Science Salon

Since the dawn of the Industrial Revolution, capitalism has unleashed unimaginable growth in opportunity and prosperity. And yet, at key points in American history, economic disruption has led to a greater role for government, ostensibly to protect against capitalism’s excesses. Today, government regulates, mandates, subsidizes and controls a growing share of the American economy. Today on the show, retired U.S. Senator Phil Gramm, one of America’s premier public policy advocates, and noted economist Donald J. Boudreaux look at the seven events and issues in American history that define, for most Americans, the role of government and how the 21st century world works. To many, these 5 periods of American history—the Industrial Revolution, Progressive Era, Great Depression, decline of America’s postwar preeminence in world trade, and the Great Recession—along with the existing levels of income inequality and poverty, represent strong evidence for expanding government in American life. Gramm and Boudreaux argue