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Pitchfork Economics with Nick Hanauer
The Rise and Fall of the Neoliberal Order (with Gary Gerstle)
Jan 14, 2025
Gary Gerstle, a historian and author specializing in American political and economic history, shares his insights into the rise and decline of neoliberalism. He explores how its roots intertwine with cultural movements of the 1960s and 70s, and how recent political shifts challenge its principles. Gerstle discusses the rivalry between the U.S. and Soviet economies, the elitist tendencies of neoliberalism on democracy, and the potential for a more equitable 'middle-out' economic framework amid today's crises.
45:34
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Quick takeaways
- The failure of trickle-down economics has led to growing inequality, prompting a shift towards a middle-out economic framework for equitable growth.
- Neoliberalism's rise was propelled by the economic crises of the 1970s, but its enduring institutions face challenges from emerging populist movements.
Deep dives
The Failures of Trickle-Down Economics
Decades of trickle-down economics have failed to deliver the promised growth and equality, leading to rising inequality and political instability. This economic theory suggests that benefits provided to the wealthy would eventually trickle down to the rest of society, but the reality has shown a widening gap between the rich and the poor. The failure of this model is evident in the current economic landscape, where many citizens feel left behind while a small elite continues to amass wealth. This disillusionment calls for a new approach to economics that prioritizes the middle class as a driver of growth.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode