85 min listen
Inflation Does More Than Raise Prices. It Destroys Governments.
Inflation Does More Than Raise Prices. It Destroys Governments.
ratings:
Length:
70 minutes
Released:
Nov 4, 2022
Format:
Podcast episode
Description
“One can usually pretend that there is a logic to the distribution of wealth — that behind a person’s prosperity lies some rational basis, whether it is that person’s hard work, skill and farsightedness or some ancestor’s,” writes J. Bradford DeLong. “Inflation — even moderate inflation — strips the mask.”DeLong is an economic historian at the University of California, Berkeley, a former deputy assistant secretary of the Treasury and the author of “Slouching Towards Utopia” — a new book about the wave of economic growth that transformed the world in the 20th century. In it, he argues, among other things, that inflation isn’t just economically damaging; it’s one of the most destabilizing, destructive forces in all of politics. Left unchecked, it has the power to swing elections, erode the foundations of core social institutions and usher in wholesale changes in political and economic regimes.That’s exactly what happened the last time inflation was this high. In DeLong’s telling, the inflation crisis of the 1970s was weaponized to discredit the reigning New Deal economic order and helped give rise to the small government, pro-market political turn of the 1980s — the consequences of which we are living with today. So I wanted to have DeLong on the show to walk me through that story and some of the questions it raises: Why is inflation is so uniquely politically destructive? What are the right — and wrong — lessons to take from the experience of the 1970s? What kinds of political transformations could today’s inflation could bring about?We also discuss why inflation spiraled out of control in the 1970s (and whether it could have been stopped sooner), the efficacy of price controls as a way of taming inflation, why DeLong believes it’s a mistake to take the 1970s comparisons too literally, how unchecked inflation can decimate social trust, how economic thinking became obsessed with “moochers” and “slackers” in the 1980s and ’90s, whether the 2007-08 financial crisis brought an end to the neoliberal era, what DeLong would say to his younger self serving in the early Clinton administration and more.Book Recommendations:The Rise and Fall of the Neoliberal Order by Gary GestleFree Market by Jacob SollAdam Smith’s America by Glory M. LiuThoughts? Email us at ezrakleinshow@nytimes.com. (And if you're reaching out to recommend a guest, please write “Guest Suggestion" in the subject line.)You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Emefa Agawu, Annie Galvin, Jeff Geld and Rogé Karma. Fact-checking by Michelle Harris, Rollin Hu, Mary Marge Locker and Kate Sinclair. Original music by Isaac Jones. Mixing by Jeff Geld and Sonia Hererro. Audience strategy by Shannon Busta. Special thanks to Kristin Lin and Kristina Samulewski.
Released:
Nov 4, 2022
Format:
Podcast episode
Titles in the series (100)
An Appalled Republican Considers the Future of the G.O.P.: "I don’t think conservatism can do its job in a free society in opposition to the institutions of that society,” Yuval Levin told me. “I think it can only function in defense of them.” Levin is the director of social, cultural and constitutional studies at the American Enterprise Institute, as well as the author of a number of great books, most recently, “A Time to Build.” I wanted to talk to him about a very specific question, though: What will the Republican Party become? Levin is one of its most thoughtful and sober analysts — a temperament that may, I realize, make him unsuited to interpreting its current incarnation, in which a majority of House Republicans voted to reject the results of the 2020 presidential election and one of them is, well, Marjorie Taylor Greene. But Levin’s diagnosis is interesting. Histories of the modern Republican Party often place Ronald Reagan at their center. That is, in Levin’s view, a mistak by The Ezra Klein Show