Trumponomics

After more than three decades enforcing its one-child policy, China finds itself with too many elders in need of care and too few caregivers to provide it. Now, the world’s most populous country is getting creative about solving this growing demographic dilemma.On this week’s podcast, Bloomberg Shanghai Bureau Chief Charlie Zhu shares the surprising rise of “time banking,” where volunteers offer services to older citizens in exchange for credits they can tap when their time comes. Such an endeavor to support both the elderly of today and tomorrow is in stark contrast with the plight of senior citizens in the U.S. Bloomberg Quicktake producer Madison Paglia and Washington-based Senior Editor Alexandre Tanzi explain how more Americans in their 60s and 70s are stuck paying back student loans, and how the problem is getting worse. Later, host Stephanie Flanders interviews New York-based economics reporter Olivia Rockeman on why U.S. restaurants are finally starting to raise prices.A Japanese woman developed the time banking concept in the 1970s, but it never really caught on. Now China is turning to this mutual assistance model to alleviate a shortage of caregivers in cities like Shanghai, Beijing and Guangzhou. Chinese aged 60 and above already account for one-fifth of the nation’s population, a number that’s expected to almost double by 2050. Meanwhile, births are at their lowest level in almost six decades. These days, able-bodied citizens have begun assisting the elderly with grocery shopping and navigating new technology. Sometimes, they’re just keeping them company. All the while, these volunteers are banking credits for their own old age.See omnystudio.com/listener for privacy information.

The wealthiest nations are emerging from the pandemic stronger than anyone thought, nervous about inflation but otherwise feeling they’ve dodged a bullet. That’s not the case for developing countries, with many still overwhelmed by Covid-19 and certainly unable to dole out stimulus checks. On this week’s podcast, World Bank Chief Economist Carmen Reinhart tells host Stephanie Flanders why she worries the recent surge in inflation could be around for awhile, hitting the world’s poorest hardest. Next, Rome-based economics reporter Alessandra Migliaccio reveals the surprising reason Italian tomatoes are rotting in the field. And, Sydney-based economics reporter Michael Heath discusses why critics contend Australia, long a melting pot of cultures, has lost its way on immigration.Rising prices are spooking investors and policymakers as many economies rebound from the pandemic. In the U.S., a broad measure of inflation jumped 5% in May, its biggest annual gain since 2008. Many central bankers argue inflation is a temporary reaction to a rapidly reheating economy, but Reinhart says she isn’t so sure. Covid-19 was a much larger global shock than the 2008 financial crisis, with bank moves to expand the money supply providing a much bigger multiplier effect. Those factors could stoke longer-lasting inflation this time around.See omnystudio.com/listener for privacy information.

The Summer Olympics in Tokyo are little more than a month away, and workers are readying a rebuilt National Stadium for the opening ceremony. But what should be an opportunity for Japan to recharge its economy and lure back tourists is instead a source of apprehension for its 126 million people. On this week’s podcast, Tokyo-based economics reporter Yuko Takeo dives into Japan’s decision to move forward with the Olympics. Then host Stephanie Flanders talks to Paris-based economics reporter William Horobin about the Group of Seven’s landmark corporate tax deal, and U.S.-based economics reporter Olivia Rockeman speaks to Stanford University economist Nicholas Bloom on why the work-from-home revolution could worsen workplace inequality.Originally, many Japanese had hoped the Olympics could match or even improve upon the 1964 games, which showcased the country’s growing manufacturing clout and led to development of its heralded bullet trains. Now, after a one-year delay, the primary goal is simply to bolster tourism. But the pandemic still overshadows everything: More than 80% of Japanese oppose staging the Olympics, with their biggest fear being that it will become a super-spreader event. Still, for Japan’s leaders, canceling the Games now would be tantamount to declaring they have lost control of the pandemic.See omnystudio.com/listener for privacy information.

Canada has a well-earned reputation as the world’s “goody two shoes,” with a progressive record on civil liberties and a history of sticking to its principles in perilous times. The country made it through the 2008 financial crisis relatively unscathed, and more recently its Atlantic provinces were tagged as the New Zealand of North America for their aggressive efforts to contain Covid-19. If you ask Canadian Finance Minister Chrystia Freeland, she wouldn’t have it any other way.On this week’s podcast, host Stephanie Flanders talks with this rising star in Canadian politics, one seen as a potential successor to Prime Minister Justin Trudeau. A former journalist, Freeland has loudly defended aggressive fiscal moves by Canada and other nations to bolster their economies over criticism they are ignoring the inflation threat. She also argues it took Covid-19 to convince Canada to take child care seriously.The podcast ends with a look at the surprising cultural dynamics forming up around America’s milk and egg supply. Bloomberg agriculture reporter Elizabeth Elkin relates how producers are fighting to keep chocolate milk in U.S. schools while some farmers are betting consumers are willing to pay big for environmentally friendly eggs.See omnystudio.com/listener for privacy information.

