The Michael Shermer Show

AI, Trade Wars, Degrowth: What's Next for the Global Economy?

May 12, 2025
John Cassidy, a seasoned staff writer at The New Yorker, dives into the complexities of capitalism and its critics. He sheds light on the paradox of capitalism, revealing its role in both alleviating poverty and exacerbating inequality. The conversation spans China's unconventional economic success and Adam Smith's cautious perspective on free markets. Cassidy discusses the effects of income inequality on democracy and draws parallels between historical exploitations like the East India Company and today's monopolistic trends. It's an eye-opening look at the future of our global economy.
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INSIGHT

Unprecedented Capitalism Growth

  • Capitalism has massively increased average annual income in just 250 years after near stability for 97,000 years.
  • Product variety exploded, showing capitalism's unprecedented productivity and economic change.
INSIGHT

Capitalism's Productivity and Problems

  • Capitalism is simultaneously the most productive system and the source of large inequalities and global issues like pollution.
  • Criticisms of capitalism often reflect its era but share concerns about exploitation and environmental effects.
INSIGHT

Capitalism Reform vs. Degrowth

  • Post-1980s collapse of communism, capitalism critiques seldom call for abolishment, focusing instead on reform.
  • Emerging degrowth advocates propose revolutionary shifts to smaller-scale, sustainable economies.
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