TRIGGERnometry "We Have Capitalism for the Poor and Socialism for the Rich" - Mark Blyth
May 27, 2020
Mark Blyth, a professor of international political economy at Brown University and co-author of Angrynomics, dives into the complexities of capitalism and its inequities. He discusses how neoliberalism has transformed the economy since World War II, leading to increased inequality. Blyth highlights the socioeconomic disparities worsened by recent crises, like the 2008 financial crash and COVID-19, while critiquing elite bailouts. The conversation also touches on Italy's struggles in the Eurozone and offers a light-hearted look at sports and midlife challenges.
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Blyth's Entry into Economics
- At 13, Mark Blyth saw a rigged economics game show that sparked his interest in the field.
- He realized economics could be used for manipulation.
Shifting Economic Orders
- Post-WWII, governments prioritized full employment, leading to inflation in the 1970s.
- This prompted a shift towards a more open liberal order, impacting wages in developed countries.
2008 Crisis and Inequality
- The 2008 financial crisis was caused by bailing out the rich with ordinary people's money.
- This exacerbated inequality and fueled public anger.