Ones and Tooze

To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 2, they look at the economics of the postwar period. Also on the show: A quick conversation about U.S. President Donald Trump's Middle East trip. Learn more about your ad choices. Visit megaphone.fm/adchoices

To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 1, they look at the economics of the war itself. Also on the show: A quick conversation on U.S. President Donald Trump's futuristic policies. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode, we bring you the latest installment of Adam and Cameron's occasional series on heterodox economists. Austrian Joseph Schumpeter produced most of his work in the United States as an immigrant and a Harvard professor, beginning in the 1930s. Schumpeter popularized the term “creative destruction.” Learn more about your ad choices. Visit megaphone.fm/adchoices

In parliamentary elections next week, Canadians are expected to turn out in large numbers for the Liberal Party led by Mark Carney—in part as a reaction to U.S. President Donald Trump. The Liberals had been down in the polls for months, but Trump's rhetoric and policy, including on tariffs, have prompted voters to turn away from the Conservatives and back Carney, who had a long career in central banking and global finance. On this episode, Adam and Cameron discuss the Canadian economy—the ninth largest in the world—and how Carney plans to deal with Trump. Learn more about your ad choices. Visit megaphone.fm/adchoices

Given the news of Pope Francis's death this past week, we're sharing a bonus episode from the archive. This originally aired in March 2024 and is titled, "The Economic Thinking of Pope Francis." We'll be back with a new episode this Friday. Learn more about your ad choices. Visit megaphone.fm/adchoices

As tariff concerns rippled through financial markets around the world, the 10-year yield on US Treasury bonds advanced 50 basis points this week. That is the most in more than two decades. Hosts Adam Tooze and Cameron Abadi talk about what fluctuations in the bond market mean and why it's put a scare in investors. Plus in the second half of the show, the cost and benefits of nuclear proliferation from the perspective of defense budgets, nuclear waste, and international security. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. President Donald Trump reversed course this week as he announced a three month pause on "reciprocal tariffs" but increased tariffs on China to 125%. China responded with 84% retaliatory hikes. Hosts Cameron Abadi and Adam Tooze talk about the immediate and long term impacts of this trade war and look at the possible policy goals it might serve. And thank you to everyone who responded to our pitch for listener support last week! If you'd like to help support us make the show, please consider following this link to donate. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. President Donald Trump's latest tariffs have raised questions about whether this will be the moment that an all-out trade war breaks out with China. Prior to Trump's announcement, Adam and Cameron took an overall look at the current economic relationship between the two countries. And thank you to everyone who responded to our pitch for listener support last week! If you'd like to help support us make the show, please consider following this link to donate. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

The legal services industry in the United States is a $300 billion business—bigger than any in the world. In recent weeks, U.S. President Donald Trump has targeted parts of the industry to further his own narrow agenda. Adam and Cameron discuss the possible impact. Also on the show: For the first time, Ones and Tooze is asking for listener support. Adam and Cameron describe the reasons—and the challenging economics of podcasts—in the episode. Once you've heard the pitch, please come back here and consider supporting us by clicking on this link. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss Abundance, the new book by Ezra Klein and Derek Thompson. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. President Donald Trump's trade wars and other economic polices since his inauguration in January have helped wipe out some $4 trillion from U.S. stock markets. As of mid-March, the S&P 500 was more than 10 percent below its last record high. The idea some people had that tariffs would just be a threat by Trump, designed to get better trading terms from U.S. allies and adversaries, is flat-out wrong—at least for now. Adam and Cameron discuss what the impacts might be. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. budget deficit last year hit $1.8 trillion, bringing the overall level of American debt to some $36 trillion. The Trump administration will surely add to that figure with its plans to make current tax cuts permanent and spend more on the military and immigration enforcement. Is all this debt sustainable? Adam and Cameron discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. President Donald Trump has announced a new aspect of his administration's immigration policy: a path to citizenship for “high-level” people who can bypass the usual process by paying $5 million. Trump said the program will raise revenue for the government—but it might primarily attract Russian and Chinese oligarchs to the United States. Also on the show, Cameron and Adam discuss brutalism, an architectural style that emerged in the 1950s and is now the subject of an Oscar-nominated film. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

In a matter of weeks, the United States has shifted its position from supporting Ukraine in its war with Russia to falsely denouncing it as the aggressor and demanding mineral rights worth hundreds of billions of dollars. Adam and Cameron discuss the broad impact of the shift. Also on the show: what to expect from the upcoming elections in Germany. Learn more about your ad choices. Visit megaphone.fm/adchoices

