The Good Fight Larry Summers on Harvard’s Showdown With Trump
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Apr 19, 2025 
Larry Summers, a distinguished Harvard professor and former Treasury Secretary, joins Yascha Mounk for a deep dive into the challenges faced by elite institutions under the Trump administration. They discuss the troubling implications of tariffs and rising nationalism for the U.S. economy, highlighting risks of stagnation and inflation. Summers critiques the erratic nature of recent trade policies and examines how universities can navigate political pressures while striving to rebuild public trust and credibility amidst increasing scrutiny.
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U.S. Becoming Emerging Market
- The U.S. is transitioning from a mature democracy to functioning like an emerging market with unstable institutions and mercurial leadership.
- This shift increases economic risks including stagflation, financial instability, and loss of global trust.
Major Economic Risks of Tariffs
- Four main economic risks from tariffs: near-term inflation and recession, disruption of international trade, increased financial crisis risks, and heightened uncertainty hurting investment.
- These factors degrade economic growth, increase volatility, and reduce U.S. prosperity.
Likely Trade War Scenario
- The most likely trade scenario is escalating protectionism triggering a global arms race in tariffs, increasing danger and economic damage.
- Less probable are either a U.S. exclusion from global trade blocs or a quick return to free trade post-disaster.