The Capitalism and Freedom in the Twenty-First Century Podcast

Charles Calomiris, Emeritus Professor of Finance known for work on banking, financial history, and regulation. He debates why banking crises persist, questions deposit insurance and traditional run models, and explores political causes of fragility. He compares Canada and the U.S., critiques post‑2008 reforms, and discusses stablecoins, narrow banks, and future chartering.

Jon Hartley and Jim Esposito discuss Jim’s beginnings, his career in senior roles at Goldman Sachs in New York and London, and moving to Miami to run one of the world’s largest broker-dealer and market makers, Citadel Securities. They also discuss the rising role Miami is playing in global capital markets (becoming “Wall Street South”) with Citadel’s moving its headquarters there, ongoing trends in the economy, and the rising role of AI in finance and business. Recorded on February 27, 2026. ABOUT THE SERIES Each episode of Capitalism and Freedom in the 21st Century, a video podcast series and the official podcast of the Hoover Economic Policy Working Group, focuses on getting into the weeds of economics, finance, and public policy on important current topics through one-on-one interviews. Host Jon Hartley asks guests about their main ideas and contributions to academic research and policy. The podcast is titled after Milton Friedman‘s famous 1962 bestselling book Capitalism and Freedom, which after 60 years, remains prescient from its focus on various topics which are now at the forefront of economic debates, such as monetary policy and inflation, fiscal policy, occupational licensing, education vouchers, income share agreements, the distribution of income, and negative income taxes, among many other topics. For more information about the podcast, or subscribe for the next episode, click here.

Tevi Troy, presidential historian and former senior Bush administration official, discusses clashes between presidents and industry titans. He traces trust-busting to Teddy Roosevelt, how regulators and big firms adapt, lessons from automakers and tech, and the rise of modern lobbying and crypto. Short, vivid stories illuminate long-running power struggles in American politics and business.

Andrew Ross Sorkin, DealBook founder and NYT editor-at-large who wrote Too Big to Fail and 1929, reflects on how 1929 and 2008 reshaped banking and regulation. He talks about the lead-up to crashes, policy failures like Smoot-Hawley and the gold standard, the origins of Glass–Steagall, and the roles of debt, disclosure, and lender-of-last-resort actions.

In this engaging discussion, Luis Garicano, a prominent Spanish economist and former MEP, shares insights from his diverse career and research on Europe's innovation hurdles. He critiques the EU's regulatory landscape, notably the detrimental 'Brussels effect' and overregulation in the wake of Brexit. Garicano elaborates on the structural challenges faced by firms and emphasizes the need for a 'Constitution of Innovation.' The talk also touches on the euro's design flaws and Spain's recent economic stagnation, making for a thought-provoking listen.

In this engaging discussion, Matteo Maggiori, a prominent economist at Stanford and the Hoover Institution, shares insights from his journey from JP Morgan to academia. He delves into China's evolving capital markets and the impact of foreign investments on its global reputation. Matteo explains the concept of geoeconomics, discussing how nations utilize trade and finance as strategic tools. He also explores the challenges in measuring economic power, the influence of beliefs on investment portfolios, and the complexities of exchange rates in a global economy.

In a captivating discussion, Don Brash, former Governor of the Reserve Bank of New Zealand and leader of the National Party, shares his journey through central banking and politics. He details the origins of New Zealand's pioneering inflation-targeting framework born from the 1980s' high inflation crisis. Brash explains the importance of public communication in managing inflation expectations and defends the necessity of central bank independence. He also reflects on the legacy of 1980s market reforms and the ongoing need for further liberalization and privatization.

Join economist David Henderson, a research fellow at the Hoover Institution and emeritus professor, as he dives into his journey in economics. He shares insights on property rights and the profound influence of thinkers like Armen Alchian and Harold Demsetz. Henderson discusses the balance between market and government failure, reflecting on his experiences at the Reagan Council of Economic Advisers and his shift to popular writing. With engaging anecdotes, he emphasizes the importance of communicating economic concepts to a broader audience.

George Tavlas, an influential economist and a key figure at the Bank of Greece, dives into the evolution of monetarism and its lasting impact on monetary policy. He explores the historical context of Chicago monetarism, the significant contributions of Milton Friedman, and the lessons learned from the eurozone's fiscal challenges. Tavlas discusses the rise and fall of monetary aggregates, linking the 2020 inflation spike to rapid money growth, and debates the merits of rules versus discretion in monetary policy, making a case for the enduring relevance of monetarist principles.

Cliff Asness, co-founder of AQR Capital Management and finance PhD from the University of Chicago, shares insights from his influential career. He discusses factor investing, emphasizing the importance of momentum and value strategies. Cliff reflects on his early days studying under Eugene Fama and the birth of factor research. He reveals intriguing comparisons between private and public equity returns, critiques the efficient markets hypothesis, and highlights the role of machine learning in investing. His thoughts on market elasticity add a compelling layer to the conversation.