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48 Pusey, ‘Fast Money and Fraud’.

49 Pontell and Calavita, ‘White-Collar Crime’. P. 43. См. также: Kitty Calavita and Henry N. Pontell, ‘The State and White-Collar Crime: Saving the Savings and Loans’, Law Society Review, 28, 2 (1994). Pp. 297–324.

50 Cначала были опасения, что потери окажутся больше. В 1990-м власти называли сумму вплоть до 500 миллиардов долларов. По другим оценкам речь шла о триллионе долларов и даже больше: Pontell and Calavita, ‘Savings and Loan Industry’. P. 203.

51 Весьма живописный рассказ об этом см.: Michael Lewis, Liar's Poker (London, 1989). Pp. 78-124.

52 Bernanke, ‘Housing, Housing Finance, and Monetary Policy’.

53 Значительную помощь в расчетах мне оказал Джозеф Бариллари. Morris A. Davisa, Andreas Lehnert and Robert F. Martin, ‘The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing’, Working paper (December 2007).

54 Shiller, ‘Recent Trends in House Prices’.

55 Carmen M. Reinhart and Kenneth S. Rogoff, ‘Is the 2007 Sub-Prime Financial Crisis So Different? An International Historical Comparison’, Draft Working Paper (14.1.2008).

56 Mark Whitehouse, ‘Debt Bomb: Inside the “Subprime” Mortgage Debacle’, Wall Street Journal, 30.5.2007. P. Ai.

57 Cm. Kimberly Blanton, ‘A “Smoking Gun” on Race, Subprime Loans’, Boston Globe, 16.3.2007.

58 ‘U.S. Housing Bust Fuels Blame Game’, Wall Street Journal, 19.3.2008. См. также: David Wessel, ‘Housing Bust Offers Insights’, Wall Street Journal, 10.4.2008.

59 Henry Louis Gates Jr., ‘Forty Acres and a Gap in Wealth’, New York Times, 18.11.2007.

60 Andy Meek, ‘Frayser Foreclosures Revealed’, Daily News, 21.9.2006.

61 http://www. responsiblelending. org/page.jsp? itemID =32 032 op.

62 Credit Suisse, ‘Foreclosure Trends – A Sobering Reality’, Fixed Income Research (23.4.2008).

63 Cm.: Prabha Natarajan, ‘Fannie, Freddie Could Hurt U.S. Credit’, Wall Street Journal, 15.4.2008.

64 Economic Report of the President 200/, tables В-77 и B-76: http:// www.gpoaccess.gov/eop/

65 George Magnus, ‘Managing Minsky’, UBS research paper, 27.3.2008.

66 Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else (London, 2001).

67 Idem, ‘Interview: Land and Freedom’, New Scientist, 27.4.2002.

68 Idem, The Other Path (New York, 1989).

69 Rafael Di Telia, Sebastian Galiani and Ernesto Schargrodsky, ‘The Formation of Beliefs: Evidence from the Allocation of Land Titles to Squatters’, Quarterly Journal of Economics, 122,1 (February 2007). Pp. 209–241.

70 The Mystery of Capital Deepens’, The Economist, 26.8.2006.

71 Cm.: John Gravois, ‘The De Soto Delusion’, Slate, 29.1.2005: http: //state, msn. com/id/2112/ 92/

72 Вся прибыль банка переводится в Фонд реабилитации, созданный для борьбы с чрезвычайными ситуациями, – благодаря этому Grameen избавляется от налога на прибыль корпораций.

73 Connie Black, ‘Millions for Millions’, New Yorker, 30.10.2006. Pp. 62–73.

74 Shiller, ‘Recent Trends in House Prices’.

75 Edward L. Glaeser and Joseph Gyourko, ‘Housing Dynamics’, NBER Working Paper 12787 (обновленная версия, 31.3.2007).

76 Robert J. Shiller, The New Financial Order: Risk in the 21st Century (Princeton, 2003).

VI. От империи к Кимерике

i Dominic Wilson and Roopa Purushothaman, ‘Dreaming with the BRICs: The Path to 2050’, Goldman Sachs Global Economics Paper, 99 (1.10.2003). См. также: Jim O’Neill, ‘Building Better Global Economic BRICs’, Goldman Sachs Global Economics Paper, 66 (30.11.2001); Jim O’Neill, Dominic Wilson, Roopa Purushothaman and Anna Stupnytska, ‘How Solid are the BRICs?’, Goldman Sachs Global Economics Paper, 134 (1.12.2005).

2 Dominic Wilson and Anna Stupnytska, ‘The N-n: More than an Acronym’, Goldman Sachs Global Economics Paper, 153 (28.3.2007).

3 Goldman Sachs Global Economics Group, BRICs and Beyond (London, 2007), особенно стр. 45–72, 103–108.

4 Этот аргумент приводится Кеннетом Померанцем, см.: Kenneth Pomeranz, The Great Divergence: China, Europe and the Making of the Modern World Economy (Princeton/Oxford, 2000). Некоторые ученые оценивают положение Китая в 1700 году более сдержанно, см. например: Angus Maddison, The World Economy: A Millennial Perspective (Paris, 2001).

5 Подсчитано на основе оценок валового внутреннего продукта на душу населения, см.: Maddison, World Economy, table В-21.

6 Pomeranz, Great Divergence.

7 Наиболее важные из недавних работ на эту тему: Eric Jones, The European Miracle: Environments, Economies and Geopolitics in the History of Europe and Asia (Cambridge, 1981); David S. Landes, The Wealth and Poverty of Nations: Why Some are So Rich and Some So Poor (New York, 1998); Joel Mokyr, The Gifts of Athena: Historical Origins of the Knowledge Economy (Princeton, 2002); Gregory Clark, A Farewell to Alms: A Brief Economic History of the World (Princeton, 2007).

8 William N. Goetzmann, ‘Fibonacci and the Financial Revolution’, NBER Working Paper 10352 (March 2004).

9 William N. Goetzmann, Andrey D. Ukhov and Ning Zhu, ‘China and the World Financial Markets, 1870–1930: Modern Lessons from Historical Globalization’, Economic History Review (forthcoming).

10 Nicholas Crafts, ‘Globalisation and Growth in the Twentieth Century’, International Monetary Fund Working Paper, 00/44 (март 2000). См. также: Richard E. Baldwin and Philippe Martin, ‘Two Waves of Globalization: Superficial Similarities, Fundamental Differences’, NBER Working Paper 6904 (January 1999).

11 Barry R. Chiswick and Timothy J. Hatton, ‘International Migration and the Integration of Labor Markets’, in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson (eds.), Globalization in Historical Perspective (Chicago, 2003). Pp. 65-120.

12 Maurice Obstfeld and Alan M. Taylor, ‘Globalization and Capital Markets’, in Michael D. Bordo, Alan M. Taylor and Jeffrey G.

Williamson (eds.), Globalization in Historical Perspective (Chicago, 2003). P. i/3ff.

13 Clark, Farewell, chs. 13, 14.

14 David M. Rowe, ‘The Tragedy of Liberalism: How Globalization Caused the First World War’, Security Studies, 14, 3 (Spring 2005). Pp. 1-41.

15 См., к примеру: Fareed Zakaria, The Post-American World (New York, 2008) и Parag Khanna, The Second World: Empires and Influence in the New Global Order (London, 2008).