The Gist Phil Gramm Hearts Capitalism, From Dickens To The New Deal
7 snips
Jul 25, 2025 Phil Gramm, former Texas Senator and author of 'The Triumph of Economic Freedom', passionately defends capitalism while dissecting historical misconceptions about its impact. He argues that the Industrial Revolution improved lives, while the New Deal extended the Great Depression. Gramm critiques modern welfare systems for undermining work ethic and discusses the need for government surpluses in any proposed Keynesian stimulus. The chat also touches on contemporary issues like Gaza aid failures and racial incidents, emphasizing the role of perception in public discourse.
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Industrial Revolution's True Impact
- The Industrial Revolution sparked unprecedented economic growth and improved workers' well-being significantly.
- Despite poor conditions compared to today, it marked a dramatic rise in real wages and health outcomes in the 19th century.
New Deal Prolonged Depression
- The Great Depression stemmed from financial failures and bad policy, not from capitalism itself.
- Roosevelt's New Deal prolonged the Depression by discouraging investment and hostility to business.
Keynesian Stimulus Requires Discipline
- Keynesian stimulus works if governments run surpluses in good times to pay off debt from bad times.
- Governments rarely follow this disciplined approach, making stimulus efforts ineffective or risky.
