AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
4min chapter
How Lobbying Led to Crony Capitalism, with Brody Mullins
Capitalisn't
Shifting Political Dynamics: The Rise of Anti-Business Sentiment
This chapter explores the changing political landscape regarding business in the U.S., focusing on a possible populist shift that may lead to anti-business sentiments within a major party. It examines the implications of stricter antitrust measures under Lena Khan's leadership at the FTC, and the resulting pushback from venture capitalists and private equity firms.
00:00
Transcript
Episode notes
Speaker 2
I
Speaker 3
agree, but I think there is a little bit of hope in the fact that we see some populist pressure to actually change things. And this is if my story that in the 50s and 60s things were different because one party was anti-business is right, then what we need is we need a party that is more openly anti-business. And it doesn't really matter whether this is the Democrats or the Republicans. As long as there is one, we'll keep the other in place. J.D. Vance seems to push in the direction of a Republican party, which is more anti-business. I think it will be a long way. It's not like tomorrow this is going to be the case, but I think it would be interesting to see what happens in the future.
Speaker 2
I'm a little wary of giving Vance too much credit, given that some of his big backers are the technology billionaires. I don't know how that would play out over the course of time, because people have a way of delivering rhetoric that is one thing, but then when it comes to actually offending the people who pay the bills, doing something very different. And it depends when you're anti-business, which business you're anti. And so people with some anti-business credentials, I mean, you could almost argue in some ways that the Democrats became very anti sort of old white guy business, but they became very pro new exciting technology business at the same time.
Speaker 3
Yeah, I'm not trying to give him credit. I'm trying to say that there is clearly a demand for an anti-business party. And both sides, both the Democrats and the Republicans are flirting with this side, and they both are afraid. But I suspect, I did not do a proper poll, but I suspect that if you go around and say, do you support Lena Kahn's action in the FTC, a vast majority of the American people will be in favor. What is interesting is in this moment, neither of the two presidential candidates seem to support her.
Speaker 2
I mean, I knew she was controversial in the business world, but I was not aware of the depth of the pushback, particularly among, I think, Silicon Valley venture capitalists and private equity people, both of whom have the ear of a lot of politicians thanks to the money that they have, back to the theme of our podcast. Both groups blame Lina Khan for their inability to exit their investments because they say she slowed down the deal machine. And because they can't sell an investment to another company because they're worried the FTC will come in, they're really, really angry because that's a primary exit for venture capitalists and for private equity firms. So I think that there is this groundswell of anger against Lina Khan that is very much private equity and venture capital driven.
Speaker 3
I could see a populist branch that say, we want tougher antitrust, we want less subsidy, and we want less easy money. Oh,
Speaker 2
that would be my party. I think I should be the president of that made-up party, which does not exist and probably will never exist. Capitalism
Speaker 1
is a podcast from the University of Chicago Podcast Network and the Stiegler Center in collaboration with the Chicago Booth Review. The show is produced by me, Matt Hodep, and Leah Cezreen with production assistance from Utsaf Gandhi, Sodom Kim, Sebastian Burka, Andy Shee, and Brooke Fox. Don't forget to subscribe and leave a review wherever you get your podcasts. If not exist and probably will never exist. you'd like to take our conversation further, also check out promarket.org, a publication of the Stiegler Center, and subscribe to our newsletter. Sign up at chicagobooth.edu/Stiegler to discover exciting new content, events, and insights. We hope you'll join our community today again at chicagobooth.edu/Stiegler.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode