An economic vocab lesson for the Trump era
Make Me Smart
Marketplace
4.6 • 5.5K Ratings
🗓️ 9 October 2025
⏱️ 11 minutes
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Summary
Today we’re all getting smarter about some of the economic and political terms dominating the headlines these days. Terms like “authoritarianism” and “state capitalism” that have been hotly debated during the second Trump administration. Plus, “stagflation” and other vocabulary words our listeners have been curious about. With some help from experts, Kimberly breaks them all down.
Here’s everything we talked about today:
- "Why journalists are reluctant to call Trump an authoritarian – and why that matters for democracy" from The Conversation
- "What do we call the Trump administration's economic interventions?" from Marketplace
- "The U.S. Marches Toward State Capitalism With American Characteristics" from The Wall Street Journal
- "Trump's Latest Trade Deals Raise More Questions Than Answers and Harm America’s Future" from the Center for American Progress
- "Supreme Court Agrees to Review Trump’s Sprawling Tariffs" from The New York Times
- "What Is Stagflation, What Causes It, and Why Is It Bad?" from Investopedia
- "Are Donald Trump's tariffs the new sanctions?" from Stanford University
Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.
Transcript
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| 0:00.0 | Hello everyone, I'm Kimberly Adams. |
| 0:07.0 | Welcome back to Make Me Smart, where none of us is as smart as all of us. |
| 0:13.0 | Today, we're going to get smarter about some big terms that have been popping up in headlines lately, |
| 0:18.0 | kind of like a vocabulary lesson to help you unpack the news. |
| 0:22.1 | Starting with a big one you've probably been hearing a lot. |
| 0:26.3 | Authoritarianism. |
| 0:27.3 | And it is a big term. |
| 0:29.2 | There's been a lot of talk about whether the Trump administration's actions fit into this category. |
| 0:34.2 | It even came up earlier this week when I was talking with Patrick Eddington, |
| 0:38.3 | a senior fellow in Homeland Security and Civil Liberties at the Cato Institute, about President Trump's use of the National Guard and the broader attempts to grow the powers of the executive branch. |
| 0:48.3 | Now, authoritarianism is generally defined as a form of government characterized by the concentration of power in a single leader or small group, often bypassing democratic processes and citizen input. |
| 1:02.1 | But we wanted to ask Eddington about how he thinks about the term, and here's what he said. |
| 1:08.2 | I'm sure there's a textbook definition, but to me, authoritarianism is when you do not have a functioning democratic polity, |
| 1:15.4 | whether you want to talk about that in the context of a republic-style government that we used to have |
| 1:22.5 | or in a parliamentary system. |
| 1:25.6 | But invariably, when we talk about authoritarianism, we are |
| 1:28.8 | talking about one man or one party rule, where civil rights and civil liberties are at least |
| 1:35.7 | severely curbed, if not essentially, non-existent. We also asked political communications |
| 1:41.5 | professor Karin Vosby Anderson at Colorado State University |
| 1:45.6 | about how to define authoritarianism. And she said the term has a bit of a branding problem, |
| 1:51.7 | because when people hear the word, they think of military dictatorships of the past, rather than it |
| 1:57.4 | being a modern issue. But according to Anderson, |
... |
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