Podcast appearances and mentions of Luigi Zingales

The rule of law is essential to the flourishing of liberal democracy and capitalism. Yet, it is now under pressure in the United States, and corporate law firms are in the eye of the storm. Over the last few weeks, President Donald Trump has issued executive orders against several prominent law firms that represented his political adversaries and promoted diversity, equity, and inclusion (DEI) initiatives. Some of these law firms have caved into the administration's demands to end such practices and provide pro bono services to the government, whereas others are fighting back.To discuss the financial reasons why some firms have capitulated while others have held out, and what the consequences are for the survival of the rule of law, Bethany and Luigi speak to John Morley, Augustus E. Lines Professor of Law at Yale University and an expert on the economics of law. Are Trump's orders unconstitutional, and if so, why have so many law firms reached a deal with him? How have changes to law firms' business models left them particularly vulnerable to a moment like this? Why are some firms more vulnerable to political attacks than others? Together, the three discuss the firms' reciprocal agreements with the administration, the possibilities for a collective-action response, and how this moment may profoundly reshape the future of law, democracy, and capitalism in America.Show Notes:Watch a recording of the panel “Antitrust and the 1st Amendment” from the 2025 Stigler Center Antitrust and Competition Conference, featuring Greg Day, Eleanor Fox, and Matt Stoller, and moderated by Maciej Bernatt. The panel highlights how antitrust may stand in the way of collective action, competitive markets, and free speech.

All too often, capitalism is identified with the for-profit sector. However, one organizational form whose importance is often overlooked is nonprofits. Roughly 4% of the American economy, including most universities and hospital systems, are nonprofit.One prominent nonprofit currently at the center of a raging debate is OpenAI, the $300 billion American artificial intelligence research organization best known for developing ChatGPT. Founded in 2015 as a donation-based nonprofit with a mission to build AI for humanity, it created a complex “hybrid capped profit” governance structure in 2019. Then, after a dramatic firing and re-hiring of CEO Sam Altman in 2023 (covered on an earlier episode of Capitalisn't: “Who Controls AI?”), a new board of directors announced that achieving OpenAI's mission would require far more capital than philanthropic donations could provide and initiated a process to transition to a for-profit public benefit corporation. This process has been fraught with corporate drama, including one early OpenAI investor, Elon Musk, filing a lawsuit to stop the process and launching a $97.4 billion unsolicited bid for OpenAI's nonprofit arm.Beyond the staggering valuation numbers at stake here–not to mention OpenAI's open pursuit of profits over the public good–are complicated legal and philosophical questions. Namely, what happens when corporate leaders violate the founding purpose of a firm? To discuss, Luigi and Bethany are joined by Rose Chan Loui, the founding executive director of the Lowell Milken Center on Philanthropy and Nonprofits at UCLA Law and co-author of the paper "Board Control of a Charity's Subsidiaries: The Saga of OpenAI.” Is OpenAI a “textbook case of altruism vs. greed,” as the judge overseeing the case declared? Is AI for everyone, or only for investors? Together, they discuss how money can distort purpose and philanthropy, precedents for this case, where it might go next, and how it may shape the future of capitalism itself.Show Notes:Read extensive coverage of the Musk-OpenAI lawsuit on ProMarket, including Luigi's article from March 2024: “Why Musk Is Right About OpenAI.”Guest Disclosure (provided to The Conversation for an op-ed on the case): The authors do not work for, consult, own shares in, or receive funding from any company or organization that would benefit from this article. They have disclosed no relevant affiliations beyond their academic appointment.

Skyrocketing costs of attendance, declining enrollment, the advent of artificial intelligence, campus debates about free speech, and a crackdown on diversity initiatives: Today's universities are in a pickle. Adding to this pickle are President Trump's threats and actions on slashing research funding — the financial lifeline of modern universities. Last month, the Chronicle of Higher Education highlighted a new survey of a diverse group of university presidents who were asked if they “believe the Trump Administration is at war with higher education” — and 94% answered they strongly agree.Luigi and Bethany speak to one academic leader with deep experience at the heart of these debates: Nicholas Dirks, former Chancellor of UC Berkeley (2013-2017) and author of the book, "City of Intellect: The Uses and Abuses of the University." Together, the three of them discuss which idea of the university is still valid in the 21st century, how fundraising changed the governance of higher education, and how universities might navigate the challenges of Trump's second administration.Revisit our previous episodes:Universities and Politics: Should They Mix? with Hanna GrayThe Economics of Student Protests

In his 2012 book, 'A Capitalism for the People,' Luigi Zingales notes the deep economic problems that arise when people are rewarded for who you know, or even, who you pay off, rather than what you know, or your ability to produce and sell better goods and services. What are the broader consequences of this type of corruption that distorts outcomes like who gets a job, what is purchased, and what attributes determine economic success? What impact does corruption have on public trust in institutions? What can one do when norms that had protected market-based outcomes break down or prove insufficient? And what do the answers to these questions tell us about present circumstances? Luigi joins EconoFact Chats to discuss these issues. Luigi is the Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance at the Booth School of Business at the University of Chicago. He is also the Director at U. Chicago's Stigler Center.

This week, Elon Musk—amidst his other duties of gutting United States federal government agencies as head of the “Department of Government Efficiency” (DOGE)—announced a hostile bid alongside a consortium of buyers to purchase control of OpenAI for $97.4 billion. OpenAI CEO Sam Altman vehemently replied that his company is not for sale.The artificial intelligence landscape is shifting rapidly. The week prior, American tech stocks plummeted in response to claims from Chinese company DeepSeek AI that its model had matched OpenAI's performance at a fraction of the cost. Days before that, President Donald Trump announced that OpenAI, Oracle, and Softbank would partner on an infrastructure project to power AI in the U.S. with an initial $100 billion investment. Altman himself is trying to pull off a much-touted plan to convert the nonprofit OpenAI into a for-profit entity, a development at the heart of his spat with Musk, who co-founded the startup.Bethany and Luigi discuss the implications of this changing landscape by reflecting on a prior Capitalisn't conversation with Luigi's former colleague Sendhil Mullainathan (now at MIT), who forecasted over a year ago that there would be no barriers to entry in AI. Does DeepSeek's success prove him right? How does the U.S. government's swift move to ban DeepSeek from government devices reflect how we should weigh national interests at the risk of hindering innovation and competition? Musk has the ear of Trump and a history of animosity with Altman over the direction of OpenAI. Does Musk's proposed hostile takeover signal that personal interests and relationships with American leadership will determine how AI develops in the U.S. from here on out? What does regulating AI in the collective interest look like, and can we escape a future where technology is consolidated in the hands of the wealthy few when billions of dollars in capital are required for its progress?Show Notes:On ProMarket, check out:Why Musk Is Right About OpenAI by Luigi Zingales, March 5, 2024Who Will Enforce AI's Social Purpose? By Roberto Tallarita, March 16, 2024

