How neoliberalism happened (with George Monbiot and Binyamin Appelbaum)

It’s trendy to mock the malicious pervasiveness of neoliberalism now, but have you ever wondered what its origins are? This week, George Monbiot and Binyamin Appelbaum join the show to uncover just where the dominant economic theory of our time came from and how it took hold. nGeorge Monbiot writes a weekly column for The Guardian and is the author of a number of books, most recently ‘Out of the Wreckage: A New Politics for an Age of Crisis’. As an investigative journalist and self-described “professional troublemaker,” George uncovers the complicated truths behind the world’s most persistent problems. nTwitter: @GeorgeMonbiotnBinyamin Appelbaum writes about economics and business for the editorial page of The New York Times. From 2010 to 2019, he was a Washington correspondent for the Times, covering economic policy in the aftermath of the 2008 crisis. His new book, ‘The Economists’ Hour: False Prophets, Free Markets, and the Fracture of Society’ is a Wall Street Journal Business Bestseller. nTwitter: @BCAppelbaumnFurther reading: nOut of the Wreckage: https://www.indiebound.org/book/9781786632890nThe Economists’ Hour: https://www.indiebound.org/book/9780316512329nNeoliberalism – the ideology at the root of all our problems: https://www.theguardian.com/books/2016/apr/15/neoliberalism-ideology-problem-george-monbiotnGames Economists Play: http://bostonreview.net/class-inequality/marshall-steinbaum-games-economists-play

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BONUS: Rewriting the rules for an inclusive economy (with Darrick Hamilton)

As we reimagine the rules of our political and economic institutions, it is essential that racial justice be centered in the conversation. Darrick Hamilton explains how neoliberalism exploits existing structures of racism and power in America, and shares his optimism for a course-correction that will promote broadly shared prosperity. nDarrick Hamilton is the Executive Director of the Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University, and a fellow at the Roosevelt Institute. As a stratification economist, his research focuses on the causes, consequences, and remedies of racial and ethnic inequality in economic and health outcomes, which includes an examination of the intersections of identity, racism, colorism, and socioeconomic outcomes. nTwitter: @DarrickHamiltonnFurther reading: nNew Rules for the 21st Century: Corporate Power, Public Power, and the Future of the American Economy:nhttps://rooseveltinstitute.org/wp-content/uploads/2019/04/Roosevelt-Institute_2021-Report_Digital-copy.pdf

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Why philanthropy can’t undo this mess (with Anand Giridharadas)

Few books have shaken the philanthropy world more than ‘Winners Take All’, Anand Giridharadas’s blistering critique of wealthy do-gooders. Global elites who ostentatiously give away hundreds of millions of dollars, he argues, are actually just preserving the status quo that grants them power in the first place. This week, Anand joins Nick and Goldy to explain how do-gooding perpetuates inequality. nAnand Giridharadas is a writer. His most recent book, ‘Winners Take All: The Elite Charade of Changing the World,’ is a national bestseller. He is an editor-at-large for TIME, an on-air political analyst for MSNBC, and a visiting scholar at the Arthur L. Carter Journalism Institute at New York University. nTwitter: @AnandWritesnFurther reading: nWinners Take All: https://www.penguinrandomhouse.com/books/539747/winners-take-all-by-anand-giridharadas/9780451493248nBeware Rich People Who Say They Want to Change the World: https://www.nytimes.com/2018/08/24/opinion/sunday/wealth-philanthropy-fake-change.html

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BONUS: Saru Jayaraman – Unedited Conversation

Food labor expert Saru Jayaraman joined us earlier this month to expose the lie of marginal productivity, and to reveal how it’s used to take advantage of workers. For the sake of time, we cut a fascinating tangent on the minimum wage and the restaurant industry from that episode, but it’s so insightful we just had to share it with you. Catch it here, with Saru and Goldy’s full conversation. nSaru Jayaraman is the Co-Founder and President of the Restaurant Opportunities Centers United (ROC United) and Director of the Food Labor Research Center at the University of California, Berkeley. Saru authored ‘Behind the Kitchen Door’, a national bestseller, and her most recent book is ‘Forked: A New Standard for American Dining.’ nTwitter: @SaruJayaramannSaru Jayaraman: How Restaurant Workers Are Inheriting a Legacy of Slavery in the U.S.: https://bioneers.org/saru-jayaraman-restaurant-workers-inheriting-legacy-slavery-u-s-ztvz1712/

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Author Interview: Chris Arnade

In an effort to rethink the conversation around poverty, author Chris Arnade’s new book, ‘Dignity: Seeking Respect in Back Row America’, pushes aside decades of academic detachment, instead encouraging those who have been left out of prosperity to describe their own experiences. This week, Chris joins Goldy for a wide-ranging conversation about poverty, addiction, and inequality. nChris Arnade is a writer and photographer covering addiction and poverty in America. His work has appeared in The New York Times, The Atlantic, The Guardian, and the Washington Post, among many others. nTwitter: @Chris_arnadenFurther reading: nOur forgotten towns: struggle, resilience, love and respect in ‘back-row America’: https://www.theguardian.com/us-news/2019/jun/05/america-dignity-chris-arnade-book-extract-poverty nDignity on IndieBound: https://www.indiebound.org/book/9780525534730

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Paul’s Book Review #2: Janesville, An American Story

