Support comes from our 2024 lead sponsor of Planet Money, Amazon Business. Everyone could use more time. Amazon Business offers smart business buying solutions so you can spend more time growing your business and less time doing the admin. Learn more at Amazonbusiness.com. This is Planet Money from NPR. Welcome back everyone to Planet Money Summer School. The dynamic history of the world. Don't worry, you won't have to spend these sunny days
in a dark basement studying a dusty home. You can just relax as we hit the historical highlights. The big questions, the mysterious players. And as we'll see today, the revolutions. Moments when the world order gets overturned. I'm Robert Smith and this is Lesson 2, The Rise of the Worker. Today Wednesday till Labor Day we are meeting here in your ears to explain the world of today with stories from the world of your. Last week we explained what money really is
and where it comes from. Today we look at power through the eyes of the workers and the bosses. Two stories today that show you how the balance between employer and employee, rich and poor can change. Suddenly and how we can all prepare for and maybe even push for changes happening today. Rejoining us as our guest professor for this lesson is Rebecca Spang from the University of Indiana Bloomington. Thanks for coming back. Oh, of course. It's so much fun.
So why study labor history now? Like what challenges are we facing in the economy that make these stories particularly relevant? I think the question that everybody's asking is, is AI going to take my job? We know the machines have already taken manufacturing jobs. The United States is overwhelmingly a service economy, a creative economy. What if it turns out the machines can do that too? What are we going to do?
One interesting thing when you start to look at the actual economics, there is this question right? Who gets the value of the work? Who gets the value of the thing that gets sold? And classically over history this has been this sort of struggle. Yes, that's right. I mean, that is a classic way to think about history is a struggle between those who do the work and those who own the so-called means of production.
Karl Marx has entered the chat and we should say that this balance is not a static thing. Sometimes dramatic things happen that do shift the power to the worker. How to put it? It's not all the tale of things getting worse or a tale of things always getting better. Okay, after the break we'll have the first of our historical case studies. It's about the wild, wild party after the end of the world. Support for Planet Money Summer School comes from Merrill. Whatever your financial goals
are, you want a straightforward path there. But the real world doesn't usually work that way. Merrill understands that. That's why with a dedicated Merrill advisor you get a personalized plan and a clear path forward. Go to ML.com slash bullish to learn more. Merrill, a bank of America company. What would you like the power to do? Investing involves risk. Merrill Lynch, Pierce Fener and Smith Incorporated, registered broker dealer, registered investment advisor, member SIPC.
Support comes from our 2024 lead sponsor of Planet Money, Amazon Business. Everyone could use more time. Amazon Business offers smart business buying solutions so you can spend more time growing your business and less time doing the admin. You'll see why they call it smart. Learn more about smart business buying at Amazon Business.com. Welcome back to Planet Money Summer School. The year is 1347. The location, a bustling
port in Sicily. Ships are coming in from around the globe, carrying spices and silk. They're also carrying stoelways, little rats. On the back of the rats are a different kind of stoelways, fleas, and in the belly of the fleas are bacteria. Bacteria that cause the bubonic plague. We will spare you the harrowing details of the pandemic known as the Black Death. It was a health disaster unequaled in human history. 30 to 50% of the population
of Europe died. Horror beyond imagining. We made European society and countless different ways. But the one we're going to zero in on is the silver lining. The economic shifts that followed the plague. We'll have Keith Rummer and Alexi Horowitz-Gazzy pick up the story from here in this episode from 2020. The economic transformation that came about after the Black Death was only possible because of the very specific way the pandemic attacked the European economy.
The plague destroys human capital. That is to say, it destroys human beings. But it does not destroy physical capital. That's Anne McCants, a historian from MIT. You know, good farmland. The crop may rot in the field for one or two years. But if the land was fertile before, it's going to be fertile again. So if you're a big landowner, the good news is you still have a bunch of land that can make you a bunch of money. The bad news? Half your serfs are dead. There's no one to tell the soil.
All the tools in the shoemaker shop? Those are still there. But if all the shoemakers were wiped out by the plague, how are shoes supposed to get made? From a strictly economic perspective, there is suddenly a huge shortage of labor. And that means the workers who are left have more power now. And this allows workers to negotiate effectively for higher wages. That's Guido Alfani, an economic historian at the University of Bocone in Milan.
