Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.
When we last left the United States of America in our economic telling of history, it was the early 1900s and the country's leaders were starting to feel like they had the economic situation all figured out. Flash forward a decade or so, and the financial picture was still looking pretty good as America emerged from the first World War.
But then, everything came crashing down with the stock market collapse of 1929. Businesses closed, banks collapsed, one in four people was unemployed, families couldn't make rent, the economy was broken. And this was happening all over the world. Today we'll look at how leaders around the globe intervened to turn the international economy around, and in the process, how the Great Depression rapidly transformed the relationship between government and business forever.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.
Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Hayek Program Podcast - Environmental Economics — Militarized Climate Planning: What is Left?
Welcome back to the Environmental Economics series, hosted by Jordan Lofthouse. On this episode, Jordan converses with Mikayla Novak and Nathan Goodman on their paper, "Militarized Climate Planning: What is Left?", co-authored by Lofthouse, Novak and Goodman. Their paper is influenced by Don Lavoie's critiques of central planning laid out in his book, National Economic Planning: What is Left?, applied to today's issue of militarized climate planning or "war footing." Instead of using climate planning to solve climate change, they advocate for a peaceful, polycentric approach that is more adaptive to local knowledge.
Mikayla Novak is senior fellow with the F. A. Hayek Program for Advanced Study in Philosophy, Politics and Economics at the Mercatus Center at George Mason University and the Associate Director of the Entangled Political Economy Research Network. Learn more about her work with EPERN here.
Nathan Goodman is a senior research fellow and senior fellow at the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University. He is an alum of the Mercatus PhD Fellowship. Learn more about Nathan’s work here.
Check out Jordan Lofthouse's work.
If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.
Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to seasons one and two.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium
The Economics of Everyday Things - 60. Money Laundering
How do criminals turn their ill-gotten gains into taxable income? And how does law enforcement stop them? Zachary Crockett follows the money.
- SOURCES:
- Patrick McKenzie, fraud prevention expert and strategic advisor at Stripe.
- Kerry Myers, associate professor of instruction at the University of South Florida and former F.B.I. special agent.
- RESOURCES:
- "National Assessments of Money Laundering Risks: Stumbling at the Start," by Joras Ferwerda and Peter Reuter (Risk Analysis, 2024).
- "Hacker 'Washes' $25M in Stolen Crypto Through Magic: The Gathering Card Scheme," by Oliver Dale (Blockonomi, 2023).
- "Money Spending or Money Laundering: The Fine Line between Legal and Illegal Financial Transactions," by Matthew R. Auten (Pace Law Review, 2013).
- "HSBC to Pay $1.9bn in US Money Laundering Penalties" (BBC News, 2012).
- "How a Big US Bank Laundered Billions From Mexico's Murderous Drug Gangs," by Ed Vulliamy (The Guardian, 2011).
- EXTRAS:
- "Why Does One Tiny State Set the Rules for Everyone?" by Freakonomics Radio (2023).
- "Kafkaesque," S3.E9 of Breaking Bad (2010).
Planet Money - The hidden world behind your new “banking” app
You might have seen ads for online banking services that seem to offer a lot of great stuff — accounts you can open in minutes and without a minimum balance or monthly fees. The ads seem to say: "These aren't your parents' boring old banks." But the truth is: Even though they might resemble banks, they aren't.
These "bank-like" companies are a type of "fintech" or financial technology company. And this is a story about the potential risks of putting your money into these apps.
Banks go through a whole regulatory gauntlet in order to exist. But, in the past several years, there has been a rise in fintechs that skirt regulations. And many of these pose a real threat to even the most savvy of depositors.
When a little known tech company filed for bankruptcy a few months ago, thousands of people couldn't access the millions of dollars they saved. On today's show, we meet some of the people affected and learn what the fintech industry reveals about banking regulation.
Today's show was hosted by Erika Beras and Sally Helm. It was produced by Sam Yellowhorse Kesler and Sofia Shchukina with help from James Sneed. It was edited by Jess Jiang and fact-checked by Kevin Volkl. It was engineered by Valentina Rodríguez Sánchez with help from James Willetts. Alex Goldmark is our executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
These "bank-like" companies are a type of "fintech" or financial technology company. And this is a story about the potential risks of putting your money into these apps.
Banks go through a whole regulatory gauntlet in order to exist. But, in the past several years, there has been a rise in fintechs that skirt regulations. And many of these pose a real threat to even the most savvy of depositors.
When a little known tech company filed for bankruptcy a few months ago, thousands of people couldn't access the millions of dollars they saved. On today's show, we meet some of the people affected and learn what the fintech industry reveals about banking regulation.
Today's show was hosted by Erika Beras and Sally Helm. It was produced by Sam Yellowhorse Kesler and Sofia Shchukina with help from James Sneed. It was edited by Jess Jiang and fact-checked by Kevin Volkl. It was engineered by Valentina Rodríguez Sánchez with help from James Willetts. Alex Goldmark is our executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Planet Money - Summer School 6: China, Taiwan and how nations grow rich
Episodes each Wednesday through labor day. Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.
In the middle of the twentieth century, China and its neighbors in East Asia were poor, mostly rural economies. China had been wrecked by a brutal civil war. Taiwan became the home of people fleeing from that conflict. Japan and Korea were rebuilding after their own wars. And then in the later half of the twentieth century, they started their comeback. The governments made some explicit choices that unleashed the power of individual incentives and free market forces and lifted millions of people out of poverty. We focus specifically on China and Taiwan during this time, when they showed a burst of economic progress rarely seen on this globe. Why then? Why there? Can other nations copy that? We'll try to find out.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
In the middle of the twentieth century, China and its neighbors in East Asia were poor, mostly rural economies. China had been wrecked by a brutal civil war. Taiwan became the home of people fleeing from that conflict. Japan and Korea were rebuilding after their own wars. And then in the later half of the twentieth century, they started their comeback. The governments made some explicit choices that unleashed the power of individual incentives and free market forces and lifted millions of people out of poverty. We focus specifically on China and Taiwan during this time, when they showed a burst of economic progress rarely seen on this globe. Why then? Why there? Can other nations copy that? We'll try to find out.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
The Economics of Everyday Things - 59. Restaurant Reservations
Thanks to online booking platforms, the way we make reservations has changed — but a table at a hot restaurant on a Friday night is still a valuable commodity. Zachary Crockett books a four-top for 7 p.m.
- SOURCES:
- Lisa Blount, director of marketing and public relations at Antoine’s Restaurant.
- Adam Iscoe, writer.
- RESOURCES:
- "Why You Can’t Get a Restaurant Reservation," by Adam Iscoe (The New Yorker, 2024).
- "New York Passes Bill to Make the Restaurant Reservation Black Market Illegal," by Emma Orlow (Eater, 2024).
- "When Canceling Your Reservation Costs as Much as Dinner," by T.M. Brown (The New York Times, 2024).
- "65% Of Diners Go Directly To A Restaurant’s Website To Book A Reservation," by Tessa Zuluaga (Toast, 2024).
- "No-Show Diners by the Numbers," by OpenTable (2021).
- "Selling Reservations Democratizes the Dining Experience," by Tyler Cowen (The New York Times, 2015).
- Antoine's Restaurant.
- EXTRAS:
- "Why You Shouldn’t Open a Restaurant," by Freakonomics Radio (2018).
Planet Money - Will the Olympics break breakdancing?
For some sports, picking the winner is simple: It's the athlete who crosses the finish line first, or the side that scores the most goals. But for the new Olympic sport of breaking (if you want to be cool, don't call it breakdancing), the criteria aren't quite that straightforward. How do you judge an event whose core values are dopeness, freshness, and breaking the rules?
That was the challenge for Storm and Renegade, two legendary b-boys who set out to create a fair and objective scoring system for a dance they say is more of an art than a sport. Over the years, their journey to define the soul of breaking led them to meetings with Olympics bigwigs, debates over the science of dopeness, and a battle with a question many sports — from figure skating to gymnastics — have tried to answer: Can art and sport coexist?
This episode was hosted by Jeff Guo and Alexi Horowitz-Ghazi. It was produced by Emma Peaslee and edited by Jenny Lawton. It was fact checked by Sierra Juarez and engineered by Valentina Rodríguez Sánchez with help from James Willets and Cena Loffredo. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
That was the challenge for Storm and Renegade, two legendary b-boys who set out to create a fair and objective scoring system for a dance they say is more of an art than a sport. Over the years, their journey to define the soul of breaking led them to meetings with Olympics bigwigs, debates over the science of dopeness, and a battle with a question many sports — from figure skating to gymnastics — have tried to answer: Can art and sport coexist?