In December 2024, Bitcoin, one of the earliest cryptocurrencies and undoubtedly the most famous, hit $2 trillion in market capitalization, bigger than Tesla, Meta, and Saudi Aramco. In this episode, Nobel Prize-winning economist and Chicago Booth finance professor Eugene Fama—widely considered the “Father of Modern Finance”—predicts it will go to zero within ten years.Legendary investor Ray Dalio called crypto a bubble a decade ago; now, he calls it “one hell of an invention.” Larry Fink of BlackRock previously referred to Bitcoin as an index of money laundering. Today, he sees it as “a legitimate financial instrument.” Less than 36 hours after launching his own cryptocurrency before his second inauguration, United States President Donald Trump appeared to have made more than $50 billion on paper for himself and his companies. (During his first term, Trump called crypto “not money, whose value is highly volatile and based on thin air.”) Amidst this noise of crypto doubters changing tune, Fama joins Bethany and Luigi to discuss why he remains dubious about Bitcoin's ambitions.Bitcoin uses more electricity than many countries—around 91 terawatt-hours annually. Is this amount unsustainable? What makes its value so volatile, and what are the implications for the banking sector and our economy? If cryptocurrencies' purpose is a reaction to an underlying distrust in financial institutions, can decentralized blockchain, the technological ledger that enables anonymous crypto exchange, fix it? Last but not least, why do supporters of a decentralized service, whose value lies in its existence outside traditional government structures, need to spend billions in lobbying to convince politicians, including the president, of its utility?Show Notes:Read ProMarket's archives on Bitcoin and cryptocurrency.Revisit our prior Capitalisn't episode with author Zeke Faux, The Capitalisn't of Crypto: SBF and Beyond.

He's lived a rich life as a journalist, a human rights activist, an author, a columnist -- and now he's written a great book on Gujaratis. Salil Tripathi joins Amit Varma in episode 409 of The Seen and the Unseen to discuss his life, his learnings, these times we live in -- and the times that came before. (FOR FULL LINKED SHOW NOTES, GO TO SEENUNSEEN.IN.) Also check out: 1. Salil Tripathi on Twitter, Instagram, Wikipedia, LinkedIn and Amazon. 2. The Gujaratis: A Portrait of a Community -- Salil Tripathi. 3. The Colonel Who Would Not Repent -- Salil Tripathi. 4. Offence – The Hindu Case -- Salil Tripathi. 5. Detours: Songs of the Open Road -- Salil Tripathi. 6. For, In Your Tongue, I Cannot Fit -- Edited by Shilpa Gupta and Salil Tripathi. 7. The Gita Press and Hindu Nationalism — Episode 139 of The Seen and the Unseen (w Akshaya Mukul). 8. Gita Press and the Making of Hindu India — Akshaya Mukul. 9. Saraswatichandra (Gujarati) (English) -- Govardhanram Tripathi. 10. Gujarat Ni Asmita -- KM Munshi. 11. I Follow the Mahatma -- KM Munshi. 12. Devdutt Pattanaik and the Stories That Shape Us — Episode 404 of The Seen and the Unseen. 13. Ahimsa: 100 Reflections on the Harappan Civilization — Devdutt Pattanaik. 14. Until the Lions -- Karthika Nair. 15. Gods, Guns and Missionaries: The Making of the Modern Hindu Identity — Manu Pillai. 16. The Forces That Shaped Hinduism -- Episode 405 of The Seen and the Unseen (w Manu Pillai). 17. Heroic Failure: Brexit and the Politics of Pain -- Fintan O'Toole. 18. Understanding Gandhi: Part 1: Mohandas — Episode 104 of The Seen and the Unseen (w Ram Guha). 19. Understanding Gandhi: Part 2: Mahatma — Episode 105 of The Seen and the Unseen (w Ram Guha). 20. Gandhi Before India -- Ramachandra Guha. 21. Objects From Our Past -- Episode 77 of Everything is Everything. 22. The Diary of Manu Gandhi (Part 1) (Part 2) -- Edited and Translated by Tridip Suhrud. 23. The Ferment of Our Founders — Episode 272 of The Seen and the Unseen (w Shruti Kapila). 24. Lessons from an Ankhon Dekhi Prime Minister — Amit Varma. 25. Akhil Katyal's poem on caste. 26. Midnight's Children -- Salman Rushdie. 27. Bare Feet – a Poem about MF Husain -- Salil Tripathi. 28. My Mother's Fault -- Salil Tripathi. 29. Jejuri -- Arun Kolatkar. 30. Yashwant Rao -- Arun Kolatkar. 31. The Patriot -- Nissim Ezekiel. 32. Goopy Gyne Bagha Byne -- Satyajit Ray. 33. You're Missing -- Bruce Springsteen. 34. Gabriel Garcia Marquez, Salman Rushdie, Milan Kundera, Ved Mehta and John McPhee on Amazon. 35. All We Imagine as Light -- Payal Kapadia. 36. Niranjan Rajadhyaksha Is the Impartial Spectator — Episode 388 of The Seen and the Unseen. 37. On Tyranny -- Timothy Snyder. 38. Lant Pritchett Is on Team Prosperity — Episode 379 of The Seen and the Unseen. 39. Saving Capitalism From The Capitalists -- Raghuram Rajan and Luigi Zingales. 40. Check out Johan Norberg's great work. 41. The Life and Times of the Indian Economy — Episode 387 of The Seen and the Unseen (w Rajeswari Sengupta). 42. India's Problem is Poverty, Not Inequality — Amit Varma. 43. Stay Away From Luxury Beliefs — Episode 46 of Everything is Everything. 44. On Inequality — Harry Frankfurt. 45. Economic growth is enough and only economic growth is enough — Lant Pritchett with Addison Lewis. 46. Sample SSR conspiracy theory: He's alive! 47. Amit Varma's 2022 piece on the mess-up at The Wire. 48. Television Price Controls — Episode 27 of The Seen and the Unseen (w Ashok Malik). 49. The Selfish Altruist -- Tony Vaux. 50. Sadanand Dhume's tweet on the hypocrisy around The Satanic Verses. 51. Bad Elements -- Ian Buruma. 52. Biju Rao Won't Bow to Conventional Wisdom — Episode 392 of The Seen and the Unseen. 53. Can Economics Become More Reflexive? — Vijayendra Rao. 54. The Life and Times of Teesta Setalvad — Episode 302 of The Seen and the Unseen. 55. Aakar Patel Is Full of Hope — Episode 270 of The Seen and the Unseen. 56. The Wal-Mart Effect -- Charles Fishman. 57. Modern South India -- Rajmohan Gandhi. 58. The Adda at the End of the Universe — Episode 309 of The Seen and the Unseen (w Vikram Sathaye and Roshan Abbas). 59. Whatever happened To Ehsan Jafri on February 28, 2002? — Harsh Mander. 60. Jai Jai Garvi Gujarat -- Narmad. 61. The Populist Playbook -- Episode 42 of Everything is Everything. 62. Where the Green Ants Dream -- Werner Herzog. 63. People's Linguistic Survey of India -- GN Devy and others. 64. The Refreshing Audacity of Vinay Singhal — Episode 291 of The Seen and the Unseen. 65. Stage.in. 66. Reading Lolita in Tehran -- Azar Nafisi. 67. Two Concepts of Liberty — Isaiah Berlin. 68. Understanding the State -- Episode 25 of Everything is Everything. 69. The First Assault on Our Constitution — Episode 194 of The Seen and the Unseen (w Tripurdaman Singh). 70. Shruti Rajagopalan's talk on the many amendments in our constitution. 71. Caged Tiger: How Too Much Government Is Holding Indians Back — Subhashish Bhadra. 72. Subhashish Bhadra on Our Dysfunctional State — Episode 333 of The Seen and the Unseen. 73. Amitava Kumar Finds the Breath of Life — Episode 265 of The Seen and the Unseen. 74. Goodbye Solo — Ramin Bahrani. 75. The desire to help, and the desire not to be helped — Roger Ebert's review of Goodbye Solo. 76. Dalit Kitchens of Marathwada -- Shahu Patole. 77. Firaaq -- Nandita Das. 78. How the BJP Wins — Prashant Jha. 79. The BJP's Magic Formula — Episode 45 of The Seen and the Unseen (w Prashant Jha). 80. The Year of Living Dangerously -- Peter Weir. 81. Ingmar Bergman, Satyajit Ray, Francois Truffaut and Aparna Sen. 82. The New Yorker, Vanity Fair and London Review of Books. 83. Ravi Shankar, Zakir Hussain and Vilayat Khan on Spotify. 84. Nadine Gordiner, Fintan O'Toole, Ilya Kaminsky, Karthika Nair, Ruchir Joshi, Kiran Desai, Nilanjana Roy, Sunil Gavaskar and Mike Brearley. This episode is sponsored by CTQ Compounds. Check out The Daily Reader and FutureStack. Use the code UNSEEN for Rs 2500 off. Amit Varma and Ajay Shah have launched a new course called Life Lessons, which aims to be a launchpad towards learning essential life skills all of you need. For more details, and to sign up, click here. Amit and Ajay also bring out a weekly YouTube show, Everything is Everything. Have you watched it yet? You must! And have you read Amit's newsletter? Subscribe right away to The India Uncut Newsletter! It's free! Also check out Amit's online course, The Art of Clear Writing. Episode art: ‘Asmita' by Simahina.