Guido says that in Florence, between 1350 and the early 1400s, wages doubled. And you see versions of the same thing all over Europe. It wasn't just wages either. Workers were able to demand better working conditions too. Guido says you can actually see this in some of the employment contracts in Tuscany from the years right after the Black Death. People who were employed to work the land required to be given oxen as part of the contract.
And oxen are ready, are they costly? So this is kind of a shift. So in Italy, workers were sort of saying like, I'm only going to work here if you give me an ox to work the field otherwise. Yes, exactly. Because they had the knife in the hand and they used it power. They had the knife in the hand in the sense that they had all the negotiating power. Exactly.
The people on the other side of that negotiation, the nobles and big landowners, they were not all that happy about this new state of affairs. Like a peasant is trying to tell me how much I'm going to pay him. There's almost immediate pushback. In England to take just one example, they pass a law called the ordinance of laborers. And 1349, still in the middle of the plague.
This is a law that actually punishes both the laborer themselves for taking too high of a wage or, you know, in the language of the day, demanding too high a wage. And the landowner, let's say, or employer, who overpays. And MacKant says instead of a minimum wage law, medieval England had a maximum wage law. Their wages were capped.
Parliament also passes a law forbidding the free movement of workers around the country in order to stop people from shopping for higher wages in, say, the neighboring shire. But for the most part, the English government just isn't able to enforce these laws. It's really clearly a failure. To workers were just too powerful. And, you know, sort of one of the nicknames for this period is the golden age of labor. It's hard to overstate what a big deal this was.
And it didn't just stop at higher wages. There were these new forms of social mobility. Like up until this moment, jobs were passed down from generation to generation within particular families. Whether that was a good job or a bad job. The job you had was almost certainly going to be the same job your father had and his father had as far back as anyone could remember. A lot of the good jobs, shoemaker, wheelwright, weaver, tanner, fletcher, scrivener, fereer, salter, chandler, girdler.
The point is, cordwainer, the point is these jobs were controlled by guilds. If you weren't in the guild, you weren't allowed to do them. But suddenly, half of the guild members were dead. So the folks who ran the guilds had to start thinking about letting in some new members. People whose families had never been shoemakers before. Don't want to harvest barley anymore? Become a Loriner. Make some stirrups and harnesses. Or you could become a polter. That's a poultry salesman.
So for a moment, it's possible to move up. It's possible to change things. And to start accumulating wealth, which in medieval Europe means essentially one thing. In this society, the largest part of wealth is basically real estate. It's basically land. In the wake of the Black Death, some of the largest estates are broken apart when their owners die and the land gets split evenly among multiple descendants. Many of those plots are then put up for sale. For a pig, you have kind of a bias market.
And you have people who had lethal or no property who managed to acquire property. So there's like a little island of lower inequality for a hundred or so years? Absolutely, absolutely. And this is quite exceptional because after that, the only other island would be that associated to the world wars. It was one of only three times that the rate of inequality has dropped in the past 700 years. And you could see that change in people's everyday lives and the stuff they owned.
But this isn't happy news for everybody. All the nobles and landlords on the rich side of that medieval wealth gap see these former peasants eating mutton chops and trying on fancy silks from East Asia. And they're like, no, not okay. Because this is a moment in history where this economic change starts to feel like it's threatening the social order in this fundamental way.
What's the point of being a noble if all the people who used to be peasants can now just buy their way into the noble lifestyle? So a new round of laws start getting passed, some chu-eri laws, which put limits not just on how much workers can get paid, but even on how they're allowed to spend their money. So when you're in a country where you're not allowed to eat guinea fowl or where the color purple, that's our color. You guys, you wear brown.
And yes, this sounds kind of silly, a little bit petty maybe. But Ants has this new peasant purchasing power was kind of without precedent. Poor people hadn't ever suddenly just stopped being poor before. For hundreds of years, people's station in life had basically never changed, kind of by design. So I think the post plague moment has to be at least as much about that sort of sense that you know, sort of everything is wrong in the world.
And one of the ways you know that everything is wrong in the world is because you know your peasant is wearing a color. They shouldn't be wearing. The world had changed. And Ann McCann says that if you're looking for a silver lining in these awful moments in human history, that is the silver lining. The chance to remake the world. The human toll of these things is staggering. But you know, there also an opportunity to think about things from a new angle.
