The holiday shopping season begins this week with Black Friday, and American shoppers are expected to spend a record amount, particularly in online sales.
Consumer spending keeps the U.S. economy running and accounts for 70% of the country’s gross domestic product. But that wasn’t always the case.
“Over the course of the 18th century, at the time of the Revolution, you went from a world where almost all Americans made their own cloth and something called homespun to buying it in stores,” said Louis Hyman, an economic historian from Cornell University University.
On today’s show, Hyman gives us a history lesson about how the American economy became dependent on the consumer, why this change had serious consequences for the environment, and whether there are alternatives to the consumer-driven economy we know today. And what all this has to do with the Salem witch trials.
Then a decision by the Federal Appeals Court could significantly weaken the Voting Rights Act. We’ll look at the economic impact of the ruling and how it could play out in the Supreme Court. Plus: Oh how the mighty crypto kings fall.
Later we hear listener suggestions for typical state cocktails. And food journalist Francis Lam was wrong about what was on the menu at the first Thanksgiving.
Here’s everything we talked about today:
We want to hear your answer to the “Make Me Smart” question. You can reach us at make[email protected] or leave us a voicemail at 508-UB-SMART.
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