After more than a year of pandemic, the U.S. economy is roaring back and is now expected to grow by 9.4% in the second quarter. That's fueling a mad scramble across U.S. industries desperately in need of workers. But for all the momentum, pockets of poverty and stagnation remain behind the rosy American facade. And no place represents that reality better than Youngstown, Ohio.On this week's podcast, U.S.-based economics reporter Shawn Donnan digs into the decades-long economic slide in this Eastern Ohio city and the flailing attempts to revive it. More than 61,000 people worked in Youngstown's booming manufacturing industry in 1990, but this past March it employed just over 23,000. The latest blow occurred in 2019, when General Motors closed its doors in nearby Lordstown and took 4,500 jobs with it. A struggling effort to make Youngstown a hub of 3D printing, launched under former President Barack Obama, shows how hard it is for the Rust Belt to regain its former glory.Bloomberg Chief Economist Tom Orlik discusses the International Monetary Fund's proposal to end the pandemic and Johannesburg economics reporter Prinesha Naidoo reports on the growing Covid-19 calamity in Africa, where delayed vaccination campaigns could leave 39 million more Africans in extreme poverty this year. And host Stephanie Flanders sits down with Germany's Olaf Scholz, the finance minister vying to replace Angela Merkel as chancellor, to ask about his campaign and why Germany is moving ahead with a controversial gas pipeline with Russia.See omnystudio.com/listener for privacy information.

The pandemic has upended the way the world shops, worships and especially how often we wash our hands. With the virus waning in many parts of the globe (while still raging in some places, like India and Brazil), economists and policymakers are debating whether our societal quarantine workarounds will persist -- or be jettisoned by summer's end. On this week's podcast, host Stephanie Flanders takes a rare break from moderating and hands the microphone to Sebastian Mallaby of the U.S.-based Council on Foreign Relations for a discussion of the pandemic's economic effects. William Dudley, former president of the New York Federal Reserve, explains why the inflation fears that have gripped the U.S. are likely just a short-term reaction to surging consumer demand. Adam Posen, president of the Peterson Institute for International Economics, suggests the Euro is emerging as a winner in the ``relative ugliness contest'' among world currencies. And, Flanders argues that, while countries including the U.K. have a new focus on ``living local,'' it's no real threat to globalization.See omnystudio.com/listener for privacy information.

It’s been a long time since anyone in America or Europe had to think seriously about inflation. But the highest U.S. numbers since 2009 have rattled financial markets and critics of President Joe Biden are warning that his big spending could trigger a full-blown 70s-style price spiral.Bloomberg Senior Asia Economy Correspondent Enda Curran reports from Hong Kong on the price pressures facing Asian exporters, and how they’re affecting what consumers pay in American stores. Then host Stephanie Flanders talks to Jason Thomas, head of Global Research at the Carlyle Group, who says he believes that reopening the U.S. economy will help push inflation back down again—and that the long-term forces which have kept a lid on prices are still in place. With U.S. gas stations across the Southeast running short of supply and drivers sitting in line to fill their tanks, you would have been forgiven for thinking the 70s had already returned. Though the Colonial Pipeline is now back up and running, Chief Energy Correspondent Javier Blas explains how a cyberattack on America’s biggest fuel conduit could do such damage, and why U.S. energy companies are scrambling to shore up their defenses. See omnystudio.com/listener for privacy information.

The world’s biggest businesses are massive, spanning countries and continents. Now they're getting even larger, and that may not be a good thing. In the past few decades alone, the largest 50 firms have tripled their profit. Amazon, Apple, Facebook, Microsoft and Google together make more money in a week than McDonald's makes in an entire year. On this week’s podcast, host Stephanie Flanders talks with Bloomberg’s Chief Economist Tom Orlik about what the rise of these mega-companies could mean for the global economy. London School of Economics Professor Philippe Aghion joins Flanders to explain why the rise of big tech, once great for innovation and growth, is no longer. Aghion also discusses his plan for getting the very best out of capitalists. And French economy reporter William Horobin explains why the campaign to extract tax from the tech giants just got a lot more interesting.See omnystudio.com/listener for privacy information.

