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Freakonomics Radio

408. Does Anyone Really Know What Socialism Is?

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 5 March 2020

⏱️ 43 minutes

🧾️ Download transcript

Summary

Trump says it would destroy us. Sanders says it will save us. The majority of millennials would like it to replace capitalism. But what is “it”? We bring in the economists to sort things out and tell us what the U.S. can learn from the good (and bad) experiences of other (supposedly) socialist countries.

Transcript

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0:00.0

The United States, like many countries around the world, seems to have entered a period

0:08.2

of broad and deep discontent.

0:11.5

Much of this discontent is related to economic issues, some of them specific, like wage

0:16.8

stagnation and the spike in healthcare and college costs, and others are more systemic,

0:22.8

like inequality and crony capitalism.

0:26.3

This discontent has grown into an indictment of our entire political and economic system,

0:31.6

with multiple constituencies harboring multiple grievances, some overlapping, others in deep

0:38.6

conflict.

0:39.6

I'm telling you nothing here, you don't already know.

0:43.4

You also know that different actors have harnessed this discontent in an attempt to steer

0:48.9

the country in different directions.

0:52.2

This most successful to date is Donald Trump, who in 2016 defied just about every prediction

0:59.2

on earth to win the U.S. presidency.

1:02.4

Now that he's facing re-election, his democratic opponents are trying to direct the discontent

1:08.2

in their direction, with some of them calling to fundamentally remake the American economy.

1:14.6

Trump's supporters find this absurd.

1:18.0

All the Democrats running for president want to radically transform this country that has

1:23.4

accumulated more wealth that has advanced the human condition more than any other country

1:29.2

in the history of mankind.

1:32.1

One of Trump's most formidable democratic opponents at this point is, in fact, a long-time

1:36.7

registered independent from our Senator Bernie Sanders.

1:40.6

We now have an economy that is fundamentally broken and grotesquely unfail.

...

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