The Economics Show

Europe has a China problem. Every single day, Europe buys a billion euros’ worth more stuff from China than it sells back. And the EU wants to stand up to Beijing over surging exports, which are challenging European industry. But China is also a vital market for European businesses and a crucial supplier of goods and raw materials. So how do you pick a trade fight with a country you depend on? Host Soumaya Keynes speaks to Bernd Lange, the German MEP who chairs the European parliament’s international trade committee, about what Brussels can do to level the playing field with China. Plus, with President Donald Trump rewriting the rules of global trade, how can the EU ensure the US plays fair too? Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Katya Kumkova. Original music by Breen Turner, sound design by Sean McGarrity. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Read a transcript of this…

Tech companies are hiring economists to study how AI is reshaping work and society. But what happens when the companies building the technology also produce the research into its effects? Host Soumaya Keynes talks to Ara Kharazian, chief economist at Ramp and Peter McCrory chief economist at Anthropic, alongside FT data journalist John Burn-Murdoch, about why economists are in such demand, what proprietary data can reveal about AI’s impact, and whether industry-backed research can avoid conflicts of interest. Want more? Are economists making themselves too useful in the AI boom? Find John Burn Murdoch and Sara O’Connor’s The AI Shift newsletter here Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music by Breen Turner, sound design by Sam Giovinco and Sean O’Garrety. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The global economy is becoming increasingly hostile with tariffs, export controls and industrial policy being used as geopolitical weapons, while the world’s biggest powers compete for economic advantage. So where does that leave a middle power like Britain? Host Soumaya Keynes speaks to UK senior civil servant Jenny Bates, who’s just completed the Heywood Fellowship at Oxford university, where she got to think about Britain's place in the world and how it should adapt to a changing geopolitical seascape. They discuss what Britain can learn from historic partnerships and why closer co-operation between government and business could be crucial to navigating a more dangerous global economy. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Mark Carney urges EU to cement trade deal as Ottawa seeks pivot from US Ursula von der Leyen backs Canada’s ‘associate membership’ bid Trump lays a new trap for Takaichi Presented by Soumaya Keynes. Produced by Mischa…

Dads today are doing more childcare than previous generations, so why hasn’t the parenting gap between mothers and fathers disappeared? One reason: mums are doing more too. Host Soumaya Keynes talks to Corinne Low, associate professor at the University of Pennsylvania's Wharton School and author of 'Femonomics’ (titled ‘Having it all’ in the US), about what the data tells us about how couples divide the work of raising a family and what same-sex couples can teach us about gender roles in parenting. Plus, can Soumaya’s parenting spreadsheet really help make childcare more equal? Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: The perks of parenting by spreadsheet Can AI improve parenting? Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Samantha Giovinco and Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Read a transcript of this episode on FT.com Hosted on…

Building data centres and running the US government have something in common: they cost a lot of money. Tech companies are borrowing heavily to fund the AI build out, just as Washington is borrowing vast sums to fund the US government, and those two borrowing binges may be on a collision course. Investors are already worried about America’s mounting debt burden and about whether the AI boom has become a bubble. Ruchir Sharma, chair of Rockefeller International and contributing editor to the FT, explains how the two worries might be more closely connected than they first appear, how rising US Treasury yields could raise borrowing costs for AI companies and which number investors should be watching. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Why America’s debt binge is starting to matter Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In recent months, part of the chip market has been going bananas. Prices for memory chips – which AI data centres use in droves – have rocketed, as US tech companies lock in massive orders. That’s bad news for consumers facing more expensive electronic devices. But what are the broader consequences of misalignment in this market? How will the chip squeeze end? And, as memory chips become a strategic commodity, how are the US and China looking to secure supply? Host Soumaya Keynes is joined by Dan Kim, chief strategy officer at semiconductor analysis firm TechInsights and former chief economist at the CHIPS Program Office at the US Department of Commerce. Further reading: Why memory chips are the new frontier of the AI revolution Memory chip boom leaves PC and smartphone makers in the cold Maybe the chips are down because memory’s too expensive Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips…

Federal Reserve chair Kevin Warsh took to the stage at Jackson Hole under pressure. Inflation is sticky, bond markets have been wobbling and his insistence on minimal Fed communication has been seen by some to make matters worse. Soumaya speaks to Torsten Slok, chief economist at Apollo Global Management, to discuss what Warsh did (and didn’t say), the changing relationship between the Fed and the Treasury and how the central bank should fight America’s growing fiscal issues. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Join Soumaya Keynes on Saturday September 5 at Kenwood House Gardens in London, or online as the FT Weekend paper comes to life. Register now at ft.com/festival and enjoy 10% off with code FTPODCAST. Further reading: Hawkish Kevin Warsh hints Fed will raise rates if inflation does not fall soon Warsh settles some nerves at Jackson Hole Scott Bessent’s bond intervention puts US Treasury on collision course with Fed Presented by Soumaya Keynes. Produced by…

The 1873 Gründerkrach, the spectacular stock market crash that followed Germany’s unification, is one of history’s great financial maelstroms. But its most enduring legacy isn’t about money. Host Robin Wigglesworth speaks to Pulitzer Prize-winning author Liaquat Ahamed about how the resulting economic malaise fuelled social division and transformed old prejudices into antisemitic conspiracy. It gave birth to ideas that would resurface with catastrophic consequences decades later in the 20th century. Further reading: 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (2026), by Liaquat Ahamed Gold and Iron: Bismarck, Bleichröder, and the Building of the German Empire (1977), by Fritz Stern Hosts: Gillian Tett and Robin Wigglesworth Senior producers: Michela Tindera and Laurence Knight Executive producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT global head of…

As wealth becomes increasingly concentrated — and artificial intelligence threatens to shift even more income from workers to investors — has the US tax system become outdated? Stephanie Flanders speaks with Harvard professor Jason Furman, a former economic adviser to President Barack Obama, and Bloomberg reporter Caitlin Reilly about wealth taxes, capital gains, inheritance and whether taxing America's richest is politically or constitutionally possible. Hear more from Trumponomics: https://podcasts.apple.com/us/podcast/trumponomics/id1038108799 Hosted on Acast. See acast.com/privacy for more information.

In the midst of the US-China trade conflict last year, Beijing unsheathed its fiercest weapon. By ramping up restrictions on exports of rare earth metals – crucial elements for high-tech manufacturing – China forced the US to climb down. That show of strength was a wake up call for the US. It has since spent huge sums backing mining companies, penned eye-catching deals and moved to collaborate with allies. But after a little more than a year, how much progress has it made in breaking China’s hold on the rare earths supply chain? Featuring: Abigail Hunter of the SAFE Center for Critical Minerals Strategy; Gracelin Baskaran of the Critical Minerals Security Program at the Center for Strategic and International Studies; Cory Combs of Trivium China; and FT commodities correspondent Camilla Hodgson. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: China and the new era of critical minerals diplomacy Hedge funds raise bets against US-backed critical minerals…

Productivity has been a problem for the past 15 years. In developed countries, weak demand, a lack of competition and a paucity of new ideas have all been blamed. Could AI finally reverse that trend? Soumaya speaks to Stanford economics professor Nick Bloom about why CFOs and CEOs expect AI to supercharge their businesses; how concentrated (or otherwise) the gains might be; and why working from home could be good for labour output… and fertility rates. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further Reading Is AI productivity growth in the room with us right now? How much value is AI really creating? Hosted by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music by Breen Turner. Sound design by Sean McGarrity. Andrew Georgiades is the broadcast engineer. Edwin Lane is the senior producer. Flo Phillips is the FT’s head of audio. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US has long been the world’s undisputed leader in AI. Now, that lead looks under threat. Cutting-edge Chinese models such as Kimi K3 are proving almost as capable as leading American models; meanwhile, companies in the US and Europe are turning to cheap, efficient Chinese software from companies including DeepSeek and Z.ai in an attempt to curb high usage costs. As China takes strides – and Beijing considers export controls on its AI models – Soumaya speaks to Kyle Chan, fellow at the Brookings Institution's John L Thornton China Center, to find out more. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Chinese AI start-up Moonshot launches model challenging Anthropic’s lead Companies turn to Chinese AI models to cut costs China weighs tighter export controls on AI models and chips Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Edwin Lane is the senior producer. Flo Phillips is the FT’s…