Billionaire Elon Musk and his DOGE team have gained access to a sensitive Treasury Department payment system, setting off alarm bells in parts of the financial community. Adam and Cameron take a look at what the payment system does and what could possibly go wrong. Also on the show: Coffee has reached record-high prices around the world. This second segment focuses on the economics of coffee. Learn more about your ad choices. Visit megaphone.fm/adchoices

Every day, experts from around the globe present their arguments for solving the world's biggest problems. And every day, these experts disagree in small and large ways. At Foreign Policy, our approach is to share a wide range of opinions, side by side, day by day. But what if people could hear those arguments tested, in real time, under pressure from an opposing view–by an international cast of diplomats, journalists, academics and activists? That's the idea behind Counterpoint, a new debate show from Foreign Policy, in partnership with the Doha Forum—hosted by FP deputy editor Sasha Polakow-Suransky. On this episode, Sasha explores the question: Should the West Pressure Ukraine to Negotiate an End to the War? He's joined by Emma Ashford, a senior fellow at the Stimson Center and an assistant professor at Georgetown University, and Rajan Menon, the director of the grand strategy program at Defense Priorities and a senior research scholar at Columbia University. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Trump administration has imposed a 10-percent tariff on all Chinese goods coming into the United States, prompting counter measures by Beijing. What are the economic arguments that favor tariffs and how could Trump's measure backfire on the United States? Adam and Cameron dig in. Learn more about your ad choices. Visit megaphone.fm/adchoices

For decades, billionaire Elon Musk has only had the kind of power that comes with great wealth. Now he has political power, as well. What is he after? And what does he truly believe? Adam and Cameron spend the episode talking about Musk and his role in the Trump administration. Learn more about your ad choices. Visit megaphone.fm/adchoices

About a dozen billionaires attended President Donald Trump's inauguration this past week, including the titans of the U.S. tech industry, in a sign of how he might govern—and who has his ear. After the inauguration, Trump signed a record 26 executive orders that will shape American life in the coming years, including the economy. Adam and Cameron dig in. Learn more about your ad choices. Visit megaphone.fm/adchoices

The wildfires in Los Angeles this month have already caused some $275 billion in damage—an unprecedented catastrophe by any measure. Adam and Cameron discuss the economic implications and the impact of climate change not just there but elsewhere. Also on the show: The economics of Greenland. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this bonus episode, Adam and Cameron discuss the economic legacy of former U.S. President Jimmy Carter, including his approach to inflation, deregulation, and fiscal issues. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this first episode of 2025—and the first one recorded since Adam's heart surgery—Cameron and Adam discuss a conceptual ecological framework called The Planetary. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the third and final episode in a miniseries on heterodox economists—people who embrace completely different approaches to economics than those of the standard thinkers. Adam and Cameron discuss Hyman Minsky, an American economist who wrote widely on financial crises but whose work received broad attention only around the collapse of 2008—more than a decade after his death. Learn more about your ad choices. Visit megaphone.fm/adchoices

Cameron and Adam are taking time off for the holiday. But don't despair! Instead of Ones and Tooze, you can listen to a recent episode of another Foreign Policy podcast: The Hidden Economics of Remarkable Women (HERO). The show examines economic challenges facing women around the world but especially in developing countries of Africa. Ones and Tooze will be back next week. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the second episode in a miniseries on heterodox economists—people who embrace completely different approaches to economics than the standard thinkers. Adam and Cameron describe the life and work of Joan Robinson, who worked with John Maynard Keynes on his hugely influential macroeconomics book The General Theory of Employment, Interest and Money—but came to regard Keynesianism as a failed revolution. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the first episode in a miniseries on heterodox economists—people who embrace completely different approaches to economics than the standard thinkers. Adam and Cameron begin with Michal Kalecki, a Polish economist born in the late 19th century who believed that capitalism was not the solution to the human condition but the problem itself. Listen until the end to hear Adam's message from the ICU after his open-heart surgery. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam has an aneurysm on his ascending aorta that requires major surgery. He and Cameron discuss the mechanics of the surgery itself and the economics of the U.S. health care system. Learn more about your ad choices. Visit megaphone.fm/adchoices

