Keen On America

“Be optimistic about the boom, but don’t buy the stock.” — Liaquat Ahamed on the AI bubble
 
Yesterday, Alexander Starritt argued that the 2008 financial crash ruined the lives of his generation. But compared with the great crash of 1873, 2008 looks like a tremor. The Pulitzer Prize-winning economic historian Liaquat Ahamed has a new book out today, 1873, which presents this 19th century economic crash as the first truly global financial crisis.
 
In 1870, three globalising infrastructure projects were completed in quick succession: the US transcontinental railroad, the Suez Canal, and the Trans-India railroad linking Bombay to Calcutta. Into this newly integrated global economy, the Franco-Prussian War injected a trillion-dollar-equivalent indemnity that the Rothschilds helped France raise — and the resulting dramatic capital flows produced three simultaneous bubbles in Berlin, Vienna, and New York. A French journalist named Jules Verne worked out that for the first time, you could circumnavigate the globe in less than eighty days. Around the world in one global economic crisis.
 
The lesson for posterity, Ahamed warns, is that the authorities made a catastrophic error by doubling down on the gold standard, producing decades of deflation that triggered an anti-semitic and anti-globalist populism, and ultimately led to the Great Depression of the 1930s. So what does that tell us about today’s AI boom, which is about to be rocketed by three trillion-dollar IPOs? Be optimistic about the boom, the wise Ahamed says. But don’t buy the stock.
 
Five Takeaways
 
•       Jules Verne and the First Global Economy: In 1870, three iconic infrastructure projects were completed: the US transcontinental railroad, the Suez Canal, and the Trans-India railroad linking Bombay to Calcutta. A French newspaper noted that for the first time, a traveller could circle the globe in less than eighty days. Jules Verne read the article and found his next novel. The point for Ahamed: this moment marked the creation of a genuinely integrated global economy for the first time in history. And with global integration came the first global financial crisis. The boom of the 1850s and 1860s was not irrational. It reflected real economic growth. The crash came from what happened next.
 
•       The Trillion-Dollar Indemnity and Three Simultaneous Bubbles: Under the peace treaty ending the Franco-Prussian War, France was required to pay Germany an indemnity worth the equivalent of $1.2 trillion in today’s money. With the help of the Rothschilds, France raised this sum in six months. The resulting capital injection caused the Berlin and Vienna equity markets to rise 200–300 percent. Simultaneously, European capital fleeing the war flowed into US railroad construction, inflating that bubble further. A third bubble formed in foreign borrowing on the London capital markets, as money chased yield in countries that should never have been given credit. Three bubbles, one crash.
 
•       The Wrong Lesson from 1873: Gold Standard Orthodoxy: When the crash came, the authorities made a catastrophic error: they concluded that the gold standard had worked because the 1850s and 1860s boom had happened under it. They failed to see that the crash itself was partly produced by the gold standard’s rigidities. The resulting decade of deflation crushed farmers, debtors, and ordinary people across Europe and America, fuelling anti-globalist populism. The same orthodoxy — applied by Montagu Norman and others in the 1920s — helped cause the Great Depression. We always fight the last war.
 
•       The Rothschilds: Scapegoated Despite Being Innocent: The Rothschilds were at the centre of the 1873 boom as the world’s leading bond underwriters. Presciently, they kept a low profile during the most speculative phase of the bubble. When the crash came, they were viciously scapegoated — part of the wave of antisemitism that swept Europe in the wake of the depression. Ahamed’s irony: the Rothschilds were blamed for a crisis they had been cautious enough to partially avoid. The story of 1873 is, among other things, a story of how financial panic turns into political persecution.
 
•       The AI Boom: Be Optimistic, Don’t Buy the Stock: Andrew’s final question: should we buy Anthropic and OpenAI when they go public? Ahamed’s answer, via the lesson of every bubble from 1873 to 1929 to the dot-com era: bull markets are usually driven by real fundamentals — until the last phase, when they become untethered. The 1920s were rational until 1927; the dot-com era was rational until 1997. The dilemma: the last irrational phase may still produce 40 percent gains. Ahamed’s advice: be optimistic about the AI boom. It reflects real productivity growth. But don’t buy the stock.
 
About the Guest
 
Liaquat Ahamed is a financial historian and investment manager. He graduated with degrees in economics from Cambridge and Harvard, worked at the World Bank in Washington, D.C., and had a twenty-five-year career as a professional investment manager based in London and New York before turning to writing. He is the author of 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (Penguin Press, June 2, 2026) and Lords of Finance: The Bankers Who Broke the World (winner of the 2010 Pulitzer Prize, the Council on Foreign Relations Arthur Ross Gold Medal, and the Financial Times Best Business Book of the Year). He lives in Washington, D.C.
 
References:
 
•       1873: The Rothschilds, the First Great Depression, and the Making of the Modern World by Liaquat Ahamed (Penguin Press, June 2, 2026).
 
•       Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed (Penguin Press, 2009) — the Pulitzer Prize-winning predecessor, referenced throughout.
 
•       Episode 2928: Alexander Starritt on Drayton and Mackenzie — directly referenced at the opening; the 2008 companion.
 
•       James Surowiecki, “Why Stocks Keep Going Up,” The Atlantic — referenced in the final exchange.
 
About Keen On America
 
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
 
Website
Substack

“To explain the lives of people living in this moment, to look at the historical forces that are shaping all of us, you have to look at business and technology. In our period, what is it that’s shaping us? I would suggest it’s the long fallout from the 2008 financial crisis and the technology revolution that’s been happening in California.” — Alexander Starritt
 
How to write a novel about our times? For Alexander Starritt, it means juxtaposing friendship and ambition alongside the grand historical forces of the age. Just as George Eliot did in Middlemarch. Whereas for Eliot, those forces were the 1832 Reform Acts and the industrial revolution, Starritt’s forces are the 2008 financial crisis and the digital revolution.
 
His novel, Drayton and Mackenzie, longlisted for the Financial Times Business Book of the Year, follows two ambitious Gen X’ers through the first two decades of the twenty-first century. The 2008 crash, Starritt says, ruined the lives of many of his generation. Rather than being in a Gramscian interregnum, our brave new 21st century world is already visible. But in contrast with many progressive critics of our neo-liberalism age, Starritt isn’t apocalyptic about the future. Think of Drayton and Mackenzie as Middlemarch and McKinsey. Revolutions will come and go, but, for Alexander Starritt, friendship and ambition are unchanging.
 
Five Takeaways
 
•       The First Novel on the FT Business Book List in 15 Years: The Financial Times and Schroders Business Book of the Year longlist typically features books on China, AI, and tech giants. In 2025, for the first time in fifteen years, it included a novel. Starritt’s reading of why: there’s a gap. The literary and cultural worlds have become so estranged from the business world that very few writers are even attempting to write seriously about the forces that actually shape people’s lives. That gap, he says, says as much about the cultural moment as any quality the book itself might have.
 
•       George Eliot’s Method: Historical Forces as the Engine of Fiction: When George Eliot wrote Middlemarch, the historical forces she was dramatising were the Reform Acts and the industrial revolution. Starritt’s equivalent: the 2008 financial crisis and the California tech revolution. His method is Eliot’s — use a closely observed relationship (in his case, a male friendship rather than a marriage) as the engine through which the reader experiences history. The friendship gives the historical canvas an emotional charge. The historical canvas gives the friendship its full weight. Neither works without the other.
 
•       Male Friendship: The Most Important Relationship Nobody Writes About: We’ve all read too many books and seen too many films about romantic and sexual relationships. Starritt’s observation: there is another type of relationship — friendship — that is incredibly important to almost all of us, and that gets almost no literary attention. Drayton and Mackenzie is his attempt to take it seriously. The friendship between James (straight-lined, disciplined, brilliant) and Roland (impulsive, self-sabotaging, charming) evolves from incomprehension to something described by the Financial Times as “unbreakable” — and the reviewer admitted that by the end, their vision wasn’t the clearest.
 
•       The Post-Liberal World Is Already Here: Everyone quotes Gramsci’s interregnum — the old world is dying, the new one hasn’t been born yet. Starritt’s counter: the new world has already been born. You can see it everywhere across the Western world. British jobs for British workers. Reshoring manufacturing. Keeping out undesirable foreigners. There is, he notes, quite a lot of consensus about these things, even if the discourse around them is contested. The post-liberal world is already here. The question is not whether it will arrive but what we do with it.
 
•       European Optimism: The Separation From America May Be for Europe’s Own Good: Starritt’s closing optimism, which he acknowledges may not be welcome news for American listeners: the painful separation from America that America is forcing upon Europe is probably, in the long run, for Europe’s own good. Rather than relying on the White House, Europeans can take responsibility for themselves. David Runciman’s idea: democracy needs to be renewed every generation. The external pressure of China, Russia, and an America that no longer wants to help may be the forcing function that produces that renewal. Maybe we can get some agency back.
 
About the Guest
 
Alexander Starritt is a Scottish novelist and entrepreneur. He was born in 1985 and is the author of Drayton and Mackenzie (Atlantic Monthly Press, June 2, 2026), We Germans (winner of the Dayton Literary Peace Prize), and The Beast (a 2017 Spectator book of the year). He was a founding team member of the policy platform Apolitical. He lives in London.
 
References:
 
•       Drayton and Mackenzie by Alexander Starritt (Atlantic Monthly Press, June 2, 2026).
 
•       George Eliot, Middlemarch — Starritt’s primary literary model, referenced explicitly.
 
•       Adrian Wooldridge, “Bring Back the Big Business Novel,” Bloomberg — the piece referenced at the opening.
 
•       David Runciman — referenced for his argument about democratic renewal.
 
•       Michael Chabon, The Amazing Adventures of Kavalier & Clay — the Financial Times comparison.
 
About Keen On America
 
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
 
Website
Substack
YouTube
Apple Podcasts
Spotify
 
Chapters:
 

(00:31) - Introduction: the FT Business Book longlist and the first novel in 15 years

(02:03) - The gap in culture: literary and business worlds estranged

(02:50) - Adrian Wooldridge: bring back the big business no...

“When you’re in a world that is careening out of control, where we’ve broken through seven of the nine safe dimensions of safe operating space that scientists have discovered, it’s unrealistic in my view to focus on those little things and think that will lead to a real better outcome. What’s realistic is backcasting.” — Jeremy Lent
 
There Is An Alternative. That is the central argument of Jeremy Lent’s new book, Ecocivilization: Making a World That Works for All. Margaret Thatcher’s historically materialist TINA — THERE IS NO ALTERNATIVE — was both the most seductive and disempowering message the neoliberal establishment ever produced. As long as everyone believes in the inevitability of free market capitalism, nothing will ever really change. Anti-agency is the name of agency. We just push for slightly higher carbon taxes and slightly fewer fossil fuel subsidies and give it the euphemism of “progress.” For Lent, however, this is environmental capitulation.
 
Jeremy Lent imagines a genuinely sustainable world — one where humans have a long-term relationship with the living Earth. From that vantage point, the steps that look realistic to the incrementalists seem timid or counterproductive. He reminds us that we’ve broken through seven of the nine safe operating dimensions that scientists have identified for a stable Earth system. No, incrementalism isn’t realism. Rather than progress, it’s a trance-like slide into the apocalypse.
 
Rather than state control or free markets, the alternative Lent introduces in Ecocivilization is the commons — Nobel Prize-winning economist Elinor Ostrom’s third way in which humans self-organise in the collaborative ways of the natural world. It is already happening, he says, in places as far apart as Cleveland, Ohio and Jackson, Mississippi. Maggie was wrong, the Anglo-American Lent insists. TINA is bunk. THERE IS AN ALTERNATIVE.
 
Five Takeaways
 
•       The Consensus Trance: Why Nobody Is Freaking Out: Everyone knows who’s in and who’s out in Washington today. Everyone knows their team’s sports score. Almost nobody is aware of some of the bigger existential questions facing all of us. Lent’s explanation: we have media owned by billionaires who don’t benefit from people freaking out. The entire system is designed to lull people into what he calls a “consensus trance.” We broke through seven of the nine safe operating dimensions that scientists have identified for a stable Earth system. In normal times that would be front-page news every day. Instead: the news cycle moves on.
 
•       Backcasting vs Incrementalism: The Two Realisms: There are two ways to use the word “realistic.” Realistic given the forces of destruction and oppression all around us right now: push for slightly higher taxes on the uber-wealthy, slightly fewer fossil fuel subsidies. Realistic given what a genuinely sustainable world would actually look like: start from the destination and work backwards. The first kind of realism may be taking us in the wrong direction. Lent’s argument: when you’re in a world careening out of control, the timid steps of incremental realism are not realistic. Backcasting is.
 
•       The Commons: Ostrom’s Third Way: The political debate of the last hundred years has been between state control and free markets. Both have failed. Lent’s alternative, via Nobel Prize-winning economist Elinor Ostrom: the commons. Not the state owning things. Not markets extracting profit. Humans self-organising together in the way they evolved to do — collaboratively, cooperatively, with attention to the common good. Ostrom showed, empirically, that commons governance works. The Evergreen Cooperatives in Cleveland, Cooperation Jackson in Mississippi: these are working prototypes of what Lent means.
 
•       TINA Is the Most Disempowering Message Ever Produced: Margaret Thatcher’s “there is no alternative” — shortened to TINA — is, for Lent, the central ideological achievement of neoliberalism. As long as everyone believes there is no alternative, people will just try to improve the situation that little bit and nothing will change fundamentally. Ecocivilization is Lent’s counter-argument: there is an alternative. The first step is to believe it. Once you believe it, the second step is to figure out what the practical steps are to get there. The book is those practical steps.
 
•       The Authoritarian Moment: Why People Vote for Strongmen: People drawn to authoritarian strongmen feel in their gut that the system is designed to screw them. They’re right about that. They’re wrong about the solution — the strongmen are offering greater inequality dressed as populism. Lent’s prescription: what AOC, Bernie Sanders, Mamdani represent is the alternative — the courage to actually stand for human dignity. When things swing to one extreme, they tend to swing back. We could be surprised at the speed of change. It’s already happening in local communities — islands of coherence in a sea of chaos — and it can happen at the mainstream level too.
 
About the Guest
 
Jeremy Lent is an author and speaker described by George Monbiot as “one of the greatest thinkers of our age.” He is the founder of the Deep Transformation Network and the nonprofit Liology Institute. He is the author of Ecocivilization: Making a World That Works for All (Melville House, May 26, 2026), The Patterning Instinct: A Cultural History of Humanity’s Search for Meaning, and The Web of Meaning: Integrating Science and Traditional Wisdom to Find Our Place in the Universe. He lives in Berkeley, California.
 
References:
 
•       Ecocivilization: Making a World That Works for All by Jeremy Lent (Melville House, May 26, 2026).
 
•       Elinor Ostrom, Governing the Commons — the Nobel Prize-winning work on commons governance referenced throughout.
 
•       Kate Raworth, Doughnut Economics — referenced in the conversation as a related framework.
 
•       Wilkinson and Pickett, The Spirit Level — the study showing higher well-being in more equal societies, referenced by Lent.
 
•       The Evergreen Cooperatives, Cleveland, Ohio — referenced as a working prototype of commons governance.
 
About Keen On America
 
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
 
Website

“I don’t look to companies to be moral guides. I want them to be good companies. When you invest in the stock market, you want them to be growing fast and making profit. That’s it. There’s nothing more to it.” — Keith Teare
 
If it’s Saturday, it must be our weekly tech show. Before we went live, That Was the Week publisher Keith Teare told me it wasn’t a big news week. He was wrong, of course (as he often is). The really BIG news this week, which Keith conveniently missed, is that Anthropic overtook OpenAI as the world’s most valuable AI startup. Dario Amodei’s AI startup raised $65 billion this week, putting its valuation at $900 billion, way ahead of OpenAI’s last round at $730 billion. Keith says, without any proof, that they’ve cooked their numbers. Which makes this week’s news even tastier.
 
The more interesting story, for Keith at least, is Sam Altman’s latest pivot: that humans need stakes in the AI platforms whose wealth they help create. Rather than Patagonia-style moral corporations (which Keith says would make him “throw up”), it should be the responsibility of the state or government to make capitalism more moral.
 
But even slippery Sam got outpivoted this week by Anthropic, who sent a co-founder to Rome to do a deal with the Pope. Leo XIV’s new encyclical, “Magnifica Humanitas,” is Anthropic’s papal pivot. It’s the smart model for value investing in the AI age.
 
Five Takeaways
 
•       Anthropic Tops OpenAI — But the Numbers May Be Wrong: Anthropic raised $65 billion this week at a $900 billion valuation, overtaking OpenAI’s last round at $730 billion. The VCs backing it — Green Oaks, Sequoia, Altimeter, Dragoneer — are credible. Andrew’s argument: they’ve seen the books. Keith’s counter: the VCs are playing a different game. They expect two to three times their money at IPO and they’ll probably get it — not because the revenue numbers are solid, but because the only way is up right now. The real test: the S-1, which requires audited accounts. Keith’s prediction: the revenue numbers will look different when the SEC sees them.
 
•       Dario’s Credibility Problem — But Claude 4.8 Is Fantastic: Keith has consistently characterised Dario Amodei as “slightly juvenile” and has long been sceptical of Anthropic’s public positioning. This week he cites Om Malik and the All In podcast in support of the revenue numbers critique. But he is careful to separate the man from the product: Claude 4.8, released two days ago, is “fantastic.” At SignalRank, Keith’s firm, Claude rebuilt an entire agent valuation workflow in an hour that would have taken days manually. Andrew’s observation: Andrew is now Anthropic’s newest fan. He has replaced Spurs with Anthropic as his team.
 
•       Altman’s Pivot: From UBI to Ownership: Sam Altman has shifted his public narrative on AI and labour. Previously: UBI — universal basic income — as the answer to mass unemployment. Now: ownership. Humans need to own stakes in the AI platforms whose wealth they help generate. Not welfare. Not redistribution. Ownership. Keith’s verdict: it’s an interesting and significant move. More interesting than Amodei’s continued fearmongering about AI devastation. Andrew notes that Altman seems to have genuinely grown up in the last two months. His tone is markedly different.
 
•       Patagonia Capitalism Would Make Keith Throw Up: The week’s interview of the week: Eric Ries on Incorruptible, arguing that great companies stay great by choosing a higher moral purpose — the Patagonia model. Keith’s response: it would make him throw up. He doesn’t want companies to be moral guides. He wants them to be profit machines. Moral guidance is the job of politics. And politics, he acknowledges, is massively disappointing. He does agree with Ries on one thing: Sundar Pichai, as an individual, should care about the future. But Google’s job is to make money. That’s it.
 
•       Where Does Moral Guidance Come From? The Populists: Andrew’s closing question: if not corporations, not politicians, not the pope — where does moral guidance come from? Keith’s reluctant answer: the populists. Because the people care. They care about the future. And in the absence of politicians they can trust, they go elsewhere. Keith sees this as inevitable rather than desirable. Populism is the unintended consequence of political failure. The people filling the gap that broken institutions left. It’s not a solution. It’s a symptom.
 
About the Guest
 
Keith Teare is a British-American entrepreneur, investor, and publisher of the That Was the Week newsletter. He is a co-founder of TechCrunch and Andrew’s regular TWTW co-host.
 
References:
 
•       That Was the Week by Keith Teare.
 
•       Om Malik, “The Copy and the Guru” — the post on Anthropic’s revenue numbers referenced in the conversation.
 
•       All In Podcast — referenced for the Anthropic S-1 revenue discussion.
 
•       Episode 2921: Eric Ries on Incorruptible — the interview of the week discussed in the show.
 
•       Episode 2915: Keith Teare on capitalism and AI — the preceding TWTW, referenced at the opening.
 
About Keen On America
 
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
 
Website
Substack
YouTube
Apple Podcasts
Spotify
 
Chapters:
 

(00:31) - Introduction: ten days since the last TWTW

(01:01) - The big news: Anthropic tops OpenAI at $900 billion

(01:53) - Keith’s reaction: both true and BS

(02:22) - OpenAI is further ahead on IPO filing

(03:15) - Om Malik and the revenue numbers: what does misleading mean?

(03:41) - The All In podcast and Dario’s credibility

(04:21) - Anthropic’s $65 billion raise: the VCs’ game

(04:42) - But Claude 4.8 is fantastic: the SignalRank story

(06:16) - Dario vs Sam: who’s more grown up?

(07:00) - Altman’s pivot: from UBI to ownership

(08:00) - Keith admits he was wrong about OpenAI’s dominance

(09:47) - What did Keith get wrong?

(10:36) - Corporate vs consumer AI dominance

(15:00) - Agentic AI: the big theme in Keith’s newsletter

(20:00) - The pope: Leo XIV and AI

(25:00) - Moral cap...

“The thirteen colonies that became the United States were not even half of the British colonies that existed in the eighteenth century. We need to think about why some colonies rebelled and others did not.” — Sarah Pearsall
 
Earlier today, the historian Dominic Erdozain came on the show to argue that American patriotism has the same exceptionalist Puritan roots as British imperialism. But not all historians of the American revolution would agree. Take, for example, Sarah Pearsall, author of Freedom Round the Globe, who turns 1776 inside out to present the American rebellion as a kind of world revolution. 1776 as 1917. American patriotism as an explosion of borderless humanity.
 
