The MMT Podcast with Patricia Pino & Christian Reilly
#195 Capitalists Hate Capitalism with Cory Doctorow
Mar 22, 2025
Cory Doctorow, a renowned author and activist, dives deep into the complexities of capitalism and its cultural implications. He challenges the traditional views of job creation and monetary policy, particularly regarding marginalized communities. The conversation takes a whimsical turn as they discuss marshmallows and self-control, questioning the oversimplified narratives of success. Doctorow also critiques the dominance of giant corporations, comparing modern capitalism to feudalism and urging a reconsideration of market dynamics. This engaging dialogue unveils the systemic factors affecting economic outcomes.
01:19:01
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Governments can uniquely create money without relying on taxes, challenging traditional views on spending and insolvency.
- Inflation stems from market power and monopolies rather than solely from government overspending, necessitating nuanced economic policies.
Deep dives
The Role of Government in Economics
Governments that issue their own currencies, such as the US, UK, and Japan, have the unique ability to spend money into existence. This spending does not rely on taxes but rather creates a demand for their currency as individuals must earn it to settle tax obligations. The concept of chartalism, which suggests that money derives value from the government's authority to impose taxes, indicates that discussions about government insolvency are misguided. This view challenges traditional beliefs about government spending, particularly debates around austerity measures targeting vulnerable groups and the misconception that governments can run out of money.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
