The Tom Woods Show Ep. 2657 Phil Gramm on Dumb Myths About Capitalism
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Jun 20, 2025 Phil Gramm, a former U.S. Senator and economics professor, joins to debunk myths surrounding American capitalism. He explores how the Industrial Revolution improved living standards and critiques misconceptions about poverty and inequality. Highlighting the benefits of free trade, Gramm emphasizes its everyday impact while challenging traditional views on retirement savings and wealth distribution. His insights provoke thought on the true nature of economic freedom, making a case for nuanced understandings of welfare and poverty.
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Victorian Literature's Bias
- Victorian literature painted a distorted, negative view of the Industrial Revolution because the landed gentry were losing power.
- Real statistics show workers' living standards rose dramatically during that time.
Industrial Revolution's Real Impact
- The Industrial Revolution rapidly improved living standards after 1800, reversing centuries of stagnation.
- It freed workers to move and find better jobs, benefiting both capitalists and laborers alike.
Manufacturing Productivity vs. Nostalgia
- U.S. manufacturing output grew while employing fewer people due to productivity gains.
- Nostalgia for manufacturing jobs ignores people's preference and the natural economic shift toward services.
