Marshall here, welcome back to the realignment.

My guest today is Stanford Professor Jennifer Burns.

Jennifer has a book out, Milton Friedman, the last conservative.

Newton was easily one of the most important economists of the 20th century and his positions

on everything from inflation to the Federal Reserve. and his broader critique of big government formed the basis for the market-oriented

thought that brought the New Deal era to a close in the 1960s and 1970s and dominated the next two decades of American

politics in what some call the neoliberal era.

In the 20s, however, the Friedmanite consensus is deeply under question with the combination of the 2008 financial crisis and the critique of deregulation, the 2016 election with its theme of working class rejection of the free trade consensus and then

2020s and 2021's supply chain crunch due to the over fixation on efficiency-resiliency when it came to America's

manufacturing base. Lots of people, this podcast included, declared that we

had therefore moved on from the Freibin era and were working towards some new post-neoliberal consensus.

Immediately after 2021 however we saw in inflation return with a vengeance the

exact issue of it so obsessed

freedman throughout his life, making the Biden administration look much more

like the Carter and Ford administrations in the mid to late 70s than a rebirth of the new

due era in 1932. As I say to Jennifer, I've wondered whether we can say we've

to remove on from a figure if the very issue that defined their work returns to prominence.

The same time though, it's clear that Donald Trump's iteration of the Republican Party is far less

interested in, if at all, Friedman's market-oriented approach. To Jennifer's title, people will

continue to define themselves as conservatives moving forward, and words in their meaning obviously change,

but the next few years would determine whether the market

and capitalism part of the conservative creed will reflect Friedman's thoughts or someone

...