How Democrats Forgot To Be Normal, with Joan Williams

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?

4 Juli 202436min

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.

20 Juni 202449min

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.

6 Juni 202448min

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.

23 Maj 202447min

Over the last few weeks, university politics has captured headlines as students across the country occupy sections of their campuses and demand that their schools divest from Israel in protest of its contentious war in Gaza. Last week for Compact Magazine, Luigi and Nobel Laureate Oliver Hart stressed that one lesson from these protests is that universities need to make transparent their investment strategies and how they contribute to the school’s financial operations, including financial aid.Increased transparency can inform ethical debates about divestment, but can it solve them? Even if students get what they want, will it matter? Or should they be focusing their efforts elsewhere to maximize impact? Who gets to make the decisions about the ethics of college endowment investments, and how should votes be divided between different stakeholders — students, faculty, alumni, and donors? This week on Capitalisn’t, Bethany and Luigi record a late-breaking episode tackling these foundational questions that underlie the governance of today's universities.

9 Maj 202435min

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.

25 Apr 202448min

"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.

11 Apr 202448min

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.

28 Mars 202449min