Ones and Tooze
Foreign Policy economics columnist Adam Tooze, a history professor and popular author, is encyclopedic about basically everything: from the COVID shutdown, to climate change, to pasta sauce. On this podcast, Tooze and FP deputy editor Cameron Abadi look at two data points each week that explain the world: one drawn from the week’s headlines and the other from just about anywhere else Tooze takes us.
Episodes
Live From Berlin
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
Is Europe Falling Behind?
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.
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Berlin Live Show Annoucement
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
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The Postwar Iranian Economy
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.
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Taiwan
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.
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Russia’s Economic Slowdown
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?
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The K-Shaped Economy
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.
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Bonus Segment: Mamdani's New York
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.
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Who Is Kevin Warsh?
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.
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The War in Sudan
The war in Sudan is entering its fourth year, with tens of thousands killed and millions displaced. And yet the conflict receives limited media attention and little international aid. Adam and Cameron dig in.
Also on the show: Islamabad is hosting the negotiations between the United States and Iran. Adam and Cameron discuss the history and economics of this Pakistani city.
For listeners in New
Ones and Tooze Live in Washington, D.C.
Adam and Cameron taped this show in front of a live audience in Washington, D.C., at an event held by the Institute of International Finance.
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The Energy Crisis
The energy crisis generated by the war in Iran has some historical parallels, including the Suez crisis of 1956 and the Arab-Israeli war in 1973. Adam and Cameron discuss the similarities and differences.
Also on the show: Viktor Orban is once again up for reelection in Hungary—but this time, he’s fighting an uphill battle.
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Interview with Iran Expert Ali Vaez
Hello Ones and Tooze Listeners. Our sister show, Foreign Policy Live, aired an interview recently with Ali Vaez, one of the most interesting Iran analysts out there. We wanted to share it with you. FP Live is hosted by Foreign Policy's editor in chief, Ravi Agrawal. For people interested in geopolitical issues related to Iran, Ukraine, Gaza, China, and other hot spots around the world, there's no
The Economics That Drove the Tiananmen Square Protests
Adam and Cameron look back at the 1989 Tiananmen Square protests in China and discuss what economic factors drove them. This is the first episode in an intermittent series that looks at historical events that may not have been thought of as having an economic dimension.
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The Enduring Impact of the War in Iran
With the Iran war now entering its second month, Adam and Cameron consider the long-term implications and which countries will be hit hardest.
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Iran and Habermas
The price of oil keeps rising as the U.S.-Israel war on Iran enters its fourth week, threatening economic turmoil around the world.
Also on the show: The philosophy of Jürgen Habermas.
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China’s Five-Year Plan
China has released a new five-year economic plan that projects GDP growth of around 4.5 percent in the coming year. That would be the country’s slowest growth rate since its era of reforms began in the 1980s. Adam and Cameron dig in.
Also on the show: The economics of St. Patrick’s Day.
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The War on Iran
The war on Iran launched a week ago by Israel and the United States is spiraling into a regional conflict with implications for the global economy. Adam and Cameron discuss.
Also: Adam and Cameron will be back at the Caveat theater in New York on April 17 to record a live episode of Ones and Tooze. It’s a smallish venue and tickets tend to sell out quickly. Order yours here.
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What a War With Iran Might Look Like
With Adam and Cameron off this week, we bring you an episode of Foreign Policy Live—FP's flagship podcast, hosted by the magazine's editor in chief, Ravi Agrawal. Ravi sat down with former CIA chief David Petraeus to discuss what a U.S. war with Iran might look like.
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Trump's Economy, One Year On
In the first year of U.S. President Donald Trump's second term, he has made some dramatic economic changes—relating to tariffs, immigration, and the size of the U.S. government. The result was a modest 2.2 percent economic growth. So, what went wrong? And what went well? Adam and Cameron dig in.
Also on the show: A country report on the Netherlands.
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The AI Economy
Big tech companies are directing a huge portion of their capital expenditures to artificial intelligence—at least $650 billion in the coming year. The effect is to stimulate the economy in the short term, but what happens in the long term? Adam and Cameron discuss.
Also on the show: The state of the German economy.
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The Super Bowl and Jeffrey Epstein
The Super Bowl is the most watched event on American television—and a microcosm of American culture. In the first segment of the show, Adam and Cameron discuss the economic and social dimensions of the event.
In the second segment, they discuss the cultural and economic world that Jeffrey Epstein inhabited before dying by suicide in prison in 2019.
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Trouble in the Chinese Military
Chinese President Xi Jinping has fired two top generals for alleged corruption as part of a dramatic military purge. With the move, Xi appears to have tightened his hold over the military but added significant instability. Adam and Cameron discuss the history and economics of the People's Liberation Army.