Everyone’s favorite human library, Paul Constant, is back with a review of ‘Janesville, An American Story’ by Pulitzer Prizewinning journalist Amy Goldstein. Pair with a Wisconsin-brewed beer. nBuy Janesville on IndieBound: https://www.indiebound.org/book/9781501102233

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Behind the scenes of Nick’s new TED Talk: The dirty secret of capitalism—and a new way forward

In July, Nick took the stage at TEDSummit in Edinburgh, Scotland to make the case for a new economics that recognizes people, not capital, as the driver of economic growth. The talk, released by TED last week, explains why unchecked greed will inevitably lead to the collapse of society. In this episode, Nick takes us behind the scenes of the making of the speech and shares his hopes for its impact, and TED Business Curator Corey Hajim gives us insight into the making of a TED conference. To hear Nick’s full speech, visit the links below. nVideo of Nick’s TED Talk: https://www.ted.com/talks/nick_hanauer_the_dirty_secret_of_capitalism_and_a_new_way_forwardnAudio of Nick’s talk on the TED Talks Daily podcast: https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5mZWVkYnVybmVyLmNvbS9URURUYWxrc19hdWRpbw&episode=ZW4uYXVkaW8udGFsay50ZWQuY29tOjQ4NTQ1&hl=en&ep=6&at=1568658932671 nTwitter: @NickHanauer

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Does the market really pay you what you’re worth? (with Marshall Steinbaum and Saru Jayaraman)

The theory of marginal product of labor says that every worker is paid exactly what they’re worth—the value that their labor generates. Employers cite marginal productivity to legitimize paying the lowest wages possible, but it’s just another trickle-down scam. Economist Marshall Steinbaum and food labor expert Saru Jayaraman join us this week to expose the lie of marginal productivity and show how it’s been used to exploit workers for centuries. nMarshall Steinbaum is an Assistant Professor of Economics at the University of Utah and a Senior Fellow of Higher Education Finance at the Jain Family Institute. He studies market power in labor markets and its policy implications. He was previously a Senior Economist and Fellow at the Roosevelt Institute, and a Research Economist at the Center for Equitable Growth. nTwitter: @Econ_MarshallnSaru Jayaraman is the Co-Founder and President of the Restaurant Opportunities Centers United (ROC United) and Director of the Food Labor Research Center at the University of California, Berkeley. Saru authored ‘Behind the Kitchen Door’, a national bestseller, and her most recent book is ‘Forked: A New Standard for American Dining.’ nTwitter: @SaruJayaramannFurther readingnNo, Productivity Does Not Explain Income: https://evonomics.com/no-productivity-does-not-explain-income/ nROC United Diners’ Guide App: https://rocunited.org/diners-guide/nSaru Jayaraman: How Restaurant Workers Are Inheriting a Legacy of Slavery in the U.S.: https://bioneers.org/saru-jayaraman-restaurant-workers-inheriting-legacy-slavery-u-s-ztvz1712/nEvidence and Analysis of Monopsony Power, Including But Not Limited To, In Labor Markets: https://www.ftc.gov/system/files/documents/public_comments/2018/08/ftc-2018-0054-d-0006-151013.pdfnAntitrust and Labor Market Power: https://econfip.org/wp-content/uploads/2019/05/Antitrust-and-Labor-Market-Power.pdfnWhy Are Economists Giving Piketty the Cold Shoulder? nhttp://bostonreview.net/class-inequality/marshall-steinbaum-why-are-economists-giving-piketty-cold-shoulder

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BONUS: Voicemails with Nick and Goldy

It’s that time again—Nick and Goldy are answering your messages. This week, Dale from Washington D.C. wonders if rent control is a symptom of low wages or a safeguard from hardship, and Warren calls in all the way from Toronto to ask how capitalism can measure growth in a way that won’t destroy the planet. Fun! Enjoy. nTwitter: @NickHanauer, @GoldyHA

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How to spot a bogus minimum wage study (with Ben Zipperer)

Not all minimum-wage studies are equal. Some of the most headline-grabbing negative reports on the effects of the minimum wage were commissioned and promoted by right-wing organizations looking to legitimize trickle-down policies that hurt workers. How can you spot studies that aren’t worth their salt? Economist Ben Zipperer joins Nick and Jasmin to reveal some of the tricks that economists pull, and to help us understand how some studies can conclude that raising wages will kill jobs—even though, as we know, the opposite is true. nBen Zipperer is an economist at the Economic Policy Institute. His areas of expertise include the minimum wage, inequality, and low-wage labor markets. He has published research in the Industrial and Labor Relations Review and has been quoted in outlets such as The New York Times, The Washington Post, Bloomberg, and the BBC. nTwitter: @benzipperer, @EconomicPolicynFurther reading: nGradually raising the minimum wage to $15 would be good for workers, good for businesses, and good for the economy: https://www.epi.org/publication/minimum-wage-testimony-feb-2019/nSix reasons not to put too much weight on the new study of Seattle’s minimum wage: https://www.epi.org/blog/six-reasons-not-to-put-too-much-weight-on-the-new-study-of-seattles-minimum-wage/nStudies mentioned in the episode: nNew EPI study: The Effect of Minimum Wages on Low-Wage Jobs: Evidence from the United States Using a Bunching Estimator: https://www.nber.org/papers/w25434nCard and Krueger: Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: http://davidcard.berkeley.edu/papers/njmin-aer.pdfnUniversity of Washington study – Minimum Wage Increases, Wages, and Low-Wage Employment: Evidence from Seattle: https://www.nber.org/papers/w23532