U.S. President Biden marked his 100th day in office this week with another massive spending package -- this one squarely aimed at taxing the rich to give money to everyone else. He’s proposed nearly $6 trillion dollars in new spending since taking office, much of which is to be paid for with higher tax revenues. Meanwhile, Federal Reserve policy makers are looking at this ocean of government spending, a booming stock market and rapidly recovering economy and have decided to leave interest rates at rock bottom and keep on buying up debt. Bloomberg White House reporter Nancy Cook and Federal Reserve reporter Rich Miller join host Stephanie Flanders to consider whether we really are seeing a revolution in U.S. economic policy under the man that Donald Trump used to call sleepy Joe.Meanwhile, the unequal impact of Covid-19 continues to reverberate through the U.S. economy. Bloomberg Economy reporter Mike Sasso reports on how the pandemic is causing a retirement rush with some older Americans simply unable to find work, while others cash in on stock market gains to embrace life beyond the 9-5, and Senior Editor Alex Tanzi reveals some unexpected shifts in intergenerational inequality.See omnystudio.com/listener for privacy information.

For many, the pandemic has altered where we work, how we work and when we work. But will that change be forever? Or will we wake up in a year and find we’re back to normal? It’s a vital question, because if work changes, the shape of the economy will change, too. Bloomberg’s Spanish Economy reporter Jeannette Neumann visited a quiet corner of northeast Spain to meet those who escaped the city and to find out just how sustainable their new lives really are.Host Stephanie Flanders talks with Dublin Bureau Chief Dara Doyle about the Irish government’s attempts to persuade people to stay away from the office, and perhaps work from the local pub instead. She also speaks with Sven Smit, co-chair of the McKinsey Global Institute, on his view of work in the post-pandemic world. With 100 million developed market jobs at risk of being displaced, how should we respond? And if you have kids, what should your child’s reaction to home schooling tell us?See omnystudio.com/listener for privacy information.

More than 50 years ago, the public and private sectors united to bring men to the moon and back. As the world begins to look at how it can recover from the Covid-19, what lessons can the original moonshot have for the modern challenges facing governments and industry today?In this week’s episode, host Stephanie Flanders talks with Mariana Mazzucato, author and professor in Economics of Innovation and Public Value at University College London. Find out how similar partnerships could help solve intractable problems such as global warming and pandemics, why doing what sounds obvious simply isn’t happening and what she says U.S. President Joe Biden’s administration needs to know.See omnystudio.com/listener for privacy information.

Recent weeks have seen an outpouring of optimism about the economic recovery, especially in the U.S. The International Monetary Fund has added its voice to the chorus, predicting developed economies could not only enjoy rapid growth in the coming years but see little or no permanent damage from the sudden collapse in 2020. But is that rebound going to be felt everywhere? Stephanie Flanders talks with Bloomberg Chief Economist Tom Orlik about what's changed and his outlook for global growth.Almost 100 days have elapsed since the chimes of Big Ben marked Brexit's formal implementation. U.K. economy reporter Lizzy Burden reports on the country’s messy post-divorce relationship with the European Union, and talks to some people who have been caught in the middle. Finally, Flanders speaks with U.S real estate reporter Alex Wittenberg about how the boom in online shopping could be the death knell for golf courses all across America.See omnystudio.com/listener for privacy information.

As the world enters a second year of Covid-19, we begin our new season of Stephanomics with perspectives on the pandemic’s fallout from Bloomberg correspondents all over the world. From cross-border jealousy and government spending battles to desolate beaches and unexpected theater companions, Andrew Rosati in Brazil, Shelly Hagan in Canada, Kamlesh Bhuckory in Mauritius and Anya Andrianova in Russia tell us how the global health catastrophe has changed local economies.Host Stephanie Flanders then talks with Bloomberg Chief Energy Correspondent Javier Blas about why one stuck container ship could cause so much disruption to global trade, and how long we may be living with the after-effects of the resulting traffic jam. Flanders also speaks to Dr. Dambisa Moyo—author, economist and board member of Chevron and 3M—about what the post-pandemic future may hold for workers.See omnystudio.com/listener for privacy information.

A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people questioning vaccines risks prolonging a pandemic that has already killed hundreds of thousands of Americans. How we got to this moment didn’t start with the rollout of vaccines or in March 2020, or even with the election of Donald Trump. Our confidence in vaccines, often isn't even about vaccines. It’s about trust. And that trust has been eroding for a long time. Doubt, a new series from Bloomberg’s Prognosis podcast, looks at the forces that have been breaking down that trust. We'll trace the rise of vaccine skepticism in America to show how we got here — and where we’re going. Doubt launches on March 23. Subscribe to Prognosis today on Apple Podcasts, Spotify or wherever you get your podcasts.See omnystudio.com/listener for privacy information.

More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to where we are today and what can be done to narrow the yawning racial wealth gap in the U.S.Jackie Simmons and Rebecca Greenfield co-host the season, which kicks off with a personal story about land Jackie's family acquired some time after slavery that they're on the verge of losing. From there the series explores all the ways the wealth gaps manifests and the radical solutions, like affirmative action, quotas, and reparations, that can potentially lead to greater equality.See omnystudio.com/listener for privacy information.

