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Reviving Growth Keynesianism
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Reviving Growth Keynesianism

Author: Robert Manduca and Nic Johnson

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A podcast about economic thought from the mid-20th Century, and why it matters for us today.
14 Episodes
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This week we spoke with John Shovlin about his new book on capitalist international relations between France and Britain during the "second Hundred Years War." Its well-known that uneven commercial development provoked conflict in early modern Europe, as great powers that lagged behind fought violently to catch up. What's less well-known is that, as Shovlin shows, the same mercantilist rivalries could also provoke the opposite responses: free trade and peace projects. We ask him about the notorious John Law episode in France, hegemony and empire as master concepts for narrating international history, and the problem of protection costs for global capitalism.*** LINKS***Check out John's personal website here: https://www.johnshovlin.com/Buy the book: https://yalebooks.yale.edu/book/9780300253566/trading-enemyLess familiar with the early modern period? The following might be worth skimming:https://en.wikipedia.org/wiki/Colbertismhttps://en.wikipedia.org/wiki/Physiocracy
This week we've brought you a double feature! First we talk to Luke Petach about his article on "Spatial Keynesianism." Macroeconomic policy was, at its inception, methodologically nationalist, and Keynesian policies fostered income convergence all across the US as poor regions caught up to wealthier ones. We talk about how that worked and why it ended.Then we bring on his co-author and former adviser, Daniele Tavani to talk about the post-Keynesian tradition, its differences with the Marxian economic tradition, and how they might be brought together again under the rubric of secular stagnation. Along the way we discuss Italy's unique place in the post-Keynesian tradition, and Piketty's contribution to the profession.The first ep ends and the second picks up @55:25.*** LINKS ***Follow Luke on twitter @LPetachRead "Spatial Keynesian policy and the decline of regional income convergence in the USA" here: https://academic.oup.com/cje/article-abstract/45/3/487/6145995Read "Income shares, secular stagnation and the long-run distribution of wealth" here: https://onlinelibrary.wiley.com/doi/abs/10.1111/meca.12277Read "Aggregate Demand Externalities, Income Distribution, and Wealth Inequality" here: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3855763Find more of Luke's papers here: https://scholar.google.com/citations?user=NUZzlFEAAAAJ&hl=enExplore Daniele's work here: http://www.danieletavani.com/Other papers mentioned: Ganesh Sitaraman, Morgan Ricks & Christopher Serkin, "Regulation and the Geography of Inequality" https://dlj.law.duke.edu/article/regulation-and-the-geography-of-inequality-sitaraman-vol70-iss8/Manduca, "How National Income Inequality in the United States Contributes to Economic Disparities Between Regions" https://equitablegrowth.org/how-national-income-inequality-in-the-united-states-contributes-to-economic-disparities-between-regions/Nathan, "The Nationalization of Proposition 13," https://www.jstor.org/stable/418699Kaldor, "The Case for Regional Policies," https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1467-9485.1970.tb00712.xVerdoorn's law, https://en.wikipedia.org/wiki/Verdoorn%27s_lawNakamura and Steinsson, "Fiscal Stimulus in a Monetary Union: Evidence from US Regions" https://www.aeaweb.org/articles?id=10.1257%2Faer.104.3.753
This week we spoke with Zach Carter about his award-winning book *The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes.*  Its our most comprehensive episode yet on the Keynesian Revolution, then and now. We ask Zach about the role of Enlightenment liberalism, art, love, journalism and war in the life and times of JMK, and the narrowing of Keynesianism's horizons in the later half of the twentieth century.*** LINKS ***Follow Zach on twitter @zachdcarterFind more on the book and his writing at: https://www.zacharydcarter.com/
