The Progressive

For decades, orthodox economics has treated morality as irrelevant—as if economic decisions happen in a vacuum, separate from our values and social bonds. But that approach has failed spectacularly, giving cover to policies that divide and exploit us.

In this episode, Heather McGhee joins Nick and Paul to argue that morality must be central to how we think about the economy. They explore how racial division has been weaponized to undermine collective action, why “structural racism” can’t be addressed without naming the powerful actors behind it, and how inclusive economic policies lead to more prosperity for everyone.

Part of our Back-to-Basics summer series—essential listening for anyone ready to reject trickle-down and reimagine the economy as a moral system built on trust, justice, and cooperation.

This episode originally aired April 2, 2019.

Heather McGhee is a policy expert, author, and advocate for economic and racial justice. She is the former president of the progressive think tank Demos and currently serves as a Distinguished Senior Fellow. Heather is the author of the New York Times bestselling book, The Sum of Us, and her work has appeared in outlets such as The New York Times, The Nation, and NBC News.

Further reading:

The Moral Burden on Economists

The Sum of Us: What Racism Costs Everyone and How We Can Prosper Together

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Against long odds, the Anishinaabeg resisted removal, retaining much of their land in the Old Northwest—what’s now Michigan, Wisconsin, and Minnesota. Their success rested partly on their roles as sellers of natural resources and buyers of trade goods, which made them key players in the political economy of plunder that drove white settlement and US development in the region. But, as Michael Witgen demonstrates in Seeing Red: Indigenous Land, American Expansion, and the Political Economy of Plunder in North America (Omohundro Institute/UNC Press, 2021), the credit for Native persistence rested with the Anishinaabeg themselves. Outnumbering white settlers well into the nineteenth century, they leveraged their political savvy to advance a dual citizenship that enabled mixed-race tribal members to lay claim to a place in US civil society. Telling the stories of mixed-race traders and missionaries, tribal leaders and territorial governors, Witgen challenges our assumptions about the inevitability of US expansion.

John Cable is assistant professor of history at Abraham Baldwin Agricultural College in Tifton, Georgia. He earned the Ph.D. in history at Florida State University in 2020.

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In this special episode, Rob Hawkes joins Scott Ferguson and Will Beaman to discuss his new article “(Un)conditional Openness: Towards a Neochartalist Theory of Money and Trust,” which was recently published in Money on the Left: History, Theory, Practice. The conversation traces the development of Rob’s long-standing interest in theories of trust from his doctoral research in literary studies towards an increasing fascination with the topic of money which eventually led him to MMT, neochartalism and the Money on the Left project. Rob recalls a jarring moment when, having become excited by the possibility of bringing MMT into his research on literature and trust, he realised that some neochartalists reject the idea that money is trust-based. Determined to think this relationship through in greater depth, Rob’s article reaches the conclusion that neochartalism demands a re-theorisation of the concept of trust itself. In this wide-ranging conversation, Rob, Scott, and Will work through some of the key moves the article makes, including the problematisation of barter-like theories of “calculative trust,” its consideration of the connection between trust and vulnerability, and the way trusting blurs the distinction between conditionality and unconditionality (as alluded to in the article’s title). Finally, the discussion addresses links between trust, the university (as an institution), and the uni currency proposal, and situates Rob’s work within the heterodox and heterogeneous interdisciplinary academic, para-academic, and extra-academic field that is contemporary neochartalism.

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Large corporations increasingly dominate markets, the flow of information, and political influence. In response, many governments have used antitrust policies in an attempt to rein in companies. Examples include investigations and cases brought by the United States and the European Union against Google, in addition to major investigations against Microsoft, Facebook, and others.

Recorded on April 25, 2025, this Matrix on Point panel brought together scholars of political science, economics, and law to discuss the changing landscape of antitrust policy in an era of multinational corporations.

The panel included Michael Allen, Assistant Professor of Political Science at Stanford University; Prasad Krishnamurthy, Professor of Law at UC Berkeley; and Amy Pond, Associate Professor at Washington University in St. Louis. Ryan Brutger, Associate Professor of Political Science at UC Berkeley, moderated.

The panelists spoke about new challenges in competition policy, the domestic and international dimensions of antitrust policy, and the economic, political, and social considerations that shape antitrust policy and enforcement.

