Planet Money Planet Money Movie Club: It's a Wonderful Life
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Jan 11, 2023 Delve into the economic themes of the classic film, featuring discussions on banking crises and community finance. Discover how copyright laws contributed to the movie's legacy. The hosts connect emotional storytelling with economic principles like mutual aid and fractional reserve banking. Uncover the significance of soybean plastic from the era and reflect on the powerful message of generosity. Rich insights intertwine film appreciation with valuable economic lessons, making it a nostalgic yet enlightening conversation.
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It's a Wonderful Life in Economics Classes
- Wailin Wong learned that economist Douglas Diamond used It's a Wonderful Life in his University of Chicago classes.
- Diamond, a Nobel laureate, reportedly taught the film alongside Ben Bernanke.
Building and Loan Associations
- Building and Loans were structured differently than modern banks, functioning more like mutual aid societies.
- Customers bought shares and pledged them for loans, with loan amounts tied to share value.
Copyright Lapse and Popularity
- It's a Wonderful Life, initially a financial flop, gained popularity after a copyright lapse in 1974.
- TV stations filled holiday schedules with the rights-free film, boosting its recognition.