Zohran Mamdani, a 33-year-old politician who identifies as a democratic socialist, has won the Democratic Party's New York City primary election, defeating a widely known establishment figure, Andrew Cuomo. If Mamdani goes onto to be mayor, what will it mean for the city's economy? Also on the show: The future of NATO. Learn more about your ad choices. Visit megaphone.fm/adchoices
Adam and Cameron discuss the fighting between Israel and Iran, as well as its impact on oil markets, geopolitical alliances, and the ongoing conflict in Gaza. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Trump administration is pushing immigration officials to deport at least 3,000 undocumented immigrants a day and up to a million this year. How will that policy affect the U.S. economy? Adam and Cameron discuss. Learn more about your ad choices. Visit megaphone.fm/adchoices
The big Republican policy bill that extends tax cuts and reduces funding to some important federal programs will also do something else: In the coming decade, it will add $2.4 trillion to the national debt. That data point, based on research conducted by the nonpartisan Congressional Budget Office, is the subject of today's episode. Also on the show: The economics of pilates. Learn more about your ad choices. Visit megaphone.fm/adchoices
The Trump administration has put its plans to impose a 50 percent tariff on all goods from Europe on hold for now. Adam and Cameron discuss the $236 billion trade deficit between the United States and the European Union, as well as the future of trade between the two powers. Plus: This year is the 60th anniversary of The Sound of Music, the classic Hollywood film starring Julie Andrews. Adam and Cameron look at the history of the real von Trapp family and the film's economic impact on tourism in...
To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 3, they look at the economics of the Holocaust. Learn more about your ad choices. Visit megaphone.fm/adchoices
To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 2, they look at the economics of the postwar period. Also on the show: A quick conversation about U.S. President Donald Trump’s Middle East trip. Learn more about your ad choices. Visit megaphone.fm/adchoices
To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 1, they look at the economics of the war itself. Also on the show: A quick conversation on U.S. President Donald Trump’s futuristic policies. Learn more about your ad choices. Visit megaphone.fm/adchoices
On this episode, we bring you the latest installment of Adam and Cameron’s occasional series on heterodox economists. Austrian Joseph Schumpeter produced most of his work in the United States as an immigrant and a Harvard professor, beginning in the 1930s. Schumpeter popularized the term “creative destruction.” Learn more about your ad choices. Visit megaphone.fm/adchoices
In parliamentary elections next week, Canadians are expected to turn out in large numbers for the Liberal Party led by Mark Carney—in part as a reaction to U.S. President Donald Trump. The Liberals had been down in the polls for months, but Trump’s rhetoric and policy, including on tariffs, have prompted voters to turn away from the Conservatives and back Carney, who had a long career in central banking and global finance. On this episode, Adam and Cameron discuss the Canadian economy—the ninth ...
Given the news of Pope Francis's death this past week, we're sharing a bonus episode from the archive. This originally aired in March 2024 and is titled, "The Economic Thinking of Pope Francis." We'll be back with a new episode this Friday. Learn more about your ad choices. Visit megaphone.fm/adchoices
As tariff concerns rippled through financial markets around the world this month, the 10-year yield on U.S. Treasury bonds advanced 50 basis points. That is the most in more than two decades. Adam and Cameron talk about what fluctuations in the bond market mean and why it has put a scare in investors. Plus, in the second half of the show, the costs and benefits of nuclear proliferation from the perspective of defense budgets, nuclear waste, and international security. Learn more about your ad ch...
U.S. President Donald Trump reversed course this week as he announced a three-month pause on “reciprocal tariffs” but increased tariffs on China to 125 percent. China responded with 84 percent retaliatory hikes. Hosts Cameron Abadi and Adam Tooze talk about the immediate and long-term impacts of this trade war and look at the possible policy goals it might serve. And thank you to everyone who responded to our pitch for listener support last week! If you’d like to help support us make the show, p...
U.S. President Donald Trump’s latest tariffs have raised questions about whether this will be the moment that an all-out trade war breaks out with China. Prior to Trump’s announcement, Adam and Cameron took an overall look at the current economic relationship between the two countries. And thank you to everyone who responded to our pitch for listener support last week! If you’d like to help support us make the show, please consider following this link to donate. Brought to you by: betterhelp.com...
The legal services industry in the United States is a $300 billion business—bigger than any in the world. In recent weeks, U.S. President Donald Trump has targeted parts of the industry to further his own narrow agenda. Adam and Cameron discuss the possible impact. Also on the show: For the first time, Ones and Tooze is asking for listener support. Adam and Cameron describe the reasons—and the challenging economics of podcasts—in the episode. Once you’ve heard the pitch, please come back here an...
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 wrong—at least for now. Adam and Cameron discuss what the impacts might be. Learn more about yo...
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 about your ad choices. Visit megaphone.fm/adchoices
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 architectural style that emerged in the 1950s and is now the subject of an Oscar-nominated film. Br...
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.fm/adchoices
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 more about your ad choices. Visit megaphone.fm/adchoices
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 diplomats, journalists, academics and activists? That’s the idea behind Counterpoint, a new debate sh...
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 megaphone.fm/adchoices
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 your ad choices. Visit megaphone.fm/adchoices
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 choices. Visit megaphone.fm/adchoices
