Hosts Jac and Nat are fresh out of college and studying for the Foreign Service Officer Test. Unfortunately, they have quickly realized how little they know about world history. Join them each week as they sit down and have a conversation about influential moments in history and ask, “How did we not know that?”.
In the year 1898, the once-mighty Spanish empire crumbled within a matter of months. Who was there to pick up the pieces? None other than the young but ambitious nation of the United States of America. In the Season 3 opener, Nat presents the highly-anticipated episode on the Spanish-American War. Listen to how the former British colony acquired a few territories for itself and became a major player on the international stage.
Most Americans will be shocked to learn that once upon a time on the opposite of the world, the US held a colonial territory in the Philippines. Even for a podcast that’s dedicated to asking the question “How did we not know that?”, this one’s a real head-scratcher. Why was US involvement in the Philippines so quickly forgotten, and how can those of us in the present bring more awareness to the atrocities that were committed in the past? In this episode, Nat covers the Philippine-American War and America’s nearly 50-year-long presence on the archipelago.
Thank you to all of our listeners for supporting us all the way to our third season!
What does independence mean to you? In our season 2 finale episode, Jac covers the underdogs of the French Indochina War and their fight for freedom. Special thank you to our History Heroes (Patrons) for choosing this week’s topic! Also a big thank you to all of our listeners for your support, we hope you enjoyed season 2 and we can’t wait to see you for season 3!
Teamwork makes the dream work, but what happens when your mates turn against you? In this episode, Jac covers the incredible story of the Balkan Wars; where the Balkan League, a quadruple alliance, helped free territory from under Ottoman Rule and set the stage for World War 1.
Chile was a strong constitutional government with a long history of democracy until September 11, 1973, when it all came crashing down. Augusto Pinochet Ugarte ruled Chile with an iron fist for 17 years and was the mastermind of thousands of tortures, disappearances, and murders. In this episode, Nat breaks down the timeline of Pinochet’s regime and asks the essential question: how fast can a democracy fall?
Hi Everyone! Welcome back to another How Did We Not Know That minisode and more specifically an Econ With Jac episode!
In the last episode, we covered Keynesian Economics, and if you haven’t heard it yet go check it out because today we’re going to cover the exact opposite of Keynesian Economics, known as Monetarist Economics.
This theory was created as a direct criticism of the shortcomings of Keynesian Economics.
In 1945 an American economist known as Clark Warburton drafted the first argument in favor of monetarism, which is a theory in which the primary method of stabilizing the economy is done by controlling the supply of money.
This idea was later expanded on by Milton Friedman, another American economist, in 1956. This theory was developed after WW2 and Friedman believed so strongly in it that he publicly blamed the Federal Reserve for causing the Great Depression, as the Federal Reserve controls our money supply and it is their responsibility to regulate the economy
The main idea of Monetarist Economics is that the best way to run an economy is to control the supply of money that flows into the economy, gradually increasing it over time and then allowing the rest of the market to fix itself.
In contrast, Keynesian Economics which was developed during the great depression argued that once an economy is in a recession or depression, it will continue to get worse unless outside intervention drives consumer demand to buy more goods and services.
So wait, doesn’t that mean that Monetarist and Keynesian Economics agree on expansionary monetary policy? i.e. adjusting the amount of money in circulation in the economy to drive demand?
Yes, they do! Although one was made in criticism of the other, the two theories aren’t mutually exclusive. The main difference is that Monetarists only believe in controlling the money supply and doing absolutely nothing else to influence the market, while Keynesian economics involves adjusting the money supply through influencing consumer demand with government expenditures
Long story short: Monetarists believe that money supply is what controls the economy while Keynesians believe that consumer demand controls the economy.
Controlling inflation is the most serious concern for Monetarists, as the greatest danger for the economy to them is when the money supply falls either too low or rises too high for the given economic environment. The goal is to keep inflation steady and adjust accordingly as the economy changes.
More money in the economy allows for more individual spending thus stimulating growth and increasing inflation, and if inflation gets too high, reducing the amount of money in circulation will lower individual spending as well as the rate of inflation.
A good way to remember Monetarists policy is that they center around money supply and their name practically has the word money in it
The main criticism today against this theory comes from the Austrian school of thought (which is another economic theory that I can cover in another episode), but they state that monetarism is too narrow-minded and it doesn’t take into account the subjectivity in valuing capital (in layman terms, how much individuals perceive the value of a dollar)
In addition to that, other criticism states that monetarism can have a negative impact on external economies. Due to the effects of globalization and the interdependence of markets. If you manipulate the money supply in one market, there will be unintentional relative effects on other currencies around the world. This is especially important with regards to the U.S. currency which is considered a standard in international markets.
All interesting points to consider when examining Monetarism! I’m going to wrap it up here, but now you have another economic theory to think about in your free time. Hope you enjoyed this episode and let us know what other economic concepts you’re interested in for a future episode! You can tweet us at HDWNKT or email us at email@example.com
Despite what your teachers may have taught you about the war in the holy lands, the present-day Israeli-Palestinian conflict started in the early 20th century and involves a lot more than just land. In this episode, Jac does her best to break down the early beginnings of one of the most severe ongoing conflicts today.
If you’re interested in foreign policy or international studies, you should be familiar with different theories of international relations. Realism is one of the dominant theories in international relations and is still at the forefront of foreign policy. In this minisode, Nat gives a brief description of realism and where we can see it in the world today.
CIA arms deals, gang violence turned into warfare, and reggae music: what happens when the fight between socialism and capitalism becomes deadly? In this episode, Nat talks about how the extreme political division in Jamaica in the 1970s led to the assassination attempt of beloved musician Bob Marley.
Most people have heard of Adam Smith and Karl Marx, but what about John Maynard Keynes? Join Jac as she sheds some light on the younger, lesser-known but fairly popular economic school of thought known as Keynesian Economics.
Tweet us @HDWNKT with your thoughts on an Econ With Jac mini-series!