The Economics Show with Soumaya Keynes is a new weekly podcast from the Financial Times packed full of smart, digestible analysis and incisive conversation. Soumaya Keynes digs deep into the hottest topics in economics along with a cast of FT colleagues and special guests. Come for the big ideas, stay for the nerdery. Soumaya Keynes is an economics columnist for the Financial Times. Prior to joining the FT she worked at The Economist for eight years as a staff writer, where as well as coveri ...
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Dmitry Grozoubinski Podcasts
Three former Australian diplomats (John Fowler, Helen Zhang and Dmitry Grozoubinski) shed light on major topics in international relations by offering their unique perspectives from inside the rooms where decisions are made. Based on the fantastic content in the freekly weekly newsletter International Intrigue: https://www.internationalintrigue.io?utm_source=youtube&utm_medium=show&utm_campaign=intintrigue
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How Asia is coping with Trump’s tariffs. With Mari Pangestu
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28:36President Donald Trump thinks that Asia's goods exports are automatically America's loss and as part of his ‘reciprocal’ tariff policy, he has imposed some of the highest import taxes on goods from south-east Asia. So what does this mean for the region? And are Trump's policies pushing those countries further into China's orbit? Alan Beattie, the F…
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Why Russia’s wartime economy is starting to crack, with Elina Ribakova
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28:08
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28:08When the EU and US hit Russia with fresh sanctions in 2022, many analysts expected the country’s economy to crack. Instead, Russia has shown strong GDP growth, powered in large part by a massive boost to war-related industries. Now, the effects of that boost appear to be fading. Have western sanctions finally started to bite? What would happen to R…
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Introducing the Rachman Review: Is the US heading for a debt crisis?
24:03
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24:03This week on the Economics Show, we're bringing you an interview with Ray Dalio, from our foreign affairs podcast, the Rachman Review. It originally broadcast on July 3. Gideon talks to Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund and author of a new book: How Countries Go Broke. They discuss the size of the US debt …
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Can we still trust US economic data? With Erica Groshen
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30:15After the Bureau of Labor Statistics released a worse-than-expected US jobs report, President Trump fired the agency’s head, Erika McEntarfer, claiming her numbers were ‘wrong’ and manipulated. There’s no evidence this was the case but many agree gathering reliable data on the health of the economy is getting harder. The FT’s chief data reporter, J…
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Development funding is in crisis. What now? With Mark Suzman
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36:27The first two decades of the 21st century were a golden age for global development. International co-operation and funding drove remarkable progress in the developing world. Now, that progress threatens to stall as wealthy nations, including the US and UK, withdraw their support. A global meeting held in Spain last month ended with a new internatio…
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Has Argentina’s Milei proved his critics wrong? With Alejandro Werner
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33:51In the early 20th century Argentina was one of the world’s richest countries. For most of the past 50 years, it has been an economic disaster. But after nine debt defaults, 23 IMF programmes and two years of triple-digit annual inflation, the country’s radical libertarian president, Javier Milei, has steadied the ship. How has Milei revitalised the…
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Can Europe afford to rearm itself? With Jeromin Zettelmeyer
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27:11European countries have committed to higher defence spending to face down Russian aggression. But preparing for war isn’t cheap – and in many countries, budgets are already stretched. How will European members of Nato hit their defence targets, a hefty 5% of GDP? Will EU states look beyond their own national champions, and commit to greater co-oper…
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What Trump’s tariffs deadline has (not) achieved, with Dmitry Grozoubinski
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37:49July 9 marked the end of President Trump’s 90-day pause on his so-called reciprocal tariffs. Now that deadline has passed … what has actually changed? The FT’s senior trade writer Alan Beattie discusses with former trade negotiator Dmitry Grozoubinski, author of ‘Why Politicians Lie About Trade’. Dmitry explains why Trump’s tariff threats are as in…
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The Wolf-Krugman Exchange: your questions answered
43:35
43:35
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43:35In the sixth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman tackle a selection of questions, and even some criticisms, sent in by their audience. Listen to Paul Krugman’s cultural coda, Carole King’s It's too late, here Listen to Martin Wolf’s cultural…
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The Wolf-Krugman Exchange: The future of the postwar system
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44:03In the fifth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way American politics is crashing against both the guardrails of a stable, democratic system and the rules and norms of the postwar economic order and how this could jeopardise the…
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The Wolf-Krugman Exchange: AI hype vs reality
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41:45In the fourth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman ask if advances in artificial intelligence will reshape the working world as we know it. Or are we hearing an old familiar story that has been told many times before? Paul Krugman’s Cultural …
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The Wolf-Krugman Exchange: The economy in an uncertain world
43:15
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43:15In the third of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the dangers facing the world economy and wonder what outcomes are possible at summits such as the G7 in times of political and economic risk. Paul Krugman’s Cultural Coda: Peter Gabrie…
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The Wolf-Krugman Exchange: how the old economic order fell out of favour
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46:34In the second of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way economic trends have fractured societies on both sides of the Atlantic and the jeopardy that poses to liberal democracies in Europe and America. Paul Krugman’s Cultural Coda: …
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The Wolf-Krugman Exchange: the crisis of trust
43:42
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43:42In part one of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss how trust in the postwar world economic system is being lost and weigh the costs and consequences of that. Paul Krugman’s Cultural Coda: Quarterflash, ”Harden My Heart”- https://www.you…
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In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts …
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How economics wins wars, with Duncan Weldon
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25:38Churchill never said “we will fight them in the spreadsheets…”. But maybe he should have done. The second world war, like every other war in human history, was decided by how each side allocated its resources. In this episode, Duncan Weldon, author of the new book ‘Blood and Treasure, The Economics of Conflict from the Vikings to Ukraine’, explains…
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What does China want from the US? With Jay Shambaugh
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30:28The tit-for-tat tariff escalations between the US and China are on pause, at least temporarily. But if the world’s two biggest economies don’t make progress by July, they could return with a vengeance. How can the two parties make progress? And what does China actually want from the US? Soumaya Keynes speaks to Jay Shambaugh to find out. Shambaugh …
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How should central banks respond to US tariffs?
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26:58US tariffs have sent financial markets into a frenzy in recent weeks, but how much should central bankers be taking trade into account when setting monetary policy? To find out, Soumaya Keynes sits down with Bank of England Monetary Policy Committee member Swati Dhingra – one of the committee’s more dovish members. They discuss why the UK’s open ec…
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Bonus: Globalisation can be slowed, but not stopped
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31:57
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31:57Donald Trump’s trade policies have put global markets through the mill in recent weeks. But his policies didn’t come from nowhere. Aspects of US protectionism preceded Trump’s second term – and countries across the world have been pushing for greater self-sufficiency for some time. Is this drive for greater self-sufficiency misguided? Is true self-…
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Bill Gates: how international development can survive the Trump presidency
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27:42Over the past 25 years, the Gates foundation has given away more than $100bn. Much of that money has gone to healthcare and education projects outside the US – and the organisation plans to give $200bn more to various programmes in the next twenty years. But as Elon Musk and Doge feed USAID, a key partner of the foundation, “into the wood chipper,”…
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Martin Wolf talks to Kenneth Rogoff: Trump is accelerating the dollar’s decline
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30:18The US dollar has been in slow decline for around a decade – so says Kenneth Rogoff, Harvard professor, and former chief economist of the IMF. Donald Trump’s trade policies have raised a lot of questions about the future of the dollar – and how its decline could affect the rest of the world’s currencies. Rogoff joins Martin Wolf to discuss how the …
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Should we be optimistic about the US economy? With Michael Strain
31:02
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31:02Almost a month since ‘liberation day’, the potential impacts of President Donald Trump’s tariff regime are starting to sink in. US hard data isn’t yet showing much negative impact from changes to US trade policy – but economists are gloomy on US growth prospects. The IMF last week warned of an increased risk of US recession, and lopped nearly a ful…
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Martin Wolf talks to David Autor: could AI be a bigger threat to US jobs than China?