Daniel Ziblatt is an American political scientist, Eaton Professor of the Science of Government at Harvard University, and the co-author (with Steven Levitsky) of several bestselling books, including How Democracies Die and Tyranny of the Minority. Ziblatt writes from the position that what defines strong democracies is free and fair competition for power, inclusive participation, and a package of civil liberties that make those first two conditions possible.2024 saw voters in more than 60 countries go to the polls—and deliver difficult outcomes for incumbents and traditional political parties. This week, Ziblatt joins Bethany and Luigi to discuss the fate of democracy after 2024. They explore how big money and corporate power have destabilized democracies worldwide by interfering with the conditions for free and fair competition for power. The consequence has been the movement of voters toward political extremes, which in turn can often threaten economic growth, civil liberties, and the rule of law. Nevertheless, should we judge the strength of democracy by process or outcome? Does democracy still thrive when the people vote for undemocratic politicians and parties?Together, Ziblatt and our co-hosts discuss how to curb global democratic decline by realigning government away from the interests of corporations or big money and back to those of the people.Episode Notes:Revisit ProMarket's series seeking to understand the issues of political economy driving global populist movements during the 2024 “year of elections.”

Are bailouts the new “trickle-down” economics? Have government debt and deficits caused capitalism's collapse—thus ending the American Dream?Ruchir Sharma is a well-known columnist for the Financial Times, the author of bestselling books Breakout Nations and The Rise and Fall of Nations, and an investment banker who worked as Morgan Stanley's head of emerging markets for 25 years. His new book, What Went Wrong With Capitalism, traces the roots of current disaffection with our capitalist economy to unabashed stimulus and too much government intervention. Take an example: Sharma writes that the United States federal government has introduced 3,000 new regulations in the last twenty years, and withdrawn just 20 over the same span. He likens the Federal Reserve's constant bailouts—under chairs appointed by presidents from both parties—to the opioid crisis, in which the solution created more problems than the pain it was designed to treat.Sharma joins Bethany and Luigi to explain how constant government intervention leads to inefficient “zombie” firms, higher property prices, housing shortages, massive inequality, and a historic government debt and deficit crisis. Together, they discuss the first step to a cure—a correct diagnosis of the problem—and how to approach the treatment without exacerbating the problems. In the process, they leave us with a renewed understanding of how “pro-business is not the same as pro-capitalism,” a distinction that Sharma says “continues to elude us.”Episode Notes:Link to submit papers for the Stigler Center 2025 Antitrust ConferenceRevisit “Is the Federal Reserve an Engine of Inequality?”, our previous episode on modern monetary theory or the claim that debt doesn't matter.Revisit “Capitalism After the Crisis,” Luigi's article for Foreign Affairs (2009), where he outlines the tensions between a pro-capitalism and a pro-business agenda. Also, check out ProMarket.org, our publication at the Stigler Center that he founded in 2016, with the mission of shedding light on this tension and how to ameliorate it.

När Walmart sålde magasin till automatvapen, sa aktieägarna ifrån. Men vad händer om bolagen struntar i vad ägarna tycker? Det finns ett demokratiskt problem på börsen och i samhället, men Luigi Zingales har en lösning.

A new U.S. Department of Government Efficiency (DOGE) is headed by Elon Musk and Vivek Ramaswamy. Its goals include administrative reductions, cost savings, regulatory cutbacks, and reducing federal spending by nearly $2 trillion. President-elect Donald Trump has called DOGE the "Manhattan Project of our time," and has indicated that DOGE will reduce regulatory burdens to firms and individuals. But is the act of cutting rules and regulations the same as cutting spending? Does it unleash the economy in a way that benefits everyone or just a select few who don't want the rules in the first place?Right now, it's impossible to know what DOGE will be able to accomplish, but there is another remarkably similar example we can learn from. Argentinian President Javier Milei took office a year ago with a promise to “take a chainsaw to the state.” As part of that promise, he appointed economist Federico Sturzenegger – a former classmate of Luigi's at MIT – as the Minister of Deregulation and State Transformation of the Argentine Republic. Within a year, Sturzenegger has overseen the review of approximately 42,000 laws, and as confirmed by Milei, is in "direct contact" with Musk.Bethany and Luigi talk to Sturzenegger to understand, most importantly, what Argentina's experience might foretell about DOGE's upcoming role and impact on the United States government and economy.

