Ones and Tooze

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

As Cameron mentioned in last week's episode, Ones and Tooze is coming to Berlin for a live taping this upcoming Monday, June 8. Capacity is limited, and tickets are selling fast. We hope to see you there! For more event details and ticket info: https://www.podfestberlin.com/event-details/ones-tooze-live-in-berlin-june-2026 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