When the US and Israel started bombing Iran earlier this year, market watchers eyed the oil markets nervously. But as the price of crude oil climbed, so did the price of another key commodity produced in the Gulf: fertiliser. Five months later, the world’s food system is looking better than feared, but as Adam Hanieh, director of the Middle East Institute at the School of Oriental and African Studies in London explains, the worst may yet be to come. Soumaya also assesses his prognosis with the FT’s agriculture correspondent Susannah Savage. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In the western world, richer people tend to be thinner – especially women. But does wealth make people thin, or does being thin make them wealthy? And could the rise of weight-loss drugs such as Mounjaro and Wegovy give people – especially women – greater control over their economic outcomes? Soumaya speaks to Harvard professor Rebecca Diamond, the author of a new working paper that finds female users of GLP-1 drugs are more likely to find jobs and romantic partners. Soumaya also speaks to FT consumer editor (and GLP-1 user) Claer Barrett to discuss the drugs’ effects on consumer habits – and the economy at large. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: The economics of women’s weight Does the weight-loss revolution show up in the data? The challenges of a weight-loss economy Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Andrew Georgiades is the broadcast engineer. Manuela Saragosa is…

When Iran closed the Strait of Hormuz, economists were panicked. Several warned that a prolonged closure of the chokepoint could trigger a recession. After all, that’s what oil shocks do. But no recession came – even after oil prices jumped to almost twice their pre-war level. Why didn’t the global economy tumble into a recession – and are we out of the woods? Soumaya speaks to Tyler Goodspeed, author of ‘Recession: The Real Reasons Economies Shrink and What to Do About It’. They discuss why the global economy has become more resistant to recessions, why the US has more downturns than the UK and why would-be recession-forecasters might be better off reading horoscopes. UK public finances weathering Iran war, Andy Burnham to be told Iran war could slow global growth to weakest since pandemic, IMF warns Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and…

When the US government banned a top AI lab from exporting its newest models, the world took notice. Export controls forbidding foreign access to Anthropic’s Mythos and Fable systems locked most of the world out of using this cutting-edge technology. As AI becomes more embedded in our daily lives, countries want to secure access to frontier models. But unless you’re the US or China, your country doesn’t have a top-tier national champion. So what can other countries do to secure sovereign control over AI? What kind of leverage can they exert? And can they use AI to boost – rather than break – their economies? Soumaya speaks to UK AI minister Kanishka Narayan to discuss. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further Reading How the DeepMind mafia brought the AI boom to London UK companies ‘should be worried’ about Anthropic’s latest AI model, minister says Did Anthropic talk its way into an AI export ban? Anthropic chief tells G7 leaders to ‘resist the temptation to…

For decades, China accelerated its industrial development through a straightforward bargain: foreign firms invested in China, often through joint ventures, gaining access to the enormous Chinese market, while Chinese companies absorbed western tech and knowhow. Today, that dynamic is changing. China's high-tech industries are now world-leading, and western governments are looking on enviously. So should the US and EU now take a page from China's playbook? Host Soumaya Keynes speaks to John Minnich, assistant professor of international relations at LSE, about the history of Chinese tech transfer, how it drove industrial sophistication and whether the west could — or should — attempt something similar. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further Reading How China pulled off a great tech reversal EU to include UK and Japan in ‘Made in Europe’ plans John Minnich: Divide and Conquer: Industry Market Structure, Inter-Firm Rivalry, and Bargaining over Technology…

Just before the UK voted to leave the EU in June 2016, the Treasury (and others) warned the consequences would be catastrophic. GDP would fall and unemployment would rise, Sterling would dip and government borrowing would climb. The shock of Brexit would plunge the UK into a recession. Ten years later, it’s clear some of those predictions were wide of the mark. But Brexit has made the UK’s economy smaller. As would-be Labour leaders Wes Streeting and Andy Burnham openly discuss the case for rejoining the EU, Soumaya asks Anand Menon, head of the UK in a Changing Europe think-tank, what the UK’s relationship with the EU should look like. They discuss the UK’s surprising areas of economic outperformance, why Labour’s “red lines” are hampering its trade ambitions and what the EU would demand if the UK moved to rejoin. Further reading: Andy Burnham plays down rejoining EU after Wes Streeting advocates Brexit reversal Ten years on, what’s next for Brexit? You asked, we answered Britain re-entering the EU ‘an…

Everything looks to be going China’s way: Beijing has a stranglehold on the world’s critical minerals, and its high-tech manufacturing has rapidly become world-leading. Its massive trade surplus is undermining vital industries in the rest of the world. Is this part of a Chinese masterplan for world domination? The truth is a little more nuanced than that. Soumaya Keynes speaks to Jessica Chen Weiss, director of the Institute for America, China, and the Future of Global Affairs at Johns Hopkins School of Advanced International Studies. They discuss why decoupling is a “fantasy”, what “middle powers” are doing better than the US and the social and the domestic challenges that still hold China back. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading A cold peace between the US and China is good enough Pete Hegseth says US-China ties are ‘better than in years’ America needs to put the renminbi back on the international agenda Hosted by Soumaya Keynes. Produced by…

In a reversal of roles, Nobel prize-winning economist Paul Krugman steps into host Soumaya Keynes shoes to quiz her and co-author Chad Bown about their new book "How to Win a Trade War", and the lessons it contains for surviving a global world order where traditional trade rules are being abandoned. They discuss the fragile domestic politics of a trade war, what the rest of the world can learn from China and reasons to be sort of cheerful about the future of global trade. Further reading No one wins a trade war. Or do they? Why Europe must embrace tariffs Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Africa is traditionally seen as a continent of immense resources, let down by poor governance and excessive violence. Joe Studwell disagrees. In his book, How Africa Works, Studwell flips those assumptions upside down, and argues that low population density, a brutal disease burden and "low-budget" colonialism have hampered the continent’s development. Now, Studwell says, Africa is in a position to follow the blueprint for rapid advancement set by some of Asia’s most impressive economies, such as China, Japan, Korea and Taiwan. Host Soumaya Keynes and Studwell discuss the policy mix African nations should follow, the problems with "leapfrog" development and how "keeping up with the Joneses" could drive continent-wide development. Further Reading African economies are more resilient than ever Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound…

Economists like to think of their discipline as a rational science. But might we make better decisions if we ditched some of our moral aversions? Specifically: would we make better choices if we learned to conquer moral repugnance? Alvin Roth, Nobel laureate, and author of the recent book ‘Moral Economics’, tells host Soumaya Keynes why a free market in kidneys and surrogacy makes economic sense, and what he makes of prediction markets. The inaugural FT Weekend Festival in New York City is fast approaching, with a line-up featuring Paul Krugman, Martin Wolf, Gillian Tett, and plenty more. Join on Saturday, June 20, at Spring Studios or online. Register now and as a podcast listener, save 10% using our code FTPODCAST. Further reading When is it OK for economists to experiment on people? So you tried to buy a country . . . Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Between the Iran war, high gas prices, and wobbly jobs numbers, central bankers have plenty to worry about. But some see a light on the horizon: artificial intelligence. AI could lead to abundant production and lower prices, allowing the Fed to lower interest rates, and boost the economy – or so the theory goes. But how will we know if AI is boosting productivity? And what happens if the AI advocates promising an economic transformation are wrong? Soumaya is joined by Austan Goolsbee, head of the Chicago Federal Reserve, to discuss these questions and more. Soumaya and Austan also analyse how Fed chair nominee, Kevin Warsh, might change the central bank; and how Austan feels about Jay Powell’s plans to stick around. The inaugural FT Weekend Festival in New York City is fast approaching, with a line-up featuring Paul Krugman, Martin Wolf, Gillian Tett, and plenty more. Join on Saturday, June 20, at Spring Studios or online. Register now and as a podcast listener, save 10% using our code FTPODCAST. Further…

