Ones and Tooze

Diesel prices are hitting record highs, with the average price per gallon in the United States as high as $6.43 in late September. Adam and Cameron discuss the history of the fuel and the impact that the spike is having around the world. Learn more about your ad choices. Visit megaphone.fm/adchoices

The housing market in the United States is in gridlock these days, largely because of high interest rates. The average 30-year fixed mortgage rate is now above 7 percent, making it difficult for would-be first-time buyers to get into the market. Adam and Cameron discuss the broader implications for the U.S. economy. Also on the show: Brazil’s presidential election Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss the newly released memoir of Francis Fukuyama, the American political scientist whose influential paper in 1989—which was later expanded into a book—posited that liberal democracy had won the world's ideological battle. The thesis was heralded as prescient when the Berlin wall fell a short time later but has been subjected to much criticism over the years. In the memoir, In the Realm of the Last Man, Fukuyama sets out to account for events that have transpired since 1989. Learn more about your ad choices. Visit megaphone.fm/adchoices

The head of Anthropic last week called on the U.S. government to regulate AI companies to avoid catastrophic outcomes. But, as Adam and Cameron point out, the conversation itself raises broader questions about the structure of the AI marketplace, the efficacy of existing liability laws, and the very nature of capitalism. Learn more about your ad choices. Visit megaphone.fm/adchoices

The far-right Alternative for Germany’s recent landslide victory in a small state in eastern Germany is part of a broader political story unfolding across Europe. It is also—and perhaps primarily—an economic story. Learn more about your ad choices. Visit megaphone.fm/adchoices

Nearly 1.5 billion children will attend primary or secondary school around the world this year—about 1 in 6 people on the planet. Adam and Cameron discuss the economics around sending children to school. Also on the show: The economics of Lichtenstein. Learn more about your ad choices. Visit megaphone.fm/adchoices

The yield on 30-year U.S. Treasury bonds has been spiking lately, at one point reaching its highest level in some two decades. That means that the government is paying more to borrow—as government debt officially passed the $40 trillion mark this week. Adam and Cameron discuss. Also on the show: Adam returns from the Venice Biennale. Learn more about your ad choices. Visit megaphone.fm/adchoices

Germany's longest river is drying up, with water levels reaching as low as 8 inches in some spots—the lowest reading since Germany started keeping records almost 150 years ago. Adam and Cameron discuss the economic impact, including shipping disruptions and supply chain problems. Learn more about your ad choices. Visit megaphone.fm/adchoices

India is facing an unemployment crisis among young college graduates—some 40 percent of whom are struggling to find work. Adam and Cameron discuss the implications for India and the potential impact of the Cockroach Janta Party movement. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode, Adam and Cameron discuss the economics of super yachts—a global industry worth up to $22 billion. Learn more about your ad choices. Visit megaphone.fm/adchoices

The poem written some 2,700 years ago and the contemporary film directed by Christopher Nolan are the topic of this week’s show. Adam and Cameron discuss the economic and philosophical underpinnings of the story. Learn more about your ad choices. Visit megaphone.fm/adchoices

Britain’s new prime minister, Andy Burnham, calls his economic philosophy “Manchesterism,” after the city he led as mayor. But the term has meant different things since it was coined in the 19th century. Adam and Cameron dig in. Learn more about your ad choices. Visit megaphone.fm/adchoices

This year's FIFA Men's World Cup final pits Spain against Argentina, two countries with a former colonial relationship and complicated social and economic ties. Adam and Cameron trace the relationship's history. Learn more about your ad choices. Visit megaphone.fm/adchoices

Private investment in artificial intelligence in 2025 reached nearly $300 billion and is likely to grow this year. The companies making those investments include Microsoft, Google, Amazon, and Meta. Who’s winning the AI arms race, and what does it mean for the economy—and for humanity? Learn more about your ad choices. Visit megaphone.fm/adchoices

The Declaration of Independence, which founded the United States as an independent nation, was written in 1776—the same year that Adam Smith published The Wealth of Nations, the most prominent early treatise on international capitalism. Whether that represents a coincidence remains an ongoing debate. What’s clear, however, is that over the past two and a half centuries, the United States emerged as a slave economy, a free labor economy, a debtor nation, a creditor nation, and ultimately a powerful empire. Adam and Cameron discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron recorded this episode from Dalian, China, where they’re attending the World Economic Forum’s 17th Annual Meeting of the New Champions, known as “Summer Davos.” They discuss the economy of China. Learn more about your ad choices. Visit megaphone.fm/adchoices

