pp. 15–24).
296. Gabor (2000, p. 291).
297. Slater (1993, p. 173).
298. Leslie Wayne, “G.E. Credit: Financial Hybrid,” New York Times, October 28, 1981, p. D1. 299. Drucker (1985, p. 23).
300. Nohria, Dyer, and Dalzell (2002, p. 20).
301. Gryta and Mann (2020). After the financial crisis of the early twenty-first century, GE capital would become more a liability than an asset, and the company would slowly divest the entire operation. Joann S. Lublin, Dana Mattioli, and Ted Mann, “GE Seeks Exit from Banking Business,” Wall Street Journal, April 10, 2015.
302. Slater (1993, pp. 170–72). 303. Slater (1993, p. 161).
304. Drucker (1988, p. 3). 305. Drucker (1969, p. 43). 306. Drucker (1985, p. 12). 307. Drucker (1988, p. 11). 308. Gabor (2000, p. 322). 309. Jackson (2012a).
310. Lippmann (1937).
311. Steel (1980, p. 322).
312. Reinhoudt and Audier (2017). In one telling, the French began using the word after the
Colloque to denote those beneath the liberal tent who, like Lippmann himself, upheld some- thing close to the Ordoliberal view of an active protective state, as distinguished from the more traditional classical liberals who wanted to limit the role of the state largely to defending the rule of law (Denord 2015). Even those in the latter camp generally supported some redistributive and safety-net functions of the state.
313. Caldwell (2020).
656 Notes to Chapter 9
314. In the view of the Nobel-winning Peruvian novelist (and member of the Mont Pèlerin Society) Mario Vargas Llosa, neoliberalism is “a caricature made by its enemies,” invented “not to express a conceptual reality, but rather to semantically devalue, with the corrosive weapon of derision” (Vargas Llosa 2018, p. 153).
315. The most-cited definition is this: “Neoliberalism is in the first instance a theory of political economic practices that proposes that human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and free trade. The role of the state is to create and preserve an institutional framework appropriate to such practices” (Harvey 2005, p. 2). Harvey is also a good source for the thesis that neoliberal ideology underpinned, and maybe even caused, the deregulation and globalization of the late twentieth century.
316. Mirowski (2014).
317. Jackson (2012b) uses the phrase “think-tank archipelago” in the context of Britain under Margaret Thatcher, though he sees it as applying elsewhere as well. Jackson notes that the in- teraction between the liberal intellectuals and their funders was a two-way street: they did not so much take instruction from the business community as help business to better understand liberal ideas and to see those ideas as in their interest.
Phillips-Fein (2009, p. 112); Shlaes (2019, pp. 35–36).
Caldwell (2020); Phillips-Fein (2015).
Slobodian (2018, pp. 73, 77).
Phillips-Fein (2015, p. 288).
Hejeebu and McCloskey (1999, p. 286); Marcuse (1964); Polanyi (1944, p. xiii).
This model of institutional change was advanced most clearly by Ruttan and Hayami
(1984).
324. Peltzman (1989, p. 33).
325. Derthick and Quirk (1985, pp. 66–67); Rothenberg (1994, p. 234).
326. Saunders (2003, pp. 24–31).
327. Salsbury (1982, p. 47).
328. Hiner (2006, pp. 38–39).
329. Saunders (1978, pp. 181–82).
330. Salsbury (1982).
331. The destruction of Penn Station led to the passage of a landmarks-preservation statute
in New York. Thus when the Penn Central was plunging into bankruptcy, it was not allowed to sell the air rights above Grand Central Terminal, which it had hoped to turn into a skyscraper designed by Marcel Breuer. The case went all the way to the Supreme Court. Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978).
332. Sobel (1984, p. 170).
333. Hiner (2006, p. 40).
334. Saunders (1978).
335. Saunders (1978, pp. 199, 261).
336. Salsbury (1982, p. 140); Saunders (1978, p. 280). 337. Saunders (2003, p. 14).
338. Saunders (2003, pp. 46–50). Railroad cases came under Section 77 of the Bankruptcy Act, which gave the ICC wide discretion in sorting among claimants while keeping the roads running.
Notes to Chapter 9 657
339. Hiner (2006, pp. 57–60); Saunders (1978, p. 293). 340. Saunders (1978, p. 295).
341. Hiner (2006, pp. 51–56).
342. Hiner (2006, pp. 95–111).
343. Saunders (1978, pp. 308–14).
344. Saunders (2003, p. 111).
345. Congressional Record, 94th Congress, 1st Session, v. 122, pt. 2, 2245 (1976).
346. Ralph Blumenthal, “Conrail: Some Success, Measured by the Lack of Failures,” New
York Times, December 26, 1976, p. E3.
347. Hiner (2006, p. 373); Saunders (2003, p. 187).
348. This meant in practice that roughly 60 percent of railroad traffic would move at market
rates. The remaining 40 percent flowed on routes considered subject to “market dominance,” and the complex regulation of those rates would be transferred to a Surface Transportation Board when the ICC was abolished in 1995 (Burton and Hitchcock 2019).
349. Saunders (2003, pp. 189–219).
350. The privatized Conrail was taken over by the CSX Corporation and Norfolk Southern Railway in 1999.
351. Aldrich (2018, p. 6).
352. Winston et al. (1990, p. 11).
353. Saunders (2003, p. 26).
354. Winston et al. (1990, p. 7).
355. Rothenberg (1994, p. 214).
356. Moore (1983, p. 37).
357. Winston et al. (1990, p. 4).
358. Rothenberg (1994, pp. 216–17).
359. US Senate (1980, p. 3).
360. Carole Shifrin, “Carter, Kennedy Send Trucking Bill to Congress,” Washington Post,
June 22, 1979.
361. Rothenberg (1994, pp. 238–39).
362. Moore (1991, p. 52).
363. Moore (1983, p. 37).
364. Rose (1985, 1987).
365. Winston et al. (1990, p. 41).
366. Moore (1991, p. 53).
367. Stone (1991, p. 156).
368. Levinson (2016, p. 206).
369. ICC Docket No. 21723, In the Matter of Container Service, 173 I.C.C. 377, April 14, 1931,
at 384.