Why is it that only nobles should eat guinea fowl? And that seems trivial. But it's possible that that kind of open thinking leads to something else that's not trivial. The world can surprise us, so it's good for us to be prepared to be surprised. Global pandemics, these giant shocks to society, can represent these really rare opportunities to change how the economy works. And who it serves. Alexey Horowitz-Gazzy and Keith Romer from an episode published in the midst of our own pandemic in 2020.
Let's bring back our professor today. We're back as bang, who wrote the book Stuff and Money in the Time of the French Revolution. I don't know which word is more exciting. Stuff, money, revolution. You missed time. Time is pretty excited. Time is because we're of course all learning to be economic historians here.
Turning to our story of the day about the Black Death, we can really see how supply and demand, which we normally think about for the stuff we buy also clearly applies to the labor force. You know, we're all selling ourselves, our hours every day. And when the supply of workers goes down, as we saw in the story, the price goes up. And we're seeing it after our own pandemic, right? Oh, yes, certainly. One industry I happen to know a little bit about is the restaurant industry.
And in sort of the immediate aftermath of peak pandemic, rest rotors could not hire staff. They ended up having to pay higher wages. And then they were also having to pay more for food. And so prices went up in restaurants. So it's definitely a factor. And we saw this to some extent in the whole economy. Unemployment hit the lowest level in like 54 years. Meaning fewer people were out there looking for work, a smaller supply of labor. And wages went up.
So when else in history have we seen these golden moments for workers? When workers sort of had all the power or a lot of power? I don't know if workers have ever had all the power or even a lot of the power. But there have been times in history when workers, people were in a somewhat more equal position. The period that comes to my mind immediately is the aftermath of World War II. It is known in France as the 30 glorious years. And that language is used in German as well.
So from sort of 1945 to the OPEC oil crisis, there's really a time when labor, generally organized labor, is in a strong bargaining position. And also where there's a lot of productivity, a lot of economic growth. And also incidentally pretty hefty tax on the highest income, which means reinvestment in public goods like roads and schools. So that does it for the moments when the workers of the world got more power, flex their muscles. But the bosses were not taking all this sitting down.
They were about to get something that could radically alter this supply and demand for workers. We call it the industrial revolution. Looking up after the break, what happens when men with very sharp scissors get pissed off about the machines coming to replace them? It's the story of the Luddites. Hey, Darien Woods here. The company Nvidia dominates the AI chip market. Its success comes from designing computer chips and a software ecosystem.
Thousands of people over decades there have been building middleware to enable AI developers to use the hardware. And that is all proprietary to Nvidia. Just go to plus dot npr dot org. This message comes from Apple card. Reboot your credit card with Apple card. Earn up to 3% daily cash back that you can grow at 4.40% annual percentage yield when you open a savings account through Apple card. Apply for Apple card in the wallet app on iPhone. Subject to credit approval.
Savings is available to Apple card owners. Subject to eligibility. Savings in Apple card by Goldman Sachs Bank USA Salt Lake City branch. For FDIC, terms and more at Apple card dot com. This message comes from NPR sponsor Merrill. Whatever your financial goals are, you want a straightforward path there. But the real world doesn't usually work that way. Merrill understands that. That's why with a dedicated Merrill advisor, you get a personalized plan and a clear path forward.
Go to ML dot com slash bullish to learn more. Merrill, a bank of America company. What would you like the power to do? Investing involves risk. Merrill, Lynch, Pierce, Fennor and Smith Incorporated, registered broker dealer, registered investment advisor, member SIPC. All right, class. Welcome back to Planet Money Summer School. I'm Robert Smith. I think about this next historical episode all the time.
Now that artificial intelligence can write and even host podcasts like this one, I do wonder what would happen if all of us audio workers got together in a pub somewhere and started to make a plan to fight back. That's what happened one Saturday night around 200 years ago in England. A bunch of large angry men gathered for a pint of beer and they brought weapons, pikes, those long spears and sledgehammers. They were the followers of a mysterious general named Ned Ludd. They were the Luddites.
And around midnight they set out about 150 of them to attack the factory where they worked, to smash the machines that were taking their jobs. Jacob Goldstein and David Kessenbaum produced this episode in 2015. The Luddites story is really the first time that lots and lots of jobs were replaced by machines. The machines were making cloth. Cloth was big. It was really expensive. Most people had one, maybe two sets of clothes.
And England at this time was selling cloth to its colonies all around the world. It was big business and it required lots of workers. There were lots of jobs. England would take raw wool and spin it into yarn. Then these guys would weave it into a fabric on these looms. And then there were these other guys, what are they called, croppers? Croppers. They had these giant, basically 50 pound scissors to cut the fuzz off these big bolts of cloth. They were shears. They were shears.
