Money Talks from The Economist

Good bosses are rare. They don’t have to be. The skills of management can be learned. The Economist’s management columnist, Andrew Palmer, is here to help. The second season of Boss Class features leaders at some of the world’s best performing companies, from Levi’s to Novo Nordisk to Google. New episodes are out weekly starting May 12th. To listen to the full series, subscribe to Economist Podcasts+. https://subscribenow.economist.com/podcasts-plus If you’re already a subscriber to The Economist, you have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

After months of bluster, he’s finally done it. At a ceremony in the White House Rose Garden, Donald Trump overturned decades of American trade policy with a simple signature. The new wave of trade restrictions, if implemented in full, will raise tariffs to the highest level in more than a century. So how bad could it get? Hosts: Mike Bird and Ethan Wu. Guests: The Economist’s Simon Rabinovitch; and Douglas Irwin, a professor of economics at Dartmouth College. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

A sophisticated, predatory, multi-billion dollar industry is emerging from the shadows. It is probably bigger than the illicit drug trade. And it’s about to get bigger and much more powerful. The Economist’s Sue-Lin Wong follows a trail that starts with the collapse of a bank in rural Kansas to uncover a global, underground scam economy built around human trafficking, corruption and money laundering. Can it be stopped? Coming soon. To listen to the full series subscribe to Economist Podcasts+.

Narendra Modi is one of the most popular politicians on the planet. India’s prime minister is eyeing a third term atop the world’s biggest democracy. A tea-seller’s son, Mr Modi began life an outsider and the man behind the political phenomenon remains hard to fathom. India has become an economic powerhouse during his ten years in charge. But he’s also the frontman for a chauvinistic Hindu nationalist dogma. Can Mr Modi continue to balance both parts of his agenda and finish the job of turning India into a superpower? The Economist’s Avantika Chilkoti finds out what makes him tick. Launching June 2024. To listen to the full series, subscribe to Economist Podcasts+. If you’re already a subscriber to The Economist, you have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

More than 1bn people around the world are obese. That means there should be extraordinary demand for drugs to cure or mitigate the condition. Novo Nordisk is now Europe’s most valuable company and Eli Lilly’s market value has more than doubled. Both make the “miracle” drugs that can help people shed up to a fifth of their body weight. But these drugs promise to do more than boost drug companies’ profits. How will they reshape the economy? Hosts: Alice Fulwood, Mike Bird and Tom Lee-Devlin. Guests: The Economist’s Georgia Banjo; pharmaceuticals analyst Michael Nedelcovych; and John Cawley, a professor of public policy and economics at Cornell University. Subscribers to Economist Podcasts+ can listen to our January 2023 episode on the economics of thinness. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+ For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

Amazon started with a plan to disrupt bookselling. It sold cheap books online, delivering them straight to customers’ homes. Three decades later it employs a million people in America and owns one hundred warehouses, each stocked with millions of products. More than a third of the US e-commerce market flows through it. Now, another company has spied an opportunity to disrupt Amazon: Temu. The Chinese e-commerce giant wants to undercut its US rival, delivering impossibly cheap stuff to Americans straight from factories in China. How worried should Amazon be? Hosts: Alice Fulwood, Mike Bird, Tom Lee-Devlin. Guests: Wendy Woloson of Rutgers University-Camden; Mark Shmulik of Bernstein; Michael Morton, an e-commerce analyst at MoffettNathanson; and Josh Silverman, CEO of Etsy. Listen to what matters most, from global politics and business to science and technology—Subscribe to Economist Podcasts+ For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

It's been two years since Russia brought war to Ukraine. America, Britain and the European Union may not have intervened by putting boots on the ground—but they have launched a massive financial counteroffensive. Vladimir Putin’s government, his cronies and the businesses profiting from the war are all subject to sanctions, yet the Russian economy has proved remarkably resilient. So, does financial warfare work? Hosts: Mike Bird, Alice Fulwood and Tom Lee-Devlin. Guests: The Economist’s Cerian Richmond Jones; Juan Zarate, the architect of America’s sanctions after the September 11th attacks; and Nicholas Mulder, author of “The Economic Weapon”, which examines the rise of sanctions as a tool of war. Get a world of insights for 50% off—subscribe to Economist Podcasts+ If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

