The Triumph of Economic Freedom: With Former Senator Phil Gramm

What if much of what we think we know about capitalism is wrong? From the Industrial Revolution to the 2008 financial crisis, debates over the roles of markets and government have shaped American history. But separating fact from myth has never been easy.

Former U.S. Sen. Phil Gramm will join John Diamond for an armchair conversation on “The Triumph of Economic Freedom: Debunking the Seven Great Myths of American Capitalism” (Bloomsbury, 2025), co-authored with economist Donald J. Boudreaux. The book argues capitalism has driven rising incomes, improved health and expanded opportunity since the Industrial Revolution. At key moments in U.S. history — the Progressive Era, the Great Depression and the Great Recession — Gramm and Boudreaux contend that government control often weakened the freedoms that fuel prosperity.

Using a data-driven approach, the authors challenge common beliefs: that the Industrial Revolution impoverished workers, the New Deal saved capitalism, trade hollowed out manufacturing, deregulation triggered the financial crisis and inequality reflects systemic failure.

A book signing with Gramm will follow. Copies of “The Triumph of Economic Freedom” (Bloomsbury, 2025) will be available for purchase. This Director’s Lecture Series is co-sponsored by the Baker Institute Center for Tax and Budget Policy. It is free and open to the public.

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