But sure, let's call them giant scissors. The jobs they did, they required skill. These people had a, for the time, at least by the time this is a time, a good and fairly prosperous life. This is Joel Mokir, an economic historian. He says these cloth workers, these people who were going to become the lotites, he says they had real skills. They were in demand. They had a lot of freedom. They really worked whenever they felt like it and didn't work when they didn't feel like it.
They had an institution, for instance, called St. Monday, which, or that's what it was called. And basically what happened was that at the weekend, particularly on Sunday, they celebrated and drank themselves into a stupor, and then on Monday, they were all hung over and didn't work. And it was known as St. Monday. Why St. Monday? I think there used to be all these different saints days, like religious holidays, you know? And so it would be Monday morning and I got a day, I'm so hung over.
Is it a holiday today? I mean, let's call it St. Monday, you know, let's take the day off. It's a good job, but you can invent your own holidays. It was a good job. Weaving, in particular, was a great job. The weavers at this time were famous for walking into the pub with five pound notes stuck in their hats. Showing off. Yeah, showing off, basically saying, like, look how much money I got, I can put a five pound, you know, bill in my hat.
These jobs were kind of like working in, say, I don't know, it's in the auto industry in the US in the 50s. You know, they were solid jobs and they paid well. The fact that they paid well, that ended up being their undoing, because if you're a worker getting paid a good wage, that's great. But if you're the person paying those weavers and the spinners and the guys with the big scissors, at some point you start thinking, there has got to be a better way to do this.
There's got to be a cheaper way to do this, a way that does not require so many people. And this is a moment in England when people are building all these different machines to do all these different things. Somebody made a spinning machine that was cart rights weaving machine and somebody else made a machine that basically ran those giant 50 pound scissors. One inventor came up with a machine to make ribbed stockings and this big industrialist comes along and says, I'll buy that from you.
Then the deal is that he gives him a hat with a big feather and he pays his bar bill for the rest of his life. Wait, wait, wait. Yeah. So it's a hat and all the beer you can drink basically forever. He gets a lifetime of free beer, yeah. And so he can go to the pub and wear the hat and have a drink every day. I assume that was a raw deal for the inventor. Probably, unless the guy drank an incredible amount or was a really nice hat. You're a really nice hat.
I mean, what we do know is for a lot of inventors, the machine age was a great time, a great time to be inventing machines. It was also for a lot of workers a bad time. This is the first time that you have this massive, massive change on such a big scale. This is the industrial revolution and the cloth workers, they are right in the center of it. Today when some new technology comes along, we just assume like it's there. It's going to happen. There's no stopping it.
But back then, it was not clear. These guys looked around and they saw these machines making cloth faster and cheaper than they could do it. And the workers think, you know, this is wrong. Maybe we can stop it. So they launched a kind of underground war against these machines. In 1811, these mysterious letters start appearing. You know, they get like posted on the wall at the village market. They get published in the local newspapers. I actually printed one of them out here.
I printed those both copies. Okay. It says, it says, to Mr. Smith, shearing frame holder at Hill and Yorkshire. Shearing frames, by the way, those are the machines that replace the guys with the shears, with the giant scissors. It says, sir, you are a holder of those detestable shearing frames and I was desired by my men to write to you and give you fair warning to pull them down.
If they are not taken down by the end of next week, I will detach one of my lieutenants with at least 300 men to destroy them. If you shoot at us, quote, they have orders to murder you and burn all your housing. And then at the very bottom, the letter is signed by the general of the army of redressers, Ned Ludd. There he is. Finally, the mastermind, the founder of the Luddite movement, turns out, Ned Ludd, not a real guy. Sorry to disappoint you. Again, this is Joel Mokir.
He never existed, apparently. There are some stories that there was a man like that in the 1780s who broke a few machines, but it's very poorly documented. And most people who, especially in the area, think he was just about as historical a figure as Robin Hood. Yeah. And just like Robin Hood, the story goes, Ned Ludd was hanging out in Sherwood Forest and he had this army with him. Somehow having this non-existent general in charge actually helped a lot.
You know, people had been writing angry letters before, sometimes they'd even been burning down factories before. But the invention of Ned Ludd made the whole thing seem, made it seem bigger. You know, it's not just like random workers here and there acting out. It's like there is this secret army. This secret army called the Luddites. And there are not like an anti-machine culture or anything. I mean, I think they were fine with steam engines.