As the 10th anniversary of the Brexit referendum approaches, Adam and Cameron discuss the impact on the British economy. Also on the show: The Allied invasion of Normandy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Germany is considering a package of reforms to reduce its welfare state and make the economy more productive. This would include changes to labor laws, welfare payments to the unemployed, and the retirement age. In this live show in Berlin, Adam and Cameron discuss the potential reforms and also the Tempelhofer Feld, a huge park in Berlin where some Germans now want to build apartments to address the city’s housing crisis. Learn more about your ad choices. Visit megaphone.fm/adchoices

Real disposal income has grown in the United States much faster than in Europe since the beginning of the century. Does that mean European economies are falling behind? It’s a debate some prominent economists are having lately, including Nobel winners Paul Krugman and Philippe Aghion. Adam and Cameron discuss. Also on the show: The economics of Morocco. Learn more about your ad choices. Visit megaphone.fm/adchoices

A long-term truce deal between the United States and Iran would likely include some sanctions relief in exchange for the opening of the Strait of Hormuz. Adam and Cameron discuss where that would leave Iran and how the war has changed some core economic positions in the region. Also on the show: the economics of bodybuilding. Learn more about your ad choices. Visit megaphone.fm/adchoices

Taiwan runs a huge trade surplus, which is partly due to its chip manufacturing industry. Adam and Cameron discuss how the surplus affects Taiwan and other issues related to its economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss the current status of Russia’s war in Ukraine and how both countries are faring economically four years into the conflict. Also on the show: What can the British Labour Party learn from other center-left governments? Learn more about your ad choices. Visit megaphone.fm/adchoices

Nearly half of all U.S. consumer spending comes from the top 10 percent of households. Adam and Cameron explain this diverging, “K-shaped” economy. Also on the show: The life and legacy of Margaret Thatcher. Learn more about your ad choices. Visit megaphone.fm/adchoices

Zohran Mamdani has been mayor of New York for about four months now and though it's early to assess his record, it's not too soon to discuss his approach to running the city—and his particular brand of democratic socialism. Adam and Cameron took up the issue in front of a live audience at the Caveat Theater in Manhattan last month. We thought our listeners would enjoy the segment. Learn more about your ad choices. Visit megaphone.fm/adchoices

The U.S. Federal Reserve will get a new chairman this month, and it’s likely to be Kevin Warsh, a financier and former Fed governor. Adam and Cameron discuss Warsh’s economic ideas and the impact that he’ll likely have on interest rates and the economy as a whole. Also on the show: The economics of Michael Jackson. Learn more about your ad choices. Visit megaphone.fm/adchoices

The war in Sudan is entering its fourth year, with tens of thousands killed and millions displaced. And yet the conflict receives limited media attention and little international aid. Adam and Cameron dig in. Also on the show: Islamabad is hosting the negotiations between the United States and Iran. Adam and Cameron discuss the history and economics of this Pakistani city. For listeners in New York City: On April 28, Adam will be joined by Columbia University President Emeritus Lee C. Bollinger and Nobel laureate Joseph E. Stiglitz for a conversation marking the 20th anniversary of the ⁠Committee on Global Thought⁠, moderated by FP editor in chief Ravi Agrawal. ⁠Register here. Brought to you by: betterhelp.com/onestooze upwork.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron taped this show in front of a live audience in Washington, D.C., at an event held by the Institute of International Finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

The energy crisis generated by the war in Iran has some historical parallels, including the Suez crisis of 1956 and the Arab-Israeli war in 1973. Adam and Cameron discuss the similarities and differences. Also on the show: Viktor Orban is once again up for reelection in Hungary—but this time, he’s fighting an uphill battle. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hello Ones and Tooze Listeners. Our sister show, Foreign Policy Live, aired an interview recently with Ali Vaez, one of the most interesting Iran analysts out there. We wanted to share it with you. FP Live is hosted by Foreign Policy's editor in chief, Ravi Agrawal. For people interested in geopolitical issues related to Iran, Ukraine, Gaza, China, and other hot spots around the world, there's no better podcast. Enjoy the interview. --Cameron Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron look back at the 1989 Tiananmen Square protests in China and discuss what economic factors drove them. This is the first episode in an intermittent series that looks at historical events that may not have been thought of as having an economic dimension. Learn more about your ad choices. Visit megaphone.fm/adchoices

With the Iran war now entering its second month, Adam and Cameron consider the long-term implications and which countries will be hit hardest. Brought to you by: betterhelp.com/onestooze upwork.com Learn more about your ad choices. Visit megaphone.fm/adchoices

The price of oil keeps rising as the U.S.-Israel war on Iran enters its fourth week, threatening economic turmoil around the world. Also on the show: The philosophy of Jürgen Habermas. Learn more about your ad choices. Visit megaphone.fm/adchoices