Governments spent trillions of dollars in 2020 tackling the pandemic while propping up businesses and households. But the unprecedented expenditure has awakened real concern about such high levels of borrowing. World Bank Chief Economist Carmen Reinhart says we should worry about winning the war first and how to pay for it later. She joins host Stephanie Flanders to discuss why policymakers shouldn't confuse rebound with recovery, and how a slow rollout of vaccines may cut global growth in half this year. Flanders also speaks with Bloomberg Economics’ Jamie Rush about the real cost of all that borrowing. And Bloomberg Businessweek Economics Editor Peter Coy looks at the parallels between the current crisis and that of the 1920s, and how this decade could be just as roaring. See omnystudio.com/listener for privacy information.

The U.S. doesn’t just have a new president this week. The world’s largest economy is also getting a new Treasury Secretary, albeit a familiar face, in Janet Yellen. Host Stephanie Flanders talks with Bloomberg’s U.S. Treasury reporter Chris Condon, who listened in to Yellen’s confirmation hearing for a sneak preview of what her reign at 1500 Pennsylvania Avenue might look like.Across the Pacific in Hong Kong, Senior Asia Economy Correspondent Enda Curran goes in search of an unexpectedly elusive commodity—shipping containers. The global shipping industry is struggling to deliver what the world wants to buy, leaving exporters and importers everywhere feeling the pain and awakening fears that these supply chain issues could stop the economic recovery in its tracks.See omnystudio.com/listener for privacy information.

Covid-19 isn't just a deadly threat to human life; it's also a mental health catastrophe with economic consequences. Fear of illness, strict lockdowns, isolation from friends and family, rising unemployment and collapsing businesses weigh on the hearts and minds of people all across the globe. But poor mental health isn’t just a symptom of economic malaise: It can also be a cause. Bloomberg economics reporter William Horobin reports from Paris about what the psychological effects of the pandemic could mean for our longer-term prosperity, and what can be done to help. Host Stephanie Flanders also speaks with Baron Richard Layard, an expert in the economics of happiness at the London School of Economics. He talks about why the coronavirus should make us rethink how we treat mental illness, how "building back better" should mean services rather than roads and railways, and why money really doesn’t make us happy. Really.See omnystudio.com/listener for privacy information.

An economy is its people. Alongside the almost 360,000 killed by the coronavirus in the U.S., there are millions more whose lives have been upended by the pandemic’s economic shock. Bloomberg senior reporter Shawn Donnan introduces one of those people as he investigates the widening inequalities across America, and host Stephanie Flanders talks with Bloomberg reporter Michael Sasso about what the results of this week’s Georgia Senate runoff could mean.Across the Atlantic, U.K. economy reporter Lizzy Burden speaks with the frustrated truck drivers stranded on the front line of Britain’s Covid and Brexit woes, desperate to get home to their families—and clean toilets. Flanders also talks with senior U.K. economist Dan Hanson about the country’s latest lockdown and its last-minute trade deal with the European Union.See omnystudio.com/listener for privacy information.

The events of 2020 caught most people off guard. The global economy was upended, prompting unprecedented responses by governments and central banks while shaking up supply chains. It was also a year that made many of us rethink the way we live. On this podcast, host Stephanie Flanders leads a roundtable discussion about the year’s most memorable moments, and what 2021 may hold in store for us. She's joined by Bloomberg Editor at Large Francine Lacqua, Chief Economist Tom Orlik, former Beijing Bureau Chief Sharon Chen and Businessweek Economics Editor Peter Coy. See omnystudio.com/listener for privacy information.

As a tumultuous year for the global economy comes to a close, host Stephanie Flanders speaks with someone on the front line of the policy response. Bank of England Chief Economist Andy Haldane discusses the outlook for recovery now that vaccinations have begun, how central bankers view inflation and whether the pandemic is really the answer to the productivity puzzle.See omnystudio.com/listener for privacy information.

Adding robots to factories, retail stores or mines was historically seen as a job killer by workers and the unions that support them. But this year, automation has allowed sectors of the economy to continue producing with fewer people, minimizing the coronavirus risk for workers. U.S. economy reporter Olivia Rockeman explains what that might mean in the long term and what needs to happen to help the displaced.Host Stephanie Flanders talks with Harvard Economics Chair Richard Freeman about how 2020 has changed the world of work and what the future will hold. She also speaks with Bloomberg’s Chief European Economist Jamie Rush about what kind of economic boost the rollout of coronavirus vaccines could bring.See omnystudio.com/listener for privacy information.

