The Progressive

Why is the United States inserting itself so aggressively into Venezuela’s affairs? Trump says it’s about oil, but that doesn’t quite add up, according to Adam and Cameron.

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Let’s face it, even “good” macro talk can fall into the trap of treating the economy like a tidy spreadsheet while real lives get crushed in the margins. To help us peer beneath the covers, Steve invited Emma Holten, a Copenhagen-based political economist to talk about her book Deficit: How Feminist Economics Can Change Our World. We often discuss deficits around here, but Emma is looking at a different kind. She reframes deficit as what societies rack up when they systematically undervalue care: the paid and unpaid labor (still disproportionately done by women) that keeps people healthy, capable, and alive.

Emma and Steve discuss the way mainstream economics has long treated the home, the body, and the mind as a black box, as if workers spring fully formed from the soil and arrive at the labor market already fed, healed, soothed, socialized, and ready to produce.

They talk about measurement and the way the GDP counts a $3,000 ambulance bill as added value instead of predatory extraction. They also look at power and social cohesion. Steve connects Emma’s thesis to MMT’s real-resources focus and the Job Guarantee as a way to fund socially necessary work that markets underprovide, while also admitting the hard question: even if policy is sound, capital and its political machinery never volunteer to be disarmed.

Emma Holten is a feminist activist and gender policy consultant. Since 2018, she has worked with feminist economics. In 2024 she published her first book “DEFICIT - On the value of care” in Danish. It is available in English, Swedish, Norwegian, German, Dutch, and Italian - and forthcoming in 6 other languages. It has won the Politiken Literature Prize, The Library Reader’s Prize, The Sara Danius Prize, The Sprout Prize and was shortlisted for the Montana Literature Award.

For more than a century, economists have told us they’re simply “describing the world as it is.” But what if their theories aren’t neutral — and are quietly doing enormous harm?

This week, we’re joined by economist George DeMartino, author of The Tragic Science, who makes a devastating case that modern economics has helped legitimize policies that shattered communities, fueled inequality, and even cost millions of lives — all while claiming scientific objectivity. DeMartino exposes how orthodox economics trained itself to dismiss real suffering as abstract and acceptable — as long as the aggregate numbers looked good.

If you’ve ever wondered why economic “expertise” keeps failing working people, this conversation connects the dots.

George DeMartino is a Professor of Economics at the Josef Korbel School of International Studies at the University of Denver. He is the author of The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good) and The Economist’s Oath. His work examines the moral obligations of economists, the profession’s history of harm—including what he calls econogenic harm—and the need for a new ethics grounded in humility, uncertainty, and democratic accountability.

Further reading: 

The Tragic Science: How Economists Cause Harm (Even as They Aspire to Do Good)

The Economist’s Oath: On the Need for and Content of Professional Economic Ethics

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Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish German revolutionary Rosa Luxemburg.

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Countries can either capitulate to President Trump's tax bullying. Or come together to fight for the sovereign right to tax multinationals fairly. In this episode host Naomi Fowler explores whether US economic policy is actually good for the US economy and its people. We've done some number crunching looking at what really happened after Trump's 2017 Tax Cuts and Jobs Act. It tells us a lot about the state of tax justice, its real effects on people, and the misguided exercise of power.

Transcript of the show: https://podcasts.taxjustice.net/wp-content/uploads/2025/11/Transcript_Taxcast_Nov_25.pdf

Featuring:

The Tax Justice Network's Mark Bou Mansour, Alison Schultz and Sergio Chaparro-Hernandez. Produced and hosted by Naomi Fowler.

Further Reading:

$475bn lost to US-backed global gag order shielding corporate tax cheaters, Tax Justice Network https://taxjustice.net/press/475bn-lost-to-us-backed-global-gag-order-shielding-corporate-tax-cheaters/

UN tax convention: Everything you need to know about current negotiations on the biggest shakeup in history to global tax rules. https://taxjustice.net/topics/un-tax-convention/

Our website with all our podcasts is available here: https://podcasts.taxjustice.net/

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Author Laura Acosta discusses the article, "Fabricating Communists: The Imagined Third That Reinvented the National Fault Line in Mid-Twentieth-Century Colombia's Civil War," published in the December 2025 issue of American Sociological Review.