They just hated the machines that were taking their jobs. That's what they were attacking. And by attacking machines, we actually mean attacking machines. I think they would have some people with rather primitive rifles. Many of them would have knives, quite a few of them carried sledge havers and they would break into a factory, overpower any guards if they were there. They would basically break the machinery and leave. Ned Ludd is everywhere.
He's destroying stocking frames and notting him sure, burning down factories and Manchester. There are dozens of Luddites attacks in just a few months. And at this moment, people are thinking maybe this is going to be a revolution. People are singing songs about this Ned Ludd guy in pubs. Some of the attacks, awesomely, are done in drag, guys dress up as Ned Ludd's wife. There's this one factory owner and when he walks down the street, kids shout at him. I'm Ned Ludd. No, I'm Ned Ludd.
Government officials get letters from somebody claiming to be Ned Ludd's solicitor general whose filing charges against him in the Ludd court insured for us. If the whole thing sounds a little silly, it was not. These were serious riots and it seemed possible that the Luddites could beat the machines. Because over in France, they were similar uprisings. They were in factories making rifles.
And the people who used to make a fire arms known as armors basically rebelled against that and they broke some of the factories and they went on strike. And the government needed rifles now and so eventually the mechanization process was stopped. The workers won. France shut down those new factories. And the Luddites, that's basically what they want to happen in England, right?
They want parliament to pass laws that ban the new machines or they want rules that require higher payments for work that's done by hand. Instead, parliament passes a law that makes destroying machines punishable by death. The army sends out thousands of soldiers into the area where the Luddites are active. And the factory owners, they start arming themselves. And that brings us to that night, that Saturday night, 200 years ago with the angry guys in the bar, right?
So these guys, they leave the bar, they start marching out to the edge of town, out in this field, they meet up with a bunch of other guys. There's about 150 of them in all and they march on this factory. When they get there, the armed guards see them and they start firing and there's this battle. The guys with the sledgehammers get up to the factory, they start pounding on the door but they can't get through it. People break the windows. The Luddites at some point have to pull back.
There's gunfire. They charge again, but they cannot get past that door and they end up retreating. Two of the Luddites are shot dead outside the factory. A couple others get captured. And a bunch of people involved in this attack get arrested, rounded up and thrown in this castle. The government holds a mass trial, finds a bunch of people guilty and some of these guys get executed. They get hanged. These people were hanged in public.
In fact, they made the scaffolds doubly high so that everybody could see them. It's one thing to fight the machines. It's another to fight the machines and the factory owners and the army and the British government. Ned Ludd pops up here and there for a little while longer but basically that is the end. The last we hear from Ned Ludd is this apocalyptic letter in 1816. A letter that says there is about to be this one climactic battle.
Quick quote, the last die will be cast and either the Luddites or the military will have the command. But that battle never happens. Of course, the Luddites lost. Once again, here's Bob Allen. And the number of hand loom weavers goes from 250,000 to zero in a couple of decades. Yeah, zero. There's nobody does it by hand in 1850. That world of 1800, the world where plot workers had St. Mondays and five pound notes in their hats of the pub, that world was gone.
Jacob Goldstein and David Kestinbaum from 2015. Coming up after the break, we'll invite our professor back and find out what the Luddites got right and what they missed. Does anyone these days have scissors large enough to stop progress? This message comes from an PR sponsor Mint Mobile. From the gas pump to the grocery store, inflation is everywhere. So Mint Mobile is offering premium wireless starting at just $15 a month.
To get your new phone plan for just $15, go to MintMobile.com slash switch. This message comes from an PR sponsor and Throbic. Claude by Anthropic is Generative AI for everyone, offering groundbreaking intelligence, join thousands of enterprises and stay at the frontier of AI. Learn more at Anthropic.com slash Claude. Back with us is our professor for this episode. Rebecca Spang from Indiana University. You just want to tell the Luddites.
You want to send them a letter back through a time machine that says, it's okay. Things will get better eventually in the economy, even though there's no one with giant shares anymore and machines are doing your labor. Eventually people will get other jobs that are better jobs. Yes, yes, eventually. I think the struggle, the pain is when we see that in these immediate moments of acute transition, things do have a habit of getting worse before they get better.
