Capitalism, wrote economist Andrew Shonfield, is “the great engine of prosperity of the postwar Western world.” Karl Marx, on the other hand, asserted that capitalism sows the seeds of its own demise. Could both things be true? On the Stigler Center/CBR podcast Capitalisn’t, hosts Luigi Zingales of Chicago Booth and Kate Waldock of Georgetown examine questions that help indicate how well capitalism is—or isn’t—functioning in the context of contemporary culture, technology, and politics. For more on the show and its hosts, visit Capitalisnt.com.
Pulitzer Prize-winning journalist Steven Pearlstein drops by to talk about the incredible shrinking newspaper (especially the business section) and how the mantra of ‘maximizing shareholder value’ has affected the dynamics of the American economy.
Kate and Luigi talk about the downside of globalization, survey the latest research on the lingering effects of the ‘China Shock,’ and debate how to reverse the trend toward greater inequality before the people revolt.
Kate and Luigi talk about the upside of globalization: a decrease in income inequality between countries over the last few decades. How much of this can be attributed to China, and what was the secret to its success?