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.

We 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?

🎙️ ABOUT THE GUEST

Dr. 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.

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In this episode:

- The historical roots of cronyism in early America

- Protective tariffs and who they really hurt

- How the Civil War entrenched government intervention

- The Federal Reserve as a crony institution

- Modern cronyism: Wall Street vs. the public

- Why the national debt trajectory is unsustainable

- Entitlement programs and the coming debt crisis

- Capitalism vs. cronyism vs. democratic socialism

⏱️ TIMESTAMPS

00:00 Introduction to Health, Wealth, and Happiness

02:50 Exploring Cronyism in Early America

06:19 Egregious Examples of Cronyism

08:10 Government Revenue and Economic Tensions

10:17 The Civil War: Causes and Consequences

14:29 Impact of Cronyism on Economic Development

16:48 Cronyism During the Civil War

19:38 Post-Civil War Economic Development

22:46 The Federal Reserve: A Crony Institution

25:05 Modern Examples of Cronyism

27:55 The Unsustainable National Debt

30:20 Confronting the Debt Crisis

34:07 The Appeal of Democratic Socialism

37:01 Conclusion and Future Perspectives

#Cronyism #FederalReserve #NationalDebt #AmericanHistory #Capitalism #Economics #MisesInstitute #DemocraticSocialism #AustrianEconomics #PoliticalEconomy