Helen Thompson, a Professor of Political Economy at the University of Cambridge and co-host of the podcast These Times, delves into the geopolitical dynamics of the energy transition. She discusses how today’s energy landscape mirrors 20th-century oil economies, emphasizing state involvement's crucial role. The conversation highlights China's advantages in minerals for renewable energy and the escalating competition with the U.S. Insights into how energy policies intersect with electoral dynamics and future interdisciplinary collaborations make for a compelling listen.
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insights INSIGHT
Energy Central to Political Economy
Political economy has resurged since 2008 highlighting the political impact of economic systems.
Energy has become central to understanding political economy and international relations.
insights INSIGHT
China's Geopolitical Advantage in Metals
China's domination of metals production and processing gives it geopolitical advantages in the energy transition.
The US is pushing back strongly, notably with policies like the Inflation Reduction Act.
insights INSIGHT
Metals Concentrated, Power Diffused
Metals for energy transition are more geographically concentrated than oil was early in the 20th century.
This concentration heightens geopolitical tension but differs from oil geopolitics because resource-rich smaller countries won't be global powers.
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In 'Disorder: Hard Times in the 21st Century', Helen Thompson provides a comprehensive explanation for the recent disruptions in global politics. She argues that the standard explanations for the rise of populist nationalism and authoritarianism are too simplistic and instead examines the large-scale societal shifts, particularly in how the world produces and consumes energy. The book delves into the geopolitical instability caused by the global energy rivalry between the United States, Russia, and China, and how changes in international monetary policy have remade the world economy along fragile fault lines. Thompson concludes that these factors have precipitated the crisis of democracy in Western nations, highlighting how Western governments have become more focused on the consent of plutocrats than their own citizens.
In this episode, we are joined by Helen Thompson, Professor of Political Economy at the University of Cambridge, and co-host of the popular podcast from UnHerd, These Times. We discuss how energy has become a key issue in political economy, which Thompson’s work is a key example of. Our conversation moves to discussing the differences and similarities with the development of an oil-based global economy in the 20th century to the current energy transition. We examine China’s specific advantages in mining and minerals for the energy transition and how the West, specifically the United States, is trying to catch up. Just as states were crucial to the development of oil in the 20th century, it is likely that states will again play a central role in the energy systems of the future.
Takeaways
The field of political economy has seen a shift towards the study of the geopolitics of energy, particularly in relation to the energy transition.
China has geopolitical advantages in terms of metals production and processing, which has implications for global power dynamics.
The concentration of resources, whether it's energy or metals, in certain regions can lead to geopolitical
competition and tensions.
The United States and China are engaged in a competition in the energy sector, with the US challenging China's dominance and intensifying the competition.
The energy transition requires a more active state involvement, whether through state ownership or providing capital for the transition.
The energy transition poses challenges in terms of infrastructure development, such as rebuilding the electricity grid and retrofitting buildings.
Interdisciplinary thinking and collaboration are crucial in addressing the complexities of the energy transition.
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