Ones and Tooze

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...

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. Brought to you by: betterhelp.com/onestooze Learn more abou...

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...

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...

Billionaire Elon Musk and his DOGE team 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 mor...

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 d...

The Trump administration has imposed a 10 percent tariff on all Chinese goods coming into the United States, prompting countermeasures 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. Brought to you by: betterhelp.com/onestooze Learn more about your ad choices. Visit megaphone.fm/adchoices

About a dozen billionaires attended U.S. President Donald Trump's inauguration this past week, including the country's tech industry titans, 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...

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...

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...

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...

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...

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 are turkeys actually cheaper around Thanksgiving? And what is the origin of Black Friday? In this holiday rerun episode, Adam and Cameron talk turkey about the origins of Thanksgiving, how it’s celebrated today, and the things that they’ve been most thankful for in the past year. Brought to you by: betterhelp.com/onestooze 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 cente...

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 generall...

Adam and Cameron discuss how President-elect 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 sur...

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 ki...

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. You can find the link to our membership survey here: https://bit.ly/3NBskqM. We appreciate y...

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 differe...