Typically, a society’s population remains stable if women have about 2.1 children each. By that metric, the word has a big problem. In developed countries the total fertility rate is well below that figure. So what are the economic consequences of that shortfall? Soumaya Keynes speaks to Melissa Kearney, a professor at the University of Notre Dame and the director of the Aspen Economic Strategy Group, which recently put out a series on the topic: Demographic Headwinds: The Economic Consequences of Lower Birth Rates and Longer Lives.They discuss why the fertility rate won’t reverse course any time soon — and what happens when the rest of the baby boomers retire. Further reading: Why are fertility rates collapsing? Gender roles Could working from home solve the global fertility crisis? Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Michela Tindera is the senior producer. Original music and sound design by Breen…

A few months ago, the oil market looked pretty serene. But the US-Iran war has upended global supplies and pushed energy security to the top of the policy agenda. Importers have realised they need to diversify their energy sources. What role will renewables have to play? And would a shift towards green energy just mean trading one bottleneck for another? Soumaya Keynes speaks to Daniel Yergin, vice-chair of S&P Global and author of the Pulitzer Prize-winning book ‘The Prize: The Epic Quest for Oil, Money, and Power'. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: How to survive an energy crunch Will the Iran war derail the energy transition? Middle East war strengthens case for renewables, say clean energy experts Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. The senior producer was Michela Tindera. Original music by Breen Turner. Sound design by Samantha Giovinco. The FT head of audio is Cheryl Brumley. Join FT journalists and a special…

The economist John Kenneth Galbraith once quipped that “there can be few fields of human endeavour in which history counts for so little as in the world of finance.” This show sets out to prove the opposite. Each week, FT columnist Gillian Tett and FT Alphaville editor Robin Wigglesworth dig into the ideas, personalities and institutions that have shaped global finance. From unregulated banking in 19th-century frontier America to institutionalised debt jubilees in ancient Mesopotamia, and from the birth of credit derivatives to the great market meltdowns of the past, Robin and Gillian uncover the story of money because time and again, the same manias and mistakes resurface. Tune in and you might just understand where the next financial opportunities and disasters could be hiding. Subscribe to The Story of Money wherever you get your podcasts and watch the show on YouTube. Learn more about the show at ft.com/tsom and find out more about Gillian Tett here and Robin Wigglesworth here. Follow FT Alphaville here.…

China runs an enormous trade surplus, much to the chagrin of some of its trading partners: cheap exports of cars, chemicals and other goods are hampering major economies, especially in Europe. But the Asian nation, the world’s largest exporter, is a net importer of oil. Could higher oil prices help redress global trade imbalances? Soumaya Keynes speaks to Brad Setser, senior fellow at the Council on Foreign Relations, to discuss how global trade imbalances have changed, why Beijing’s surplus may be bigger than it looks, and what European leaders should be doing about it. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Related reading What's really shocking about the second China shock? China shock 2.0: should Europe welcome Chinese investment? Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval and Sonja Hutson. Edwin Lane is the senior producer. Original music and sound design by Breen Turner. The FT's head of audio is Cheryl Brumley. Read a transcript of this…

President Donald Trump backed off his threats to wipe out “a whole civilization". Instead, we have a ceasefire – at least for now. But how much damage has the conflict between Iran, the US and Israel already done to the global economy? Where will that damage show up next? And how long will the effects of the Iran shock be felt? Soumaya Keynes speaks to the FT’s economics commentator Chris Giles to discuss the economic consequences of the war and what policymakers should be doing to mitigate them. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Subscribe to Chris Giles on Central Banks here. Further reading The Iran war shock is about half the size of Covid-19 The ECB’s three-pronged monetary strategy Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner. Sound design by Simon Panayi. The FT head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See…

Warring countries have attacked each other’s economies for hundreds of years. But do the tools of economic warfare – sanctions, tariffs, blockades and embargoes – actually work? Soumaya speaks to Mark Harrison, emeritus professor of economics at Warwick university, and co-editor (with Stephen Broadberry) of Economic Warfare and Sanctions since 1688, about what centuries of economic conflict can teach us about Iran (and Russia) today. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Which chokepoint wins in a game of geoeconomic Top Trumps? Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner and sound design by Sean McGarrity. The FT head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Iran’s de facto closure of the Strait of Hormuz has already rocked global oil markets and stock market indices, spooking everyone from politicians to central bankers. But if Iran wants to make matters worse, it can. Soumaya speaks to Edward Fishman, senior fellow at the Council on Foreign Relations and author of ‘Chokepoints: American Power in the Age of Economic Warfare,’ to find out what this conflict means for the future of economic coercion. Soumaya and Edward also discuss how geographical chokepoints differ from economic ones (like rare earths, or the dollar system), and the unintended consequences of the war. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Which chokepoint wins in a game of geoeconomic Top Trumps? How to survive an energy crunch Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music by Breen Turner. Sound design by Sean McGarrity The FT’s head of audio is Cheryl…

