{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Health, Wealth and the Pursuit of Happiness","title":"Why the National Debt Crisis Was Built by Cronyism, Not Capitalism","html":"","width":"100%","height":180,"duration":2417,"description":"Is America's economy shaped more by cronyism than free-market capitalism? Dr. Patrick Newman, research fellow at the Mises Institute, joins host Murray Sabrin to trace the hidden history of cronyism  from the early republic through the Civil War to the modern Federal Reserve.\n\nWe break down how political insiders have used government power to benefit themselves at the public's expense, why the Civil War made America poorer, how the Fed became a case study in regulatory capture, and why the national debt crisis is now unsustainable. We also tackle a question many young people are asking: why does democratic socialism feel appealing  and where does that appeal go wrong?\n\n🎙️ ABOUT THE GUEST\nDr. Patrick Newman is a research fellow at the Mises Institute and an economist specializing in the history of American cronyism, central banking, and Austrian economics.\n\nSubscribe for more conversations on economics, liberty, and the forces shaping American policy.\n\n In this episode:\n- The historical roots of cronyism in early America\n- Protective tariffs and who they really hurt\n- How the Civil War entrenched government intervention\n- The Federal Reserve as a crony institution\n- Modern cronyism: Wall Street vs. the public\n- Why the national debt trajectory is unsustainable\n- Entitlement programs and the coming debt crisis\n- Capitalism vs. cronyism vs. democratic socialism\n\n⏱️ TIMESTAMPS\n00:00 Introduction to Health, Wealth, and Happiness\n02:50 Exploring Cronyism in Early America\n06:19 Egregious Examples of Cronyism\n08:10 Government Revenue and Economic Tensions\n10:17 The Civil War: Causes and Consequences\n14:29 Impact of Cronyism on Economic Development\n16:48 Cronyism During the Civil War\n19:38 Post-Civil War Economic Development\n22:46 The Federal Reserve: A Crony Institution\n25:05 Modern Examples of Cronyism\n27:55 The Unsustainable National Debt\n30:20 Confronting the Debt Crisis\n34:07 The Appeal of Democratic Socialism\n37:01 Conclusion and Future Perspectives\n\n#Cronyism...","thumbnail_url":"https://img.transistorcdn.com/JYnEw1DseObSgHdMGCVuGpqVrH2fXx4yr5WVaa-TXSw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS85MjMy/NzYxM2QyYjBjMmZh/Y2NlNThmOTE2Mjcy/NTNhYy5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}