The Impact of the Fall of the Iron Curtain on Economies and Ideologies

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Discussing the economic ramifications of the fall of the Iron Curtain in 1990, this chapter juxtaposes the disparities between economies operating without the market system and capitalist market economies. It delves into the contrasting viewpoints of Friedrich von Hayek and Karl Polanyi on inequality, social justice, and the role of property rights in society, exploring the nuances of the market system and the necessity for broader societal considerations beyond profit-making activities.

How the balance of power shifted, for a time, in the decades after World War II, and led to a better kind of capitalism – if you think prosperity being broadly shared is a good thing.

By John Biewen, with co-host Ellen McGirt. Interviews with Eric Rauchway and Brad DeLong. Thanks to the Studs Terkel Archive at WFMT. Story editor: Loretta Williams. Music by Michelle Osis, Lilli Haydn, Chris Westlake, Alex Symcox, and Goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music. "Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.