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 joined 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 followed the presentation. Copies of “The Triumph of Economic Freedom” (Bloomsbury, 2025) were available for purchase. This Director’s Lecture Series was co-sponsored by the Baker Institute Center for Tax and Budget Policy. It was free and open to the public.
Follow @BakerInstitute on X to join the conversation online with #BakerLive.
Director’s Lecture Series
Created and endowed by Ambassador Edward P. Djerejian and Mrs. Françoise Djerejian, the Director’s Lecture Series provides a forum for productive discourse to advance the public’s understanding of the most critical challenges facing Texas, the U.S., and the world.
Registration
Registration has closed.
Baker Institute events are powered by the generous contributions of our supporters. Learn how you can make a donation or become a member of the Baker Roundtable.
Agenda
5:30 pm CDT — Reception
6:00 pm CDT — Armchair Discussion
6:45 pm CDT — Q&A Session
7:00 pm CDT — Book Signing
Participants
Introductions
The Honorable David M. Satterfield
Director, Rice University’s Baker Institute for Public Policy; Janice and Robert McNair Chair in Public Policy; Former ambassador to Lebanon and Turkey
Moderator
John Diamond, Ph.D.
Edward A. and Hermena Hancock Kelly Fellow in Public Finance; Director, Center for Tax and Budget Policy, Baker Institute; Adjunct Professor of Economics, Rice University; CEO, Tax Policy Advisers, LLC
Featured Speaker
Former U.S. Senator Phil Gramm joined Lone Star Funds as vice chairman in 2012, after serving as vice chairman of UBS Investment Bank from 2002 to 2011. At UBS, he provided senior leadership in landmark IPOs including Visa, China Ocean Shipping Company (COSCO), China Merchants Bank and LG Phillips in Korea. He also played a key role in the equity offering for the Industrial and Commercial Bank of China, the privatization of Telstra in Australia and the sale of 20% of Akbank in Turkey to Citibank.
Gramm represented Texas for six years in the U.S. House and 18 years in the U.S. Senate, where he sponsored major legislation including the Gramm-Latta Budget, the Gramm-Rudman Act and the Gramm-Leach-Bliley Act. He is a nonresident senior fellow at the American Enterprise Institute and previously taught economics at Texas A&M University for 12 years. Gramm holds a Ph.D. in economics from the University of Georgia and is the author of several books, including “The Myth of American Inequality” (Rowman & Littlefield, 2022). He is married to Dr. Wendy Lee Gramm, former chair of the U.S. Commodity Futures Trading Commission, and they have two sons and five grandchildren.