Is your Empire feeling less than fresh? Does it feel like the modern world’s best days are behind it? Do conquest and global power politics not hit as good as they used to? Welcome to the Age of Stagnation, a time when the fruits of the Industrial Revolution can be enjoyed but not replicated.

It’s making us all a little crazy, especially world leaders. With us today on the show is Michael Beckley, a political science professor at Tufts University and his career includes stretches at the Pentagon, the Carnegie Endowment for International Peace, and the RAND Corporation. To hear Beckley tell it, stagnation might not be such a bad thing. If we can avoid repeating the worst mistakes of the 20th century and let go of a “number go up” mind set, then maybe we can all learn to enjoy a long age of stabilization.

• The diminishing returns of the Industrial Revolution
• Winners and losers in the Age of Ascent
• Moore’s Law sputters out
• Stabilization isn’t so bad. “We’re some of the luckiest people who’ve ever lived.”
• Shenanigans and shithousery
• AI isn’t “ready” yet
• Why conquest doesn’t work anymore
• China as a paper tiger in the age of stabilization
• America’s unique advantages
• “Everyone has a plan until they get punched in the face.” - Mike Tyson

The Stagnant Order

I Tried the Robot That’s Coming to Live With You. It’s Still Part Human.

Michael Beckley

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Trump’s “$20B for Argentina” wasn’t aid – it was a heist. Economist Daniel Kostzer joins Steve to explain. Basically it’s just same ole same ole. Milei’s government crashed the value of Argentina’s currency and jacked up interest rates, drawing in big investors looking for fast profits. Then, under pressure from the IMF and the US, Argentina opened up its financial system, letting those hedge funds cash out in US dollars and leave the country, taking the money and leaving ordinary Argentines to deal with inflation, frozen pensions, and gutted public services. The media story about soybeans and China? Simply a cover for another bailout of the rich. 

Daniel describes Argentina’s inflation as a symptom of class struggle. He connects the dots between today’s crisis and a long history of U.S. financial “help” that only props up Wall Street. The conversation exposes how the global elites use debt, currency crises, and friendly politicians to extract wealth while selling it as economic stability. 

The episode is a deep dive into modern imperialism, media manipulation, and class politics. It’s also a reminder, as Gramsci said, to keep the pessimism of the intellect but the optimism of the will. 

Daniel Kostzer is Chief Economist at ITUC-CSI (International Trade Union Confederation-Confederacion Sindical Internacional). Much of his research is in labor economics, poverty reduction, and income distribution. Follow him: @dkostzer on X; https://www.linkedin.com/in/daniel-kostzer-884318165/  

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How important is exploitation in the organisation of global supply chains? How do they drive geopolitical conflict and ecological destruction while depressing wages? How does the capitalist state drive and uphold capitalist accumulation? What does US-China rivalry mean for value chains?

Benjamin Selwyn is Professor of International Relations and International Development at University of Sussex. He joins Dr Remi Edwards to discuss his new book Capitalist Value Chains: Labour Exploitation, Nature Destruction, Geopolitics (Oxford University Press, 2025), co-authored with Christin Bernhold. They consider the limitations of mainstream 'global value chains' literature; how critical approaches draw stronger connections between geopolitics, labour exploitation and environmental destruction; the role of the state in reproducing the domination of labour by capital; and visions for an alternative plant-based food system organised according to need, not profit.

'New Thinking in Political Economy' is a monthly podcast showcasing cutting-edge political economy research that helps us to understand the world around us.

This episode is produced by the SPERI Presents… committee, including Remi Edwards, Chris Saltmarsh, Frank Maracchione, Emma Mahoney, and Andrew Hindmoor. This episode was edited by Remi Edwards and Chris Saltmarsh. Music and audio by Andy_Gambino. Hosted on Acast. See https://acast.com/privacy for more information.

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