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The Gray Area with Sean Illing
The free-market century is over
Feb 12, 2024
Economic historian Brad DeLong discusses the transformative long 20th century, from technological growth to challenges in resource distribution. The rise and fall of social democracy, the role of the state in market regulation, missed opportunities for bold policy changes, and potential narratives for the 21st century are explored.
54:47
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- The long 20th century brought significant technological advancements and globalization, improving life and defeating scarcity, but challenges like distribution and global issues still persist.
- The rise and fall of social democracy during the 20th century highlights the need for a potential new economic framework that aligns market prices with social values in the face of challenges and the limitations of neoliberalism.
Deep dives
The Long 20th Century: From 1870 to 2010
In this podcast episode, economic historian Brad DeLong discusses the transformative period from 1870 to 2010, which he calls the 'long 20th century.' During this time, technological advancements and globalization radically changed every aspect of economic life in the global north. The world went from a poverty-stricken society, where most people lived on $3 a day, to experiencing an explosion of technological progress that doubled humanity's technological competence every generation. However, despite this progress, challenges of distribution, utilization, and global issues like global warming, nuclear proliferation, neo-fascism, and major power war still persist. The episode explores the limitations of neoliberalism, the potential for a new economic paradigm, and the complexities of aligning market prices with social values.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode