One concept that comes up a lot on the Rhodes Center Podcast: the idea of the 'free market’. The idea, as you might know it, begins with John Locke, is fashioned fully by Adam Smith, and is delivered to us gift-wrapped (after some delays) by the likes of Hayek and Friedman in the mid 20th century. But as our guest on this episode explains, the idea of the free market is hardly so straightforward. Jacob Soll is a professor of philosophy, history, and accounting at the University of Southern California, and in his book “Free Market: The History of an Idea,” he begins way back in ancient Rome, stops in 17th-century France with Louis XIV’s minister Jean-Baptiste Colbert, and, on the way to the present, barely mentions Adam Smith at all.  No matter what you think of when you hear the words ‘free market’, Jacob's incredibly informative – and highly readable – history will make you see the concept in a whole new light.  Learn more about and purchase Jacob’s Book “Free Market: The History of an Idea” Learn more about the Watson Institute’s other podcasts 

The ‘free market’ is a fever dream and Adam Smith wasn’t in it

A podcast from the Rhodes Center for International Finance and Economics at the Watson Institute at Brown University. Hosted by political economist and director of the Rhodes Center, Mark Blyth.

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When you think of high-end luxury commodities, you might imagine yachts, private jets, or even whole islands. But in the last few years, another commodity has started to receive a lot of attention from the world’s wealthiest people: citizenship.  With enough money, people can buy their way into becoming a citizen of a growing list of countries around the world. While this trend has garnered lots of attention in the last few years, as our guest on this episode explains, there’s so much more to the story than meets the eye.  Kristin Surak is a sociologist and author of the new book “The Golden Passport: Global Mobility for Millionaires.” In it, she pulls back the curtain on this rarified luxury market — who’s buying, who’s selling, and the complex web of middlemen that make it all work.  On this episode, Mark Blyth talks with Surak about what might be called the “citizenship industrial complex”’ and what it says about our global economy. Learn more about and purchase “The Golden Passport: Global Mobility for Millionaires”Learn more about our other podcasts at the Watson Institute for International and Public Affairs


Money can’t buy happiness, but it can buy citizenship abroad

Listeners of the Rhodes Center Podcast have probably heard of companies like Black Rock, State Street and Vanguard. You’ve also probably heard how, through ETFs and other investment products, these types of investment firms own a staggering share of the world’s biggest companies (20-25% of the S&P; 500 by some estimates).  But in this episode, you’ll hear about a whole other side of asset management; one that’s more opaque, and possibly much more influential (and corrosive) to our daily lives.   Brett Christophers is a geographer and professor at Uppsala University’s Institute for Housing and Urban Research, and author of the new book “Our Lives in Their Portfolios: Why Asset Managers Own the World.” In it, he explains how asset management companies like Blackstone and Macquarie Asset Management do more than passively own shares. Over the last few decades, they've begun to invest in and actively run a growing portion of our infrastructure and essential services: hospitals, care homes, water treatment plants, bridges and even parking meters.  On this episode, he talks with Mark Blyth about the economics of this new subspecies of asset management, and how they’ve begun to reshape our society, economy and planet in ways we don’t fully understand.  Learn about and purchase “Our Lives in Their Portfolios: Why Asset Managers Own the World” Learn more about other podcasts from the Watson Institute at Brown University

How asset managers came to own everything and you failed to notice

On this podcast, you’ve heard from a range of experts about the policies and politics of decarbonization. But what does the fight against climate change look like from the business side? Sophie Purdom is the Founder and Managing Partner of Planeteer Capital, a venture capital fund that invests in early-stage climate technology companies. She also writes Climate Tech VC, an industry newsletter that goes deep into the business side of the green transition.  On this episode, Sophie Purdom talks with a special guest host for the Rhodes Center Podcast, political scientist and director of the Watson Institute’s Climate Solutions Lab Jeff Colgan. They talk about the world of “climate tech,” as it’s known in the startup community, how the industry started, where it’s going, and what it can teach us about the relationship between private enterprise and the global fight against climate change. Learn more about and subscribe to Sophie Purdom’s newsletter, Climate Tech VC Learn more about the Climate Solutions Lab at the Watson Institute Learn more about the Watson Institute’s other podcasts

The business side of fighting climate change

In 2015, economists Anne Case and Angus Deaton published a paper that revealed something startling: an increase in mortality rates in the United States among white middle-aged men and women between the years of 1999 and 2013.  They published a book in 2020 that aimed to explain the trend, which they attributed to — among other factors — economic stagnation, social isolation, and the opioid crisis. The book, titled “Deaths of Despair and the Future of Capitalism,”, caused a stir inside and outside the field of economics, as people tried to make sense of America’s economy and society in the Trump years.  On this episode, Rhodes Center Director Mark Blyth talks with Deaton about his newest book “Economics in America: An Immigrant Economist Explores the Land of Inequality,” which takes a broader view of the issues brought up in “Deaths of Despair.” They explore the pervasiveness of inequality in America, how it relates to the “deaths of despair” phenomenon, and why the field of economics often seems blind to the most pressing issues facing individuals and communities. Learn more about and purchase “Economics in America: An Immigrant Economist Explores the Land of Inequality” Learn more about the Watson Institute’s other award-winning podcasts

An Immigrant Economist in the Land of Inequality: A Conversation with Sir Angus Deaton

This is part three in our companion series to the book “Diminishing Returns: The New Politics of Growth and Stagnation” (co-edited by Mark Blyth, Lucio Baccaro and Jonas Pontusson).  On this episode, Mark talks with four contributors for the book: Alex Reisenbichler, Aidan Regan, Oddný Helgadóttir, and Jonas Nahm. They look at case studies in a handful of countries, as well as some of the cross-cutting trends affecting all growth models across the world. They explore the role of finance and politics in growth models, and how the climate crisis is making us rethink this all even further.  Learn more about and purchase “Diminishing Returns: The New Politics of Growth and Stagnation” Listen to part one of this series Listen to part two of this series Learn more about and listen to Watson’s other podcasts

The ‘free market’ is a fever dream and Adam Smith wasn’t in it

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