Pitchfork Economics with Nick Hanauer

Latest Episodes:

Kamala Harris and the New Democratic Economic Paradigm Sep 03, 2024

Show notes

In the wake of the Democratic National Convention, Nick and Goldy take a close look at how middle-out economics has become the new center of the Democratic Party's economic policies, championing a new era of economic thinking that puts workers, families and taking on corporate power at the center, and breaking away from decades of top-down, trickle-down approaches. With echoes of President Joe Biden’s—and now former President Bill Clinton’s—call to build the economy from the bottom up and the middle out, Vice President Harris is seizing the middle-out mantle by declaring that building the middle class will be a defining goal of her presidency because in her words, “When our middle class is strong, America is strong.” Join us as we discuss how invigorating it was to see the Democratic Party coalescing around the idea that their economic policies should benefit the vast majority of working people in order to grow the economy.

Further reading:

The New Kamala - The American Prospect

Kamala Harris and the New Democratic Economic Paradigm - The New Yorker

Say It to My Face -The American Prospect

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Revisiting the Legacy of the Fight for $15 (with Yannet Lathrop and Dr. T. William Lester) Aug 27, 2024

Show notes

Over ten years ago, activists and civic leaders ignited the Fight for $15, a movement that was once seen as radical—even Forbes labeled Nick's support for a $15 minimum wage as “near-insane.” Today, the movement's achievements are undeniable: Higher wages for millions of workers, increased union membership, reducing the racial wealth gap, and now raising the federal minimum wage to $15/ hr is one of the central issues in the 2024 presidential campaign, with two-thirds of voters in support. We thought it would be a good time to revisit this episode from 2023, where Yannet Lathrop and Dr. T. William Lester discuss their report from the National Economic Law Project examining the legacy of the movement and all it has accomplished over the last decade.

This episode originally aired on January 24, 2023.

Yannet Lathrop is a Senior Researcher and Policy Analyst for the National Employment Law Project.

Dr. T. William Lester is Professor and Acting Chair of Urban and Regional Planning at San José State University and Research Professor at UNC Chapel Hill.

Twitter: @NELPnews

Further reading:

Ten-Year Legacy of the Fight for $15 and a Union Movement

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The Crisis of Democratic Capitalism (with Martin Wolf) Aug 20, 2024

Show notes

Martin Wolf, chief economics commentator at the Financial Times, joins Nick and Goldy to discuss his new book, "The Crisis of Democratic Capitalism." They explore the important-yet-fragile connection between capitalism and democracy, particularly in the context of rising inequality and political instability. Wolf articulates how the perceived success of democratic capitalism has begun to falter under the onslaught of economic policies favoring the wealthy and eroding the middle class. Ultimately, Wolf advocates for stronger social safety nets to ensure that democratic systems, as well as working and middle-class families, can thrive in an era dominated by economic upheaval.

Martin Wolf is the chief economics commentator at the Financial Times, known for his incisive analyses and authoritative perspectives on global economics and policy. With a distinguished career spanning several decades, Wolf has shaped public discourse on economic matters through his insightful columns and books. His latest book, "The Crisis of Democratic Capitalism," details how and why the marriage between democracy and capitalism is coming undone and what can be done to reverse this terrifying dynamic.

Twitter: @martinwolf_

Further reading: The Crisis of Democratic Capitalism

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How the Anti-Tax Movement Hijacked America (with Michael Graetz) Aug 13, 2024

Show notes

This week, Nick and Goldy are joined by Michael Graetz to discuss his new book, "The Power to Destroy: How the Anti-Tax Movement Hijacked America.” Graetz asserts that while the anti-tax movement is often overlooked, it has shaped policy by intertwining with issues of race and economic ideology, diverging from Keynesian economics in favor of neoliberal supply-side economics that results in extreme wealth accumulation at the top. He argues for major tax reforms, including a carbon tax and the implementation of a value-added tax, as potential solutions to creating a more equitable and sustainable tax code that would benefit the middle class. Their conversation also revisits the historical origins of the anti-tax movement in the United States and highlights how tax policy is not just shaped by economic theory— it’s also shaped by cultural and social differences.

