Part of ENG 102: Concepts, Theories, and Thinkers
Capitalisn't is a podcast hosted by Luigi Zingales and Bethany McLean: "Is capitalism the engine of destruction or the engine of prosperity? On this podcast we talk about the ways capitalism is—or more often isn’t—working in our world today. Hosted by Vanity Fair contributing editor, Bethany McLean and world renowned economics professor Luigi Zingales, we explain how capitalism can go wrong, and what we can do to fix it."
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Ahmari, Sohrab. "When Capitalism Becomes Tyranny." Capitalisn't (November 2, 2023) ["In his new book, Sohrab Ahmari argues that the concentration of economic power in the hands of a few corporations has created a new form of tyranny in America. "Coercion is far more widespread in supposedly noncoercive societies than we would like to think—provided we pay attention to private power and admit the possibility of private coercion," he writes. Ahmari, founder and editor of Compact magazine, joins Bethany and Luigi to discuss his book, "Tyranny Inc.: How Private Power Crushed American Liberty--and What to Do About It." In this episode, they discuss the complex relationship between capitalism, personal freedoms, and political power. The conversation sheds light on what classical liberalism ignores, how today's Right is discovering what the Left may have forgotten, and ultimately, where today's political Left and Right may be able to work together."]
Appelbaum, Yoni. ["“Homeownership is the American Dream.” This saying is so ingrained in our zeitgeist that most Americans don't even pause to question it. However, according to the Black Knights Home Price Index, the average US home price increased nearly 80% from April 2015 to April 2023. Census data reveals that the median household income only increased by 4% during this period. Homeownership has thus become increasingly out of reach, especially for young professionals. So, how did the American Dream become an American nightmare? In his brand new book, Stuck: How the Privileged in the Propertied Broke the Engine of American Opportunity, The Atlantic’s Deputy Editor Yoni Appelbaum offers a contrarian view, arguing that the crisis in American homeownership isn’t actually about cost—it’s about mobility. There are many places in America where housing remains affordable and even dirt cheap. The problem is that those affordable options are in less desirable locations, with fewer opportunities for high-quality jobs, education, and health care. Thus, young professionals continue to migrate to communities where opportunities are bountiful, but housing is not. Appelbaum joins Bethany and Luigi to discuss how Americans got “stuck.” Why does mobility matter so much? What are the implications of reduced mobility for Americans’ faith in capitalism and the belief that our country is still the land of opportunity? If treating a home as an investment—which many of us do—means less mobility, is being “stuck” so wrong for society? Together, the three of them unpack this entangled question of mobility, homeownership, and what it means for the reformulation of the American Dream."]
Boustan, Leigh. "Immigration in America: Data and Myths." Capitalisn't (July 4, 2024) ["If democracy is a social contract, why don’t we allow everybody who is willing to sign it? Why don’t we have open borders for immigration? In their book "Streets of Gold: America's Untold Story of Immigrant Success," Princeton University’s Leah Boustan and Stanford University’s Ran Abramitzky provide insights from big data to explore how immigration shaped the United States by looking at the economic legacies of immigrants and their children. On this week’s encore episode, hosts Luigi Zingales and Bethany McLean talk with Boustan to unpack how immigrants and their progeny have impacted jobs, wages, and housing prices for native-born Americans. Conversely, how do immigrants’ countries of origin overcome obstacles to socioeconomic change when many of their most-motivated citizens leave? Can data move the U.S. immigration debate beyond the current border crisis?"]
Coffee, John C. "How Corporations Get Away With Crime." Capitalisn't (July 22, 2022) ["When it comes to corporate rulebreaking, data from 2002 to 2016 reveals that the US government arranged more than 400 "deferred protection agreements" as a means of deterrence. Under these, a company acknowledges what it did was wrong, pays a fine, promises not to misbehave for a period of time -- and thus is largely let off the hook. Columbia Law School Professor and author of "Corporate Crime and Punishment: The Crisis of Underenforcement", John C. Coffee, says these have done little to deter future wrongdoing. Coffee joins Luigi and Bethany, both of whom have also extensively researched and exposed corporate wrongdoing, to discuss how to reform aspects of enforcement, such as self-reporting mechanisms, internal investigations, independent external auditors, whistleblowers, and even shame and humiliation."]
