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Pitchfork Economics with Nick Hanauer

What can a board game teach us about capitalism? (with Jared Bernstein and Jonathan Tepper)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.81.5K Ratings

🗓️ 5 March 2019

⏱️ 46 minutes

🧾️ Download transcript

Summary

Monopoly and its equally evil twin monopsony are destroying competition, depressing wages, and slowing economic growth. Is market concentration an inevitable outcome of capitalism, or is there a smarter solution? Jared Bernstein: Senior Fellow at the Center on Budget and Policy Priorities, former Chief Economist and Economic Adviser to VP Biden and Executive Director of the White House Task Force on the Middle Class, and author of ‘The Reconnection Agenda: Reuniting Growth and Prosperity’. Twitter: @econjared Jonathan Tepper: Founder of Variant Perception, a macroeconomic research group that caters to asset managers. Author of ‘The Myth of Capitalism: Monopolies and the Death of Competition’, ‘Endgame: The End of the Debt Supercycle’, and ‘Code Red’, a book on unconventional monetary policy. Twitter: @jtepper2 Further reading: https://democracyjournal.org/magazine/51/progressive-labor-standards/

Transcript

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0:00.0

Hey, if you're just joining Pitch Fork Economics in this episode, thank you for being here, but I'd love for you to consider going back to the first episodes.

0:12.8

What we're trying to do is lay out a case

0:15.1

that neoclassical economics and neoliberalism

0:17.7

largely a protection racket for rich people.

0:20.4

And some of the content in the early episodes will help you understand the

0:25.2

content in later episodes. So in any case, thanks for listening.

0:29.3

If you look at the top list of shareholders across most competitors, what you find is that they're all owned by the same people.

0:40.4

Facebook has bought the photo sharing application Instagram for $1 billion.

0:46.1

These are very much politically motivated assumptions that serve one class over another and it's that

0:52.3

class that's been winning for a long time.

0:54.0

U.S. Airways is no more. The carrier completed its final flight early this morning,

1:00.0

the last leg of its merger with American Airlines.

1:03.0

They understood that monopolization was a threat to democracy.

1:07.0

From the offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics, with

1:17.0

Nick Hanauer. Confessions of an American capitalist caught on tape. take. So we choose who goes first by whoever spins higher, right?

1:29.0

Correct. I think I think you know one each like three

1:36.1

look at that okay so I get to seven 7.

1:43.0

1, 2, 4, 5, 6, 7.

1:49.0

Chance.

1:50.0

I don't want a chance.

1:51.0

I want to do, you're going to land on board,

1:52.0

Walker. Go to to jail go directly to

...

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