There’s a trope going around these days: western commentators travel to China, tour its factories and when they return home they say that when it comes to innovation, China has won the global race. But how true is that? Host Soumaya Keynes discusses the successes and shortcomings of China's evolving industrial policy with Kyle Chan, author of the High Capacity newsletter and a fellow in the John L Thornton China Center at the Brookings Institution. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: How China pulled off a great tech reversal Which chokepoint wins in a game of geoeconomic Top Trumps? China’s growth target is a global problem Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval and Michela Tindera. Manuela Saragosa is the executive producer. Original music by Breen Turner and sound design by Sam Giovinco. The FT head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more…

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei exists to help people get closer to God, but some members say they found other agendas – and unexpected harm – entangled in that spiritual mission. The first episode of Untold: Opus Dei launches March 25. Listen on Apple Podcasts, Spotify, Pocket Casts or wherever you get your podcasts. Hosted on Acast. See acast.com/privacy for more information.

Banks, consultancies and LinkedIn posts alike are trumpeting the transformative effects of AI, promising an imminent uptick in productivity. Some of these claims are no doubt exaggerated. But there are unmistakable signs that AI is boosting productivity. How is that showing up in economic data? And what does that information tell us about the future of the economy? Soumaya is joined by John Burn-Murdoch and Sarah O’Connor, authors of the FT’s ‘AI Shift’ newsletter, to discuss. You can sign up to the AI shift newsletter here. Related Links Where is AI showing up in the productivity data? The AI productivity take-off is finally visible Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Sound design by Sean McGarrity. Original music by Breen Turner. The FT head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Markets haven’t exactly been calm since the conflict in Iran started. But are they mispricing the risks of a bigger economic blow-up? And how does this conflict compare with what happened after Russia invaded Ukraine? Host Soumaya Keynes discusses these questions with Robin Brooks, author of the Shadow Price Macro substack and senior fellow in the Global Economy and Development program at the Brookings Institution. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Some believe a deeper pool of common debt would allow the European Union to tackle some of its biggest problems, attracting more investment, reducing the cost of financing, and helping the EU achieve greater strategic autonomy. One such believer: Carlos Cuerpo, Spain’s economy, trade and business minister. In this episode, Soumaya asks him how a common EU safe asset would work, whether money (not politics) is the EU’s issue, and what the bloc could learn from Spain’s economic bounceback. Related links Europe’s best bet for financial sovereignty is a true safe asset Europe is not thinking straight on competitiveness Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Shortly after the US Supreme Court ruled Donald Trump’s tariffs were illegal, he hit back. The president vowed to impose a 10% levy on US imports through different means. He raised those duties to 15% the following day. These tariffs – imposed under the Trade Act of 1974, rather than the International Emergency Economic Powers Act (IEEPA) – are only temporary. But Trump has a range of tariff tools at his disposal. How will he use them? Which of his trading partners will be worse off from these new policy changes? And will US companies that have already paid tariffs get their money back? To discuss all this and more, Soumaya is joined by former US trade representative, and president of the Council on Foreign Relations, Michael Froman. Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music from Breen Turner, and sound design by Sean McGarrity Read a transcript of this episode on FT.com Hosted on Acast.…

