Doomscroll with Joshua Citarella Doomscroll 37.5: Vivek Chibber
Dec 22, 2025
Vivek Chibber, a renowned sociologist and Marxist scholar, explores the intricacies of political economy and social democracy. He analyzes how the declining rate of profit influences leftist strategies and argues for the necessity of public investment and selective nationalization. The conversation also delves into the failures of asset Keynesianism, proposing that large public projects could drive growth in sectors like healthcare and transportation. Chibber emphasizes the importance of adapting left strategies to contemporary economic realities while fostering public support.
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Profit Rates Shape Political Strategy
- Declining rates of profit change the political landscape and require different left strategies.
- Without economic literacy, the left cannot craft viable strategy for our slower-growth era.
Adapt Social Democracy To Low Growth
- Slower growth today makes social democracy harder but not impossible.
- Success requires adapting strategy, not assuming 1940s-style redistribution will work unchanged.
Investment Drives Fiscal Space
- Fiscal limits follow from weak private investment and low profit rates.
- A social democratic government that cannot revive investment will lack revenue and face fierce employer resistance.