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Capitalisn't

Capitalism-Was: What Happened to the American Dream? With David Leonhardt

Capitalisn't

University of Chicago Podcast Network

Stigler Center, Chicago Booth, Socialism, Antitrust, University Of Chicago Podcast Network, Growth, 087667, Policy, Monopoly, Professors, Distortion, Research, Competition, Capitalisnt, Inequality, Promarket, Politics, Policymaking, Special Interest, Economics, Efficiency, Regulations, Chicago, Business, Markets, University Of Chicago, Kate Waldock, Capitalism, Friction, Bethany Mclean, Government, Macroeconomics, News, Education, Waldock, Georgetown, Microeconomics, Luigi Zingales, Zingales, Finance, Ucpn

4.5584 Ratings

🗓️ 6 June 2024

⏱️ 48 minutes

🧾️ Download transcript

Summary

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.

Transcript

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0:00.0

people on the left should stop saying, why do those people vote against their economic

0:03.5

interest? What they should do more often is listen to working-class Americans. Working-class

0:08.3

Americans of all races who tend to be much less left-wing on social issues than democratic elites are.

0:18.8

I'm Bethany McLean. Did you ever have a moment of doubt about capitalism and whether greed's a good idea?

0:25.8

And I'm Luigi Zengalis.

0:27.2

We have socialism for the very rich, rugged individualism for the poor.

0:32.6

And this is Capital Isn't, a podcast about what is working in capitalism.

0:36.6

First of all, tell me, is there some society you know that doesn't run on greed?

0:41.1

And most importantly, what isn't?

0:43.1

We ought to do better by the people that get left behind.

0:46.0

I don't think we shouldn't kill the capital system in the process.

0:49.4

As regular listeners know, here on Capitalism,

0:52.5

we're interested in exploring what's working in

0:54.6

capitalists and what isn't. Since it's easier to criticize and to provide alternatives,

0:59.8

all too often we focus on the isn't part. Today, we want to talk about when capitalists

1:05.9

works, or at least when it did work. For this episode of Capitalism was, we invited David Leonhardt, who is not only a New York

1:14.8

Times columnist, but also the author of ours was, note the past tense, The Shining Future,

1:20.5

a recent book about why the United States was the land of opportunities and why it is not

1:25.6

anymore.

1:26.6

In the book, David declared itself a strong

1:29.1

supporter of the capitalist system. Capitalism, he writes, remains the best system for delivering

1:34.3

rising standards to the greatest number of people, but only a certain type of capitalism.

...

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