Faux, Zeke. "Crypto: SBF and Beyond." Capitalisn't (November 16, 2023) ["In his new book "Number Go Up," Bloomberg News investigative reporter Zeke Faux takes readers on a wild ride through the world of cryptocurrency, from its origins in the dark corners of the internet, its meteoric rise to mainstream popularity, and finally its equally precipitous fall. A few days after the 'convicted' verdict in the trial of beleaguered crypto entrepreneur Sam Bankman-Fried (SBF), Faux joins Bethany and Luigi to make a case for why we should judge cryptocurrency by what it has done and not what it can do. They discuss whether it is too soon to write crypto off, what larger commentary it offers about capitalism, and why Luigi, who teaches a popular MBA course on fintech, feels "crypto is money that can only be created by computer scientists who don't understand history.""]
Grant, Jim. "Is Private Credit in the Public Interest?" Capitalisn't (April 25, 2024) ["The meteoric rise of private credit over the last decade has raised concerns among banks about unfair competition and among regulators about risks to financial stability. Historically, regulated banks have provided most of the credit that finances businesses in the United States. However, since the 2008 financial crisis, banks have restricted their credit lines in response to new regulations. In their place has arisen private credit, which comprises direct (and mostly unregulated) lending, primarily from institutional investors. Estimates peg the current size of outstanding private credit loans in the U.S. at $1.7 trillion. Private credit loans aren't traceable, and there are incentives to lend to riskier borrowers in the absence of regulation. This could lead to catastrophic spillover effects in the event of a financial shock. This week, Bethany and Luigi sit down with Jim Grant, a longtime market and banking industry analyst, writer, and publisher of Grant's Interest Rate Observer, a twice-monthly journal of financial markets published since 1983. Together, they try to answer if private credit is in the public interest."]
Haidt, Jonathan. "The Economic Costs of a Phone-Based Childhood." Capitalisn't (July 18, 2024) ["In one of this year's bestselling books, "The Anxious Generation: How the Great Rewiring of Childhood is Causing An Epidemic of Mental Illness," New York University social psychologist Jonathan Haidt argues that today's childhoods spent under the influence of smartphones and overprotective parenting has led to the reported explosion in cases of teenage anxiety and depression. He calls this process a "three-act play": the diminishment of trust in our communities, the loss of a play-based childhood, and the arrival of a hyper-connected world. Haidt also believes the problem is solvable. On this episode of Capitalisn't, he joins Bethany and Luigi to discuss parenting, learning, adolescence, and in an age where Congress won't act on regulation, his four proposed solutions to break social media's "collective action trap" on children. But are his solutions feasible? How do we weigh their costs, benefits, limitations, risks, and the roadblocks to their implementation? What are the consequences of an anxious generation for our economy — and what can we really do about it?"]
Leonhardt, David. "Capitalism-Was: What Happened to the American Dream?" Capitalisn't (June 6, 2024) ["Is the famed American Dream still attainable for the immigrants and working class of today? What made America the land of opportunity — and if it isn't the same anymore, what happened to it? Joining co-hosts Bethany and Luigi to discuss these questions is David Leonhardt, Pulitzer Prize-winning journalist and author of "Ours Was the Shining Future." In his book, Leonhardt describes what he calls today's "rough-and-tumble" capitalism and distinguishes its laissez-faire characteristics from a more bygone, democratic version. Charting shifts in manufacturing, labor power, and the perennial tension between immigration and wages, Leonhardt and our hosts deliberate over the ramifications of this story for progressive and populist movements in a tumultuous election year and offer potential pathways to rekindle the promise of prosperity and upward mobility."]
