The free-market century is over

The Gray Area with Sean Illing

Vox Media Podcast Network

Society & Culture, News, Politics, News Commentary, Philosophy

4.6 • 10.8K Ratings

🗓️ 21 November 2022

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sean Illing talks with economic historian Brad DeLong about his new book Slouching Towards Utopia. In it, DeLong claims that the "long twentieth century" was the most consequential period in human history, during which the institutions of rapid technological growth and globalization were created, setting humanity on a path towards improving life, defeating scarcity, and enabling real freedom. But... this ran into some problems. Sean and Brad talk about the power of markets, how the New Deal led to something approaching real social democracy, and why the Great Recession of 2008 and its aftermath signified the end of this momentous era. Host: Sean Illing (@seanilling), host, The Gray Area Guest: J. Bradford DeLong (@delong), author; professor of economics, U.C. Berkeley References: Slouching Towards Utopia: An Economic History of the Twentieth Century by J. Bradford DeLong (Basic; 2022) The Road to Serfdom by Friedrich von Hayek (1944) The Great Transformation by Karl Polanyi (1944) Capitalism, Socialism and Democracy by Joseph Schumpeter (1942) "A Short History of Enclosure in Britain" by Simon Fairlie (This Land Magazine; 2009) "China's Great Leap Forward" by Clayton D. Brown (Association for Asian Studies; 2012) What Is Property? by Pierre-Joseph Proudhon (1840) The Rise and Fall of the Neoliberal Order by Gary Gerstle (Oxford University Press; 2022) Apple's "1984" ad (YouTube) The General Theory of Employment, Interest and Money by John Maynard Keynes (1936) "The spectacular ongoing implosion of crypto's biggest star, explained" by Emily Stewart (Vox; Nov. 18) "Did Greenspan Add to Subprime Woes? Gramlich Says Ex-Colleague Blocked Crackdown" by Greg Ip (Wall Street Journal; June 9, 2007) "Families across the country are tightening their belts and making tough decisions. The federal government should do the same," from President Obama's 2010 State of the Union Address (Jan. 27, 2010) "The Eighteenth Brumaire of Louis Bonaparte" by Karl Marx (1852) Why We're Polarized by Ezra Klein (Simon & Schuster; 2020) The Paradox of Democracy: Free Speech, Open Media, and Perilous Persuasion by Zac Gershberg and Sean Illing (U. Chicago; 2022) Enjoyed this episode? Rate The Gray Area ⭐⭐⭐⭐⭐ and leave a review on Apple Podcasts. Subscribe for free. Be the first to hear the next episode of The Gray Area. Subscribe in your favorite podcast app. Support Vox Conversations by making a financial contribution to Vox! bit.ly/givepodcasts This episode was made by: Producer: Erikk Geannikis Editor: Amy Drozdowska Engineer: Patrick Boyd Editorial Director, Vox Talk: A.M. Hall Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:55.4	network to start listening today. If I asked you, what was the most
1:00.9	consequential period of time in human history? What would you say? Maybe you'd go
1:07.7	back to when we first developed tools or discovered fire or maybe you'd look
1:12.9	to the agricultural revolution or even later to the advent of the printing
1:17.3	press. Obviously, lots of events in human history have had massive consequences
1:23.7	in shaping the future. But in terms of the most change packed into the
1:29.0	smallest amount of time, what if I told you that there was no period more
1:34.0	consequential than a period between 1870 and 2010?
1:40.9	I'm Sean Elling and this is the Gray Area.
1:46.2	My guest today is Brad DeLong. He's an economic historian at UC Berkeley. He
1:59.4	also served as Assistant Treasury Secretary during the Clinton
	...

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