This week we talked to David Stein about his dissertation, "Fearing Inflation, Inflating Fears" and the centrality of full employment to the black freedom struggle. From the 1930s through the 1970s, the fight for a job went hand in hand with the fight for freedom and equality. The proposal for a Job Guarantee, it turns out, has multiple origins - one was in the fight against Jim Crow monetary policy. Cold War complications  ultimately undid the movement for a time, but its coming back today. *** LINKS ***Follow David on Twitter @DavidpSteinRead David's work at the Boston Review, "Why Coretta Scott King Fought For a Job Guarantee" here:  http://bostonreview.net/class-inequality-race/david-stein-why-coretta-scott-king-fought-job-guarantee And find the rest of his academic publications here: https://ucla.academia.edu/DavidSteinAlso mentioned: - Who Makes Cents podcast (now run by Jessica Ann Levy), https://whomakescentspodcast.com/- Landon Storrs, *The Second Red Scare and the Unmaking of the New Deal Left* https://press.princeton.edu/books/hardcover/9780691153964/the-second-red-scare-and-the-unmaking-of-the-new-deal-left- Destin Jenkins on white fraternity, https://www.youtube.com/watch?v=9iAGfuPJqM8- Cedric Robinson, http://bostonreview.net/race-philosophy-religion/robin-d-g-kelley-why-black-marxism-why-now- Kristoffer Smemo and Samir Sonti, and Gabriel Winant on the 1958 recession, https://www.journals.uchicago.edu/doi/full/10.1086/690968
For this episode, we stood back to take stock of some Robert's own research on inequality in its all its complexity. Its a multi-dimensional issue, with generational, spatial, racial, national, and macroeconomic processes all intersecting to generate the world we see today.Check out more of his stuff here: http://robertmanduca.com/publications/And follow him on twitter: https://twitter.com/robertmanduca
Nick Foster is a graduate student in history at the University of Chicago, writing a dissertation on the Reagan Revolution and the cultural history of finance capitalism. We discuss why Reagan embraced the biggest farm bill in US history, and speculate about the historiography of capitalist agriculture.When Nick's paper is published we'll edit the show notes to provide a link and tweet about it so you can read it too. In the meantime, all enthusiastic fan mail can be directed to: https://history.uchicago.edu/directory/nicholas-foster
This week we talked to Jon Levy, Professor of US History at the University of Chicago, about his forthcoming book *Ages of American Capitalism.* We asked him what "capitalism" even is, what makes one age different from another, and what Keynes can tell us about its past and possible futures.*** LINKS ***Pre-order the book from Penguin: https://www.penguinrandomhouse.com/books/227741/ages-of-american-capitalism-by-jonathan-levy/or on Amazon: https://www.amazon.com/Ages-American-Capitalism-History-United/dp/0812995015Read about Jon's definition of "capital as process" here: https://www.academia.edu/34785107/Capital_as_Process_and_the_History_of_Capitalismand check out his paper "Primal Capital" on Freudo-Keynesianism (which, as it turns out, is just Keynesianism): https://www.journals.uchicago.edu/doi/abs/10.1086/705295
Today's guest is Lizabeth Cohen, the Howard Mumford Jones Professor of American Studies in the History Department at Harvard University. We discuss her classic work A Consumers Republic: The Politics of Consumption in Postwar America, which argues that in post-war America, the act of consuming was seen as a virtuous contribution to the public good. But the model had inherent limits in the race, gender, and class dynamics of the era, especially visible in housing, suburbanization, and the market segmentation of advertising, which ultimately limited that model of economic culture by the 1970s. We also briefly touch on her most recent book, Saving America’s Cities, which re-examines postwar urban development corporations.*** LINKS ***Cohen's faculty profile: https://history.fas.harvard.edu/people/lizabeth-cohenConsume her classic book here: https://www.amazon.com/Consumers-Republic-Politics-Consumption-Postwar/dp/0375707379Or develop an appreciation for her most recent work here: https://www.amazon.com/Saving-Americas-Cities-Struggle-Suburban/dp/0374254087
Today's guest is Ariel Ron, the Glenn M. Linden Assistant Professor of the U.S. Civil War Era History at Southern Methodist University. We discuss his new book Grassroots Leviathan, which argues that agrarian reform movement can give us a new perspective on the Civil War.  We ask him what the democratic developmentalism of antebellum period can tell us about the American state building tradition, and what it might mean for our own troubled times.***LINKS***Ron on twitter: @arielronidRon's faculty profile: https://www.smu.edu/Dedman/Academics/Departments/History/People/FacultyStaff/RonArielGrassroots Leviathan Amazon: https://www.amazon.com/Grassroots-Leviathan-Agricultural-Slaveholding-Philadelphia/dp/1421439328
