Capitalisn't

America’s universities have powered its economy by developing an educated workforce and producing transformative technology, including the internet and vaccines. They were seen as vehicles for social mobility; when veterans returned home from World War II, the newly enacted G.I. Bill compensated millions with paid college and vocational school tuition. However, universities today are bloated and expensive, losing the public's trust, and have become a battleground for controversial culture wars. Project 2025, the Heritage Foundation’s blueprint for a second Trump administration, plans significant cuts to university subsidies. A big battle is looming over the future of American universities.To shed some light on what this future might look like, Bethany and Luigi are joined by Hanna Gray, Distinguished Service Professor Emerita of History and President of the University of Chicago from 1978 to 1993 — a period marked by immensely challenging debates on free speech, financial constraints, and leadership decisions. Gray has written that the creation of the modern university “rested on a faith, pervasive in the post-war world, and the potential for education to create a better world, to produce both social mobility and a meritocratic society that would realize the true promise of democracy.” With her trademark humor, sharp wit, and unwavering resolve, she offers insights from her trailblazing experience into whether this promise is more unkept than kept and if faith will be enough for the modern university system to survive.Episode Notes: Read the Kalven Report on the University's Role in Political and Social Action here.

Raj Chetty, a Harvard economist known for his pioneering work on social mobility, joins the discussion to reveal surprising insights from his latest research. He highlights how Black millennials are now outpacing previous generations in economic mobility, while low-income white individuals are lagging. Chetty delves into the importance of race and class, the costs of pursuing mobility, and how factors such as parenting and community dynamics play crucial roles. He also touches on policies needed to tackle systemic inequalities in the lead-up to the 2024 elections.

Dina Srinivasan, an expert in competition policy and a Yale University fellow, dives deep into Google's advertising monopoly. She discusses recent federal rulings against Google's monopolization tactics and their implications for consumers and the entire tech industry. Srinivasan unpacks the complexities of antitrust law, comparing Google's strategies to historical monopolies. The conversation also touches on the socio-economic effects of digital giants and the importance of maintaining true competition in the marketplace while navigating the challenges of consumer harm and media integrity.

Dani Rodrik, a Harvard professor renowned for his insights on globalization and industrial policy, challenges the notion of hyperglobalization. He discusses how shifting views on globalization affect national identity and democracy, especially in light of recent crises. The conversation includes the evolving role of corporate America in prioritizing social goals alongside profits. Rodrik emphasizes the moral dimensions of industrial policy, noting that economic strategies often stem from defense needs rather than deliberate planning.

Jonathan Haidt discusses the impact of smartphones and overprotective parenting on childhood mental illness. He proposes solutions to break social media's negative effects on children. The podcast explores the consequences of an anxious generation for the economy and the feasibility of Haidt's solutions.

Leah Boustan from Princeton University discusses immigration and economics, debunking myths about immigrant assimilation and showcasing their economic success. The podcast explores the impact of immigration on jobs, wages, and housing, as well as the historical and global implications of immigration policies.

Former chief economist of the World Bank and Nobel Prize winner Joseph Stiglitz discusses his book attacking neoliberalism and advocating for progressive capitalism. Topics include market inefficiencies from misinformation, regulatory importance, neoliberalism's impact on populism, and the link between economic and political freedom.

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.

Marion Nestle, a leading public health advocate, explores the impact of ultra-processed food industry on public health. Topics include food companies designing addictive products, manipulating consumers through marketing, and the need for public policy changes. Nestle discusses the ethical dilemmas faced by individuals in the industry and the importance of prioritizing public health over corporate interests.

Exploring the economics of student protests in universities, focusing on divestment from controversial investments. Discussing the ethical dilemmas and decision-making processes universities face. Highlighting the importance of transparency in governance and involving stakeholders in impactful decisions.