Michael Graetz is a professor emeritus at Columbia Law School and Yale Law School and a leading authority on tax politics and policy. He served in the U.S. Treasury’s Office of Tax Policy and is the author and co-author of many books, including Death by a Thousand Cuts: The Fight over Taxing Inherited Wealth and The Burger Court and the Rise of the Judicial Right.

Further reading:

The Power to Destroy: How the Antitax Movement Hijacked America

The Graetz Competitive Tax Plan, Updated for 2022

Death by a Thousand Cuts: The Fight over Taxing Inherited Wealth

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Twitter: @PitchforkEcon, @NickHanauer, @civicaction

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2024 Summer Reading List Aug 06, 2024

Show notes

It’s Paul and Goldy’s summer reading list! In this week’s special episode, Civic Ventures Senior Fellow David “Goldy” Goldstein and Civic Ventures Writer Paul Constant recommend some of the hottest new economic and political books for your beach reading pleasure.

We want to know what you’re reading, too. Leave us a comment on Instagram, Twitter, Threads or YouTube!

Remember to shop local and small when you can, or order from IndieBound or Bookshop.org—both of which support independent bookstores! All of these books are also likely available through your local library.

Every book mentioned in this episode:

In This Economy?: How Money & Markets Really Work - Kyla Scanlon

End Times: Elites, Counter-Elites, and the Path of Political Disintegration - Peter Turchin

The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism - Sebastian Edwards

Our Malady: Lessons in Liberty from a Hospital Diary - Timothy Snyder

Growth: A History and a Reckoning - Daniel Susskind

Empty Planet: The Shock of Global Population Decline - Darrell Bricker & John Ibbitson

A Fabulous Failure: The Clinton Presidency and the Transformation of American Capitalism - Nelson Lichtenstein & Judith Stein

The Power Broker: Robert Moses and the Fall of New York - Robert A. Caro

The Road to Freedom: Economics and the Good Society - Joseph E. Stiglitz

Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy - Teresa Ghilarducci

New Nigeria County - Clare Brown

Unruly: The Ridiculous History of England's Kings and Queens - David Mitchell

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How Outsized Corporate Profits Raised Prices (with Lindsay Owens) Jul 30, 2024

Show notes

This week, Nick and Goldy are joined by Lindsay Owens, Executive Director of the Groundwork Collaborative, to discuss Groundwork’s recent reports on corporate profiteering and price gouging during and after the pandemic. Owens attributes the record increases in corporate profits in the last few years to growing corporate concentration and lack of competition. She argues that these two factors gave companies an unprecedented level of market power, and therefore pricing power, which allowed them to exploit the supply chain crisis caused by COVID to drastically raise prices. Owens stresses the need for policy interventions to promote competition, transparency, and fair pricing in the market to ensure a more competitive and consumer-friendly economy.

Lindsay Owens is the Executive Director of the Groundwork Collaborative, known for her expertise in economic policymaking and her work on exposing corporate profiteering in price increases. She leads the organization's mission to create a more equitable economy, providing media commentary and advising policymakers such as Senator Elizabeth Warren, Minnesota Attorney General Keith Ellison, and Congressional Progressive Caucus Chair Pramila Jayapal.

