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The real Russian economy. With Sergei Guriev
The war in Ukraine is a humanitarian crisis. It is also an economic problem. Sanctions from the US and Europe are meant to make war too expensive for Russia to continue. President Vladimir Putin claims those sanctions have failed and his economy is strong. But what is propaganda and what is reality? Today on the show, host Martin Sandbu poses these questions to Sergei Guriev, dean of the London Business School, and an economic adviser to Russian opposition figures, as they try to figure out what is really going on in Russia’s economy.
Martin Sandbu is a columnist for the Financial Times, and writes the Free Lunch newsletter. You can find it here: https://www.ft.com/free-lunch.
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Introducing the Rachman Review: Is the US heading for a debt crisis?
24:03|This week on the Economics Show, we're bringing you an interview with Ray Dalio, from our foreign affairs podcast, the Rachman Review. It originally broadcast on July 3.Gideon talks to Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund and author of a new book: How Countries Go Broke. They discuss the size of the US debt and what history tells us about identifying warning signs. Clip: CBS Read more:Is Donald Trump’s ‘big, beautiful bill’ a political curse for Republicans?Fears over US debt load and inflation ignite exodus from long-term bonds Donald Trump’s big, beautiful act of self-harmThe fall in the dollar is not scary Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner and the executive producer is Flo Phillips.Can we still trust US economic data? With Erica Groshen
30:15|After the Bureau of Labor Statistics released a worse-than-expected US jobs report, President Trump fired the agency’s head, Erika McEntarfer, claiming her numbers were ‘wrong’ and manipulated. There’s no evidence this was the case but many agree gathering reliable data on the health of the economy is getting harder. The FT’s chief data reporter, John Burn-Murdoch, discusses why that’s happening and what to do about it with Erica Groshen, the former BLS commissioner.Clip: NBCFurther Reading:US labour data agency was teetering even before Donald Trump fired its chiefTrump’s war on data will do lasting harmDonald Trump’s attack on US labour statistics agency spooks investorsJohn Burn-Murdoch is the FT’s chief data reporter. You can find his articles hereSubscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by John Burn-Murdoch. Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music from Breen Turner, and sound design by Jean-Marc Eck.Read a transcript of this episode on FT.comDevelopment funding is in crisis. What now? With Mark Suzman
36:27|The first two decades of the 21st century were a golden age for global development. International co-operation and funding drove remarkable progress in the developing world. Now, that progress threatens to stall as wealthy nations, including the US and UK, withdraw their support. A global meeting held in Spain last month ended with a new international agreement, the Seville Commitment, on funding development – but will it succeed where others have failed? What role do rich countries, and organisations such as the World Bank, have to play? And will anyone be willing to relieve developing nations of their onerous debt obligations? Financial Times associate editor Pilita Clark speaks to Gates Foundation chief executive Mark Suzman.Want more? Free links:Trump shadow hangs over global development talksDevelopment funds dash for donor cash at World Bank and IMF meetingsPilita Clark is an associate editor and business columnist at the FT. You can read her columns here: https://www.ft.com/pilita-clark Follow Pilita on Bluesky or X: @pilitaclark.bsky.social or @pilitaclarkSubscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Pilita Clark. Produced by Mischa Frankl-Duval. Flo Phillips is the executive producer. Manuela Saragosa is the FT’s acting co-head of audio. Original music and sound design by Breen Turner.Read a transcript of this episode on FT.comHas Argentina’s Milei proved his critics wrong? With Alejandro Werner
33:51|In the early 20th century Argentina was one of the world’s richest countries. For most of the past 50 years, it has been an economic disaster. But after nine debt defaults, 23 IMF programmes and two years of triple-digit annual inflation, the country’s radical libertarian president, Javier Milei, has steadied the ship. How has Milei revitalised the economy? Can he persuade investors to trust Argentina again? And, most crucially, can his transformation last? The FT’s Latin America editor, Michael Stott, discusses with Alejandro Werner, former head of the IMF’s western hemisphere department, founding director of the Georgetown Americas Institute, and fellow of the Peterson Institute for International EconomicsClips: Sky Australia, Javier Milei via Storyful/ELPELUCAMILEI, Global News, Poder360Want more? Free links:Javier Milei’s risky bet on a potent pesoTory leader Kemi Badenoch says she is Britain’s Javier MileiJavier Milei lowers Argentina’s monthly inflation below 2% for first time since 2020Michael Stott is the FT’s Latin America editor. You can find his articles here: https://www.ft.com/michael-stott Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Michael Stott. Produced by Mischa Frankl-Duval. Flo Phillips is the executive producer. Manuela Saragosa is the FT’s acting co-head of audio. Original music and sound design by Breen Turner.Read a transcript of this episode on FT.comCan Europe afford to rearm itself? With Jeromin Zettelmeyer
27:11|European countries have committed to higher defence spending to face down Russian aggression. But preparing for war isn’t cheap – and in many countries, budgets are already stretched. How will European members of Nato hit their defence targets, a hefty 5% of GDP? Will EU states look beyond their own national champions, and commit to greater co-operation on defence funding and purchases? And what kind of new institutions would be necessary to make that happen? To find out, Sam Fleming speaks to Jeromin Zettelmeyer. He is the director of the Brussels-based think tank, Bruegel, and has previously held senior roles at the IMF, the Peterson Institute, and in the German Ministry for Economic Affairs and Energy. Clips: BBC, Bloomberg Television, European Commission, French Armed ForcesSam Fleming is the FT’s economics editor. You can find his articles here: https://www.ft.com/sam-flemingSubscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Sam Fleming. Produced by Mischa Frankl-Duval. Flo Phillips is the executive producer. Manuela Saragosa is the FT’s acting co-head of audio. Original music from Breen Turner, and sound design by Breen Turner & Sam Giovinco.Read a transcript of this episode on FT.comWhat Trump’s tariffs deadline has (not) achieved, with Dmitry Grozoubinski
37:49|July 9 marked the end of President Trump’s 90-day pause on his so-called reciprocal tariffs. Now that deadline has passed … what has actually changed? The FT’s senior trade writer Alan Beattie discusses with former trade negotiator Dmitry Grozoubinski, author of ‘Why Politicians Lie About Trade’. Dmitry explains why Trump’s tariff threats are as ineffective as they are unusual, how countries are approaching his ‘vibes-based’ trade policy, and what Dmitry would advise if he was negotiating with the US now.Want more?Trump’s tariff shambles is a helpful warning to the worldDonald Trump threatens new tariffs on CanadaAlan Beattie is the FT's senior trade writer. He writes the Trade Secrets newsletter every Monday. Read Alan’s columns here: https://www.ft.com/alan-beattieSign up to the Trade Secrets newsletter here. Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Alan Beattie. Produced by Mischa Frankl-Duval. Flo Phillips is the executive producer. Manuela Saragosa is the FT’s acting co-head of audio. Original music and sound design by Breen Turner. Mix by Sam Giovinco.Read a transcript of this episode on FT.comThe Wolf-Krugman Exchange: your questions answered
43:35|In the sixth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman tackle a selection of questions, and even some criticisms, sent in by their audience. Listen to Paul Krugman’s cultural coda, Carole King’s It's too late, here Listen to Martin Wolf’s cultural coda, Va Pensiero from Verdi’s Nabucco, hereSubscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes are also available on the FT’s YouTube channel.Read Martin’s FT column hereSubscribe to Paul’s substack hereThe Wolf-Krugman Exchange was produced by Sandra Kanthal and Mischa Frankl-Duval, and the broadcast engineer was Andrew Georgiades. The sound engineer was Breen Turner. Manuela Saragosa is the FT’s acting co-head of audio.Read a transcript of this episode on FT.comThe Wolf-Krugman Exchange: The future of the postwar system
44:03|In the fifth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way American politics is crashing against both the guardrails of a stable, democratic system and the rules and norms of the postwar economic order and how this could jeopardise the importance of the US on the world stage.Paul Krugman’s Cultural Coda: Stephen Sondheim: "We had a good thing going"https://www.youtube.com/watch?v=NTbrbiM-slg&list=RDNTbrbiM-slg&start_radio=1Martin Wolf’s Cultural Coda:Jonas Kaufmann: Freiheit from Beethoven’s Fideliohttps://www.youtube.com/watch?v=GvfhmGsFMEoSubscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes are also available on the FT’s YouTube channel.If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column hereSubscribe to Paul’s substack hereThe Wolf-Krugman Exchange is produced by Sandra Kanthal. The broadcast engineer was Rod Fitzgerald. The sound engineer is Breen Turner. Manuela Saragosa is the FT’s acting co-head of audio.Read a transcript of this episode on FT.comThe Wolf-Krugman Exchange: AI hype vs reality
41:45|In the fourth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman ask if advances in artificial intelligence will reshape the working world as we know it. Or are we hearing an old familiar story that has been told many times before? Paul Krugman’s Cultural Coda:Loretta Lynn - "Coal Miner's Daughter": https://www.youtube.com/watch?v=f9eHp7JJgq8&list=RDf9eHp7JJgq8&start_radio=1Martin Wolf’s Cultural Coda:Thomas Mann's The Magic Mountain, published in 1924.https://en.wikipedia.org/wiki/The_Magic_MountainRead Martin Wolf's selection of the best economics summer reads for 2025 hereRead Martin’s FT column hereSubscribe to Paul’s substack hereIf you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes are also available on the FT’s YouTube channel.The Wolf-Krugman Exchange is produced by Sandra Kanthal and Mischa Frankl-Duval, and the broadcast engineer is Andrew Georgiades. The sound engineer is Jean-Marc Eck. Manuela Saragosa is the FT’s acting co-head of audio.Read a transcript of this episode on FT.com