China has released a new five-year economic plan that projects GDP growth of around 4.5 percent in the coming year. That would be the country’s slowest growth rate since its era of reforms began in the 1980s. Adam and Cameron dig in. Also on the show: The economics of St. Patrick’s Day. Learn more about your ad choices. Visit megaphone.fm/adchoices

The war on Iran launched a week ago by Israel and the United States is spiraling into a regional conflict with implications for the global economy. Adam and Cameron discuss. Also: Adam and Cameron will be back at the Caveat theater in New York on April 17 to record a live episode of Ones and Tooze. It’s a smallish venue and tickets tend to sell out quickly. Order yours ⁠here⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

With Adam and Cameron off this week, we bring you an episode of Foreign Policy Live—FP's flagship podcast, hosted by the magazine's editor in chief, Ravi Agrawal. Ravi sat down with former CIA chief David Petraeus to discuss what a U.S. war with Iran might look like. Learn more about your ad choices. Visit megaphone.fm/adchoices

In the first year of U.S. President Donald Trump's second term, he has made some dramatic economic changes—relating to tariffs, immigration, and the size of the U.S. government. The result was a modest 2.2 percent economic growth. So, what went wrong? And what went well? Adam and Cameron dig in. Also on the show: A country report on the Netherlands. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

Big tech companies are directing a huge portion of their capital expenditures to artificial intelligence—at least $650 billion in the coming year. The effect is to stimulate the economy in the short term, but what happens in the long term? Adam and Cameron discuss. Also on the show: The state of the German economy. Learn more about your ad choices. Visit megaphone.fm/adchoices

The Super Bowl is the most watched event on American television—and a microcosm of American culture. In the first segment of the show, Adam and Cameron discuss the economic and social dimensions of the event. In the second segment, they discuss the cultural and economic world that Jeffrey Epstein inhabited before dying by suicide in prison in 2019. Learn more about your ad choices. Visit megaphone.fm/adchoices

Chinese President Xi Jinping has fired two top generals for alleged corruption as part of a dramatic military purge. With the move, Xi appears to have tightened his hold over the military but added significant instability. Adam and Cameron discuss the history and economics of the People's Liberation Army. Also on the show: Ahead of the Winter Games, Adam and Cameron discuss the economics of Milan. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S. President Donald Trump delivered a meandering address at the World Economic Forum in Davos, Switzerland, this week, demanding that Greenland be handed over to the United States and making a series of questionable assertions. Adam was there. On the podcast, he and Cameron discuss the address, the conference, and the crisis over Greenland. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss the huge protests across Iran—what is driving them and what they mean for the country's future. Also on the show: The U.S. Justice Department investigation into Fed Chair Jerome Powell. Learn more about your ad choices. Visit megaphone.fm/adchoices

Why is the United States inserting itself so aggressively into Venezuela’s affairs? Trump says it’s about oil, but that doesn’t quite add up, according to Adam and Cameron. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this final installment of our miniseries on Soviet economists and thinkers, Adam and Cameron discuss the ideas of Joseph Stalin. Learn more about your ad choices. Visit megaphone.fm/adchoices

December marks both the birth and the collapse of the Soviet Union. Adam and Cameron are spending the month focusing on Soviet economists and thinkers. This week: Leon Trotsky Learn more about your ad choices. Visit megaphone.fm/adchoices

Europe has decided to loan Ukraine more than $100 billion to help fund its war with Russia instead of tapping frozen Russian assets. Adam and Cameron discuss what that means for the continent and how the decision will impact the war. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish German revolutionary Rosa Luxemburg. Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss China’s $1 trillion trade surplus and the Trump administration’s newly released National Security Strategy. Note: Listeners can find the second segment on Rosa Luxemburg in the following episode. Brought to you by: betterhelp.com/onestooze givewell.org Learn more about your ad choices. Visit megaphone.fm/adchoices

December marks both the birth and the collapse of the Soviet Union. Adam and Cameron are spending the month focusing on Soviet economists and thinkers, starting with Vladimir Lenin. Learn more about your ad choices. Visit megaphone.fm/adchoices

The economies of Russia and Ukraine are experiencing particular turbulence as the war between the two countries creeps toward its fourth year. Adam and Cameron discuss. Also: Twice a year, Ones and Tooze conducts a listener support campaign. Please help keep the show unpaywalled by following the link below and pledging your support. https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8 Brought to you by: betterhelp.com/onestooze monarch.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Adam and Cameron discuss the economics of podcasts, a multibillion-dollar industry. And on that topic—twice a year, Ones and Tooze conducts a listener support campaign. Please consider supporting the show by following the link below. https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8 Learn more about your ad choices. Visit megaphone.fm/adchoices