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31:37When China joined the World Trade Organization at the start of this century, its surging exports rattled US manufacturing. Prices fell, jobs became less lucrative, and communities that relied on these jobs were hit hard. President Donald Trump seems determined to bring those jobs back to the US. Is that realistic or even desirable? The FT’s chief e…
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Martin Wolf talks to Mervyn King: why central banks got inflation wrong
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30:35Former Bank of England governor Sir Mervyn King has never shied away from expressing his opinion. Here, he sits down with his friend Martin Wolf — the FT’s chief economics commentator — to discuss some of the thorniest problems central banks now face: Will rate-setters manage to stay independent in the era of Trump 2.0? What should they do about cr…
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Are US tariffs just the beginning? With Abraham Newman
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31:33As Donald Trump declares a trade war on the rest of the world, it’s time to learn about a field of economic research known as “weaponised interdependence”. The bad news is that the US president’s weapon of choice – imposing tariffs on goods imports – is a fairly outdated tool of economic warfare. Globalisation and advances in financial and communic…
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Can Germany escape its economic doldrums? With Ulrike Malmendier
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32:15For the past few years, Germany has begun to look like the ‘sick man of Europe’ again. Its economy has barely grown since 2019, while its famous manufacturing sector has shrivelled. But earlier this month, financial markets were buoyed by a vote in the German parliament to relax the constitutional limit on government borrowing, the so-called debt b…
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How big a fiscal hole is the British government in? With Paul Johnson
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31:02The UK’s Labour government had already inherited a tricky fiscal situation when it came to power last July. But since then, growth has stagnated, borrowing costs have risen, and now the government has committed to a big increase in defence spending. Where will the money come from? The FT’s Sam Fleming interviews Paul Johnson, the long-time director…
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Why do companies make terrible decisions? With Dan Davies
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32:29Modern industrial economies were made possible by automation and mass production, but also by something similar going on inside the world of management. Where once all the decisions were made by an identifiable boss, now they are farmed out to rule books, bureaucracies and computer algorithms — and nobody is individually accountable for them. The F…
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Martin Wolf talks to Keyu Jin: Has China’s economy run out of gas?
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30:55After decades of double-digit growth, China's economy has been expanding at less than half that since the pandemic. A property market crash, youth unemployment and now a trade war with the US are all adding to the country’s woes. So has the Chinese juggernaut finally run out of gas? Martin Wolf speaks to Keyu Jin, a Chinese economist who has lived …
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Martin Wolf talks to Adair Turner: Can the world decarbonise fast enough?
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31:25The world economy is emitting carbon dioxide faster than ever before, meaning our planet is heating up faster than ever before. Martin Wolf speaks to someone who has spent much of the past two decades at the forefront of the climate debate. Lord Adair Turner chairs the Energy Transitions Commission, a think-tank focused on climate mitigation, and w…
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What future for aid and development? With Minouche Shafik
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32:31US President Donald Trump has frozen all foreign aid payments, while Elon Musk is putting America’s biggest development agency, USAID, “through the woodchipper”. Meanwhile, the UK government has just announced it will slash its aid budget from 0.5% to 0.3% of GDP. So are the days of generous programmes to promote health and education in the poorest…
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Martin Wolf talks to Richard Baldwin: What’s the future of global trade?
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36:19Donald Trump’s tariffs are a twentieth century tool that simply won’t work in the 21st century global trading system. That’s the view of today’s guest, Richard Baldwin, professor of international economics at the IMD Business School in Lausanne, Switzerland. Speaking to the FT’s Martin Wolf, Baldwin explains how the shift towards global manufacturi…
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Why are birth rates falling? With Alice Evans
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34:22
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34:22Birth rates are falling fast and not just in highly developed countries. And as populations age, it’s becoming harder to fund pensions or raise labour productivity. But falling fertility could also be harming social cohesion and impeding the innovation needed to solve problems such as climate change. Today on the show, John Burn-Murdoch talks to Al…
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The real Russian economy. With Sergei Guriev
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42:16The war in Ukraine is a humanitarian crisis. It is also an economic problem. Sanctions from the US and Europe are meant to make war too expensive for Russia to continue. President Vladimir Putin claims those sanctions have failed and his economy is strong. But what is propaganda and what is reality? Today on the show, host Martin Sandbu poses these…
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Is innovation slowing down? With Matt Clancy
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34:54Productivity growth in the developed world has been on a downward trend since the 1960s. Meanwhile, gains in life expectancy have also slowed. And yet the number of dollars and researchers dedicated to R&D grows every year. In today’s episode, the FT’s Chief Data Reporter, John Burn-Murdoch, asks whether western culture has lost its previous focus …
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Making sense of Trump's tariffs. With Dani Rodrik
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36:17Tariffs have historically been an important tool of industrial policy. They were used in the last century by east Asian nations to promote infant industries, and are being used today by the EU to help spur the energy transition. But do Donald Trump’s threats to impose a 25% across-the-board tariff on imports from Canada and Mexico, or his actual 10…
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Can the WTO stay relevant? With Ngozi Okonjo-Iweala
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30:34In an interview recorded before President Trump hit China, Mexico and Canada with steep tariffs that disrupt the global trading system, Ngozi Okonjo-Iweala, the director-general of the World Trade Organisation, speaks to the FT’s Senior Trade Writer, Alan Beattie, and defends her record and the WTO’s achievements. She outlines how she hopes to enga…
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Martin Wolf talks to Arvind Subramanian: India, the next economic superpower?
