408. Does Anyone Really Know What Socialism Is?

In this discussion, Jeffrey Sachs, a Columbia University professor and U.N. advisor, teams up with James Robinson, an economist from the University of Chicago and co-author of influential books on nations and development. They unpack the evolving perceptions of socialism in America, particularly among millennials. The conversation includes a deep dive into Venezuela's crises versus Norway's successful model, emphasizing the role of institutions in economic outcomes. They challenge misconceptions and explore the political ramifications of these ideologies on equity and welfare.