Pearsall argues that 1776 was as globally significant in its revolutionary promise as 1789, 1848 or 1917. She reminds us that there were at least 26, possibly as many as 32 British colonies in existence in 1775 — in the Caribbean, in Canada, in East and West Florida. And the radical ideas that drove the Declaration of Independence — security, happiness, respect — were being asserted simultaneously all over the world. So in Edinburgh debating clubs, Caribbean sugar plantations and West African castles, the American revolution was welcomed as a global revolution. Universal rather than exceptional. The Tea Party as the Storming of the Winter Palace.
 
Five Takeaways
 
•       32 British Colonies, Not 13: The Forgotten Empire: People talk about the thirteen colonies as if they were all the British colonies in North America. They weren’t. There were at least 26, possibly as many as 32, depending on how you count groups of islands. British colonies in the Caribbean. In Canada. In East and West Florida. Each had its own relationship to the British Empire, its own internal tensions, its own calculations about the costs and benefits of rebellion. The question Pearsall asks — why did some rebel and others not? — is the question that opens up the global story.
 
•       The Caribbean Undermines the Slavery Thesis: There is a popular argument that the American Revolution was primarily fought to preserve slavery — that the colonists feared British abolition and revolted to protect the institution. Pearsall’s counter: if this were the main driver, the Caribbean colonies would have been the first to join. They were far more dependent on slavery than the mainland colonies. They did not join. The relationship between slavery and the revolution is genuinely complicated — not simple in either direction. The Caribbean story is the evidence that demands a more nuanced account.
 
•       From St Kitts to Kolkata: The Declaration’s Global Keywords: Pearsall’s organising device: she takes thirteen key words from the Declaration of Independence and finds the spark of each in a far-flung location. Security in the Six Nations cornfields of upstate New York, where it meant something very different to the Haudenosaunee than to the Philadelphia delegates. Happiness in the debating clubs of Edinburgh, where women were demanding it alongside men for the first time. Respect in the streets of Kolkata. This device lets her write about the globe without losing the Declaration as her anchor.
 
•       Americans Were Already Thinking Globally in 1776: One of Pearsall’s more surprising findings: Americans in 1776 were far more aware of global events than we tend to assume. They were reading about events in India. The Boston Tea Party is unintelligible without knowing that tea was an Asian commodity and that the East India Company was simultaneously extracting profit from Asia and from the American colonies. Colonists compared themselves explicitly to Indians under the Company’s thumb. They saw the connections. The isolation of American history as a subject of study is a modern academic choice, not an eighteenth-century reality.
 
•       Read the Declaration, Not the Constitution: Pearsall’s July 4 Prescription: Andrew asks Pearsall what she’ll be doing on July 4 and suggests people should read the Constitution. Pearsall gently corrects him: the Declaration of Independence. Two very different documents from very different moments. The Declaration, published on July 4, 1776, is short, bold, and reaches toward universal ideals. The Constitution, ratified in 1788, is a compromise document about how to govern. On the 250th anniversary of the Declaration, Pearsall’s prescription: read the Declaration. The IndyCar races and the UFC match at the White House can wait.
 
About the Guest
 
Sarah Pearsall is a prize-winning historian at Johns Hopkins University and the author of Freedom Round the Globe: A World History of the American Revolution (Knopf/Penguin Random House, May 2026). She previously taught at the University of Cambridge, where she was a colleague of Christopher Clark. She grew up in the United States and lives in Baltimore, Maryland.
 
References:
 
•       Freedom Round the Globe: A World History of the American Revolution by Sarah M. S. Pearsall (Knopf/Penguin Random House, May 2026).
 
•       Christopher Clark, Revolutionary Spring: Europe Aflame and the Fight for a New World, 1848–1849 — referenced in the conversation; Pearsall’s former Cambridge colleague and friend.
 
•       Episode 2924: Dominic Erdozain on To Love a Country — the morning’s companion episode, directly referenced.
 
•       Episode 2922: Alexandra Natapoff on America Unfinished — the week’s America 250 series.
 
About Keen On America
 
Nobody asks more awkward questions than the Anglo-American writer and filmmaker Andrew Keen. In Keen On America, Andrew brings his pointed Transatlantic wit to making sense of the United States — hosting daily interviews about the history and future of this now venerable Republic. With nearly 2,900 episodes since the show launched on TechCrunch in 2010, Keen On America is the most prolific intellectual interview show in the history of podcasting.
 
Website
Substack
YouTube
Apple Podcasts
Spotify
 
Chapters:
 

(00:31) - Introduction: Erdozain this morning, Pearsall this afternoon

(01:57) - A meta vantage point: turning the revolution inside out