalist Islamic states that have cropped up since Fukuyama wrote—to say nothing of China.
6 1st ed. (Princeton, NJ: Princeton University Press, 2009), 234–237. A separate study by David H. Papell and Ruxandra Prodan puts the average time for recovery after a financial crisis at nine years: “[T]he Great Slump is not yet half over.” See The Statistical Behavior of GDP after Financial Crises and Severe Recessions, prepared for the Federal Reserve Bank of Boston conference on “Long-Term Effects of the Great Recession,” October 18–19, 2011. Note that the Japanese crisis began in 1992 and is ongoing—20 years and counting.
7 The Nikkei Index, which measures the performance of the Japanese stock market, peaked at over 24,000 in 1992 and is now hovering around 8,000.
8 By “indebted,” I include both the sovereign debt that has destroyed places like Greece and the private debt that destroyed places like Ireland and Spain.
9 See, for example, Niall Ferguson, Civilization: The West and the Rest (New York: Penguin Press HC, 2011).
10 We're going to focus on Europe, where the Industrial Revolution began, although ...
Get The Stewardship of Wealth: Successful Private Wealth Management for Investors and Their Advisors, + Website now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