This episode was hosted by Jeff Guo and Alexi Horowitz-Ghazi. It was produced by Emma Peaslee and edited by Jenny Lawton. It was fact checked by Sierra Juarez and engineered by Valentina Rodríguez Sánchez with help from James Willets and Cena Loffredo. Alex Goldmark is Planet Money's executive producer.
Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Planet Money - Summer School 5: 250 years of trade history in three chapters
Episodes each Wednesday through labor day. Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.
Trade has come up in all of the episodes of Summer School so far. An early use of money was to make trade easier. Trade was responsible for the birth of companies and the stock market. And trade was the lifeblood of the early United States.
Today's episode covers 250 years of trade history in three chapters. We start with one of the founding texts of economics, Wealth of Nations, in which Adam Smith argues a country's true value is not measured in gold and silver, but by its people's ability to buy things that enhance their standard of living. Then we'll watch American politicians completely ignore that argument in favor of protecting domestic industries – until one congressman makes a passionate case for free trade as the means to world peace. And finally we'll follow the trade debate up to the modern day, where the tides of American politics have turned toward regulation.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
Subscribe to Planet Money+ for sponsor-free episode listening in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Trade has come up in all of the episodes of Summer School so far. An early use of money was to make trade easier. Trade was responsible for the birth of companies and the stock market. And trade was the lifeblood of the early United States.
Today's episode covers 250 years of trade history in three chapters. We start with one of the founding texts of economics, Wealth of Nations, in which Adam Smith argues a country's true value is not measured in gold and silver, but by its people's ability to buy things that enhance their standard of living. Then we'll watch American politicians completely ignore that argument in favor of protecting domestic industries – until one congressman makes a passionate case for free trade as the means to world peace. And finally we'll follow the trade debate up to the modern day, where the tides of American politics have turned toward regulation.
This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.
Subscribe to Planet Money+ for sponsor-free episode listening in Apple Podcasts or at plus.npr.org/planetmoney.
Learn more about sponsor message choices: podcastchoices.com/adchoices
NPR Privacy Policy
Hayek Program Podcast - Environmental Economics — Why You Should Live in the City
Welcome back to the Environmental Economics series, hosted by Jordan Lofthouse. On this episode, Jordan interviews Justus Enninga on the intersection of economics, environmentalism and urbanism. In this conversation, Justus speaks on his PPE beginnings spawned from his time spent in Southeast India as well as on Tocqueville, city planning, climate migration, agglomeration effects in cities, immigrant influxes, and more.
Justus Enninga is a PhD candidate in the Department of Political Economy at King’s College London, where his research focuses on the intersection of Philosophy, Politics, and Economics (PPE) as well as on the question of how different institutional arrangements help citizens to adapt to environmental challenges. In addition to being a PhD candidate, he also works as a director at the Prometheus Institut, a classical liberal think tank in Berlin, as well as an economic policy editor for The Pioneer. He is an alum of the Mercatus Adam Smith Fellowship.
Check out Jordan Lofthouse's work.
If you like the show, please subscribe, leave a 5-star review, and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever you get your podcasts.
Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to seasons one and two.
Follow the Hayek Program on Twitter: @HayekProgram
Learn more about Academic & Student Programs
Follow the Mercatus Center on Twitter: @mercatus
CC Music: Twisterium
The Economics of Everyday Things - 58. Firefighters
There are more firefighters than ever — and fewer fires for them to fight. So the job has changed. Zachary Crockett slides down the pole.
- SOURCES:
- Joshua Hurwitz, lecturer in economics at Tufts University.
- Eric Mackintosh, administrative battalion fire chief for San Mateo Consolidated Fire Department.
- Steve Pegram, retired fire chief and township administrator in Ohio.
- RESOURCES:
- "The Dire Shortage of Volunteer Firefighters in the US," by Sam Becker (BBC, 2024).
- San Mateo Consolidated Fire Department 2023 Annual Report (2024).
- "Essays on the Economics of U.S. Firefighting," by Joshua Hurwitz (Harvard University doctoral dissertation, 2021).
- "Over Last 20 Years, Annual Fires in the US Declined by About 50% While Career Firefighters Increased More Than 50%?" by Mark J. Perry (AEIdeas, 2015).
- EXTRAS:
- "Getting Old, Adventurously," by People I (Mostly) Admire (2024).