European firms dominate the global luxury landscape, accounting for two-thirds of sales and nine of the ten most valuable luxury brands. A strong emphasis on heritage and control of the supply chain have helped ensure success. But can Europe hold on to its crown? Hosts: Tom Lee-Devlin, Alice Fulwood and Mike Bird. Guests: Thomai Serdari, a professor of marketing at NYU Stern; and Ermenegildo Zegna, CEO and chairman of Zegna Group, an Italian luxury company. Sign up for a free trial of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

We raise the curtain on the business of New York’s iconic theatre district. Broadway has been struggling with rising costs and falling sales since the pandemic, but its financial drama started much earlier. The economic plot just doesn’t make sense. Will the lights go out on the Great White Way? Hosts: Alice Fulwood, Tom Lee-Devlin and Mike Bird. Guests: The Economist’s Stevie Hertz; actor Leanna Rae Conception; Megan O'Keefe, executive vice-president of production company No Guarantees; Broadway investor, Ken Willman; Oliver Roth, CEO and producer at OHenry Productions, Kate Shindle, president of Actors’ Equity; and Lee Seymour, producer. Sign up for a free trial of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

In five days OpenAI’s boss was fired by its board; hired by Microsoft, the startup’s biggest investor; and returned to his post at OpenAI. Yet things cannot be as they were: the shuffle will have consequences for the darling of the artificial-intelligence community and for the industry as a whole. Hosts: Tom Lee-Devlin, Alice Fulwood and Mike Bird. Guests: Benedict Evans, a technology analyst and former venture capitalist, and The Economist’s Arjun Ramani and Ludwig Siegele. Sign up for a free trial of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

President Joe Biden’s Inflation Reduction Act promised $370bn for green infrastructure and industry. It has spurred a surge in massive construction efforts such as battery plants and electric-vehicle factories. Our correspondent goes on a road trip, visiting small towns with big new projects under way and gauging the success of Mr Biden’s economic policy so far. Hosts: Alice Fulwood, Tom Lee-Devlin and Henry Tricks Runtime: 44 min This is a free episode of Money Talks. To listen every week, sign up for a free trial of Economist Podcasts+. If you’re already a subscriber to The Economist, you have full access to all our shows as part of your subscription.For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

Last week, we spoke to the author Michael Lewis, who was embedded with Sam Bankman-Fried, as FTX, the crypto-trading empire he built, came crashing down amid allegations of fraud, which Mr Bankman-Fried denies. Mr Lewis credits Changpeng Zhao - the boss of Binance, a rival exchange - with bringing Mr Bankman-Fried to prominence. But CZ, as he’s known, may also have played a role in his downfall. This week, we speak to him about what the future holds for crypto. Hosts: Alice Fulwood, Mike Bird and Tom Lee-Devlin. Guests: CZ. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.

In downtown Manhattan, what is perhaps the biggest event in the history of crypto is playing out: the trial of Sam Bankman-Fried. SBF, as he’s known, is accused of masterminding a fraud that left $8bn in customer funds missing; he has pleaded not guilty. This week, we hear from author Michael Lewis, who was there for the rise and fall of SBF’s crypto empire. Next week, we speak to the man who wants to take his crown. Hosts: Tom Lee-Devlin, Mike Bird and Alice Fulwood. Guests: Michael Lewis. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer. You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

It’s that time of year when an economist is woken by an early call from the Nobel Committee in Sweden. This year, it was the turn of Claudia Goldin, whose work has revolutionised our understanding of gender in the labour market. And on this week’s podcast, we speak to her. Hosts: Mike Bird, Alice Fulwood and Tom Lee-Devlin. Guests: Arjun Ramani, from The Economist; and Claudia Goldin. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer. You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

Trouble is brewing in the world of customer service. After rising steadily for nearly two decades, customer contentment, as measured by the American Customer Satisfaction Index (ACSI), began plummeting around five years ago. But if it pays to keep customers happy, why are businesses getting worse at it? Hosts: Tom Lee-Devlin and Mike Bird. Guests: Darci Darnell, a senior partner at Bain; and Claes Fornell, architect of the ACSI. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer. You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