Also on the show: Ahead of the Winter Games, Adam and Cameron discuss the economics of Milan
Seventy Minutes at Davos
U.S. President Donald Trump delivered a meandering address at the World Economic Forum in Davos, Switzerland, this week, demanding that Greenland be handed over to the United States and making a series of questionable assertions. Adam was there. On the podcast, he and Cameron discuss the address, the conference, and the crisis over Greenland.
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Protests in Iran
Adam and Cameron discuss the huge protests across Iran—what is driving them and what they mean for the country's future.
Also on the show: The U.S. Justice Department investigation into Fed Chair Jerome Powell.
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The Venezuela Conundrum
Why is the United States inserting itself so aggressively into Venezuela’s affairs? Trump says it’s about oil, but that doesn’t quite add up, according to Adam and Cameron.
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Heterodox Economists: Joseph Stalin
In this final installment of our miniseries on Soviet economists and thinkers, Adam and Cameron discuss the ideas of Joseph Stalin.
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Heterodox Economists: Leon Trotsky
December marks both the birth and the collapse of the Soviet Union. Adam and Cameron are spending the month focusing on Soviet economists and thinkers. This week: Leon Trotsky
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Funding the War in Ukraine
Europe has decided to loan Ukraine more than $100 billion to help fund its war with Russia instead of tapping frozen Russian assets. Adam and Cameron discuss what that means for the continent and how the decision will impact the war.
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Heterodox Economists: Rosa Luxemburg
Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish German revolutionary Rosa Luxemburg.
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China's Trade Surplus
Adam and Cameron discuss China’s $1 trillion trade surplus and the Trump administration’s newly released National Security Strategy.
Note: Listeners can find the second segment on Rosa Luxemburg in the following episode.
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Heterodox Economists: Vladimir Lenin
December marks both the birth and the collapse of the Soviet Union. Adam and Cameron are spending the month focusing on Soviet economists and thinkers, starting with Vladimir Lenin.
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Russia and Ukraine
The economies of Russia and Ukraine are experiencing particular turbulence as the war between the two countries creeps toward its fourth year. Adam and Cameron discuss.
Also: Twice a year, Ones and Tooze conducts a listener support campaign. Please help keep the show unpaywalled by following the link below and pledging your support.
https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8
The Economics of Podcasts
Adam and Cameron discuss the economics of podcasts, a multibillion-dollar industry.
And on that topic—twice a year, Ones and Tooze conducts a listener support campaign. Please consider supporting the show by following the link below.
https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8
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Venezuela
U.S. President Donald Trump is contemplating military action against Venezuela. Adam and Cameron discuss.
Also on the show: New York City elects a democratic socialist mayor.
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China Trade and the Louvre Heist
Adam and Cameron discuss U.S. President Donald Trump’s recent visit with Chinese President Xi Jinping and how it could affect the ongoing trade war between the two countries. Also on the show: the Louvre jewel heist.
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Nobel Prize for Economics
Three people shared the Nobel Prize for economics this year—Joel Mokyr, Philippe Aghion, and Peter Howitt—for their work on how innovation and creative destruction drive economic growth. Adam and Cameron discuss.
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The Frankfurt Book Fair
Adam is attending the Frankfurt Book Fair this week. He and Cameron discuss the history of the fair and the broader economics of the publishing industry.
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A Conversation with Michael Sandel
On a special bonus episode, Cameron sits down with American political philosopher Michael Sandel, the recipient of the 2025 Berggruen Prize for Philosophy & Culture. The two discuss Sandel's critiques of liberalism in the context of Trump's America.
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The U.S. Government Shutdown
Government shutdowns are one of the peculiarities of the U.S. budgetary system. Once again, the two parties have failed to agree on the government’s discretionary spending. Adam and Cameron discuss.
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Introducing The Catch
We're jumping in the feed midweek to share a new season of FP's global fisheries podcast, The Catch.
This season is all about tuna. Climate change is pushing this lucrative fish out of the Pacific islands’ waters, and The Catch reporting team heads to the Solomon Islands to learn more. Listen to Season 6 on Apple, Spotify, or wherever you get your podcasts.
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The Trump Plan for Gaza
U.S. President Donald Trump’s Mideast peace plan includes steps for rebuilding Gaza. What would it take to unwind the devastation, and what would the plan mean for Palestinians? Adam and Cameron discuss.
Also on the show: Part 3 of their conversation on the broad implications of artificial intelligence.
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Trump and Latin America
President Donald Trump is reshaping U.S. policy toward Latin America. Adam and Cameron discuss the economic impact on Argentina, Venezuela, and Mexico.
Also on the show: A second installment in the occasional series on artificial intelligence.