Internet companies have long been the target of complaints that they don’t pay their fair share of taxes. The system wasn’t built for a digital global economy, but how do you now impose rules on multinational tech giants? Bloomberg Economy reporter William Horobin reports from Paris on the battle to find common ground among almost 140 countries and avoid a new transatlantic trade conflict.Host Stephanie Flanders talks with Pascal Saint-Amans, director of the center for tax policy at the Organization for Economic Cooperation and Development and the man trying to find a way through the arguments. She also speaks with Ivory Coast reporter Leanne de Bassompierre about a very different trade spat between the chocolate makers we all know and love and the West African nations that produce their cocoa. It’s a fight that might play out in the price of your Hershey’s kisses this Christmas.See omnystudio.com/listener for privacy information.

In Washington, personnel is policy. The people President-elect Joe Biden has picked to run economic policy can tell us a lot about what we might expect from the next administration. Bloomberg Businessweek Economics Editor Peter Coy introduces us to the key players and explains what Bidenomics could look like. Then host Stephanie Flanders speaks with Harvard University Professor Jason Furman, former chair of the Council of Economic Advisers under President Barack Obama. He says the U.S. should stop worrying about debt and rethink fiscal policy, explaining why members of the new administration, many of whom he considers friends, are the right people for the job.Finally, with less than five weeks before the U.K. leaves the European Union, Flanders talks with Bloomberg finance reporter Viren Vaghela about the damage already done to London’s financial industry and what’s at stake if the trickle of jobs and money leaving Britain becomes a flood.See omnystudio.com/listener for privacy information.

The hard reality of the Covid-19 pandemic is that while those at greatest risk of dying are retirement age or older, the economic disaster and its consequences fall disproportionately on the shoulders of the young.How does it feel to be one of these people, knowing you're on the hook for years of lost economic opportunity while others dictate the terms of any recovery? Bloomberg London news apprentice Eileen Gbagbo, age 21, reports on how the virus is inflaming intergenerational tensions. Then host Stephanie Flanders speaks with London School of Economics Professor and former Bank of England policy maker Charles Goodhart and Talking Heads Macroeconomics founder Manoj Pradhan about their book, "The Great Demographic Reversal." They give their thoughts on why inflation is going to return and how automation can--and can’t--help future generations handle the burdens ahead.And finally, we’re back at the Bloomberg New Economy Forum to hear from United Nations Special Envoy for Climate and Finance and former BOE Governor Mark Carney about how the world of finance is going to help the planet get to zero carbon.See omnystudio.com/listener for privacy information.

This week’s episode of Stephanomics comes to you from the third annual Bloomberg New Economy Forum, where global leaders have gathered for a virtual discussion of how to solve the world’s biggest challenges, not least of which is the coronavirus pandemic.Stephanie Flanders brings together former Fed Chair Janet Yellen, ex-Bank of England Governor Mervyn King, former Reserve Bank of India Governor Raghuram Rajan and former U.S. Treasury Secretary Lawrence Summers to analyze the unprecedented economic response to Covid-19. They debate whether world leaders have done enough to help Main Street instead of just Wall Street, and whether global institutions are being too timid this time around. Flanders is then joined by Ireland’s Prime Minister Micheál Martin, who talks about the future of trade as Brexit approaches, and just where U.S. President-Elect Joe Biden’s Irish grandparents came from.See omnystudio.com/listener for privacy information.

For decades, Asia’s fast-growing economies have offered millions of young people the chance to do better than their parents. Thanks to Covid-19, that tradition may soon end as youth unemployment soars in a region home to most of the world’s young adults. So what happens when your economic opportunities dry up? Bloomberg’s Chief Asia Economics Correspondent Enda Curran reports from Hong Kong on the struggles and hopes of the “lockdown generation.” Then host Stephanie Flanders speaks with Bloomberg Economics’ Tom Orlik about what the world could look like in 2050, and who wins or loses if the trend toward deglobalization continues. Flanders also talks with Eurozone economist Maeva Cousin on the cost of climate change and why it may take farsighted policy makers to see the rewards of acting now.See omnystudio.com/listener for privacy information.

Who the U.S. president will be for the next four years is dominating the headlines right now, but what of the previous four? In the wake of the Nov. 3 election, host Stephanie Flanders discusses with some of the nation’s leading economists just how Donald Trump’s administration has changed America’s economy and how it interacts with the rest of the world. Flanders is joined by University of Chicago Professor Randall Kroszner, a former Fed Governor, and George Mason University Professor Tyler Cowen, a Bloomberg Opinion contributor, to talk trade, taxes and trillions of dollars in coronavirus rescue funding. She also speaks with New York University Professor Baruch Lev about how much of Trump’s vaunted stock market rally is built on intangible assets, and what that could mean for future policy makers. See omnystudio.com/listener for privacy information.

