Capitalism-Was: What Happened to the American Dream? With David Leonhardt
Jun 6, 2024
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Pulitzer Prize-winning journalist David Leonhardt discusses the evolution of American capitalism, shifts in manufacturing, and the tension between immigration and wages. He explores the impact of globalization, the weakening of unions, and the moral implications of the current capitalist system, offering pathways for prosperity and upward mobility.
Understanding working class perspectives on social issues is crucial for effective political engagement.
The evolution of capitalism involves a shift towards 'rough and tumble capitalism' and the importance of democratic governance.
Deep dives
Understanding the Role of Working Class Americans in Politics
Working class Americans, irrespective of race, hold views on social issues that are less left wing compared to democratic elites. The episode stresses the importance of listening to their perspectives instead of questioning their voting patterns based on economic interests. It highlights the necessity of engaging with working class Americans to understand their viewpoints and concerns.
Analyzing the Evolution of Capitalism and Democratic Governance
The episode delves into the evolution of capitalism, distinguishing between 'rough and tumble capitalism' and a more democratic form. It explores the symbiotic relationship between democratic governance and capitalism, emphasizing the role of strong public investment and pro-union policies in fostering economic success. The discussion underscores the impact of past eras on shaping ideal forms of capitalism.
Critiquing the Shifts in Leftist Movements and Economists' Perspectives
The episode addresses the shift in leftist movements from supporting workers to focusing more on civil and consumer rights. It critiques how some economists avoid discussing the impact of immigration on wages despite acknowledging its role in keeping inflation low. The conversation challenges the reluctance to engage in open dialogue on the topic of immigration's economic effects.
Exploring Cultural Changes and Capitalism's Ethical Challenges
The podcast reflects on cultural shifts impacting capitalism, where ethical considerations and a sense of community are overshadowed by individual gains. It discusses how modern capitalism has deviated from a community-oriented approach observed in the past, emphasizing the need for a balance between economic competition and moral responsibility. The conversation highlights concerns about the moral compass and community values within contemporary capitalism.
Is the famed American Dream still attainable for the immigrants and working class of today? What made America the land of opportunity — and if it isn't the same anymore, what happened to it?
Joining co-hosts Bethany and Luigi to discuss these questions is David Leonhardt, Pulitzer Prize-winning journalist and author of "Ours Was the Shining Future." In his book, Leonhardt describes what he calls today's "rough-and-tumble" capitalism and distinguishes its laissez-faire characteristics from a more bygone, democratic version. Charting shifts in manufacturing, labor power, and the perennial tension between immigration and wages, Leonhardt and our hosts deliberate over the ramifications of this story for progressive and populist movements in a tumultuous election year and offer potential pathways to rekindle the promise of prosperity and upward mobility.
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