Pitchfork Economics with Nick Hanauer

Ben McKenzie, notable for his roles in The O.C. and Gotham, dives deep into the murky waters of cryptocurrency in his new book, Easy Money. He uncovers how a mix of hype and libertarian ideology inflated crypto into a trillion-dollar bubble while illuminating the psychology behind its cult-like following. Discussing its flaws as real money and comparing it to legalized gambling, McKenzie warns of the systemic risks posed by corporate-issued stablecoins. His insights reveal why many still cling to crypto despite its damaging realities.

Senator Cory Booker, a New Jersey U.S. Senator and former Newark mayor, dives into the controversial world of stock buybacks, revealing their role in exacerbating economic inequality. He discusses how these corporate strategies shift focus from long-term investments to short-term profits, harming workers along the way. Booker introduces the Workers' Dividend Act, aiming to ensure that employees share in buyback gains. He also addresses the political challenges of reforming corporate practices while advocating for broader policies to rebalance the economy.

Thea Lee, an economist and former Deputy Undersecretary for International Affairs at the U.S. Department of Labor, joins Todd Tucker, a political scientist and trade expert at the Roosevelt Institute. They debate the need for labor rights in trade and how past agreements have exploited workers. Lee highlights the success of USMCA in enforcing labor protection, while Tucker discusses how industrial policy can bolster domestic supply chains. Together, they argue for a shift towards worker-centered trade that strengthens both democracy and economic stability.

Juan Carlos Moreno-Brid, a renowned economist from UNAM and former ECLAC Deputy Director, shares insights on the impact of NAFTA on Mexico's economy. He reveals the startling contrast between soaring exports and stagnant wages, highlighting how Mexico’s dependency on the U.S. was solidified. Moreno-Brid discusses the lack of shared prosperity and the traps of export-led growth, as well as what a truly equitable U.S.–Mexico trade relationship could entail. His expert perspective sheds light on the seldom-heard reality of trade dynamics in North America.

In this conversation, Luke Savage, a Toronto-based journalist and author who critiques liberalism, dives deep into Canada–U.S. trade dynamics. He discusses how NAFTA reshaped economies, entrenching corporate power and driving inequality. Savage highlights the negative impacts of free trade on manufacturing jobs and democratic control. He argues for a new trade approach focusing on workers' rights and community interests, emphasizing the need for redesigned agreements that prioritize social, labor, and environmental standards.

Matthew C. Klein, an economist and author of "Trade Wars Are Class Wars," discusses how rising inequality distorts global trade dynamics. He argues that trade tensions are rooted in class struggle, not just national competition. Klein highlights how wealthy elites hoard wealth while workers suffer, exemplifying this with China's wage suppression. He also critiques current U.S. trade policies and calls for reforms to strengthen international financial support, stressing the urgent need to address these imbalances for a more equitable global economy.

César Hidalgo, director of the Center for Collective Learning and author of "Why Information Grows," discusses how knowledge, not tariffs, drives economic growth. He explains the distinction between knowledge and practical know-how, and why the future favors nations investing in research and human talent. Hidalgo argues that digital exports are often overlooked in trade stats and that tariffs are ineffective, prompting alternative strategies like export promotion. His insights highlight the need for a more dynamic understanding of trade and industrial policy.

Nat Dyer, an author and researcher specializing in global political economy, critiques David Ricardo's theory of comparative advantage, revealing its unrealistic foundations. He argues this elegant theory fueled harmful globalization and exploitation, perpetuating societal stagnation. Dyer discusses the political ramifications of trade policies under leaders like Trump and Biden, and advocates for a more nuanced understanding of economics that prioritizes real-world implications over abstract models.

Delve into the intricate world of trade policy, where it's not just about tariffs but the lives affected by decisions. Discover how globalization's promises often overlook the pain in struggling communities. Learn from experts about the true impact of trade dynamics on workforce recovery and economic inequality. The conversation challenges conventional wisdom, advocating for an inclusive trade approach that prioritizes people over profits and emphasizes cooperation over competitive advantage.

Mark Blyth, a political economist and professor at Brown University, dives into the intricacies of inflation and its real-world implications. He critiques traditional economic theories and examines how post-pandemic price hikes affect low-income households disproportionately. Blyth also distinguishes between 'good' and 'bad' inflation, explores the impact of corporate greed on prices, and discusses the need for innovative central bank strategies. His insights challenge misconceptions and provide a roadmap for more equitable economic policies.