
The New Yorker Radio Hour
How Donald Trump Is Trying to Rewrite the Rules of Capitalism
May 6, 2025
John Cassidy, a seasoned staff writer at The New Yorker and author of "Capitalism and Its Critics: A History," discusses the seismic shift in economic policy under Donald Trump. He analyzes Trump’s chaotic tariff strategies and their impact on markets. Cassidy explains how capitalism has evolved, noting the rise of monopolies and young people's view of capitalism through an environmental lens. He also revisits Marx's critiques, highlighting ongoing class struggles and the complexities of economic philosophies in America compared to Europe.
18:10
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Quick takeaways
- Donald Trump's radical shift towards protectionism marks a significant break from traditional free-trade economics, causing market instability and recession fears.
- Younger generations are increasingly viewing capitalism critically, linking it to environmentalism and questioning the dominance of monopolies in the economy.
Deep dives
The Evolution of Capitalism
Capitalism has evolved significantly from its mercantile origins to the industrial capitalism that emerged in the late 18th century. The advent of the factory system, particularly in the British cotton industry around 1770, marked a pivotal shift as numerous technological inventions enabled mass production. This transition was not merely economic; it represented a departure from government-controlled mercantilism, where state and economy were intertwined, towards a more liberated market system. Key philosophical figures like Adam Smith critiqued the existing forms of capitalism and advocated for free trade, identifying monopolistic tendencies as detrimental to competition and consumer welfare.
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