For years, the world worried about overpopulation and our capacity to sustain ever-increasing numbers of people. Now, the worry is underpopulation—and recent numbers are stunning. Fertility rate is the average number of children that are born to a woman over her lifetime. According to the United Nations, this number is currently 1.64 in the U.S.: If it stays this way, in three generations there will only be half as many young Americans as there are today, holding immigration constant. In China, this number is even lower: one child per woman. Just eight countries are expected to account for more than half the rise in global population between now and 2050.Economic theory is based on the idea of expansion, and humanity has been expanding since 1500. If that is about to change, then the very foundation of our economic theory will need rethinking.Acclaimed author, historian, and filmmaker Sir Niall Ferguson (Stanford/Harvard) joins Bethany and Luigi to discuss why we're heading toward a global population decline and what it all means for civilization. They discuss how factors like climate change, immigration, reproductive rights, artificial intelligence, and the trade-offs women face between career and motherhood are influencing decisions to have children. What are the implications of falling birth rates not just for the market economy but also for geopolitics and intergenerational conflict? Can we reverse trends in fertility before it is too late?

While Americans rely on debit transactions for the necessities of life, most are unaware of the networks that drive those transactions, nor are they aware that one company, Visa, has monopolized debit transactions, penalized industry participants that seek to use alternative debit networks, and co-opted innovators, technology companies, and financial institutions to forestall or snuff out threats to Visa's debit network dominance.” So begins the monopolization lawsuit filed on September 24 by the United States Department of Justice (DOJ) against the country's largest card company, Visa Inc.On one level, the case is simple: The DOJ alleges a clear violation of laws protecting markets against monopolies. But the case gets more complicated when looking at the details, in part because payment systems are mostly invisible part of the financial ecosystem. In effect, the DOJ alleges that Visa is pulling the levers of a really opaque and complex system to preclude competition and squeeze fees out of banks and vendors for itself.To understand the complexities and implications of the case, Bethany and Luigi are joined by Kathryn Judge, Harvey J. Goldschmid Professor of Law at Columbia University. Judge is an expert on banking, financial crises, regulatory architecture, and intermediation design beyond finance. Her book, Direct: The Rise of the Middleman Economy and the Power of Going to the Source (HarperBusiness, 2022), was on the long list for the Financial Times Business Book of the Year Award. Together, the three of them discuss both the surface-level and structural issues of an economy where consumers and small businesses are shortchanged on what is essentially a private sales tax on all debit-card purchases—and how to look for collective solutions when opt-outs aren't possible.Episode Notes: Also check out the ProMarket article “A DOJ Victory Against Visa May Not Help Merchants or Consumers” by Lulu Wang, Assistant Professor of Finance at Northwestern University's Kellogg School of Management.

You asked and we answered: Over the last year, we have solicited listeners' questions via voicemail, email, and social media. In this episode, our producer, Matt, turns the tables on Bethany and Luigi and puts them in the hot seat to answer your burning questions in an Ask Me Anything “AMA” format.How do Bethany and Luigi actually define capitalism? Does universal basic income disincentivize work? Does the adoption of artificial intelligence mean we need to rethink economics? What would Bethany and Luigi do if they were president for a day? And perhaps the scariest one of all: does Luigi believe in taking time off?

International technology policy expert, Stanford University academic, and former European parliamentarian Marietje Schaake writes in her new book that a “Tech Coup” is happening in democratic societies and fast approaching the point of no return. Both Big Tech and smaller companies are participating in it, through the provision of spyware, microchips, facial recognition, and other technologies that erode privacy, speech, and other human rights. These technologies shift power to the tech companies at the expense of the public and democratic institutions, Schaake writes.Schaake joins Bethany and Luigi to discuss proposals for reversing this shift of power and maintaining the balance between innovation and regulation in the digital age. If a "tech coup" is really underway, how did we get here? And if so, how can we safeguard democracy and individual rights in an era of algorithmic governance and surveillance capitalism?Marietje Schaake's new book, “The Tech Coup: Saving Democracy From Silicon Valley,” is available here. Read an excerpt from the book on ProMarket here.

America's universities have powered its economy by developing an educated workforce and producing transformative technology, including the internet and vaccines. They were seen as vehicles for social mobility; when veterans returned home from World War II, the newly enacted G.I. Bill compensated millions with paid college and vocational school tuition. However, universities today are bloated and expensive, losing the public's trust, and have become a battleground for controversial culture wars. Project 2025, the Heritage Foundation's blueprint for a second Trump administration, plans significant cuts to university subsidies. A big battle is looming over the future of American universities.To shed some light on what this future might look like, Bethany and Luigi are joined by Hanna Gray, Distinguished Service Professor Emerita of History and President of the University of Chicago from 1978 to 1993 — a period marked by immensely challenging debates on free speech, financial constraints, and leadership decisions. Gray has written that the creation of the modern university “rested on a faith, pervasive in the post-war world, and the potential for education to create a better world, to produce both social mobility and a meritocratic society that would realize the true promise of democracy.” With her trademark humor, sharp wit, and unwavering resolve, she offers insights from her trailblazing experience into whether this promise is more unkept than kept and if faith will be enough for the modern university system to survive.Episode Notes: Read the Kalven Report on the University's Role in Political and Social Action here.

Is race a more consequential determinant of social mobility than class? How and under what circumstances do Americans move up the economic ladder?For years, Harvard economist Raj Chetty has leveraged big data to answer these questions. In his recent paper, Chetty and his team show that Black millennials born to low-income parents have more quickly risen up the economic ladder than previous Black generations, whereas their white counterparts have fared worse than previous low-income white generations. That said, Chetty finds little movement in or out of the top income brackets and that the income gap between Black and white Americans remains large.Chetty joins Bethany and Luigi to discuss these new insights as well as why mobility matters, what costs come in the pursuit of bolstering mobility, and how other factors such as parenting, gender, and social capital factor into the equation. What policies should America pursue, especially against the backdrop of the 2024 presidential election, where many conservatives argue that white working-class Americans are falling behind and liberals argue that Black and brown Americans continue to face systemic inequalities?Show notes:Revisit our Capitalisn't conversation with Oren Cass, who is mentioned by LuigiRevisit our Capitalisn't conversation on Chile, which is mentioned by BethanyCheck out related coverage on ProMarket, including a write-up by Raj Chetty and co-authors on "Lost Einsteins," mentioned in the episode

This week we're taking a quick summer break, but in the meantime, we wanted to re-share a special episode that is relevant in the news again. With the recent federal court ruling that Google engaged in illegal monopolization of internet searches, we thought it would be a great opportunity to share our episode with lawyer Dina Srinivasan. She's an expert in the field of competition policy and a fellow with the Thurman Arnold Project at Yale University. Google is no stranger to lawsuits and has previously defeated many of them, but now, antitrust experts are optimistic that this case against Google's advertising business is even stronger for the government than the Search case that Google lost just last week.To simplify the apparent complexity of the case and understand why and how it matters to consumers, the advertising market, the tech industry, and the economy, Luigi conducted a special bonus interview with Srinivasan. Following the interview, Bethany joins Luigi to discuss the implications of this case for consumer harm, the business model of journalism, democracy, and beyond.Read more on ProMarket: https://www.promarket.org/tag/google-ad-tech-case/ Watch: 2024 Antitrust and Competition Conference | Antitrust Case Studies: Google https://www.youtube.com/watch?v=Aw6-LaVh55U