Alongside the financial destruction wrought by Covid-19 there comes new opportunities. European officials have seized on one in particular—mending battered economies in a way that also tackles global warming, or “building back greener.” But how to turn those words into action? Bloomberg renewables reporter Jess Shankleman reports from London on the policies that may bring that dream to fruition, and the sobering realities of trying to do so during a pandemic.Host Stephanie Flanders talks with economist and policymaker Lord Nicholas Stern about how he thinks addressing climate change can be a sustainable route to growth, and what the U.S. election could mean for the future of the planet. She also speaks with Bloomberg’s trade and supply chains editor Brendan Murray about why the world’s container ships might not have enough space for all your Christmas presents this year. See omnystudio.com/listener for privacy information.

Amid its terrible death toll and economic devastation, the coronavirus pandemic has prompted people, businesses and governments to rethink the way they live and operate. Now, as countries seek to take their first steps back toward normality, many are wondering what changes forced upon us by Covid-19 may be worth keeping when the crisis has passed.For Thailand’s national parks, the pandemic has meant a chance for nature to regenerate thanks to the absence of tourists. Senior Asia Economy Reporter Michelle Jamrisko reports on how a government plan to make that a regular occurrence faces pushback from local businesses desperate for foot-traffic again. Our guest host, Bloomberg Chief Economist Tom Orlik, talks with America’s former top career diplomat in China, Dave Rank, about relations between the world’s two biggest economic powers and what the U.S. election could mean for their future relations. He also catches up on the latest Brexit developments with Bloomberg Economics’ Dan Hanson.See omnystudio.com/listener for privacy information.

The pandemic has raised the specter of mass unemployment across many developed economies. In Europe, governments stepped in to help pay millions of workers, hoping the crisis would quickly pass and businesses reopen. But with normality nowhere in sight and fresh waves of infection prompting new restrictions, the question now is which jobs should we try to save?On this week’s episode, Bloomberg economy reporter Jeannette Neumann reports from Cadiz, Spain, where old industries hold lessons for the present battle to save jobs. Stephanie Flanders also talks with leading economists Paul Collier and John Kay about their new book, “Greed Is Dead,” and why Gordon Gekko might have been wrong. Community, it turns out, plays a surprisingly large role in capitalism.See omnystudio.com/listener for privacy information.

Covid-19 has upended economies across the globe. In the fourth season of Stephanomics, we’ll be taking a closer look at the fragile path to recovery and which nations are doing better than others.This first podcast of the new season is brought to you by the letter K, or more precisely the K-shaped recovery which sees parts of the U.S. economy bouncing back while others still suffer. We start in Cleveland, where Bloomberg senior reporter Shawn Donnan tells us about two houses that illustrate how the pandemic is both reinforcing and widening America’s inequalities. Host Stephanie Flanders also talks with Director of the London School of Economics Minouche Shafik about the unequal economic impact of the pandemic, and what policymakers should be doing to help. Flanders also speaks with Bloomberg economy editor James Mayger in China, where after months of staying home, almost half a billion people are displaying confidence in the country’s rebound and finally taking a vacation.See omnystudio.com/listener for privacy information.

Andy Browne, editorial director for the Bloomberg New Economy, talks to Jonathan Hillman, author of the book The Emperor’s New Road: China and the Project of the Century.That project, of course, is the Belt and Road Initiative: the grand strategy of president Xi Jinping who has made it his foreign policy signature. But what is it exactly? An imperial effort, certainly. But according to Jonathan not a very organized one. And one that could repeat the mistakes of past empires.See omnystudio.com/listener for privacy information.

One of the first global consumer companies to feel the impact of Covid-19 was the beer giant AB InBev, whose brands include Budweiser, Corona and Stella Artois. AB InBev operates a brewery in Whuan China where the pandemic began and which was the worlds first city to go into lockdown.But as life returns to normal in Wuhan and cities all over the world, beer is flowing again in record quantities. In this interview, Andy Browne talks to AB InBevs CEO Carlos Brito about this turnaround in fortunes and how Brito ultimately sees us bounce back from this temporary isolation in celebration.See omnystudio.com/listener for privacy information.

Before the pandemic, relations between the U.S. and China were already at rock bottom. Since then, they've gotten even worse, with both sides trading blame for the Covid-19 outbreak, spinning conspiracy theories and abandoning cooperation on all fronts. To discuss what this all means for the Covid economy,Andy Browne caught up with two Wall Street Journal reporters, Lingling Wei and Bob Davis, to talk about their new book, Superpower Showdown: How the Battle Between Trump and Xi Threatens a New Cold War.See omnystudio.com/listener for privacy information.

