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Capitalisn't - Why America's Poor Remain Poor, With Matthew Desmond

Why America's Poor Remain Poor, With Matthew Desmond

06/29/23 • 54 min

Capitalisn't

"Poverty will be abolished in America only when a mass movement demands it," writes Princeton sociologist and Pulitzer Prize-winning author Matthew Desmond in his new book, "Poverty, by America." Building on his own lived experiences of growing up poor and continued contact with impoverished communities that "forces [him] to be intellectually honest," he claims that poverty persists in America not because we are incapable of preventing it but because society - and especially the wealthy - benefits from it at the expense of the poor.

Bethany and Luigi draw from their recent conversation with former U.S. Sen. Phil Gramm, who argued against the premise altogether and said that poverty in America is not as terrible a "scourge" as many like Desmond claim it to be. With Desmond, our hosts discuss his views on the complex and deeply entrenched root causes of poverty, its relationship with the American capitalist system, and how we could build on individual choices - towards which we have otherwise been so stubbornly resistant - to end poverty.

Show Notes:

  1. In case you missed it, here's Bethany and Luigi's conversation with Sen. Phil Gramm: "Is American Inequality a Myth?"
  2. Read related reading on ProMarket: "Monopolies: Silent Spreaders of Poverty and Economic Inequality" and a conversation with Nobel Prize-winning economist Angus Deaton on "The Under-Discussed Driver of Inequality in America."
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"Poverty will be abolished in America only when a mass movement demands it," writes Princeton sociologist and Pulitzer Prize-winning author Matthew Desmond in his new book, "Poverty, by America." Building on his own lived experiences of growing up poor and continued contact with impoverished communities that "forces [him] to be intellectually honest," he claims that poverty persists in America not because we are incapable of preventing it but because society - and especially the wealthy - benefits from it at the expense of the poor.

Bethany and Luigi draw from their recent conversation with former U.S. Sen. Phil Gramm, who argued against the premise altogether and said that poverty in America is not as terrible a "scourge" as many like Desmond claim it to be. With Desmond, our hosts discuss his views on the complex and deeply entrenched root causes of poverty, its relationship with the American capitalist system, and how we could build on individual choices - towards which we have otherwise been so stubbornly resistant - to end poverty.

Show Notes:

  1. In case you missed it, here's Bethany and Luigi's conversation with Sen. Phil Gramm: "Is American Inequality a Myth?"
  2. Read related reading on ProMarket: "Monopolies: Silent Spreaders of Poverty and Economic Inequality" and a conversation with Nobel Prize-winning economist Angus Deaton on "The Under-Discussed Driver of Inequality in America."

Previous Episode

undefined - Bonus: Sen. Phil Gramm on Banking Deregulation

Bonus: Sen. Phil Gramm on Banking Deregulation

Thank you to our listeners for the feedback and engagement on last week's episode with former U.S. Senator Phil Gramm. Sen. Gramm was also one of the co-sponsors of the Gramm–Leach–Bliley Act of 1999, which removed part of the Depression-era law separating investment banking from commercial banking, among others. Bethany and Luigi couldn't pass the opportunity to ask the senator about his views on a possible line from his legislation to the 2008 financial crisis and the recent SVB banking meltdown. We hope you enjoy this bonus Capitalisn't segment.

In case you missed it, here's our full conversation with Sen. Gramm: https://capitalisnt.simplecast.com/episodes/poverty-and-inequality-in-america-part-1-with-sen-phil-gramm

Also, check out ProMarket's extensive coverage on the recent banking crisis: https://www.promarket.org/2023-banking-turmoil/

Next Episode

undefined - Rebooting American Health Care, with Amy Finkelstein

Rebooting American Health Care, with Amy Finkelstein

How can public policy improve upon and fix the mess of U.S. health care? In a new book, health economists Amy Finkelstein (MIT) and Liran Einav (Stanford) argue that's the wrong question. Instead, they suggest we ask: What is it that U.S. health policy should try to accomplish?

Finkelstein, also a MacArthur Genius grantee, joins Bethany and Luigi to discuss health care as a social commitment and to make the case for free, automatic, and universal coverage for a basic set of medical services. She argues why the current patchwork system of incremental reforms isn't the answer, why insurance is not the lever to reduce racial disparities in health inequality, and why we must “tear down the system and build from the ground up.

”Finkelstein and Einav's new book, "We've Got You Covered: Rebooting American Health Care," is out now.

Show Notes: On ProMarket, read:

  1. Lowering the Barriers to Entry for Economics Research in Healthcare, by Filippo Lancieri
  2. Rethinking How To Achieve Universal Health Care Coverage in the U.S., by Katherine Baicker, Amitabh Chandra, and Mark Shepard
  3. More Than 20 Years of Consolidation Have Led to a Dysfunctional Health Care Market, by Martin Gaynor
  4. The Secret Driver of U.S. Health Care Costs: Politicians Wanting to Get Reelected, by Asher Schechter

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