Students, faculty and staff flooded the Communications, Computing & Engineering building in anticipation of esteemed political theorist, journalist and professor of political science at Brooklyn College and CUNY Graduate Center Corey Robin. He spoke to students and faculty on Oct. 28 about the ongoing tension between political institutions and financial markets, as well as a variety of other related topics.
Making his appearance as a part of Quinnipiac’s Alfred P. Stiernotte Lecture Series, Robin made connections between economic thinkers such as Adam Smith and Max Weber whilst simultaneously tying in current political and economic challenges.
Prior to the lecture, Robin shared his excitement in introducing a new way of thinking about the economy and economics as a whole.
“You guys have a big business school here, and so (you) should try to open up a little bit about what the economy is about. So that’s, I think, my main goal,” he said in reference to his lecture.
Robin began his disquisition on the topic of presidential defiance. He discussed possible consequences of defying the Supreme Court order, including the possibility of impeachment. He also made connections to the Trump administration.
“A court can issue fines,” Robin said. “It can order the arrest and imprisonment of those officials. It can have the U.S. marshals who are tasked with enforcing the court’s orders arrest and imprison those officials. Those are, as I said, legal answers. Congress can vote to remove them from office, but having witnessed twice (with) the impeachment of President Trump with little to no consequence for his career, most observers are now reluctant, understandably, to recommend it as a solution.”
Robin then went on a discourse about Adam Smith’s concept of the invisible hand, “which describes the unseen forces that drive a free economy through self interest and voluntary trades,” according to Investopedia.
“When Smith spoke of the invisible hand, he had something fairly modest in mind, wrestling with the question we still confront today. He asked whether governments should use tariffs and other protective measures to promote manufacturing within their territory,” Robin explained.
Robin shared how Smith’s concept was used to promote a finer culture and bring more sensitivity to society, thus leading to peace and better behavior.
Tying in the political aspect of things, Robin also explored the connection between politics and economics.
“Understanding that political purpose behind the economy or behind the creation of the economy, goes a long way towards understanding why today we think that the stock market is going to save us from government authoritarianism,” Robin said.
He veered into Smith’s novel, “The Theory of Moral Sentiments,” published in 1759, where he introduced the idea of a second invisible hand theory and highlighted the differences between the two. The novel also reiterates the relationship between politics and economics as imagined by Smith.
The conversation shifted when capitalism was addressed and Robin identified the contrast between the traditional and modern definitions of the word. One being about power, position, dominance and preeminence, and the latter focusing on profit.
In reference to Smith’s novel, Robin explained how metaphors such as kingdom, dynasty and lordship show that capitalists seek to recreate ancient political structures in the current economy. He then examined Smith’s criticism of the East India Company, a joint stock company founded in the 1600s, and the events that led up to its dissolution in 1874.
“Smith called it the worst of all governments for any country…” Robin said. “Smith hoped that the combination of the persuasive powers of its economics and a different regulatory regime state would break up monopolies like East India Company.”
Transitioning into the topic of slaveholders in America, Robin explained how Smith had hoped that the desire for wealth might inspire slaveholders to give up their slaves, but he believed slavery would unfortunately continue.
He explored the relationships between employers and entrepreneurs and the issue of employers often having more power and more control over their actions. According to Robin, Smith suggested a solution to this would be controlling employer actions or economic progress to increase demand for labor.
Robin closed his lecture explaining how big business leaders often use their power to maintain control over government decisions and the economy. He said the best thing for subordinate groups to do in tackling these challenges is to maintain courage and force, inspiring mutual fear and respect.
He then opened the floor for students, faculty and staff to ask questions.
Junior history and political science double major Justin Weiner shared his biggest takeaway from Robin’s lecture.
“There’s a lot of things going on in the world right now, and there’s so many different ways of interpreting the way people interact,” he said. “It was definitely very eye-opening to hear his takes on, like, how, you know, governments influence economic policies.”