Why turkeys are actually cheaper around Thanksgiving? And what is the origin of Black Friday? In this holiday episode, Adam and Cameron talk turkey about the origins of Thanksgiving, how it's celebrated today, and the things they've been most thankful for in this past year. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the collapse of the ruling coalition in Germany, hosts Cameron Abadi and Adam Tooze take a deep dive into the future of the country from both a political and economic perspective. The two delve into what doomed the government of current chancellor Olaf Scholz and what lies ahead for likely future chancellor Friedrich Merz. Merz is the head of the main opposition party in parliament, the center-right Christian Democrats. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most surprising data points to emerge from the U.S. election last week was a significant swing toward Donald Trump among the poorest of U.S. voters—those who earn less than $50,000 a year. The shift seems to be part of a broader political trend, and it raises a question about class and politics in the United States: Why are poor people supporting a candidate whose policies have generally benefited the rich? Adam and Cameron dig in. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss how Donald Trump's second term will affect U.S. policy around the world. In order to keep Ones and Tooze going, we're planning to start a membership program. This is a chance for listeners to tell us what kind of extra content they'd want to hear. Interviews? Listener questions? A Ones and Tooze book club? Please click on the link below and fill out the survey. https://bit.ly/3NBskqM Learn more about your ad choices. Visit megaphone.fm/adchoices

The economic platforms of Harris and Trump contrast sharply. But will this election change the country's economic trajectory? Adam and Cameron dig in. Also on the show: Everything you wanted to know about the North Korean military. And a note from Adam and Cameron: In order to keep Ones and Tooze going, we're planning to start a membership program. This is a chance for listeners to tell us what kind of extra content they'd want to hear. Interviews? Listener questions? A Ones and Tooze book club? Please click on the link below and fill out the survey. https://bit.ly/3NBskqM Learn more about your ad choices. Visit megaphone.fm/adchoices

More than a million people applied for asylum in Europe last year—helping to stoke an immigration backlash on the continent. Even some centrist governments across Europe are adopting far-right policies on immigration and asylum. Adam and Cameron discuss. Also on the show: The World Bank and global poverty. Learn more about your ad choices. Visit megaphone.fm/adchoices

As China prepares a raft of stimulus measures to reboot the country's domestic economy, Adam and Cameron discuss whether or not the measures will be effective. Also on the show: Adam and Cameron continue their tradition of discussing the annual Nobel Memorial Prize in Economic Sciences. The 2024 prize went to Daron Acemoglu, Simon Johnson, and James A. Robinson, whose work helped highlight differences in prosperity between nations. To learn more about their work, check out this paper by the three winners on the causes of long-run growth: https://www.nber.org/papers/w10481 Learn more about your ad choices. Visit megaphone.fm/adchoices

Weeks before the presidential election, Adam and Cameron discuss the state of Donald Trump's financial empire. He got his start in the New York City real estate market and made more money—and became more famous—as the host of a reality television show. But Trump is also a social media executive and cryptocurrency trader. If elected, does he stand to benefit from his economic program of high tariffs and a weaker dollar? Also on the show: Pumpkin spice has become a billion-dollar industry worldwide. How did that happen? Learn more about your ad choices. Visit megaphone.fm/adchoices

A year ago on October 7, the Palestinian group Hamas attacked southern Israel and killed more than 1200 people. Israel responded with an invasion of Gaza, killing of more than 42,000 Palestinians so far, most of them civilians. On this episode, Adam and Cameron consider the economic impact of the war on Gaza, Israel, and other parts of the region. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron taped this episode in front of a live audience at the Caveat Theater in New York City. They talk about the life and ideas of economist John Maynard Keynes. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hosts Cameron Abadi and Adam Tooze take to the stage in front of a live audience at Washington DC's 6th and I Historic Synagogue for a wide ranging discussion. Their conversation touches on topics as varied as Adam's quest for US citizenship, European Central Bank President Mario Draghi's dire report on the state of Europe's economy, and what to make of some of the swing states in the upcoming US presidential election. Learn more about your ad choices. Visit megaphone.fm/adchoices

With data showing a weakened labor market and a potential recession on the horizon in the United States, the Federal Reserve is expected to cut interest rates. Adam and Cameron discuss what it means for the economy. Come see Adam and Cameron's live taping in Washington, D.C. on September 17 at the beautiful Sixth and I venue. Or purchase VIP tickets and meet them in person. Follow the link below for details. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In today's episode hosts Adam Tooze and Cameron Abadi discuss climate policy and how it's playing out on both sides of the Atlantic. In the first half of the show they look into the effectiveness of the Inflation Reduction Act which passed in the US in 2022 and how it's fairing two years later. Then they direct their focus on efforts to reduce carbon emissions in Germany and see what's been effective and where there are stumbling blocks for even greater change. --- Adam and Cameron's live taping next month in New York is sold out. But there are still tickets available for the live show in Washington, D.C. Follow the link below for tickets. Sixth & I in Washington, DC, on Tuesday, September 17. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

