In this influential book, Milton Friedman discusses the role of economic capitalism in a liberal society. He argues that economic freedom is a precondition for political freedom and advocates for limited government intervention. The book covers various topics, including the relation between economic and political freedom, the role of government in a free society, monetary policy, international trade arrangements, and the role of government in education. Friedman's work has been highly influential in economic theory and policymaking, and the book has been translated into eighteen languages and sold over half a million copies since its publication in 1962.
John Cassidy's sweeping narrative examines capitalism's evolution through the lens of its detractors, spanning from 19th-century Luddites to contemporary degrowth advocates. The book highlights both famous critics like Marx and Keynes, and lesser-known figures such as Trinidadian economist Eric Williams and Indian Gandhian economist J.C. Kumarappa, while addressing modern concerns about AI, inequality, and climate change.
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
In this conversation, Steve Eisman and John Cassidy explore the themes of capitalism and its critics, discussing historical perspectives, key figures like Marx, Keynes, and Friedman, and the evolution of economic thought. They delve into the financial crisis, the role of regulation, and the future of capitalism, emphasizing the need for a balanced approach to managing the system.
00:00 The Evolution of Capitalism
02:37 Critiques of Capitalism Through History
05:46 The Role of Key Figures in Economic Thought
12:50 Marx's Critique and Its Implications
24:04 The Rise of Keynesian Economics
30:50 The Shift to Monetarism and Friedman
37:00 Minsky's Financial Instability Hypothesis
44:00 Lessons from the Financial Crisis
53:00 The Debate on Regulation and Capitalism
57:40 Current Economic Models and Future Directions
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The Real Eisman Playbook 
