In 'Pivotal Decade', Judith Stein explores the economic and political shifts in the United States during the 1970s, highlighting how the country moved from an era of industrial prosperity to one dominated by finance. This transition, marked by significant policy changes under Nixon, Ford, and Carter, laid the groundwork for the current age of inequality. Stein's work provides a detailed examination of the economic restructuring and political realignments that defined this pivotal period.
In 'A Brief History of Neoliberalism,' David Harvey provides a detailed examination of the rise and spread of neoliberalism. He argues that neoliberalism is not just an economic theory but a political project aimed at restoring the power of economic elites. Harvey traces the history of neoliberalism from its intellectual roots in thinkers like Friedrich von Hayek and Milton Friedman to its practical implementation in countries such as Chile under Pinochet, the United States under Reagan, and the UK under Thatcher. He critiques neoliberal policies for exacerbating economic and social inequality, promoting financialization, and undermining democratic institutions. The book also explores the concept of 'accumulation by dispossession,' where capital expands by dispossessing people of their economic rights and resources. Harvey concludes by discussing the failures of neoliberalism and suggesting alternative modes of organizing society to reduce inequality and improve outcomes for ordinary people.
The book is divided into two parts. The first part is a detailed and evocative account of the poverty and living conditions of the working class in northern England, particularly in mining towns like Wigan. Orwell describes the harsh realities of miners' lives, the poor housing conditions, and the economic struggles faced by these communities. The second part of the book is a more political treatise where Orwell discusses the failures of socialism and his own socialist solutions to the problems he observed. He critiques the middle class and the intellectual left, while advocating for a more practical and compassionate form of socialism[2][4][5].
Written between August and October 1940 and published on February 19, 1941, 'The Lion and the Unicorn' is an essay that analyzes the situation in Britain during World War II. Orwell argues that the war has exposed the inadequacies of Britain's economic and political system, and that a socialist revolution is necessary for Britain to defeat Nazi Germany. The essay is divided into three parts: 'England Your England', 'Shopkeepers at War', and 'The English Revolution'. It advocates for a democratic 'English Socialism' that contrasts with Soviet Communism and suggests a new form of Britishness liberated from the old ruling classes and the British Empire.
In this book, Thomas Piketty examines the historical dynamics of wealth and income inequality from the 18th century to the present. He argues that when the rate of return on capital exceeds the rate of economic growth, it leads to a concentration of wealth and significant social and economic instability. Piketty's analysis is based on extensive historical and comparative data from over twenty countries, challenging the notion that free market capitalism naturally reduces inequality. He proposes a global system of progressive wealth taxes to mitigate these inequalities and protect democratic values. The book is a groundbreaking work that reorients our understanding of economic history and the inherent contradictions of capitalism[1][4][5].
Economist Noah Smith and Erik Torenberg discuss the legacy and failings of Bernie Sanders’ movement with regards to privatization, student loans, healthcare, and the wealth gap. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102
We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.
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Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co
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Timestamps
(00:00) Episode Preview
(01:32) The Bernie movement’s evolution
(05:00) Factionalism and aggression marking the approach of socialists
(15:36) Glass-Steagall litmus test
(19:00) Sponsors: Daffy | NetSuite
(21:11) Can neoliberalism work?
(22:34) Biggest mistakes of privatization: the non-profit industrialization complex
(26:18) Lack of industrial policy is a pro-finance policy
(27:30) Chief neoliberal shill
(30:05) How Biden is carrying forward the legacy of Bernie’s movement
(34:10) Inflation killed student loan relief (besides the courts)
(41:00) How Bernie bungled his egalitarian movement
(48:45) Wealth tax
(50:55) Healthcare
This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.
"Econ 102" with Noah Smith and Erik Torenberg 