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30:40India is the world’s most populous nation, and since the 1990s it has maintained almost Chinese levels of rapid economic growth. Prime Minister Narendra Modi aims to make India a high income country and, by implication, an economic superpower by 2047. But is that achievable? This week’s guest, Arvind Subramanian, is a former chief economic adviser …
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Update from Davos: Can industrial policy really work? With Beata Javorcik
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30:26Sam Fleming is the FT’s Economics Editor, and this week he is reporting from the World Economic Forum at Davos, where much of the talk is about protectionism and industrial policy. Today on the show, Sam speaks to Beata Javorcik, the chief economist of the European Bank for Reconstruction and Development. They discuss the history of industrial poli…
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Trump and the history of tariffs. With Doug Irwin
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43:18Doug Irwin is a professor at Dartmouth College and the author of several books on trade. Today on The Economics Show, he joins the FT’s Senior Trade Writer Alan Beattie to discuss the history of tariffs in the US, and what that history might tell us about the next round of tariffs. Alan writes the Trade Secrets newsletter. You can sign up here. He …
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Martin Wolf speaks to Andrew J Scott: Can societies age gracefully?
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32:31Increasingly elderly populations seen in countries such as Japan and Italy are set to become the norm everywhere in the coming decades. But will a more senior demographic make the cost of state pensions and healthcare unaffordable? And will it kill economic growth? Not necessarily so, according to today’s guest, Andrew J Scott, director of economic…
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Martin Wolf interviews Mariana Mazzucato: Can the state innovate?
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31:19In 1962, then US president John F Kennedy committed his nation to reaching the Moon before the decade was up. It was a huge undertaking, but one that ultimately succeeded, and also produced technologies such as camera phones and baby formula along the way. But have governments today lost the confidence and knowhow needed to undertake such ambitious…
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Martin Wolf interviews Christine Lagarde: Whither Europe?
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40:06The Eurozone’s economic recovery from Covid-19 has been anaemic compared with America’s, despite achieving a soft landing from double-digit inflation. Indeed, Europe’s relative underperformance stretches back even longer, perhaps 30 years, in terms of productivity and GDP growth. Christine Lagarde, president of the European Central Bank, gives her …
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Martin Wolf interviews Lant Pritchett: Is mass immigration inevitable?
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30:03Mass immigration is demographically essential but politically impossible – so argues Lant Pritchett, development economist and visiting professor at the London School of Economics. As populations age in the rich developed countries, immigrant workers will be needed to help with the burden of providing for the elderly. Removing the barriers might al…
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Martin Wolf interviews Larry Summers: Is Trump a threat to the US economy?
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31:42The US has just overcome one abrupt spike in inflation, which may have cost Kamala Harris her bid for the presidency. But now President-elect Donald Trump’s policy agenda threatens to cause another one. That’s according to Larry Summers, the former US Treasury Secretary and President Emeritus of Harvard University. He speaks to the FT’s Martin Wolf…
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Is the Eurozone in trouble? With Philip Lane
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27:24It’s a treacherous time for the Eurozone. Inflation is falling, yes, but at the same time signs of real economic weakness are growing. And there are risks on the horizon, from rising debt to trade wars to real wars. It’s a perfect time to speak to our guest Philip Lane, chief economist of the ECB and a member of its executive board. And this week w…
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What’s wrong with Britain’s economy? With Sam Bowman
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37:04The UK is lagging behind its peers in the Eurozone. Its per capita GDP trails that of France and Germany, and yet its housing and energy is scarcer and more expensive. A recent essay by Sam Bowman, co-authored with Ben Southwood and Samuel Hughes, argues that Britain has struggled over the past 15 years because it has “banned the investment in hous…
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Why is Britain’s government so inefficient? With Jeremy Hunt
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34:45Politicians on both sides of the Atlantic are having heated conversations about whether or not governments can be made more efficient. The results include two new agencies, Elon Musk’s ad hoc Department of Government Efficiency, and Labour’s Office for Value for Money. But when it comes to improving public services, the challenges are neither new, …
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Would Trump’s tariffs really be that bad? With Kimberly Clausing
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33:12Trump is returning to office with many of the same policies that characterised his last term. And for economists, none looms larger than the prospect of significant new tariffs. But are tariffs really as destructive as feared? After all, the Biden administration maintained most of them and the economy has remained strong. Today on the show, we put …
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What does a second Trump presidency mean for immigration? With Michael Clemens
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30:49Michael Clemens of George Mason University is an expert on the economics of migration, and a scholar of its history. With the newly elected President Trump promising to deport millions of immigrants, we thought it was the perfect time to talk about what illegal immigrants mean to the present economy and, more pressingly, what an economy without the…
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