

Capitalism: What Makes Us Free? (2021)
24 snips Apr 7, 2022
Laine Catherine Levinson, a historian and author, dives into the Democratic Party's failed approaches to address inequality, while economic titan Milton Friedman champions free markets. They unravel the complex origins of neoliberalism from a 1947 Swiss meeting, highlighting the balance between individual freedom and government roles. The discussion addresses the rise of economic unrest in the 1930s, FDR's New Deal, and how Friedman’s ideas reshaped American policy in the 1970s, ultimately setting the stage for the Democratic Party's neoliberal shifts in the 1990s.
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The Great Depression and the New Deal
- During the Great Depression, 9,000 banks failed, and people lost everything.
- FDR's New Deal programs, like Social Security, aimed to alleviate this crisis.
New Deal's Impact
- The New Deal changed the relationship between Americans and their government.
- It fostered trust in the government's role in providing social safety nets.
Hayek's Laissez-Faire Stance
- Hayek believed the government should not intervene during economic crises.
- He argued that intervention would worsen the boom and bust cycle.