The Lebanese pound has lost 98 percent of its value since 2019—just one sign among many that the country's economy is in free fall. Cameron and Adam dig in. Also on the show, another installment in the series on U.S. swing states—this time, Michigan. --- Adam and Cameron's live taping next month in New York is sold out. But there are still tickets available for the live show in Washington, D.C. Follow the link below for tickets. Sixth & I in Washington, DC, on Tuesday, September 17. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

With a 20 percent hike in the cost of food, Democratic presidential candidate Kamala Harris is vowing to crack down on price-gouging. But is that what grocery chains are doing? Adam and Cameron discuss. Also on the show, how the political tumult in Bangladesh will affect the country's economy. ------ Adam and Cameron will be doing two live shows next month—one in Washington, D.C., and the other in New York City. Follow the links below for tickets. Sixth & I in Washington, DC, on Tuesday, September 17. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ The Caveat in New York City on Wednesday, September 25. https://www.caveat.nyc/events/ones-and-tooze-9-25-2024 Learn more about your ad choices. Visit megaphone.fm/adchoices

After a U.S. district court determined that Google is violating antitrust laws with its Chrome browser, Justice Department officials are weighing whether to break up the company. Adam and Cameron discuss what it would mean. Also on the show, part one in an occasional series on U.S. swing states. This week: Minnesota. AND: Adam and Cameron will be doing two live shows next month—one in Washington, D.C., and the other in New York City. Follow the links below for tickets. Sixth & I in Washington, DC, on Tuesday, September 17. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ The Caveat in New York City on Wednesday, September 25. https://www.caveat.nyc/events/ones-and-tooze-9-25-2024 Learn more about your ad choices. Visit megaphone.fm/adchoices

Did international markets overreact to the job data earlier in the week? Or is the United States entering a recession? Also: Adam and Cameron will be doing two live shows next month—one in Washington, D.C., and the other in New York City. Follow the links below for tickets. Sixth & I in Washington, DC, Tuesday, September 17. https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ The Caveat in New York City on Wednesday, September 25. https://www.caveat.nyc/events/ones-and-tooze-9-25-2024 Learn more about your ad choices. Visit megaphone.fm/adchoices

As millions of people around the globe tune into the 2024 Paris Olympics, hosts Cameron Abadi and Adam Tooze peer into some of the economic questions around the spectacle. The two look into the cost of hosting, how much money it takes to be an athlete, and the relationship between expected medal count and a country's GDP. Tickets to the live show: https://www.sixthandi.org/event/foreign-policys-ones-and-tooze-podcast/ Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

Joe Biden still has six months left in his presidency, but it's not too early to size up his economic legacy. Adam and Cameron dig in. And here's an announcement: Adam and Cameron will be recording a live show in Washington, D.C., on Sept. 17 at the historic Sixth & I building. Follow the link below for tickets. Don't wait! Other Ones & Tooze live shows have sold out quickly. https://www.eventbrite.com/e/foreign-policys-ones-and-tooze-live-tickets-949344052617?aff=oddtdtcreator Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode, hosts Cameron Abadi and Adam Tooze examine the economic policies of the Republican Party and what might happen should Trump win the upcoming presidential election. They also discuss how issues like a stricter immigration policy and higher tariffs could have an adverse impact on inflation and how much weight should be given to campaign messaging versus the realities of enacting law. In the second segment the two look at the debt owed by Ukraine, who holds it, and how it puts yet another painful strain on the country that's already been devastated by years of war with Russia. Learn more about your ad choices. Visit megaphone.fm/adchoices

On today's episode hosts Cameron Abadi and Adam Tooze discuss electoral politics in both the US and UK. In the first segment the two look at the career of US Vice President Kamala Harris. Harris is being talked about as a replacement candidate for Joe Biden should he decide to no longer pursue a second term. The second segment analyzes the economic ramifications of the recent UK elections where the Labour Party won in a landslide ushering in new Prime Minister Keir Starmer. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the US Presidential election draws closer hosts Cameron Abadi and Adam Tooze look at how the current climate of elevated inflation and economic discontent translates into political instability. They focus their attention by comparing these times to Weimer Germany, an era that last between World War I and the rise of the Nazi dictatorship. That brief democratic period also famously had high inflation and eventually collapsed into outright dictatorship. In this episode the two dig into the economics of Weimar Germany and consider where exactly the analogy with the United States lines up and where it doesn't. Special thanks to listener Nick Page for the idea for this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

A snap election called in France could lift the far-right National Rally to power. Adam and Cameron discuss the economic conditions that facilitated the party's rise. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss the Tour de France—its historical and economic dimensions. Also on the show: The Chiquita verdict. Learn more about your ad choices. Visit megaphone.fm/adchoices