Twitter: @owenslindsay1

Further reading:

New Groundwork Report Finds Corporate Profits Driving More Than Half of Inflation

Inflation Revelation: How Outsized Corporate Profits Drive Rising Costs

Big Profits in Small Packages

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Twitter: @PitchforkEcon

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Nick’s twitter: @NickHanauer

Connecting the dots on Biden's middle-out economic policies (with Heather Boushey) Jul 23, 2024

Show notes

This week Nick & Goldy are joined by Heather Boushey, Chief Economist for President Biden's Invest in America Cabinet, for a deep dive into the transformative economic policies of the Biden administration. Boushey discusses the paradigm shift towards a middle-out economic approach to crafting economic policy and the impact of legislation like the American Rescue Plan, CHIPS Act, Bipartisan Infrastructure Law, and Inflation Reduction Act. Their conversation explores the importance of investing in infrastructure, clean energy, and manufacturing to drive growth and create good jobs. They also discuss the challenges of implementation, the success of the administration’s industrial policy, and its remarkable economic outcomes including record low Black unemployment, high new business applications, and equitable wage growth.

Even though this episode was recorded before President Biden announced he was withdrawing from the presidential campaign and endorsing Vice President Harris, this wide-ranging conversation offers plenty of valuable insight into the past, present, and future of middle-out economics.

Heather Boushey is a distinguished American economist who specializes in economic inequality and public policy. She serves on President Biden’s Council of Economic Advisers and is the Chief Economist for the Invest in America Cabinet. Before joining the Biden Administration, she was the co-founder and President of the Washington Center for Equitable Growth, a research organization dedicated to advancing evidence-backed ideas and policies that promote economic growth and reduce inequality.

Twitter: @HBoushey

Further reading:

Invest.gov

The Productivity–Pay Gap

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The Road to Freedom (with Joseph Stiglitz) Jul 16, 2024

Show notes

Nobel Prize-winning economist Joseph Stiglitz joins Nick and Goldy to talk about his new book, "The Road to Freedom: Economics and the Good Society.” Stiglitz challenges the orthodox economic theories that have shaped our understanding of capitalism and argues for a new approach called progressive capitalism. Stiglitz also discusses the flaws of neoliberalism, popular misconceptions about freedom, and the widespread benefits of addressing issues like climate change and inequality. He shares insights on the need for a broader set of economic policies that prioritize the well-being of all people, not just the wealthy. Their discussion sheds light on the evolving landscape of economic thought and the hope for a more equitable and sustainable future.

Joseph Stiglitz is a Nobel Prize-winning economist and the best-selling author of multiple books on economics. He was also chairman of the Council of Economic Advisers under President Clinton and chief economist of the World Bank. He now teaches at Columbia University and is chief economist of the Roosevelt Institute. His latest book, The Road to Freedom: Economics and the Good Society, delves into the failures of the neoliberal economic model and presents a comprehensive critique of how "free" markets have led to various crises, including financial instability, inequality, and social unrest.

Twitter: @JosephEStiglitz

Further reading:

The Road to Freedom: Economics and the Good Society

Further reading:

Making Sense of Chaos: A Better Economics for a Better World

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The Code of Capital (with Katharina Pistor) Jul 02, 2024

Show notes

This week, Nick and Goldy talk to Katharina Pistor, a legal scholar and professor at Columbia Law School, about her book "The Code of Capital: How the Law Creates Wealth and Inequality.” Pistor sheds light on how the law shapes the distribution of power and wealth in society. They explore the way that law's prioritization of capital has changed over time and its contribution to rising economic inequality within and between nations. Pistor also explains how we can reconfigure the legal playing field to address economic inequality.

Katharina Pistor is a legal scholar and author known for her expertise in the fields of law and finance. She is currently the Edwin B. Parker Professor of Comparative Law at Columbia Law School, where she also serves as the Director of the Center on Global Legal Transformation. Pistor has published extensively on topics such as property rights, financial regulation, and the role of law in shaping economic systems.

Her most recent book, "The Code of Capital: How the Law Creates Wealth and Inequality," explores the ways in which legal systems around the world have been designed to benefit capital owners and perpetuate wealth inequality.

Further reading:

The Code of Capital: How the Law Creates Wealth and Inequality

Website: http://pitchforkeconomics.com

Twitter: @PitchforkEcon

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Nick’s twitter: @NickHanauer