In this bonus episode, Andy Browne, the editorial Director of the Bloomberg New Economy, talks to Brian Chesky, chief executive of Airbnb.A few months ago, the company laid off a quarter of its staff. But since then, the business has since staged a remarkable comeback — and now Airbnb is said to be planning an IPO. Andy and Brian discuss the future of travel, and what a new nomadic workforce might mean for the home rental business.See omnystudio.com/listener for privacy information.

The novel coronavirus has reshaped the global economy, shifting the attitudes of governments, central bankers and consumers alike. It has changed how we work—if we work—and altered monetary and fiscal policy around the globe.As this tumultuous season of Stephanomics draws to a close, host Stephanie Flanders speaks with two leading economists about what they’ve learned from the crisis so far. Stephen King, senior economic adviser at HSBC, and Adam Posen, president of the Peterson Institute for International Economics, share their thoughts on how their profession has reacted to the pandemic, what uncertainty means for businesses and markets, and the generational implications of closing down economies to protect the most vulnerable.See omnystudio.com/listener for privacy information.

The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power.Blood River premieres on July 27.See omnystudio.com/listener for privacy information.

Great things can rise from the ashes of failed companies, so governments shouldn’t rescue firms that would otherwise go bust. That’s the thinking behind so-called creative destruction, but amid the unprecedented shock of the pandemic, does this economic theory apply, or is it too risky? On this week’s episode, Stephanie Flanders talks to Bloomberg Federal Reserve reporter Rich Miller and Eurozone economist Maeva Cousin about the contrasting economic policy approaches taken by the U.S. and Europe. The pandemic has also thrown up new challenges for gender equality, with women more likely to suffer financially, especially in hard-hit sectors like tourism and hospitality. Bloomberg economy reporter Yuko Takeo reports how the crisis is another obstacle for Japanese women fighting for greater representation in the workplace, and more power in the world’s third largest economy. See omnystudio.com/listener for privacy information.

Wuhan will forever be known as the place where Covid-19 and lockdowns began. But the Chinese city also might be the best place to learn how to restart the global economy. On this week’s episode, Stephanie Flanders talks to Sharon Chen, Bloomberg’s Beijing bureau chief, about the lessons we can learn from Wuhan’s efforts to get life—and business—back on track, and why it pays to be in the instant noodle business right now.Flanders also speaks with Bloomberg Economics’ Tom Orlik about his new book, “China: The Bubble that Never Pops.” From the financial system to real estate and banking, Western commentators always seem to be waiting for the world’s second-largest economy to blow up. So why hasn’t that happened yet? See omnystudio.com/listener for privacy information.

Covid-19’s fracturing of supply chains has left businesses and governments questioning the prudence of networks that crisscross the planet. Pandemic recovery plans talk of developing “strategic autonomy” in key sectors, and suggest that executives should bring production closer to home. But on the ground, companies say it’s not so easy. Host Stephanie Flanders hears from Frankfurt-based Bloomberg reporter Piotr Skolimowski and a German pharmaceutical executive about why it’s so hard for Europe to extract itself from Chinese supply chains. She also speaks with World Trade Organization Chief Economist Robert Koopman and Renaissance Capital’s Global Chief Economist Charles Robertson on the future of global trade and investment. They discuss what trade might look like in a post-coronavirus world, whether so-called reshoring is actually a good idea, and why emerging market economies might ultimately benefit from Covid-19.See omnystudio.com/listener for privacy information.

Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people -- customers, employees, investors -- that he could make that dream a reality. And for a while, he did. He was one of the most successful startup founders in the world. But then, in the span of just a few months, everything changed.Foundering is a new serialized podcast from the journalists at Bloomberg Technology. This season, we’ll tell you the story of WeWork, a company that captured the startup boom of the 2010s and also may be remembered as a spectacular bust that marked the end of an era.Catch the first two episodes of Foundering, now available on Apple Podcasts, Spotify, or wherever you listen.See omnystudio.com/listener for privacy information.

It’s no exaggeration to say the coronavirus has upended the global economy in ways few could have imagined. It's been called a wake-up call for capitalism and a foreshadowing of our exceedingly precarious future, one with more catastrophes waiting in the wings. What if anything can governments and central banks do about it?Host Stephanie Flanders digs into this question with two famous economists, Nobel laureate Joseph Stiglitz and Nouriel Roubini, as part of the Bloomberg Invest Global virtual conference. From the possibility of a cold war between the U.S. and China to the impact of technology on employment, the fate of emerging markets and the end of globalization, they come to some pretty different conclusions. See omnystudio.com/listener for privacy information.

