Thinking Ahead with Carter Phipps

The topic of race is never far from our lips when we are talking about the American experience. And yet, the complexities, confusions, minefields, and missteps that often confront those who work to overcome America’s racial legacy can make this a subject that people shy away from. That’s why my guest today is such a breath of fresh air. He’s taken the opposite approach, exploring issues of race and diversity head on, and deeply incorporating them into his own work in the consulting world. As an executive coach and integral leadership expert, Amiel Handelsman has rarely been shy about diving into these difficult issues. It has been part of his DNA since he first started doing volunteer social work all the way back in his collegiate days. Now, with several decades of practice and experience under his belt, not to mention a deep background in integral philosophy, Amiel is working on the ground every day, pragmatically helping his clients negotiate these issues at organizations around the country.

 Race and diversity in America has changed and evolved a tremendous amount, even in my lifetime, but there is still a long evolutionary path ahead of us to get to where we want to be as a country. I’m grateful to be able to explore this path forward by tapping into Amiel’s expertise on a subject that continues to be critical to the future success of the American political and cultural experiment.  

Too often, the questions that we ask about our own time-period reflect a limited understanding of history. For example, consider the question: why is there still poverty and inequality? It’s a worthy question, but an even better one might be: How did so many societies, against all odds and without historical precedent, escape poverty and become wealthy? How have we come so far in our attempt to escape the "nasty, short and brutish" existence of our ancestors? Instead of just focusing on what we are still doing wrong, maybe we should also put some attention on how we managed to do so much right, for so long. How did we succeed beyond all hope and expectations? How did we raise our economic expectations so high that people think material abundance for everyone is even a possible goal, let alone a universal right?
 
 In his new book Slouching Towards Utopia: An Economic History of the 20th Century, UC Berkeley professor Brad DeLong digs into the policies of the last century, exploring the hows and whys of the recent explosion in material and economic development. No one living in the 16th or 17th century would have imagined a future of such abundance. To them, it might seem close to a utopia, at least in some parts of the world. To us, there is still so much work to do, particularly to make that wealth global and more universal. Given that historical context, should we be optimistic about the next century, or have we reached the limits of this type of economic explosion? Is abundance in our future? Or stagnation? And what might we do to tip the scales? 

Steve McIntosh is already a regular guest on this podcast, and that’s no accident. Steve and I have been collaborating for many years, and we even cofounded the Institute for Cultural Evolution almost a decade ago. Steve is the President of the think tank and continues to build it, even as he releases important intellectual content, including his writings, books, talks, various podcast appearances. The subject of this dialogue is a significant one—it’s on human nature. Does it evolve? Or is it fixed? And how do we think about the evolution of self and culture, given our biological constraints? Since this conversation was recorded, Steve has also posted an article on the same subject, with the same title Does Human Nature Evolve? which can be found in here. I’m thrilled to have Steve back on the podcast to explore one of the most foundational questions in philosophy, psychology, and even spirituality. 

I was recently helped along in my journey of understanding by a fascinating new book, The Price of Time: The Real Story of Interest , by financial journalist and historian Edward Chancellor. The book examines the history of interest rates, going  all the way back to the beginnings of civilization, and takes a particularly close look at periods in history where unusually low interest rates encouraged excesses of financial speculation, like the Japan in the 1980s or the Mississippi Bubble in the 18th century.  Are we in one of those periods now, or have we been? And what might we do about it, if so? Some of this inquiry involves going back to the basics. What is money?  What are interest rates? Why do we have them?Why did ancients feel so strongly about them, and attach so much moral weight to their use?  Indeed, what purpose have they served historically? And most important, what impact are they having today, as central banks are raising them, after a long a period of historically low rates. 

Interest rates are critical to financial markets. And financial markets are a key hinge that economically connects the present day with the future. Markets allocate money, investment, and capital, not just across existing businesses and ventures, but across time - they connect the realities of today with the possibilities of tomorrow. And the price of that investment, or the price of that risk over time, or the "price of time", is what we measure and call "interest rates". They may seem obscure, but given their outsized influence over the future, they are rather important in the evolution of our economic lives. 

So what will be the outcome of this inflationary period, where the Federal Reserve is raising rates after dropping them so very low for so many years? Chancellor and I explore that question and others in this deep dive into interest, finance, speculation, risk, and their profound impact on the future of America and the world.