What Went Wrong With Capitalism — A Review of Ruchir Sharma’s Book

https://www.youtube.com/watch?v=Ky3VGO4AI-g Podcast audio: In this episode of The ARI Bookshelf, Tristan de Liège, Ben Bayer, Don Watkins, and Robertas Bakula discuss What Went Wrong with Capitalism by Ruchir Sharma. The book examines the history of government bailouts, Federal Reserve policy, and the growing reach of the regulatory state. Contrary to popular belief, Sharma argues, government intervention in America didn’t shrink after Reagan — it kept growing. He also offers proposals for reversing these trends. The discussion covered: How Sharma refutes the myth that America has moved towards free markets in the last fifty years; How the government and the Federal Reserve created distortions and downturns; How the regulatory state expanded and decreased productivity; Why the book’s treatment of inequality is self-defeating; How the book’s views on capital misallocation and antitrust are contradictory; How the book lacks sufficient philosophical perspective. The video was recorded on July 17, 2025 and posted on August 8, 2025.