Harvard professor of international political economy Dani Rodrik has long been skeptical of what he calls "hyperglobalization," or an advanced level of interconnectedness between countries and their economies. He first introduced his theory of the "globalization trilemma" in the late 1990s, which states that no country can simultaneously support democracy, national sovereignty, and global economic integration.At the time when he proposed his trilemma, Rodrik was considered an outcast. However, economists and policymakers have come to accept his theory as governments seek to address populism, trade imbalances, and uneven growth through renewed interest in industrial policy, or government efforts to improve the performance of key business sectors. Rodrik joins co-hosts Bethany and Luigi to discuss changing attitudes towards globalization: its distributional effects, how it affects politics, and how it is still searching for a narrative consistent between academic circles and the media. Together, the three of them discuss what role corporate America should play in our world restructured by economic and political populism and if economics is getting too far away from the rest of the social sciences when it comes to shaping industrial policy and creating the jobs of tomorrow.Show Notes:Read Rodrik's co-authored December 2023 paper on the "New Economics of Industrial Policy"Read an ebook by ProMarket on cutting-edge contemporary debates around industrial policy

In one of this year's bestselling books, "The Anxious Generation: How the Great Rewiring of Childhood is Causing An Epidemic of Mental Illness," New York University social psychologist Jonathan Haidt argues that today's childhoods spent under the influence of smartphones and overprotective parenting has led to the reported explosion in cases of teenage anxiety and depression. He calls this process a "three-act play": the diminishment of trust in our communities, the loss of a play-based childhood, and the arrival of a hyper-connected world.Haidt also believes the problem is solvable. On this episode of Capitalisn't, he joins Bethany and Luigi to discuss parenting, learning, adolescence, and in an age where Congress won't act on regulation, his four proposed solutions to break social media's "collective action trap" on children.But are his solutions feasible? How do we weigh their costs, benefits, limitations, risks, and the roadblocks to their implementation? What are the consequences of an anxious generation for our economy — and what can we really do about it?

If democracy is a social contract, why don't we allow everybody who is willing to sign it? Why don't we have open borders for immigration?In their book "Streets of Gold: America's Untold Story of Immigrant Success," Princeton University's Leah Boustan and Stanford University's Ran Abramitzky provide insights from big data to explore how immigration shaped the United States by looking at the economic legacies of immigrants and their children. On this week's encore episode, hosts Luigi Zingales and Bethany McLean talk with Boustan to unpack how immigrants and their progeny have impacted jobs, wages, and housing prices for native-born Americans. Conversely, how do immigrants' countries of origin overcome obstacles to socioeconomic change when many of their most-motivated citizens leave? Can data move the U.S. immigration debate beyond the current border crisis?

In the last 60 years, few economists have contributed more to exposing the failures of capitalism than Joseph Stiglitz. Formerly the chief economist of the World Bank and chair of the U.S. Council of Economic Advisers under President Bill Clinton, Stiglitz won the Nobel Prize in Economics in 2001 for his work showing that the possibility of having different information can lead to inefficient market outcomes.On this episode of Capitalisn't, Stiglitz joins Bethany and Luigi to discuss his latest book, "The Road to Freedom: Economics and the Good Society" (W.W. Norton, 2024). The book, as Bethany describes it, is a "full frontal attack on neoliberalism" that provides a prospective roadmap towards a more progressive form of capitalism. Together, the three discuss the role of mis- and disinformation in producing market inefficiencies, the importance of regulation, institutional accountability, and collective action in correcting market failures, and the role of neoliberalism in today's global populist uprising. In the process, they underscore the close link between economic and political freedom.

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.

Critics of the food industry allege that it relentlessly pursues profits at the expense of public health. They claim that food companies "ultra-process" products with salt, sugar, fats, and artificial additives, employ advanced marketing tactics to manipulate and hook consumers, and are ultimately responsible for a global epidemic of health ailments. Companies are also launching entirely new lines and categories of food products catering to diabetes or weight management drugs such as Ozempic.Marion Nestle, a leading public health advocate, nutritionist, award-winning author, and Professor Emerita at New York University, first warned in her 2002 book "Food Politics" that Big Food deliberately designs unhealthy, addictive products to drive sales, often backed by industry-funded research that misleads consumers. This week on Capitalisn't, Nestle joins Bethany and Luigi to explore the ultra-processed food industry through the interplay of four lenses: the underlying science, business motives, influencing consumer perceptions, and public policy.

The meteoric rise of private credit over the last decade has raised concerns among banks about unfair competition and among regulators about risks to financial stability. Historically, regulated banks have provided most of the credit that finances businesses in the United States. However, since the 2008 financial crisis, banks have restricted their credit lines in response to new regulations. In their place has arisen private credit, which comprises direct (and mostly unregulated) lending, primarily from institutional investors. Estimates peg the current size of outstanding private credit loans in the U.S. at $1.7 trillion.Private credit loans aren't traceable, and there are incentives to lend to riskier borrowers in the absence of regulation. This could lead to catastrophic spillover effects in the event of a financial shock. This week, Bethany and Luigi sit down with Jim Grant, a longtime market and banking industry analyst, writer, and publisher of Grant's Interest Rate Observer, a twice-monthly journal of financial markets published since 1983. Together, they try to answer if private credit is in the public interest.

"The only true aging is the erosion of one's ideals," says Ralph Nader, the former third-party presidential candidate who just turned 90 after more than 60 years of consumer advocacy and fighting for small business in America. From influencing the transformative passage of car safety legislation to advancing numerous environmental protection and public accountability causes, Nader has fought against the proliferation and insinuation of corporate power in our government.In between all of that, Nader has also found the time to develop a prolific writing career. In this week's episode, Nader joins Bethany and Luigi to discuss his new book, "Rebellious CEO: 12 Leaders Who Got It Right." The three talk about the possibilities of ethically profitable business, Nader's lifelong pursuit of justice, his views on the state of capitalism today, the political disillusionment of the public, and how we can reclaim democratic control of capitalism.

Given the recent mass layoffs, acceleration of media consolidation, continued decline of local journalism, and rapid uptake of generative AI, the news industry—fundamental to institutional accountability in capitalist democracies—appears to be in deep crisis. Joining Bethany and Luigi to make the case that journalism can not only survive but thrive is Ben Smith, longtime journalist, former New York Times media columnist, co-founder of global digital news publication Semafor, and the author of "Traffic: Genius, Rivalry, and Delusion in the Billion-Dollar Race to Go Viral."How much of today's state of journalism can be attributed to mistakes and how much to inevitability? Where does the marriage between social media and news go next? How can journalism remain financially viable? Offering a nuanced perspective on the opportunities and pitfalls facing the news industry today, the three of them discuss the future of journalism in the age of clicks and a path back to a media landscape that informs, educates, and holds power to account.

Perhaps the biggest evidence that capitalism in America doesn't work, at least not for everyone, is growing income inequality and the persistence of poverty. But what is the current state of poverty and inequality in the United States? Why do debates still persist about whether poverty has been eradicated? What do the numbers and official statistics tell us, and should we believe them? What do personal stories and experiences with poverty tell us that data cannot? If poverty has indeed been eradicated, what led to that achievement – and if it still persists, what more can be done to abolish it?Last year on this podcast, we did a series about this topic, and we found these episodes to be surprising and more informative than most of the debates about poverty you'll hear on the news. So, we wanted to condense that series down into a single episode that captures all of the highlights. The first speaker is former U.S. Senator Phil Gramm (R-TX), who argues in his recent book, "The Myth of American Inequality," that poverty is vastly overstated because official government data does not include transfer payments. The second is Princeton sociologist and Pulitzer Prize-winning author Matthew Desmond, who argues in his recent book, "Poverty, by America," that poverty is a terrible scourge, that we have made no progress, and that it is a moral outrage.The result is a nuanced, surprising, and informative debate on a multifaceted but important issue – leaving our hosts, as well as, by extension, our listeners – to formulate their own takeaways on what we can all do about them.Episode notes:Listen to the complete conversation with Sen. Phil GrammListen to the complete conversation with Dr. Matthew Desmond

Finally, you can easily access Bitcoin in a low-cost ETF with the VanEck Bitcoin Trust (HODL). Visit https://vaneck.com/HODLFG to learn more. VanEck Bitcoin Trust (HODL) Prospectus: https://vaneck.com/hodlprospectus/ __ Follow Luigi Zingales on Twitter https://twitter.com/zingales?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor Follow Capitalisn't https://www.capitalisnt.com/ Follow VanEck on Twitter https://twitter.com/vaneck_us Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Use code FG10 to get 10% off Blockworks' Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london __ Timestamps: (00:00) Introduction (00:29) Is It Time To Investigate The Fed? (01:45) There Needs To Be A Sacrificial Lamb (07:21) Accountability In The Private Sector (11:20) Activist Investors Can Help If Company's Issues Are Financial In Nature (15:49) Potential Solutions: Whistleblowers And Abolition Of NDAs (17:39) VanEck Ad (18:36) Moving Beyond Sarbanes-Oxley (26:26) ESG Space Has Attracted A Lot Of "Charlatans" Precisely Because The Issue Is So Important (33:37) The Future of Financial Technology (FinTech) (36:42) A Central Bank Digital Currency (CBDC) Would Be "Much More Efficient" (43:22) With CBDC, All Short-Term Demand Deposits Would Be With Fed, and Commercial Banks Would Fund Themselves With Term Deposits (i.e. CDs) (46:47) On Economics As A Field (48:52) Has U.S. Entered A New Era Of Secularly Higher Growth? (50:07) Are Interest Rates Too Restrictive? __ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In his recent book, "The Problem of Twelve: When a Few Financial Institutions Control Everything," Harvard law professor John Coates sheds light on the secrecy, lack of public accountability, concentrated power, and the disproportionate influence of a select few institutions in our financial system.Coates joins Bethany and Luigi to dissect the potential dangers of this era of financial consolidation and explore possible solutions, including accountability and transparency, to ensure a more equitable economic system. Specifically examining the "Big Four" index funds (Vanguard, State Street, Fidelity, and BlackRock) — that collectively hold more than twenty percent of the votes in S&P 500 companies — and the transformative rise of private equity funds, they discuss the challenges posed by concentrated financial power and its impact on markets, economies, and society at large. Show Notes:Read an excerpt of Coates' book (Columbia Global Reports) on ProMarketRevisit our earlier conversation with Hélène Landemore, referenced by Luigi in this episode"The book is available via Columbia Global Reports."    

The Wall Street Journal wrote that “Wall Street's best-known bear is going into hibernation" after the legendary short seller Jim Chanos announced he would close his main hedge funds late last year, in part due to diminishing interest in stock picking. Short selling, which bets on drops in asset prices, wins when companies and governments fail and has gained a predatory reputation over the years. Just last week, the China Securities Regulatory Commission vowed "zero tolerance" against what they called "malicious short sellers," according to Reuters.One of our listeners wrote to Bethany with this question: “What does it say about capitalism if Jim Chanos can't find enough investors willing to profit from its frauds, fads, and failures, not to mention the competitive forces that are necessary for a functioning market? Is short selling dead?” To discuss this, Luigi and Bethany sat down with Chanos himself, who has been cast as the “Darth Vader of Wall Street,” the “Catastrophe Capitalist,” and the “LeBron James of short selling.” Together, they discuss the relationship between short sellers and our information environment, the fallout from the "meme stock" craze, the effects of the Federal Reserve's interest rate policies, and how short selling can contribute to market efficiency and resilience. Do short sellers play a positive role by uncovering corporate fraud, mismanagement, and systemic risks? What safeguards are necessary to prevent short-selling abuse and ensure fair and transparent markets?

According to the latest industry statistics, the global influencer economy grew from $1.7 billion in 2016 to $21.1 billion in 2023 — and it's only expected to grow exponentially from here with advances in artificial intelligence. In 1988, Noam Chomsky and Edward S. Herman investigated how mass media sways audiences to conform to social norms without coercion, or what they called “manufacturing consent.” In her new book, “The Influencer Industry: The Quest for Authenticity on Social Media,” Dr. Emily Hund investigates how social media influencers have manufactured a new media economy to which we've unwittingly consented.Hund, a research affiliate at the Center on Digital Culture and Society at the University of Pennsylvania's Annenberg School for Communication, joins Bethany and Luigi to unpack this new digital landscape where influence has become a powerful currency, shaping not only news consumption and consumer behavior but the very fabric of modern capitalism. Together, they discuss whether influencers are empowered entrepreneurs rewriting market rules or victims of a system that commodifies identity. What are the hidden incentives driving influencer messaging and, thus, the news and content we receive?Read an excerpt from Hund's book (Princeton University Press, 2023) on ProMarket.

It's been nearly 16 years since the federal government bailed out Wall Street to the tune of $700 billion in response to the financial crisis that precipitated the Great Recession. The idea that the public must guarantee critical financial institutions that are “too big to fail” was controversial then, but does it still remain an issue? Stanford finance professor Anat Admati, whom the New York Times profiled in an article titled "When She Talks, Banks Shudder," argues it's become worse.Admati joins Bethany and Luigi to discuss the updated edition of her and Martin Hellwig's book, The Bankers' New Clothes: What's Wrong with Banking and What to Do About It. Dissecting new financial developments, including the failure of Silicon Valley Bank, the crypto industry, and shadow banking, Admati lays bare how the current financial system is rigged for the benefit of the few. She also prescribes how we can build and regulate a fairer and more accountable financial system and, thus, a more stable and equitable capitalist economy.Show Notes:Read the 2024 preface of The Bankers' New Clothes on ProMarket.Revisit our 2019 conversation with Anat and Chicago Booth Professor Guy Rolnik, exploring the reasons why market and policy may fail in finance and technology and what we must do to address such failures.Read Anat's contributions to our e-books on George Stigler and Milton Friedman.

