We have to choose between free market capitalism and democracy

In the latest New Money Review podcast, I interview Mordecai Kurz, Joan Kenney professor of economics emeritus at Stanford University.

Kurz, the author of "Private Power and Democracy's Decline", to be published in May 2026, says that it's time to suppress technology firms' market power---or we will lose democracy.

In the podcast, we cover:

• why free market capitalism and democracy are no longer compatible
• the similarities and differences between the first and second US "gilded ages"
• why tech firms' market power cannot be addressed by 20th century anti-trust laws
• the need to tax monopoly profits
• how social media threatens democracy
• the need to repeal Section 230 of the 1996 Communications Decency Act
• why AI will be the great battle of the 21st century
• why individuals have to step forward to support democracy
• the forthcoming implosion of the MAGA movement
• why we're heading for a financial and economic crisis
• why economists need to study power relations