And living standards for the ordinary worker in Britain definitely declined in the first years, first decades of the industrial revolution. By the 1840s, 1850s, there's definitely a rebound. And certainly I would not want to live in a world that hadn't had an industrial revolution. But it was pretty terrible to live through it. Yeah, because for decades there are people who skills no longer match what's needed in their jobs and the factories.
And for generations, there are employers who are keen to figure out how they can get the most work out of people and pay them the least money. And there are governments that aren't particularly concerned about this. Once you have governments that are concerned about this, you get better labor conditions and you get a working class that can actually afford to be consumers as well. And that's pretty important if you're going to have a function in consumer society.
Somebody's got to buy the stuff that you're making. Right, so after the industrial revolution you see things like the 40-hour work week and child labor laws and minimum wages, essentially government stepping in so that the workers don't want to pick up the sledgehammers and break everything into a million pieces. One of the things that fascinated me about both of these stories that we told this episode is that the relationship between labor and the people who employ them is never static.
It feels like there can be these giant swings in either direction in terms of who has the power at any given moment. Yes, yes, I think that's right. And it's a little bit difficult to see that today because it seems like the employers, like who are the biggest employers in most states in the United States today? Walmart, some hospital corporation. It's like you hardly really even know who the boss is. And so that could seem a much more murky situation.
You don't know who to address the letter to when you send a threatening letter from Ned Ludd solicitor general. That's right. Who is Ned Ludd going to write to? And it clearly makes it more difficult to organize into labor unions. We saw union membership rates peak in the 1940s and 1950s and slowly drop since then. But recently we have seen lots of news of people starting to organize again.
We've seen on college campuses a great energy among graduate students to unionize Starbucks, Amazon warehouses. And podcasting I will say there's a number of our friendly colleagues at podcasts who have been recently unionizing. Right, right, right. But I do think the big lesson for today is that in the long run things do get better for workers. No matter how good it was, you would not want to swap places with a peasant after the black death.
Even if you did get extra meat and higher wages, you wouldn't want to be working a loom in pre-industrial Britain. If you did get that five pound note, you could wear in your hat and the unlimited beer. But that said, it does make sense to be aware of these moments, these golden moments when labor has some power and try to keep a little bit of that power because those moments seems to me do not last forever.
These golden moments don't last, but there's nothing to say that we don't have another one ahead of us. There's nothing to lose but our chains. Professor Rebecca Spank, thanks so much for coming in. You're very welcome. At the end of each summer school, we like to provide a study guide recap of what was learned. Remember, there will be an online quiz at the end of this summer and a diploma-like document if you pass.
Today, we talked about labor supply and labor demand and how the price of labor, i.e. your wages, goes up when there are fewer workers and a high demand for those workers. We also learned about something called, oh, this big one, capital, labor, substitution. That's when machines, capital, replace, workers. It also tends to happen when labor gets more expensive or when technology makes capital cheaper.
Next time someone brings up AI, you can shake your head and mumble, mumble, mumble, mumble, capital, labor, substitution. Next week on summer school, we travel back to the birth of stocks and bonds and modern finance and show you how they unleashed a demon we face to this very day. If you have an unexcused absence, you can catch up on this and other seasons of Planet Money Summer School at npr.org slash summer school.
Dozens of episodes about economics, investing, and how to thrive in business are just sitting and waiting for you. And if you learn better through scrolling aimlessly through TikTok, why not take aim and search for Planet Money. Planet Money Summer School is produced by Audrey Dilling. Our project manager is Devon Meller. This episode is fact checked by Sophia Shukana, an engineer by Sina LaFrada.
It was edited by Planet Money Executive Producer Alex Goldmark, special thanks to Jane Humphries of Oxford University and Kevin Binfield of Murray State for providing some of the more compelling details in the Luddite episode. I'm Robert Smith, this is NPR. Thanks for listening. This message comes from NPR sponsor Merrill. Whatever your financial goals are, you want a straightforward path there. But the real world doesn't usually work that way. Merrill understands that.
That's why with a dedicated Merrill advisor, you get a personalized plan and a clear path forward. Go to ML.com slash bullish to learn more. Merrill, a bank of America company. What would you like the power to do? Merrill involves risk. Merrill, Lynch, Pierce, Fanner, and Smith Inc. registered broker dealer, registered investment advisor, member SIPC. This message comes from NPR sponsor, Capella University.
Capella's programs teach skills relevant to your career so you can apply what you learn right away. See how Capella can make a difference in your life at capella.edu.