Why Nobody Talks Class Anymore - Dr. William F. Mitchell, University of Newcastle, #309

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Jan 6, 2025

William F. Mitchell, a renowned economist at the University of Newcastle and a key figure in Modern Monetary Theory, unpacks the decline of class consciousness over the past fifty years. He discusses how identity politics emerged in place of traditional leftist ideologies, fueled by shadowy think tanks. The conversation delves into the shift from Keynesianism to monetarism and critiques modern monetary policies. Additionally, Mitchell explores the impact of corporate power on political structures and the urgent need to refocus on socioeconomic disparities.

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ANECDOTE

Left's Focus on Abstract Debates

While the economy faltered, leftist intellectuals focused on abstract philosophical debates.
Mitchell recalls discussions on hermeneutics during rising unemployment and austerity.

INSIGHT

Keynesianism vs. Neoclassical Economics

Pre-WWII, neoclassical economics, similar to free-market economics, was dominant.
Keynesianism challenged this, emphasizing the state's role in mitigating economic fluctuations.

INSIGHT

Keynesianism's Weakness

The oil crisis motivated a shift away from Keynesianism because it was a supply-side shock.
Keynesian economics primarily focused on demand-side issues.

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Professor Bill Mitchell is an economist at the University of Newcastle. In addition to being one of the founding figures of Modern Monetary Theory, Mitchell has also been preoccupied by the interplay of culture and economics that led to the death of the left over the course of the last fifty years. We sit down with him to trace the economic transformations that gradually eroded class consciousness and replaced it with divisive identity politics, the role of shadowy thinktank money in the transformation, and to understand qui bono from the complete absence of a salient leftist critique of the modern day. DEMYSTICON 2025 ANNUAL MEETING IN PORTUGAL!!! June 12-16: https://demystifysci.com/demysticon-2025 PATREON: get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB MERCH: Rock some DemystifySci gear : https://demystifysci.myspreadshop.com/ AMAZON: Do your shopping through this link: https://amzn.to/3YyoT98 SUBSTACK: https://substack.com/@UCqV4_7i9h1_V7hY48eZZSLw@demystifysci (00:00 Intro (00:07:08) Postmodernism & the 1960s (00:10:15) Economic and Intellectual Divide (00:14:16) Global Economic Turbulence (00:21:24) Transformations in Economic Systems (00:25:29) Left vs. Right Economic Ideologies (00:28:06) The Role of Government During Economic Downturns (00:35:04) The Shift from Keynesianism to Monetarism (00:44:28) The Influence of Corporate Power and Think Tanks (00:52:21) Neoliberalism and the Spread of American Economic Ideals (00:58:27) Value of Work and Leisure in Economic Thought (01:05:00) Middle-Class Seduction (01:08:59) Impact of Austerity on Society (01:15:26) State's Role in Economic Inequality (01:21:02) Monetarist Influence on Public Perception (01:25:49) Economic Misconceptions (01:27:10) Modern Monetary Theory Explained (01:33:11) Government Spending & Corruption (01:51:18) Broken, Hollow Political Systems (01:59:01) Narrative Construction #WealthInequality, #EconomicHistory, #PoliticalEconomy, #ModernMonetaryTheory, #KeynesianEconomics, #MonetaryPolicy, #Neoliberalism, #EconomicInequality, #FiscalPolicy, #EconomicTheories, #BrettonWoods, #GlobalEconomy, #Austerity, #EconomicSystems, #PublicSpending, , #DebtEconomy, #philosophypodcast, #sciencepodcast, #longformpodcast Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671