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Bonus: Adam Tooze on Foreign Policy Live
Adam joined FP's other weekly podcast Foreign Policy Live to discuss his piece “The End of Development” in FP’s latest print issue.
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What AI Means for the Economy and for Politics
Adam and Cameron discuss the broad implications of artificial intelligence on the economy and on politics, in the first installment of an occasional series.
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The State of Europe
Adam and Cameron discuss Europe's domestic politics, including the collapse of the French government, German Chancellor Friedrich Merz's "autumn of reforms," and the struggles of the United Kingdom's Labour Party government led by Keir Starmer.
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India and Tennis
The Trump administration’s 50 percent tariffs on India took effect last week. Adam and Cameron dive in.
Also on the episode: the economics of tennis.
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The Future of the Federal Reserve
U.S. President Donald Trump’s effort to oust a member of the Federal Reserve board raises broader questions about the agency’s future as an independent entity.
Also on the show: The economics of hamburgers.
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The Scale of China
Adam recently spent a month traveling around China. He and Cameron discuss the vast scale of the country and how its size bears on China’s economic, political, and historical role in the world.
Also on the show: Fifty years to the Hollywood movie Jaws.
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Introducing Radio Davos
We're jumping into your feed midweek to share an interview with Adam from this past June by our friends at the Radio Davos podcast. We'll be back with a new episode on Friday.
Radio Davos is a weekly podcast from the World Economic Forum that looks at the biggest challenges facing the world, and how they might be tackled. Find it wherever you get podcasts or at wef.ch/podcasts. Video-podcasts a
The Doomsday Seed Vault
For years now, the Norwegian government has partnered with conservation groups to store seeds from around the world on an archipelago not far from the North Pole. The seeds are basically backups meant to secure the world's food supply in case the original supply is ever compromised—by war or natural disaster, for example. Adam and Cameron discuss the Svalbard Global Seed Vault and how it works. Al
Tariffs and Gaza
The U.S. economy is starting to feel the impact of President Donald Trump's tariffs—including the rise of inflation—but other consequences could take months or even years to be felt. Adam and Cameron dig in.
Also on the show: starvation in Gaza.
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Whither Global Development?
Some 10 years ago, the United Nations came up with its Sustainable Development Goals, a series of objectives for the world around alleviating poverty and protecting the planet. But these days, it's clear that very few of those goals will be met by the target date of 2030. What happened? And what does the Trump administration's retreat from international development mean for the world? Adam and Cam
Heterodox Economists: Karl Polanyi
Adam and Cameron continue their occasional series on heterodox economists. This week, they discuss the life and work of Karl Polanyi, an Austro-Hungarian born in the late 19th century and best known for his book The Great Transformation.
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Heterodox Economists: Thorstein Veblen
Adam and Cameron continue their occasional series on heterodox economists. This week, they discuss the life and work of the American economist Thorstein Veblen.
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Heterodox Economists: John Kenneth Galbraith
For the month of July, Adam and Cameron are continuing their occasional series on heterodox economists. This week, they discuss the life and work of the Canadian American economist, diplomat, and author John Kenneth Galbraith.
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The Global Art Market
The value of the global art market is roughly $57.5 billion—but it’s an opaque market and difficult to assess. Adam attended the international art fair known as Art Basel this year. On this episode, he and Cameron discuss the global business of art.
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New York and NATO
In June, Zohran Mamdani, a 33-year-old democratic socialist, won the Democratic Party’s mayoral primary election in New York City, defeating a widely known establishment figure, Andrew Cuomo. If Mamdani goes onto to become mayor, what will it mean for the city's economy?
Also on the show: the future of NATO.
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The Economics of the Israel-Iran War
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.
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The Economics of Mass Deportation
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.
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Trump's Policy Bill
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.
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Trump's Trade War with Europe
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
World War II Miniseries: Part 3
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.
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World War II Miniseries: Part 2
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.
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World War II Miniseries: Part 1
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.
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Heterodox Economists: Joseph Schumpeter
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.”
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Trump Looms Large in Canadian Election
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 b
From the Archive: The Economic Thinking of Pope Francis
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.
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Why an Unstable Bond Market Is a Big Deal
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 p
Trump’s Trade War with China
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 res
The U.S.-China Economic Relationship
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 suppo
The Business of Big Law in the United States
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 ch
A Conversation About Abundance
Adam and Cameron discuss Abundance, the new book by Ezra Klein and Derek Thompson.
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Trump's Economy
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
Will the United States Go Broke One Day?
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.
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Trump’s ‘Gold Card’ Path to Citizenship
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
Ukraine and Germany
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.
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How Scary Is DOGE?
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
Introducing Counterpoint
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
Tariff Man 2.0
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.
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