After two seasons and 163 episodes, Capitalisn't hosted its first-ever live event late last year. As part of the University of Chicago Podcast Festival, co-host Luigi Zingales fielded questions from three UChicago undergraduate students — Surya Gowda, Mete Bakircioglu, and Giuseppe Di Cera —and an in-person audience in an “Ask Me Anything.” From the evolution of competition policy to the impact of greener energy sources on prices, from the challenges of regulating the shadow economy to Luigi's struggles with his favorite soccer team, here is our “Ask Me Anything” episode.If you wish to submit your own question for our forthcoming mailbag episode, please do so here. https://www.speakpipe.com/Capitalisnt

The firing, and subsequent rehiring, of OpenAI CEO Sam Altman raises fundamental questions about whose interests are relevant to the development of artificial intelligence and how these interests should be weighed if they hinder innovation. How should we govern innovation, or should we just not govern it at all? Did capitalism "win" in the OpenAI saga?Bethany and Luigi sit down with Luigi's colleague Sendhil Mullainathan, a professor of Computation and Behavioral Science at Chicago Booth. Together, they discuss if AI is really "intelligent" and whether a profit motive is always bad. In the process, they shed light on what it means to regulate in the collective interest and if we can escape the demands of capitalism when capital is the very thing that's required for progress.

After discussing the trajectory of China's economy earlier this year, Luigi and Bethany turn their attention to the future of another global economic behemoth: India. Joining them is renowned Indian economist Raghuram Rajan, who has a brand-new book out this week, "Breaking the Mould: Reimagining India's Economic Future" (co-authored with Rohit Lamba).In "Breaking the Mould," Rajan and Lamba make the controversial and counterintuitive argument that India should follow an economic development path that is based not on manufacturing, as China has done, but rather on services. In this conversation, we discuss why India's strengths play to services-based development, how India can deal with the economic and educational inequality created by its past, how Western business should engage with India, and why democracy is critical to India's future economic success.We think his perspectives are important for Indian citizens and policymakers, but also for global citizens and policymakers given the critical role India will play in shaping the world of the future. 

After previously exploring the worlds of 'consultants for sale' and 'scientists for sale,' Luigi and Bethany turn their attention to another broken system of 'enablers' - the world of lawyers for sale. With award-winning investigative journalist David Enrich, they discuss David's latest book, "Servants of the Damned: Giant Law Firms, Donald Trump, and the Corruption of Justice." Enrich presents several case studies showing how 'Big Law' firms have used their wealth and influence to capture the justice system, serving the interests of their wealthy clients at the expense of ordinary Americans. With Bethany and Luigi, he discusses: How can we restore the integrity of our legal institutions? What are the broader implications for the rule of law in a society dominated by economic and political interests?Show Notes - also revisit:The Capitalisn't of Consulting: McKinsey and Beyond, with Walt BogdanichScience for Sale, with David Michaels

In his new book "Number Go Up," Bloomberg News investigative reporter Zeke Faux takes readers on a wild ride through the world of cryptocurrency, from its origins in the dark corners of the internet, its meteoric rise to mainstream popularity, and finally its equally precipitous fall. A few days after the 'convicted' verdict in the trial of beleaguered crypto entrepreneur Sam Bankman-Fried (SBF), Faux joins Bethany and Luigi to make a case for why we should judge cryptocurrency by what it has done and not what it can do. They discuss whether it is too soon to write crypto off, what larger commentary it offers about capitalism, and why Luigi, who teaches a popular MBA course on fintech, feels "crypto is money that can only be created by computer scientists who don't understand history."Show Notes: Revisit a 2017 Stigler Center mini-course by NYU Stern Professor David Yermack on the potential implications of blockchain technologies on the future of finance.

In his new book, Sohrab Ahmari argues that the concentration of economic power in the hands of a few corporations has created a new form of tyranny in America. "Coercion is far more widespread in supposedly noncoercive societies than we would like to think—provided we pay attention to private power and admit the possibility of private coercion," he writes.Ahmari, founder and editor of Compact magazine, joins Bethany and Luigi to discuss his book, "Tyranny Inc.: How Private Power Crushed American Liberty--and What to Do About It."  In this episode, they discuss the complex relationship between capitalism, personal freedoms, and political power. The conversation sheds light on what classical liberalism ignores, how today's Right is discovering what the Left may have forgotten, and ultimately, where today's political Left and Right may be able to work together.Show Notes: Also check out two previous episodes mentioned in this conversation:Is Common Good Capitalism The Answer? With Oren CassA Conservative Critique Of Capitalism, With Patrick Deneen

In her brand new book, "The Big Fail: What the Pandemic Revealed About Who America Protects and Who It Leaves Behind," Bethany and her co-author Joe Nocera argue that the COVID-19 pandemic was not simply a natural disaster but also a man-made one.Based on rigorous research and compelling storytelling, Bethany, who is renowned for her incisive reporting, reveals uncomfortable truths that have emerged from the pandemic about capitalism, inequality, and corporate power. In this one-on-one conversation with Luigi, she dissects the policies, decisions, and systemic structures that exacerbated the pandemic's fallout for the most vulnerable in society, shedding light on who benefited and who was left to fend for themselves.

How does science become public policy? It's not always as straightforward as it might seem. In his book "The Triumph of Doubt: Dark Money and the Science of Deception," leading public health expert and former Clinton/Obama administration official David Michaels shows how corporate interests often "manufacture uncertainty" in order to protect their profits. Using wide-ranging case studies from Big Tobacco, Volkswagen, American football, and talcum-based baby powder, Michaels exposes the disinformation playbook deployed by corporate-funded science to sow "doubt, denial, delay, distraction, deflection, and defense." With him, Bethany and Luigi discuss how we can fight back against manipulated science and replace the triumph of doubt with the triumph of truth.Show Notes: Also, check out our previous episode on the "Capitalisn't of Consulting" and the case of McKinsey, mentioned by Luigi in this episode.

In his new book, Regime Change: Toward a Postliberal Future, renowned political philosopher Patrick Deneen argues that the liberal ideology that has shaped capitalism for centuries has also failed to deliver on its promises of freedom, equality, and prosperity. Is he able to offer a compelling alternative that serves the interests of the common good over those of wealthy elites?Deneen, whose previous book "Why Liberalism Failed" was acclaimed by the likes of former U.S. President Obama, joins Bethany and Luigi to discuss his proposed 'Regime Change' and its implications for capitalism and the market economy. Can his vision of a postliberal future offer a more just and sustainable economic system, one that addresses the pressing challenges of our time? Can we have progress without progressivism?

