Summary of Radical Markets: Uprooting Capitalism & Democracy for a Just Society | Glen Weyl | Talks at Google

00:00:00 - 00:50:00

In this video, Glen Weyl discusses how the current market system is leading to an impending doom and how capitalism and democracy can be replaced with a system in which capital can be allocated only in a way that benefits everyone equally.

• 00:00:00 Glen Weyl, a senior research scholar at Yale University and a lecturer in the Economics Department and the law school, is presenting his book, Radical Markets: Uprooting Capitalism & Democracy for a Just Society. He argues that, in a market society, much of what we consider to be determined by collective decision making processes is instead determined by an auction process. This includes things like the location of parks and schools, which are also determined by an auction process. This idea of market opie, which he describes as "sort of the most extreme version of a free market that you can imagine," makes you realize that, in practice, much of what we take for granted in a market society is actually controlled by a few wealthy concentrated interests.
• 00:05:00 The author of this book argues that true socialism and free markets are compatible, and that mechanisms like self-assessed taxes can help address problems like inequality, slow growth, and social conflict.
• 00:10:00 The speaker discusses radical markets, auctioning systems, quadratic voting, and antitrust policy. He suggests that all of these ideas could be implemented without taking ownership of property into the public sphere, providing incentives for investment, and allowing for increased migration. He argues that antitrust policy is an incredibly powerful tool that has been almost completely unenforced in the two most important areas of market power accumulation. He also argues that individuals' contributions to the digital economy should be treated as labor, and that a labor movement should be created to represent these contributors.
• 00:15:00 The speaker discusses the growing inequality and power of corporations in the present day, and how this has led to political discontent and conflict. He suggests that there is an opportunity for a more progressive path, which would involve harnessing the power of the market and technology while making society more equal and cooperative.
• 00:20:00 In this talk, Glen Weyl discusses how capitalism and democracy can be replaced with a system in which capital can be allocated only in a way that benefits everyone equally. He argues that this can be done through reforms to the US immigration system and the way data is collected.
• 00:25:00 In this video, Glen Weyl discusses how paying people for information they provide on products would increase the quality of those products. He also disputes some of the numbers he used in his calculations.
• 00:30:00 In his talk, Glen Weyl argues that the current economic slowdown is not the end of the world, and that it is actually the result of an earlier, more powerful technological shock – one which policymakers failed to keep up with. He also discusses the idea of a global "social dividend," which would be distributed equally to all citizens, and the impact of globalization on wage disparity.
• 00:35:00 Glen Weyl discusses the benefits and failures of radical market reforms, focusing on Henry George and the land value tax. He suggests that a comprehensive ideology can help people rethink things, and that young people are the key to success.
• 00:40:00 Glenn Weyl discusses his book Radical Markets: Uprooting Capitalism & Democracy for a Just Society, which he likens to a system where "everyone would have an equal or a far closer to equal basis to pay for that stability as they desired it." He explains how this system would reduce the problems associated with collusion and electioneering.
• 00:45:00 Glen Weyl argues that the quadratic voting system he and his team have developed is a more reliable way to get feedback on products and services than conventional voting methods. He also argues that blockchain technology has the potential to be used in American elections in a way that benefits the people.
• 00:50:00 Glen Weyl discusses his book Radical Markets: Uprooting Capitalism and Democracy for a Just Society, and how the current market system is leading to an impending doom. He believes that revolutions are often more destructive than productive, but believes in the power of democracy and ideas if widely disseminated. He puts his faith in the eventual success of Radical Markets, and hopes that young people will help spread the ideas.