The unfairness of capitalism
For December, we’ve selected a classic Christmas film to rewatch: “Trading Places.”
The 1983 comedy is about a reversal of fortunes. Eddie Murphy stars as Billy Ray Valentine, a savvy beggar living on the streets of Philadelphia, and Dan Aykroyd as Louis Winthorpe III, a rich, entitled trader at the commodities brokerage firm Duke & Duke.
Louis has a good job, a beautiful fiancé and an elegant townhome — until his bosses, Mortimer and Randolph Duke, upend his life to settle a personal debate over the power of nature and nurture. Will Louis retain his refined manners once destitute, or will he resort to criminal behavior?
The wealthy brothers frame Louis as a thief and drug dealer so they can take his money and power and give it all to Billy Ray, who they start calling “William” and teach how to trade commodities. Will Eddie Murphy’s character assume the entitlement and ethics of a rich person now that he has nice things and social status?
Ultimately, the Dukes’ social experiment backfires when Billy Ray and Louis team up to seek revenge. Rather than prove anything about nature or nurture, the film exposes the myth of meritocracy. Luck, prejudice and corruption influence who reaps the rewards of capitalism just as much as, and possibly even more than, talent or charisma.
A head’s up: This month’s Econ Extra Credit selection isn’t for the whole family (though last year’s selection is). “Trading Places” includes racist and sexist stereotypes that were unacceptable then and now, though many of the characters’ prejudices, including the use of slurs, reinforce the film’s satire. Same goes for the scenes with Jamie Lee Curtis, which include gratuitous nudity. Her character, Ophelia, is a sex worker who has both a clichéd “heart of gold” and an incredible mind for business that she uses to save up for an early retirement. Other scenes, like one featuring Aykroyd in blackface, are impossible to defend.
If you can look past the problematic stuff, “Trading Places” deftly explores the hypocrisies in how rich and the poor think about and how treat each other. We hope this month to examine further whether the way that Hollywood typically presents class divides matches up with reality, and whether street smarts or book smarts better prepare one to work in finance.
“Trading Places” is available to rent or buy on several platforms. It also may be available to borrow as a VHS or DVD at your local library. Several libraries also have online versions available to rent.
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