Jacobin Radio Behind the News: Capitalism’s Critics w/ John Cassidy
15 snips
Jun 5, 2025 Join John Cassidy, a staff writer for The New Yorker and author of "Capitalism and Its Critics," alongside Sandeep Vaheesan, legal director at the Open Markets Institute. They dive into the changing perceptions of capitalism post-2008 and examine historical critiques that spotlight exploitation and instability. The conversation touches on key figures like Adam Smith and the enduring legacy of the Luddites. They also confront the harsh realities of AI on labor and advocate for rethinking economic frameworks and reviving public investment to address modern challenges.
AI Snips
Chapters
Books
Transcript
Episode notes
Capitalism's Crisis Nature
- Capitalism is inherently crisis-prone due to internal contradictions, not because it thrives on crisis.
- Its system of innovation and profit also leads to instability, exploitation, and environmental harm.
Luddites' Moral Resistance
- The Luddites violently resisted mechanization that threatened their livelihoods but were ultimately suppressed.
- Their moral critique questions the capitalist right to take away workers' jobs, a theme resonating with today's AI disruptions.
Marx's Analysis vs. Prophecy
- Marx's economic collapse predictions failed mainly because wages rose with productivity, aided by unions and state welfare.
- His critique remains useful to analyze capitalism's exploitation and contradictions despite prophetic errors.
