Jacobin #58 Summer 2025

Features

Doug Henwood
We Have Always Lived in the Casino

John Maynard Keynes warned that when real investment becomes the by-product of speculation, the result is often disaster. But it’s hard to tell where one ends and the other begins.

Martin Bernstein
Money for Nothing

Why the modern financial sector is better at extracting rents than funding the future.

Matt Zarb-Cousin
The House Always Wins

The gaming industry is turning every smartphone into a casino — and it’s destroying more lives than ever.

Interview with Ramaa Vasudevan
The Crypto State

The Trump White House has helped install the ticking time bomb that is cryptocurrency directly into our economy. When it blows up, the damage will be catastrophic.