John Cassidy

America's always been dominated by the capitalists. They've always owned all the media. There's never been a proper left-wing movement here to take them on. So, I've got a bit of sympathy for that. I've got a bit of sympathy for both views on that. I'm sort of agnostic as to which one is sort of wins. I mean, I grew up in the sort of British, English, British Keynesian tradition.

America's always been dominated by the capitalists. They've always owned all the media. There's never been a proper left-wing movement here to take them on. So, I've got a bit of sympathy for that. I've got a bit of sympathy for both views on that. I'm sort of agnostic as to which one is sort of wins. I mean, I grew up in the sort of British, English, British Keynesian tradition.

America's always been dominated by the capitalists. They've always owned all the media. There's never been a proper left-wing movement here to take them on. So, I've got a bit of sympathy for that. I've got a bit of sympathy for both views on that. I'm sort of agnostic as to which one is sort of wins. I mean, I grew up in the sort of British, English, British Keynesian tradition.

John Maynard Keynes.

John Maynard Keynes.

John Maynard Keynes.

Keynesian to me means, the phrase I use in the book is managed capitalism. It's a capitalist system, but you manage it in various ways. Number one, the original crux of Keynesianism, you need the government to boost demand in times of slumps. So Keynesian stimulus policies. But it's not just that. Keynesianism also involved capitalism.

Keynesian to me means, the phrase I use in the book is managed capitalism. It's a capitalist system, but you manage it in various ways. Number one, the original crux of Keynesianism, you need the government to boost demand in times of slumps. So Keynesian stimulus policies. But it's not just that. Keynesianism also involved capitalism.

Keynesian to me means, the phrase I use in the book is managed capitalism. It's a capitalist system, but you manage it in various ways. Number one, the original crux of Keynesianism, you need the government to boost demand in times of slumps. So Keynesian stimulus policies. But it's not just that. Keynesianism also involved capitalism.

a whole series of sort of attempts to manage the financial sector, for example. It was a social bargain, basically. The capitalists were allowed to continue to own companies. There's still quite a lot of inequality. But in return, there were this whole set of social guarantees on employment insurance, National Health Service, which Bismarck started first of all, but then was put into effect.

a whole series of sort of attempts to manage the financial sector, for example. It was a social bargain, basically. The capitalists were allowed to continue to own companies. There's still quite a lot of inequality. But in return, there were this whole set of social guarantees on employment insurance, National Health Service, which Bismarck started first of all, but then was put into effect.

a whole series of sort of attempts to manage the financial sector, for example. It was a social bargain, basically. The capitalists were allowed to continue to own companies. There's still quite a lot of inequality. But in return, there were this whole set of social guarantees on employment insurance, National Health Service, which Bismarck started first of all, but then was put into effect.

But you're describing as more European than American. That is. But even in the U.S., even in the U.S., The New Deal was a form of managed capitalism. The reason why I've become more sympathetic to the Marxist or ultra-left view in less than 30 years or so is because that managed capitalism is basically disintegrated, not completely disintegrated, but it's been massively on the defensive.

But you're describing as more European than American. That is. But even in the U.S., even in the U.S., The New Deal was a form of managed capitalism. The reason why I've become more sympathetic to the Marxist or ultra-left view in less than 30 years or so is because that managed capitalism is basically disintegrated, not completely disintegrated, but it's been massively on the defensive.

But you're describing as more European than American. That is. But even in the U.S., even in the U.S., The New Deal was a form of managed capitalism. The reason why I've become more sympathetic to the Marxist or ultra-left view in less than 30 years or so is because that managed capitalism is basically disintegrated, not completely disintegrated, but it's been massively on the defensive.

Yeah, I mean, there's a whole... The car worker in Detroit if he's put on a level playing field with the car worker in India or China who earns, you know, a tenth of the salary, really can't compete. Now, in the car industry, governments have always intervened. The car industry is always seen as too important to leave to the market. But, you know, the clothing industry, for example,

Yeah, I mean, there's a whole... The car worker in Detroit if he's put on a level playing field with the car worker in India or China who earns, you know, a tenth of the salary, really can't compete. Now, in the car industry, governments have always intervened. The car industry is always seen as too important to leave to the market. But, you know, the clothing industry, for example,

Yeah, I mean, there's a whole... The car worker in Detroit if he's put on a level playing field with the car worker in India or China who earns, you know, a tenth of the salary, really can't compete. Now, in the car industry, governments have always intervened. The car industry is always seen as too important to leave to the market. But, you know, the clothing industry, for example,

US used to have a huge textile industry that basically went away in the 80s and 90s. And then China came along, the China shock in the early 00s. And that was, you know, that's basically an unprecedented shock. And economists, a lot of American economists, you know, took a long time to recognize that.

US used to have a huge textile industry that basically went away in the 80s and 90s. And then China came along, the China shock in the early 00s. And that was, you know, that's basically an unprecedented shock. And economists, a lot of American economists, you know, took a long time to recognize that.