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Freakonomics Radio

Does Anyone Really Know What Socialism Is? (Ep. 408 Rebroadcast)

Freakonomics Radio

Freakonomics Radio + Stitcher

Documentary, Society & Culture

4.632K Ratings

🗓️ 17 September 2020

⏱️ 44 minutes

🧾️ Download transcript

Summary

Trump says it would destroy us. Biden needs the voters who support it (especially the Bernie voters). 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

Hey there, it's Stephen Dovner.

0:05.7

What you're about to hear is an updated version of an episode we released just before the

0:09.8

COVID-19 pandemic took hold in the US.

0:12.9

We thought with an upcoming election, it might be useful to hear it again.

0:17.3

Hope you agree.

0:25.6

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

0:29.2

of broad and deep discontent.

0:32.5

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

0:38.8

and the spike in health care and college costs, and others are more systemic, like inequality

0:45.0

and crony capitalism.

0:47.3

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

0:52.4

with multiple constituencies harboring multiple grievances, some overlapping, others

0:59.2

in deep conflict.

1:01.0

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

1:04.4

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

1:10.0

country in different directions.

1:13.0

Perhaps the most successful to date is Donald Trump, who in 2016 defied just about every

1:19.7

prediction on Earth to win the US presidency.

1:23.8

The Democrats have also tried to steer that discontent in their direction, especially Vermont

1:29.0

Senator Bernie Sanders, a long time registered independent, who was for a time, a leading candidate

1:34.7

for the Democratic presidential nomination.

1:37.9

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

...

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