Mulainathan, Sendhil. "Can AI Even Be Regulated?" Capitalisn't (February 13, 2025) ["This week, Elon Musk—amidst his other duties of gutting United States federal government agencies as head of the “Department of Government Efficiency” (DOGE)—announced a hostile bid alongside a consortium of buyers to purchase control of OpenAI for $97.4 billion. OpenAI CEO Sam Altman vehemently replied that his company is not for sale. The artificial intelligence landscape is shifting rapidly. The week prior, American tech stocks plummeted in response to claims from Chinese company DeepSeek AI that its model had matched OpenAI’s performance at a fraction of the cost. Days before that, President Donald Trump announced that OpenAI, Oracle, and Softbank would partner on an infrastructure project to power AI in the U.S. with an initial $100 billion investment. Altman himself is trying to pull off a much-touted plan to convert the nonprofit OpenAI into a for-profit entity, a development at the heart of his spat with Musk, who co-founded the startup. Bethany and Luigi discuss the implications of this changing landscape by reflecting on a prior Capitalisn’t conversation with Luigi’s former colleague Sendhil Mullainathan (now at MIT), who forecasted over a year ago that there would be no barriers to entry in AI. Does DeepSeek’s success prove him right? How does the U.S. government’s swift move to ban DeepSeek from government devices reflect how we should weigh national interests at the risk of hindering innovation and competition? Musk has the ear of Trump and a history of animosity with Altman over the direction of OpenAI. Does Musk’s proposed hostile takeover signal that personal interests and relationships with American leadership will determine how AI develops in the U.S. from here on out? What does regulating AI in the collective interest look like, and can we escape a future where technology is consolidated in the hands of the wealthy few when billions of dollars in capital are required for its progress?"]
Mullins, Brody. "How Lobbying Led to Crony Capitalism." Capitalisn't (October 24, 2024) ["Mullins is the co-author (along with his brother Luke, also an investigative reporter) of The Wolves of K Street: The Secret History of How Big Money Took Over Big Government. Brody joins Bethany and Luigi to discuss how corporations ranging from Genentech to Google participate in the invisible but massively influential lobbying industry to bend government policy toward their favor. Together, the three trace the roots and evolution of political lobbying from the 1970s to now and explore how it penetrates and leverages other spheres of society to abet its operations. How are academia and the media complicit in this ecosystem of influence operations? How has lobbying adapted to the changing attitudes of Americans towards Big Business? How might it change under either a Harris or Trump administration and beyond?"]
Nader, Ralph. "Ralph Nader's Capitalism." Capitalisn't (April 11, 2024) ["The only true aging is the erosion of one's ideals," says Ralph Nader, the former third-party presidential candidate who just turned 90 after more than 60 years of consumer advocacy and fighting for small business in America. From influencing the transformative passage of car safety legislation to advancing numerous environmental protection and public accountability causes, Nader has fought against the proliferation and insinuation of corporate power in our government. In between all of that, Nader has also found the time to develop a prolific writing career. In this week’s episode, Nader joins Bethany and Luigi to discuss his new book, "Rebellious CEO: 12 Leaders Who Got It Right." The three talk about the possibilities of ethically profitable business, Nader’s lifelong pursuit of justice, his views on the state of capitalism today, the political disillusionment of the public, and how we can reclaim democratic control of capitalism."]
Nestle, Marion. "The Money Behind Ultra-Processed Food." Capitalisn't (May 23, 2024) ["Critics of the food industry allege that it relentlessly pursues profits at the expense of public health. They claim that food companies "ultra-process" products with salt, sugar, fats, and artificial additives, employ advanced marketing tactics to manipulate and hook consumers, and are ultimately responsible for a global epidemic of health ailments. Companies are also launching entirely new lines and categories of food products catering to diabetes or weight management drugs such as Ozempic. Marion Nestle, a leading public health advocate, nutritionist, award-winning author, and Professor Emerita at New York University, first warned in her 2002 book "Food Politics" that Big Food deliberately designs unhealthy, addictive products to drive sales, often backed by industry-funded research that misleads consumers. This week on Capitalisn't, Nestle joins Bethany and Luigi to explore the ultra-processed food industry through the interplay of four lenses: the underlying science, business motives, influencing consumer perceptions, and public policy."]