When Richard Thaler and Cass Sunstein released their book ‘Nudge’ in 2008, it caught the public imagination. ‘Nudge theory’ – the idea that people could be encouraged to make better choices through small, subtle interventions – was innovative, and exciting. A decade and a half later, a whole lot of nudging seems to have come to a whole lot of nothing. Why wasn’t ‘nudge theory’ more help in tackling climate change, or helping people enroll in pensions? And, even if it hasn’t saved the world, does behavioural science still have a role in policymaking? Former member of the UK’s Behavioural Insights Team and professor of behavioural science, Nick Chater, reflects on the legacy of nudges. Related Links Can we ‘nudge’ our way to higher growth? The uses — and the limits — of ‘nudge’ economics What nudge theory got wrong Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

China’s export powerhouse is feeding global demand for cheaper electronics, cars, clothing, and plenty more besides. But the supercharged competition driving that trend is causing problems within China itself, including deflation and thin or negative profit margins. China’s government has recognised the problem, but what is it actually doing in response – and how should the country’s trading partners react? Soumaya speaks to Yanmei Xie, senior associate fellow at the Mercator Institute for China Studies, to discuss. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Josh Gabert-Doyon and Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. The FT head of audio is Cheryl Brumley. For China, ‘involution’ is a blessing as well as a curse Why China is reluctant to make a much-needed shift Fall in Chinese investment suggests Xi Jinping’s ‘anti-involution’ drive is biting China…

If you want to understand food – and eat better – economics is a good place to start. How do immigration patterns shape a country’s cuisine? How do labour laws make our working lunches worse? And why do strip malls serve such good grub? To find out, Soumaya Keynes talks to Tyler Cowen, economics professor at George Mason University and chair of the Mercatus Center think-tank. Cowen has written about food for more than two decades, including in his 2012 book An Economist Gets Lunch. Read Soumaya’s columns here: https://www.ft.com/soumaya-keynes Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Cheryl Brumley is the FT’s global head of audio. Original music and sound design by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The EU-India trade deal was partly a geopolitical statement, directed towards Trump. But what’s actually in it? What were the toughest bits to agree, who gave up concessions, and what will the deal mean for the economies of India and the EU? Soumaya Keynes is back to chat to Nicolas Köhler-Suzuki, adviser for trade and economic security, Jacques Delors Institute, and Ajay Srivastava, founder of the Global Trade Research Initiative in Delhi, and a former trade negotiator. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: EU and India seal trade pact to slash €4bn of tariffs on bloc’s exports Indian exporters seek new markets after Donald Trump’s trade blitz EU leaders push to implement Mercosur trade pact Presented by Soumaya Keynes. Produced by Josh Gabert-Doyon, Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. The FT’s global head of audio is Cheryl Brumley. Read a transcript of this episode on FT.com Hosted on…

Are the headline growth figures really telling us the full story about the global economy? Gita Gopinath, a former deputy managing director at the IMF and a professor of economics at Harvard University, discusses this question with Martin Wolf, the FT’s chief economics commentator. They talk about how AI investments are offsetting the economic drag from tariffs, the risk of another financial crisis and whether the dollar can remain the world’s dominant currency. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Further reading: Trump is erasing the global economic order So you tried to buy a country . . . IMF warns global economic resilience at risk if AI falters Presented by Soumaya Keynes. Produced by Josh Gabert-Doyon, Alex Bell and Kirsty Loughlin. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

It wasn’t the Trump administration’s first attack on the Federal Reserve – but it was perhaps the most shocking. The Department of Justice’s criminal investigation into Jay Powell – nominally over his testimony about the refurbishment of Fed buildings – has ramped up pressure on the Fed chair, whom Donald Trump has frequently criticised over the central bank’s interest rate stance. Will Trump succeed in imposing his will on the Fed, and how might the world’s most important financial institution fight back? Is there any hope that the next Fed chair will stand up to Trump? FT US economics editor Claire Jones speaks to the Fed's former vice-chair Don Kohn. Further Reading High-stakes Powell probe carries risks for US justice department Central bank chiefs ‘stand in full solidarity’ with Jay Powell Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks Claire Jones is the FT’s US economics editor. You can find her articles here. Subscribe to The Economics Show on Apple,…

