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Bad Faith

Episode 375 Promo - Libertarian Fail (w/ Ben Norton)

Bad Faith

Bad Faith

Comedy, News, Politics

4.52.8K Ratings

🗓️ 27 May 2024

⏱️ 5 minutes

🧾️ Download transcript

Summary

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Journalist Ben Norton returns to Bad Faith to break down where Argentina is five months into libertarian President Javier Milei's leadership. When Milei was elected, libertarians cheered the opportunity to prove how successful libertarianism can be if allowed to fully manifest. Now, with 300% inflation, authoritarian crackdowns on protests, and widespread austerity measures, has Milei proven the limits of libertarianism? Or does he just need more time?

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Produced by Armand Aviram.
 
Theme by Nick Thorburn (@nickfromislands)
 
 

Transcript

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0:00.0

these neoliberals, these libertarians, these free market economists, can never point to a single

0:05.2

example in world history of any state entering high income status through their political program,

0:12.4

including, by the way, all of the advanced wealthy, rich Western states, which obviously

0:17.8

they benefited from imperialism, slavery, genocide, ethnic cleansing of indigenous people

0:23.8

stealing their land. But even aside from that, the U.S. was the most protectionist economy on

0:30.1

earth until World War II. And the British economy was the most protectionist until famously

0:36.3

the mid-19th century when they famously got rid of

0:39.8

the corn laws, which was a way of maintaining steady price for grains. And this was shown famously by

0:45.6

the South Korean development economist, Hadjun Chang, who is not like a Marxist Leninist. He's a

0:51.0

development economist. And he has shown, through his famous book, kicking away the

0:55.3

ladder, that every single successful, wealthy economy developed through massive state intervention

1:01.5

in the economy, industrial policy, high tariffs, protectionism, not through free trade.

1:07.6

It's only after they develop, then they start reaching free trade because

1:12.2

famously, as we've known since the 19th century, with famous economists like Friedrich Liszt,

1:17.6

he famously pointed out that it's only when the British Empire attained its technological

1:24.5

and economic dominance, then it started imposing free trade through colonialism.

1:29.4

Quite literally, free trade was originated with the British Empire as a colonial ideology.

1:34.9

I'm a socialist. I'm not saying that people should adopt the South Korean dictatorship.

1:38.9

What I'm saying is that there is no example in history of any country developing through the free market.

1:45.8

It's not real.

1:46.7

It's a complete ideological fantasy concocted by the U.S. empire, the British Empire,

1:53.4

to serve their economic and political interests.

...

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