The Limits of Liberalism

The podcast episode explores the flaws and limitations of liberal democratic capitalism. The hosts argue that liberalism, as an invisible hand system, fails to deliver on its promises and is plagued by problems such as regulatory capture, self-serving politicians, and corrupt institutions. They dismiss the notion that liberal theory is grounded in empirical evidence, claiming that it relies on blind faith. Additionally, they suggest that liberalism's adversarial systems, like checks and balances and the marketplace of ideas, lack sufficient evidence of their effectiveness. The hosts propose that without an external enforcer, liberalism cannot rectify its flaws, leading to public choice problems and other issues. However, they fail to present a solid alternative to liberalism or address the benefits that liberalism has brought throughout history.