Affordability is set to be a key issue in US politics ahead of the country’s midterm elections. And though American politicians often express their support for the country’s middle class, life has become progressively more difficult for that group, Mechele Dickerson argues. The University of Texas law professor explains how sluggish wage growth, housing policy and the growth of personal debt have made it harder to secure the markers of middle class life. Claire Jones is the FT’s US economics editor. You can find her articles here Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Claire Jones. Produced by Mischa Frankl-Duval. Manuela Saragosa is the FT’s acting co-head of audio. Original music from Breen Turner, and sound design by Sam Giovinco. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit. This is a repeat of an episode published on Behind The Money, a sister podcast of The Economics Show, on October 29, 2025 For further reading: The secretive First Brands founder, his $12bn debt and the future of private credit First Brands Group: dude, where’s my cash? First Brands bankruptcy: the losers — and winners Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow…

The European Commission must urgently dismantle internal trade barriers that are stifling innovation, productivity and investment across the EU. So says Christine Lagarde, president of the European Central Bank, in a conversation with the FT’s chief economics commentator, Martin Wolf, as she calls for immediate structural reforms and explains why this is the moment to do it. This interview was recorded on December 10 as part of the FT’s The Global Boardroom conference. Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Sound design and original music by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In this final episode of their series for The Economics Show, FT chief economics commentator Martin Wolf and Nobel laureate Paul Krugman consider listeners’ questions and comments ranging from a critique of globalisation, increasing inequality and plutocracy, the global appetite for US federal debt, China’s economic future and much more. Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s substack here Find Paul’s cultural coda here. Find Martin’s cultural coda here. Produced by Mischa Frankl-Duval and Josh Gabert-Doyon. Manuela Saragosa is the executive producer. Tom Hannen is the video editor. Sound design and original music by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

The US last week released its new national security strategy – and it wasn’t good news for Europe. The document, which sets out US foreign policy priorities, blasted Europe for undermining “political liberty and sovereignty”, de-emphasised the threat from Russia, reframed America’s competition with China and put influence over the western hemisphere at the top of the US agenda. In this episode, FT chief economics commentator Martin Wolf and Nobel laureate Paul Krugman discuss what the impact of this new US strategy may be. How should Europe react to this sharp turn from its strongest historical ally? And is Trump handing China the world on a silver platter? Email any questions for Martin and Paul to economics.show@ft.com Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s Substack here Find Paul’s cultural coda here. Find Martin’s cultural coda here. Produced by Mischa…

Donald Trump promised to bring industrial jobs back to America when he swept to victory in last year’s presidential election, powered by a 12-point lead among male voters, but can he really deliver? In the second of this four-part series, the FT’s chief economics commentator Martin Wolf and Nobel prize-winning economist Paul Krugman discuss the economic plight of American men - why their problems are real, but Maga’s proposed solutions are not. Plus, they consider the policy platform of another populist, the newly elected mayor of New York City, Zohran Mamdani, and whether his affordability agenda can translate into a nationwide policy for the Democrats. Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s substack here Find Paul’s cultural coda here Find Martin’s cultural coda here Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Sound design by Sam…

As President Donald Trump approaches the one-year anniversary of his second term in office, the FT’s chief economics commentator Martin Wolf, and Nobel prize-winning economist Paul Krugman sit down to discuss the US economy and the state of American democracy. Are American consumers finally feeling the effect of Trump’s tariffs? Is AI to blame for the frozen labour market? Or is the spectre of a weakening democracy and plutocracy to blame for slumping consumer sentiment? In the first of four weekly episodes, Wolf and Krugman unpick the US and world economy, with Krugman explaining why he’s less pessimistic now than he was earlier this year. Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here. Subscribe to Paul’s Substack here. Find Paul’s cultural coda here. Find Martin’s cultural coda here. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by…

In this four-part series starting on Wednesday November 26, FT chief economics commentator Martin Wolf and Nobel-prize winning economist Paul Krugman take stock after (almost) a year of Donald Trump’s second term and assess the impact of his presidency on the US and world economy and democracy everywhere. Martin Wolf is the FT’s chief economics commentator. You can find his articles here: https://www.ft.com/martin-wolf You can find Paul Krugman’s Substack newsletter here Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Martin Wolf. Produced by Mischa Frankl-Duval. The executive producer is Manuela Saragosa. Original music and sound design by Breen Turner. Hosted on Acast. See acast.com/privacy for more information.