As protests against racial discrimination and police killings continue across the U.S., another injustice is ripping through American cities: Black-owned businesses are shutting down at an alarming rate. Host Stephanie Flanders talks with Atlanta-based Bloomberg reporter Michael Sasso on why twice as many Black entrepreneurs are being forced to close their doors amid the pandemic as compared with white business owners.Flanders also speaks with Bloomberg Economics’ Tom Orlik about how long the fallout from Covid-19 is likely to last. Is a rapid recovery possible? Or are we looking at a longer, more painful outlook for unemployment? We’ll hear why he thinks that almost one-third of the millions of jobs lost in the U.S. might not be coming back.See omnystudio.com/listener for privacy information.

Protests all across America following the Minneapolis police killing of George Floyd, an unarmed black man, have put yet another spotlight on the deep inequality between black and white America. That disparity was also laid bare in last week’s jobs data, when a surprise drop in overall unemployment masked the fact that black joblessness has climbed to its highest level in more than a decade.Host Stephanie Flanders talks with economy reporter Matthew Boesler about what these inequities mean for policy setting at the Federal Reserve, and Jason Furman, a former economic advisor to President Barack Obama, gives his thoughts about what lies ahead for U.S. employment after Covid-19.Flanders also speaks with Bloomberg Economist Boingotlo Gasealahwe about the challenges facing African nations as they seek to fund post-pandemic recoveries. Without the backstop of cheap finance, they risk a protracted slump that could curtail development for decades.See omnystudio.com/listener for privacy information.

Europe is emerging after weeks of lockdowns that kept shops and businesses shuttered, and residents safe at home. On this week’s episode, Bloomberg economy reporter Jeannette Neumann steps out onto the streets of Madrid to speak with restaurateurs and hoteliers. In a post-coronavirus world where travel is limited, outdoor dining mandatory and police decide how many tables are allowed, reopening a business brings new challenges to stay afloat.Host Stephanie Flanders also talks with Bloomberg Economics’ Johanna Jeansson about the very different pandemic strategy adopted by Sweden. When restrictions are voluntary and the government isn’t in charge, what does it means for the economy and public health?See omnystudio.com/listener for privacy information.

Covid-19 is the biggest threat to our physical and economic health in recent times, but on this week’s episode, Columbia University professor Jeffrey Sachs takes a 70,000 year perspective on the global crisis, what it will mean for international relations and even a potentially better future.Stephanie Flanders also speaks to Bloomberg Opinion editor Ferdinando Giugliano about the European Union’s proposed recovery fund. He thinks this time will be different for fiscally strait-laced Germany, but for it to have lasting impact, the Italians will need to show they can spend it wisely.See omnystudio.com/listener for privacy information.

There’s little debate that Covid-19 has crushed economies and triggered government rescue efforts not seen in modern times. On this week’s episode, World Bank Chief Economist Carmen Reinhart and fellow Harvard professor Kenneth Rogoff, authors of “This Time Is Different: Eight Centuries of Financial Folly,” discuss what comes next with Bloomberg Economics executive editor Simon Kennedy.The depth of the U.S. recession isn’t the only way in which this time is different. While tens of millions are newly unemployed or working fewer hours, new pandemic-adjacent occupations are emerging. Host Stephanie Flanders talks with Bloomberg global business reporter Jeff Green about these new jobs, such as contract tracer and thermal scanner.See omnystudio.com/listener for privacy information.

Romanian home-care workers in Italy. Indian construction crews in Dubai. Filipino maids and cooks in Singapore. The world’s wealthy economies depend on a steady flow of cheap labor from lower-income nations. And people in those nations often rely on remittances from family members working abroad.Now it seems that the coronavirus pandemic that’s crushing economies all over the world is also upending the global labor market. Workers are heading back to their native countries in large numbers—or stranded far from home without jobs and benefits.Host Stephanie Flanders talks with Bloomberg journalists in three regions for insight into how this is playing out: European economy editor Andrew Langley in London, Middle East economic reporter Abeer Abu Omar in Dubai and Asia economics columnist Daniel Moss in Singapore.See omnystudio.com/listener for privacy information.

Just a few months ago, the economic debate about employment centered on how low the jobless rate could go. Now, with tens of millions out of work across the globe, it's about how bad it can get. On this week's episode, host Stephanie Flanders and economy reporter Katia Dmitrieva discuss how those "last in" to a boom economy are usually the "first out" in a downturn. Focusing on seven case studies, they discuss how minorities, young people and women who benefited from the historic surge in employment will be the ones who suffer most, and for longer. In Europe, the coronavirus continues to hit countries hard, yet many people have actually been able to keep their jobs, with at least 45 million having their wages paid by the state. Flanders also talks with Bloomberg Eurozone Economist Maeva Cousin about the cost of keeping these people paid, and how governments will wean companies off this vital support.See omnystudio.com/listener for privacy information.