From Liberalism to State Capitalism: Markets, Power, and the Future of Policy

In this episode of Policy Chats, host Dori Pham sits down with Professor Babcock, Associate Dean and Professor at the UC Riverside School of Public Policy, to discuss liberalism, economic reasoning, and the changing role of government in today’s policy environment.Professor Babcock argues that recent policy decisions reflect a shift away from evidence-based, deliberative policymaking toward a more centralized, personality-driven approach. He explains how tariffs, industrial policy, and regulation can reshape incentives and create uncertainty for businesses, producers, and global partners, and he contrasts market-based decision-making with state-directed capitalism.Using California as a case study, the conversation explores trade-offs between equity, efficiency, and long-term investment, including how legal and regulatory veto points can slow housing, infrastructure, and climate progress. The episode closes with how UCR’s School of Public Policy is strengthening training in data, economics, and political science as part of its 10-year anniversary theme of abundance—building the skills students need to analyze policy in a rapidly changing world.🔍 Topics Covered:-Liberalism, markets, and the foundations of U.S. policymaking-State capitalism, tariffs, and industrial policy under the current administration-Economic uncertainty and its effects on business investment-Trade-offs between equity, efficiency, and long-term growth-Environmental policy, fossil fuels, and green energy transitions-International alliances, global trust, and U.S. foreign policy risks-How UCR’s School of Public Policy is preparing future policymakers📍 This episode is produced by the UCR School of Public Policy and features insights that align with our motto: “Solutions for the Region, Solutions for the World.”Disclaimer: The views and opinions expressed in this podcast are those of the interviewers and guests alone and do not reflect the official positions of the UC Riverside School of Public Policy or the University of California, Riverside.🎧 Guest Speaker: Professor Bruce Babcock, Associate Dean and Professor, UC Riverside School of Public PolicyInterviewed by: Dori Pham, Host of Policy Chats & Ari Chung, Dean's Brand Ambassador 🎵 Music by Vir Sinha🔗 Learn more: spp.ucr.edu/podcast📱 Follow us on Instagram: @ucr_spp👉 Be sure to subscribe so you never miss an episode exploring how policy shapes our future.