Today's guest is Kaleb Nygaard, host of the Bankster podcast - the best show out there for learning about central bank history - as well as a researcher at the Yale Program on Financial Stability's New Bagehot Project. We talk to him about the new playbook for fighting systemic risk, his experience as a public educator, and a mutual hero of ours: Marriner Eccles.***LINKS***Kaleb on twitter: @KalebNygaardThe Centralverse: https://www.centralverse.org/FedWatcherClaudia Sahm, "Economics is a disgrace": http://macromomblog.com/2020/07/29/economics-is-a-disgrace/Federal Reserve's historical self-presentation: https://www.federalreserveeducation.org/about-the-fed/historyAndrew Metrick and Timothy Geithner Course on the GFC: https://www.coursera.org/learn/global-financial-crisis
Today's guest is Matt Klein, senior writer and economics commentator at Barron's. We discuss his new book with Michael Pettis, which argues that global imbalances are the result of rising inequality around the world. It's underconsumption theory at its most sophisticated. We ask him what implications this has for politics. Plus, we welcome a new co-host: Chris Hong, a graduate student in history at the University of Chicago.***LINKS***Matthew Klein on Twitter: @M_C_KleinMatt Klein at Barron's: https://www.barrons.com/authors/8566Buy the book here: https://www.amazon.com/Trade-Wars-Are-Class-International/dp/0300244177/Review of Trade Wars are Class Wars: https://phenomenalworld.org/reviews/trade-warsElaboration by Yakov Feygin and Dominik Leusder: https://phenomenalworld.org/analysis/the-class-politics-of-the-dollar-systemPettis on the limits to debt: https://carnegieendowment.org/chinafinancialmarkets/80054Keynes on the "Economic Possibilities for Our Grandchildren" (pdf): https://assets.aspeninstitute.org/content/uploads/files/content/upload/Intro_and_Section_I.pdf
Today’s guest is Monica Prasad, professor of sociology at Northwestern University, where she studies economic, political, and comparative historical sociology. She is the author of numerous books and articles, including The Politics of Free Markets and Starving the BeastOur discussion will center on her book The Land of Too Much: American Abundance and the Paradox of Poverty, in which she addresses the question of why the US has more poverty than any other developed nation, despite being the wealthiest country on earth. To answer this, she develops a demand-side theory of comparative political economy. She argues that American "mortgage Keynesianism" - as opposed to European "social Keynesianism" - was the result of the world-historical conjuncture created by the massive productivity of settler colonial farming in the late 19th century, and the deflation that followed.In the second half of the episode, we delve deeper into the history of the American mortgage with a reading series from K Sue Park. It turns out that mortgage "foreclosure" was a settler colonial invention from the 17th century. This was the violent, early modern legal foundation for the 20th century development of mortgage Keynesianism.*** LINKS ***Monica Prasad's Northwestern University Profile: https://sociology.northwestern.edu/people/faculty/core/monica-prasad.htmlThe Land of Too Much: https://www.hup.harvard.edu/catalog.php?isbn=9780674066526K-Sue Park's Georgetown Law Profile: https://www.law.georgetown.edu/faculty/k-sue-park/Money, Mortgages, and the Conquest of America: https://onlinelibrary.wiley.com/doi/abs/10.1111/lsi.12222
Introduction

Introduction

2020-08-0731:40

In this episode, we introduce ourselves as well as the concept of "Growth Keynesianism." We want to show that managing demand by attacking inequality is a robust American tradition, even if the most recent generations have forgotten this. We think it is important now more than ever to think about how demand and inequality affect the long-term growth process, and that doing so is good politics.
John Nichols is the National Affairs Correspondent for The Nation. He joins us today to talk about his recent book, *The Fight for the Soul of the Democratic Party: The Enduring Legacy of Henry Wallace's Anti-Fascist, Anti-Racist Politics.* Wallace represents the many paths not taken in American history: at several points in the last 70 years, a vibrant and progressive left has emerged within the Democratic party, only to be beaten back by establishment forces. We discuss what his story means for American politics today.*** LINKS ***John's Twitter: @NicholsUprisingJohn's profile at The Nation: https://www.thenation.com/authors/john-nichols/The Fight for the Soul of the Democratic Party:  https://www.versobooks.com/books/3082-the-fight-for-the-soul-of-the-democratic-party
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