Insurers make their money betting against disasters. They wager that the premiums paid by policyholders will outstrip the losses caused by fires, floods and other catastrophes. But in parts of the US that winning formula is no longer working–and climate change is only worsening the odds for insurers. Hosts: Mike Bird and Tom Lee-Devlin. Contributors: Aryn Braun, The Economist’s US West Coast Correspondent; Karen Clark, founder of risk modelling firm KCC; and Jean-Paul Conoscente, CEO of Property and Casualty at Scor. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer. You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

One of the many aims of President Joe Biden’s signature legislation, the Inflation Reduction Act, is to cut the cost of drugs prescribed by Medicare, a government health insurance programme for Americans 65 and over. But the policy could have some side-effects for patients far beyond the US. Hosts: Tom Lee-Devlin and Mike Bird. Contributors: Shailesh Chitnis, The Economist’s global business correspondent; Tricia Neuman, from the Kaiser Family Foundation, a health-care think-tank; and David Fredrickson of AstraZeneca. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer: www.economist.com/podcastsplus-moneytalks You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

Thousands of building projects across China have been halted or dramatically slowed as a rolling crisis engulfs the country’s property sector. The government’s “three red lines” policy sought to limit the leverage of property developers, but has now forced scores of them into default and restructuring. Confidence in the market has evaporated. And in a country where people buy their homes in advance, long before they are built, that wave of worry has sent sales tumbling. On this week’s podcast, hosts Mike Bird, Alice Fulwood, and Tom Lee-Devlin ask whether there is an end in sight to China’s growing property woes. The Economist’s Don Weinland takes a trip to Zhangzhou to examine what went wrong. Long-time China-watcher Anne Stevenson-Yang explains why real estate looms so large over China’s economy and Beijing-based property analyst Rosealea Yao explains what it would take to bring the crisis to an end. Sign up for Economist Podcasts+ now and get 50% off your subscription with our limited time offer: www.economist.com/podcastsplus-moneytalks You will not be charged until Economist Podcasts+ launches. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about Economist Podcasts+, including how to get access, please visit our FAQs page. Hosted on Acast. See acast.com/privacy for more information.

Wealth managers occupy a unique place in their clients’ lives. Not only do they advise on picking assets and tax-efficient investment strategies—they often find out about illicit affairs and which heirs might be a problem child. These services were once the preserve of those worth $10m or more but new technology means they are accessible to people with as little as $100,000 in the bank. And now banks are fighting to be the ones to advise the moderately wealthy. On this week’s podcast, hosts Alice Fulwood, Tom Lee-Devlin and Mike Bird ask why wealth managers want to do business with the not-so-wealthy. Helen Watson, who’s head of UK wealth management at Rothschild & Co, shares the secrets of managing other people’s fortunes. And Markus Habbel, a consultant at Bain, explains why 250m people might soon be in need of a wealth manager. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.

The mantra from the mid-2000s that “data is the new oil” is taking on a new sheen: tapping and refining it into personalised advertisements has become harder, thanks to increasing regulation and the self-serving policies of the tech behemoths. Meanwhile artificial intelligence is a data-guzzler, eschewing the pointedly personal in favour of the revealing aggregate. Both trends raise thorny questions about ownership of the precious underlying resource. On this week’s show, hosts Tom Lee-Devlin, Mike Bird and Alice Fulwood examine how data are gathered and traded, and Kenn Cukier, a deputy executive editor at The Economist, describe the changes in online tracking that altered those paths. Sir Martin Sorrell, chairman of S4 Capital, a digital-advertising firm, describes how his industry is shifting. And Dennis Cinelli, chief financial officer of Scale AI, a data startup, surveys the land-grab of data among artificial-intelligence firms. Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at www.economist.com/moneytalks For full access to print, digital and audio editions, subscribe to The Economist at www.economist.com/podcastoffer Hosted on Acast. See acast.com/privacy for more information.