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The US’ Economic Entropy: Russia Sanctions, Trump’s Tariffs & Oligarch Power (Prof. James Galbraith)
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On this episode of Going Underground, we speak to James Galbraith, Co-Author of ‘Entropy Economics: The Living Basis of Value and Production’, and Professor of Government at the University of Texas at Austin. He discusses why the orthodox understanding of economics and markets has been harmful and not rooted in reality, how the US-UK-EU sanctions on Russia resulted in the strengthening and transformation of the Russian economy into a business economy, how the Cold War created Washington’s and academia’s current understanding of economics, why Trump’s plan to rejuvenate American industry will just lead to private corporations restricting output and increasing prices, why US tech company leaders supporting Trump’s tariffs shows that the US’ technology is no longer number one, the 2008 financial crisis and the decades of deregulation that led to a meltdown of the financial system, why two-party ‘democratic’ systems have hugely benefited the oligarchy, and much more.