Proxy with Yowei Shaw – “A Niche Conundrum Called Capitalism”

Date: January 27, 2026
Episode Theme:
This special “radio potluck” edition of Proxy, hosted by Yowei Shaw, features the first episode of Scene on Radio’s “Capitalism” series. The episode, “Market Failure,” serves as both an exploration and critique of capitalism as a global economic force, blending personal narrative, investigative reporting, and larger social reflection. Through stories of individual experience and systemic analysis, the show interrogates how capitalism shapes lives, values, and entire societies—and asks whether the system still delivers on its promises.

Main Theme and Purpose

• Emotional investigative journalism meets economic history: The episode investigates how capitalism, a system we often take for granted, profoundly affects individual lives, society, and the planet.
• Guiding Question: Can we untangle capitalism’s role in creating both abundance and crisis? How do its “market failures” expose misalignments between our values and our reality?

Key Discussion Points & Insights

1. Personal Encounters with Capitalism: John Fullerton’s Journey

[05:27 – 11:46]

• Setting: Wall Street, New York—symbol of global capitalism.
• Story: John Fullerton, once among JP Morgan’s youngest Managing Directors, recounts his elite ascent and eventual personal reckoning with the values and impact of his work.
  • Memorable Moment: On a first-class flight to Asia on Father’s Day, reading about billionaire Walter Annenberg’s philanthropy, Fullerton feels “miserable” despite external success.

    “I should be happy. And I was miserable… so I began to question, like, what am I doing?” – John Fullerton [07:22]

• Post-9/11, he turns his energy to deep self-inquiry, reading about climate change and economic systems.
• Realization that systemic economic forces—not just individual actors—drive widespread ecological and social harm.

  • “Everything that I believed in is actually, you know, profoundly destructive.” – John Fullerton [10:53]

• Conclusion: Fullerton leaves banking, later founding the Capital Institute to critique and rethink capitalism itself.

2. Capitalism: Competing Narratives and Values

[13:10 – 16:19]

• Hosts John Biewen & Ellen McGirt introduce two diametrically opposed but co-existing stories about capitalism:
  • Capitalism as the engine of innovation and material progress.
  • Capitalism as the root of massive inequality and ecological devastation.
• The real story is more complex: Both extremes hold truths.

3. Contemporary Discontent and Market Crises

[17:10 – 21:17]

• The episode highlights rising skepticism toward capitalism:
  • Public opinion: A majority of young adults in the U.S. view capitalism negatively; 56% globally say it does more harm than good. [17:26 – 17:41]
  • Symptoms: Skyrocketing economic inequality, deindustrialization, worker unrest, and climate catastrophe.

    “There is something profoundly wrong… when the top 1/10 of 1%… owns almost as much wealth as the bottom 90%. That is immoral, that is wrong.” – Bernie Sanders (quoted) [18:04]

  • Labor resurgence: Wave of unionization and strikes at companies like Amazon, Starbucks, Apple. [19:35 – 20:00]
  • Ecological crisis: Climate emergency casts doubt on capitalism’s ability to deliver sustainable prosperity.

    “Perpetual growth… Keep doubling it. It’s madness.” – George Monbiot [20:32 – 20:43]

4. Business Backlash and the Limits of Reform

[21:10 – 23:27]

• ESG (Environmental, Social, Governance) efforts meet backlash; “Woke capitalism” becomes right-wing rally cry.
• Business giants like BlackRock and Vanguard retreat from earlier reformist stances.

  • “I’m not ready to call time of death on ESG, but I will concede that capitalists are getting it from all sides.” – Ellen McGirt [23:10]

5. The Blind Spots of Capitalism—Market Failures in Essential Services

[24:30 – 31:33]

• Case Study: Childcare (Little Believers Academy, North Carolina)
  • Owner Cassandra Brooks and teachers struggle: Childcare costs are crushing for parents, workers are paid too little to survive, and providers can’t raise wages or fees.

    “You have to have a passion for working in childcare because the money is not there… that’s not the reason I’m coming here every day.” – Charlene Brooks [27:29] “As a market, it simply doesn’t work. Does. Doesn’t work.” – John Biewen & Cassandra Brooks [30:52 – 31:07]

  • This microcosm reflects broader failures:
    • Healthcare: Unaffordable for millions.
    • Food: Food deserts and hunger in wealthy nations.
    • Housing: Widespread unaffordability.

6. Big Picture: Revisiting Capitalism’s Promises

[33:44 – 36:16]

• Free market logic fails when profits can’t be made, leaving even basic human needs unmet.
• American “rags to riches” mythology is dissected—sometimes true, often not.

7. Historical Perspective & Next Episode Preview

[35:32 – 37:31]

• The season promises to go “back to origins”—tracing capitalism from medieval feudalism, through the industrial revolution, up to today’s contested moment.
• The hosts commit to examining who shaped capitalism, how narratives about it evolved, and to unearthing possible alternatives.

Notable Quotes & Moments (with Timestamps)

• “I was miserable… I began to question, like, what am I doing?”
  — John Fullerton (reflecting on his Wall Street career) [07:22]

• “Everything that I believed in is actually, you know, profoundly destructive.”
  — John Fullerton [10:53]

• “Certainly by 2050, we will refer to this period as something different than the modern age… the economic system paradigm… has run its course and can’t continue.”
  — John Fullerton [11:46]

• “There is something profoundly wrong in our country when the top 1/10 of 1%… owns almost as much wealth as the bottom 90%.”
  — Bernie Sanders (quoted) [18:04]

• “Perpetual growth… Keep doubling it. It’s madness.”
  — George Monbiot [20:32–20:43]

• “As a market, it simply doesn’t work. Does. Doesn’t work.”
  — John Biewen & Cassandra Brooks [30:52–31:07]

• “If there’s not enough profit to be made, businesses don’t compete hard for customers with no money.”
  — Ellen McGirt [33:44]

• “People made our economic system. We can choose to remake it.”
  — Ellen McGirt [35:57]

• “We’ve learned… there’s power in origin stories. So we’re going to trace the steps as capitalism emerged and evolved and try to understand… how they shaped the system over time.”
  — John Biewen [35:32]

Timestamps for Important Segments

• 05:27 – 11:46: John Fullerton’s Wall Street reckoning and paradigm shift
• 13:10 – 16:19: The binary stories of capitalism—celebration and critique
• 17:10 – 21:17: Present-day legitimacy crisis: inequality, labor, climate, and discontent
• 21:10 – 23:27: ESG backlash and the limits of business reform
• 24:30 – 31:33: Little Believers Academy—childcare’s market failure as a broader parable
• 31:33 – 34:07: Market failures in healthcare, food, housing—systemic symptoms
• 35:32 – 37:31: Historical overview and preview of the series’ approach
• 40:51 – 41:11: Dictionary definition of capitalism and the need for deeper analysis

Tone & Style Notes

• Tone: Forthright, questioning, reflective, often empathetic—with a blend of systemic critique and curiosity.
• Hosts’ Roles: John Biewen is the primary reporter; Ellen McGirt brings a business-world perspective while remaining a thoughtful critic. Both remain open-minded and committed to honest inquiry.

Conclusion & What’s Next

The episode sets the stage for a sweeping investigation into capitalism’s roots, consequences, and contested future. Rather than offering easy answers, it invites listeners to question what we take for granted, reconsider the stories we tell, and imagine the possibility of re-making the economic systems that shape our lives.

Up next: The series promises to explore capitalism’s birth in medieval Europe and traces its transformation over centuries—always asking, “Who benefits, at what cost, and could we do it differently?”