The event was presented as part of Matrix On Point, a discussion series promoting focused, cross-disciplinary conversations on today's most pressing issues. Offering opportunities for scholarly exchange and interaction, each Matrix On Point features the perspectives of leading scholars and specialists from different disciplines, followed by an open conversation. These thought-provoking events are free and open to the public.

A transcript of the panel this recording is available at https://matrix.berkeley.edu/research-article/governing-giants.

The Trump administration has put its plans to impose a 50 percent tariff on all goods from Europe on hold for now. Adam and Cameron discuss the $236 billion trade deficit between the United States and the European Union, as well as the future of trade between the two powers.

Plus: This year is the 60th anniversary of The Sound of Music, the classic Hollywood film starring Julie Andrews. Adam and Cameron look at the history of the real von Trapp family and the film's economic impact on tourism in Salzburg, Austria.

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Last week, Macrodose returned to SPACE4 for another live show, looking at the future of global political economy under the shadow of Trump 2.0.

We explored where the UK fits into this shifting global landscape, what a radical economic programme could look like, and how green politics can rise to meet the moment.

Speakers:

• ​James Meadway
• ​Maria Finnerty (Cafod’s economic lead)
• ​Kojo Koram (Author of Uncommon Wealth)
• ​Nick Dearden (Director, Global Justice Now)

With Trump’s second major tax bill clearing committee and heading to the House floor—packed, as promised, with massive giveaways to the ultra-wealthy—we’re revisiting our timely conversation with Samantha Jacoby of the Center on Budget and Policy Priorities. Originally recorded before Trump’s reelection, this episode breaks down the real impact of the tax bill that Trump signed into law back in 2017: trillions added to the deficit, corporations and billionaires cashing in, and working families left behind.

Spoiler alert: the rich get richer, and everybody else gets screwed. As Congress considers doubling down on the same failed policies, this conversation couldn’t be more relevant.

Samantha Jacoby is the Deputy Director of Federal Tax Policy with the Center’s Federal Fiscal Policy division. Samantha focuses on U.S. federal income tax issues, including corporate and business taxation, individual income taxation, and climate tax policy.

⁠This episode originally aired March 19, 2024.⁠

Social Media:

⁠@centeronbudget.bsky.social⁠

⁠@jacsamoby⁠

⁠@CenterOnBudget⁠

Further reading: 

⁠Ten Questions on House Republicans’ Upcoming Tax Bill⁠

⁠The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises⁠

Website: ⁠http://pitchforkeconomics.com⁠

Instagram: ⁠@pitchforkeconomics⁠

Threads: ⁠pitchforkeconomics⁠

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Twitter: ⁠@PitchforkEcon⁠, ⁠@NickHanauer⁠, ⁠@civicaction⁠

YouTube: ⁠@pitchforkeconomics⁠

LinkedIn: ⁠Pitchfork Economics⁠

Substack: ⁠The Pitch⁠

There's been a lot of talk recently about parallels between Donald Trump's economic policies and the Nixon Shock of the early 1970s. That was when the former president took the dollar off the gold standard, introduced hefty tariffs, and pressured the Federal Reserve to ease monetary policy. The moves sparked stagflation in the US and shook up the global monetary order. Now, given Trump's determination to rebalance the US relationship with global trading partners and his criticism of the Fed, could history repeat itself? On this episode, we speak with Perry Mehrling, professor of international political economy at Boston University's Pardee School of Global Studies, and the author of the book Money and Empire. We talk to him about similarities and differences between the Trump administration's current economic policies and the Nixon Shock, as well as why he thinks dollar dominance won't be dislodged anytime soon.

Read more:
Dollar Poised for Worst First 100 Days of Presidency Since Nixon
The Problem With the Fed Isn’t Independence, It’s Accountability

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Today David talks to political and economic theorist Leah Downey about the role that central banks in general – and the Federal Reserve in particular – have played in the story of globalisation. How has the Fed tried to reconcile its obligations to American democracy with its obligations to the global order? Is the Eurodollar a token of American strength or American vulnerability? Are the world’s central bankers really just a private club? And what does history tell us about the likely outcome of Trump vs Powell?

The latest edition of our free fortnightly newsletter is out tomorrow with guides, insights and clips to accompany this series, plus David writes about whether Nigel Farage really spells the end of two-party politics in the UK. Sign up now https://www.ppfideas.com/newsletters

Next time on Ideas of Globalisation: The Crisis of the 1970s (and Trump!)

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