Rodrik, Dani. "The New Economics of Industrial Policy." Capitalisn't (August 1, 2024) ["Harvard professor of international political economy Dani Rodrik has long been skeptical of what he calls "hyperglobalization," or an advanced level of interconnectedness between countries and their economies. He first introduced his theory of the "globalization trilemma" in the late 1990s, which states that no country can simultaneously support democracy, national sovereignty, and global economic integration. At the time when he proposed his trilemma, Rodrik was considered an outcast. However, economists and policymakers have come to accept his theory as governments seek to address populism, trade imbalances, and uneven growth through renewed interest in industrial policy, or government efforts to improve the performance of key business sectors. Rodrik joins co-hosts Bethany and Luigi to discuss changing attitudes towards globalization: its distributional effects, how it affects politics, and how it is still searching for a narrative consistent between academic circles and the media. Together, the three of them discuss what role corporate America should play in our world restructured by economic and political populism and if economics is getting too far away from the rest of the social sciences when it comes to shaping industrial policy and creating the jobs of tomorrow."]
Schaake, Marietje. "Can Democracy Coexist with Big Tech." Capitalisn't (September 26, 2024) ["International technology policy expert, Stanford University academic, and former European parliamentarian Marietje Schaake writes in her new book that a “Tech Coup” is happening in democratic societies and fast approaching the point of no return. Both Big Tech and smaller companies are participating in it, through the provision of spyware, microchips, facial recognition, and other technologies that erode privacy, speech, and other human rights. These technologies shift power to the tech companies at the expense of the public and democratic institutions, Schaake writes. Schaake joins Bethany and Luigi to discuss proposals for reversing this shift of power and maintaining the balance between innovation and regulation in the digital age. If a "tech coup" is really underway, how did we get here? And if so, how can we safeguard democracy and individual rights in an era of algorithmic governance and surveillance capitalism? Marietje Schaake’s new book, “The Tech Coup: Saving Democracy From Silicon Valley."]
Stiglitz, Joseph. "Visions of a New Progressive Capitalism." Capitalisn't (June 24, 2024) ["In the last 60 years, few economists have contributed more to exposing the failures of capitalism than Joseph Stiglitz. Formerly the chief economist of the World Bank and chair of the U.S. Council of Economic Advisers under President Bill Clinton, Stiglitz won the Nobel Prize in Economics in 2001 for his work showing that the possibility of having different information can lead to inefficient market outcomes. On this episode of Capitalisn't, Stiglitz joins Bethany and Luigi to discuss his latest book, "The Road to Freedom: Economics and the Good Society" (W.W. Norton, 2024). The book, as Bethany describes it, is a "full frontal attack on neoliberalism" that provides a prospective roadmap towards a more progressive form of capitalism. Together, the three discuss the role of mis- and disinformation in producing market inefficiencies, the importance of regulation, institutional accountability, and collective action in correcting market failures, and the role of neoliberalism in today's global populist uprising. In the process, they underscore the close link between economic and political freedom."]
Ziblatt, Daniel. "How Big Money Changed the Democratic Game." Capitalisn't (January 2, 2024) ["Daniel Ziblatt is an American political scientist, Eaton Professor of the Science of Government at Harvard University, and the co-author (with Steven Levitsky) of several bestselling books, including How Democracies Die and Tyranny of the Minority. Ziblatt writes from the position that what defines strong democracies is free and fair competition for power, inclusive participation, and a package of civil liberties that make those first two conditions possible. 2024 saw voters in more than 60 countries go to the polls—and deliver difficult outcomes for incumbents and traditional political parties. This week, Ziblatt joins Bethany and Luigi to discuss the fate of democracy after 2024. They explore how big money and corporate power have destabilized democracies worldwide by interfering with the conditions for free and fair competition for power. The consequence has been the movement of voters toward political extremes, which in turn can often threaten economic growth, civil liberties, and the rule of law. Nevertheless, should we judge the strength of democracy by process or outcome? Does democracy still thrive when the people vote for undemocratic politicians and parties? Together, Ziblatt and our co-hosts discuss how to curb global democratic decline by realigning government away from the interests of corporations or big money and back to those of the people."]