As companies become increasingly big through mergers and acquisitions -- especially in technology, health care, and several other industries -- how should rules and regulations change with the times?Freshly minted and hot off the press: The U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) recently released an updated set of draft "Merger Guidelines," which could reshape the landscape of corporate mergers and acquisitions both in the U.S. and globally. Esteemed Stanford professor and Chief Economist at the DOJ's Antitrust Division, Susan Athey, joins Bethany and Luigi to discuss these changes. Why did the DOJ and FTC make them? How will they impact the way companies approach mergers and acquisitions? And what do they mean for consumers, competition, labor, and the broader economy?Show Notes:Visit our ongoing online symposium on the Merger Guidelines, with a wide range of perspectives and debates from leading experts on the topicHear more from Susan Athey at our 2023 Antitrust and Competition Conference

Is there a fundamental tension between democratic freedom, economic growth, and social equality?Chilean economist and UCLA Professor Sebastian Edwards joins Bethany and Luigi to discuss his recent book, "The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism." The Chicago Boys were a group of free-market economists trained at the University of Chicago who shaped economic policy and reforms in Chile during General Augusto Pinochet's rule. In the book, Edwards (who also received his Ph.D. in economics from the University of Chicago in 1981) outlines the complexities of implementing market-oriented policies in a society undergoing rapid change. With him, Bethany and Luigi discuss: Could the Chilean experience offer lessons for other nations grappling with similar policy choices?Show Notes:Read an excerpt from Edwards' book on ProMarket.In conversation with Sebastian Edwards, Arnold C. Harberger reflects on his time at the Department of Economics at the University of Chicago.Also read "The Complicated Legacy of the "Chicago Boys" in Chile," by Chilean journalist and former Stigler Center Journalist in Residence, Daniel Matamala.

A wet hot antitrust summer is in the news, mainly because of the Biden administration appointees continuing to take an aggressive approach to enforcement. Why is this important, and how has antitrust thinking evolved over time? In this conversation, Bethany and Luigi draw from his long-standing research and from the Stigler Center's most recent antitrust conference exploring new paradigms of traditional economic ideas. Together, they trace the evolution of antitrust from its fraught foundations to today's version, shaped by decades of political, economic, and legal minds. In the process, they spell out what a changing antitrust landscape could mean for us all.Show Notes:Read a summary of the antitrust conference on ProMarketWatch the panel hosted by Luigi, which he references in the episodeRevisit our episode from last year on recent research by Luigi and co-authors on declining antitrust enforcement in the U.S.

Donald Trump was impeached twice. He has been indicted three times. He lost the 2020 election. And yet he's the clear Republican front-runner for 2024.Today on “Matter of Opinion,” Michelle Cottle, Ross Douthat and Carlos Lozada explore how Trump has created a winning political strategy and what his potential nomination could mean for Joe Biden, the Republican Party and the future of the country.(A full transcript of the episode will be available midday on the Times website.)Mentioned in this episode:“The Normal Paths to Beating Trump Are Closing,” by Ross Douthat for The New York Times“The Right Way to Resist Trump,” by Luigi Zingales in The New York Times“Rules for Resistance: Advice From Around the Globe for the Age of Trump,” by David Cole and Melanie Wachtell Stinnett“Trump and Allies Forge Plans to Increase Presidential Power in 2025,” by Jonathan Swan, Charlie Savage and Maggie Haberman for The New York Times“The Imperial Presidency,” by Arthur M. Schlesinger Jr.

Republican presidential candidates, such as Ron DeSantis and Vivek Ramaswamy, continue to keep ESG in the national conversation. Ramaswamy in particular called it "woke capitalism" in his book and on our podcast. As we take our summer break, we decided to re-release our conversation with Tariq Fancy, BlackRock's former global chief investment officer for sustainable investing, whose criticism of ESG is based not on its goals, but rather on an insider's knowledge of how it actually works.We're taking a short summer break as we put together some fascinating episodes on the past and future of antitrust, the shortcomings of neoliberalism, and whether science and law are for sale in our capitalist system. In the meantime, we thought we might re-share some of our most thought-provoking episodes that are still relevant, maybe even more relevant, today. I hope you get as much out of it on a second listen as we did, and we'll be back with brand new episodes soon. Thanks for listening. Link to our interview with Ramaswamy: https://podcasts.apple.com/is/podcast/is-woke-capitalism-a-threat-to-democracy/id1326698855?i=1000543737590

In the last episode of our podcast, we had a mini version of a never-ending debate on this show: whether private equity is good or bad. Afterward we talked about doing a full episode debating the pros and cons of PE until we realized, we'd already done it. The debate features Jeff Hooke, author of the book "The Myth of Private Equity," and Chicago Booth Professor Steven Kaplan, once referred to by Fortune Magazine as "probably the foremost private equity scholar in the galaxy."We're taking a short summer break as we put together some fascinating episodes on the past and future of antitrust, the shortcomings of neoliberalism, and whether science and law are for sale in our capitalist system. In the meantime, we thought we might re-share some of our most thought-provoking episodes that are still relevant, maybe even more relevant, today. Our prior debate on private equity seemed like the perfect place to start. I hope you get as much out of it on a second listen as we did, and we'll be back with brand new episodes soon. Thanks for listening.  

How can public policy improve upon and fix the mess of U.S. health care? In a new book, health economists Amy Finkelstein (MIT) and Liran Einav (Stanford) argue that's the wrong question. Instead, they suggest we ask: What is it that U.S. health policy should try to accomplish?Finkelstein, also a MacArthur Genius grantee, joins Bethany and Luigi to discuss health care as a social commitment and to make the case for free, automatic, and universal coverage for a basic set of medical services. She argues why the current patchwork system of incremental reforms isn't the answer, why insurance is not the lever to reduce racial disparities in health inequality, and why we must “tear down the system and build from the ground up.”Finkelstein and Einav's new book, "We've Got You Covered: Rebooting American Health Care," is out now.Show Notes: On ProMarket, read:Lowering the Barriers to Entry for Economics Research in Healthcare, by Filippo LancieriRethinking How To Achieve Universal Health Care Coverage in the U.S., by Katherine Baicker, Amitabh Chandra, and Mark ShepardMore Than 20 Years of Consolidation Have Led to a Dysfunctional Health Care Market, by Martin GaynorThe Secret Driver of U.S. Health Care Costs: Politicians Wanting to Get Reelected, by Asher Schechter

"Poverty will be abolished in America only when a mass movement demands it," writes Princeton sociologist and Pulitzer Prize-winning author Matthew Desmond in his new book, "Poverty, by America." Building on his own lived experiences of growing up poor and continued contact with impoverished communities that "forces [him] to be intellectually honest," he claims that poverty persists in America not because we are incapable of preventing it but because society - and especially the wealthy - benefits from it at the expense of the poor.Bethany and Luigi draw from their recent conversation with former U.S. Sen. Phil Gramm, who argued against the premise altogether and said that poverty in America is not as terrible a "scourge" as many like Desmond claim it to be. With Desmond, our hosts discuss his views on the complex and deeply entrenched root causes of poverty, its relationship with the American capitalist system, and how we could build on individual choices - towards which we have otherwise been so stubbornly resistant - to end poverty.Show Notes:In case you missed it, here's Bethany and Luigi's conversation with Sen. Phil Gramm: "Is American Inequality a Myth?"Read related reading on ProMarket: "Monopolies: Silent Spreaders of Poverty and Economic Inequality" and a conversation with Nobel Prize-winning economist Angus Deaton on "The Under-Discussed Driver of Inequality in America."