The Money with Katie Show Everything You’ve Ever Wanted to Know about Capitalism (But Were Too Afraid to Ask)
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Oct 23, 2024 In this engaging discussion, Grace Blakeley, an economics commentator and author of "Vulture Capitalism," challenges the traditional narratives surrounding capitalism. She delves into the intertwining of corporate power and government influence, revealing how true meritocracy often falters. Grace critiques disaster capitalism, illuminating how crises are manipulated to exacerbate inequality. The conversation also covers the implications of unchecked corporate profits on inflation and debates the merits of universal basic income versus essential services, advocating for a more equitable economic framework.
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Markets And Planning Are Intertwined
- Capitalism in practice blends markets and state planning rather than being purely free market driven.
- Large corporations and governments coordinate to preserve elite interests, producing oligarchic capitalism.
Boeing Shows State-Corporate Symbiosis
- Boeing's 737 MAX failures and subsequent bailouts show corporate failures are cushioned by state support.
- The FAA's self-regulation and massive defense contracts illustrate how government and firms become mutually dependent.
Too Big To Fail Kills Market Discipline
- When big firms are 'too big to fail' the market discipline of creative destruction disappears.
- Governments repeatedly bail out large firms, shifting crisis costs onto the public.