The Economics Show The Wolf-Krugman Exchange: Power, plutocracy and political economy
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Dec 17, 2025 
Join Nobel laureate economist Paul Krugman, who writes on inequality and public policy, as he teams up with Martin Wolf to untangle complex economic issues. They dive into critiques of globalization and rising plutocracy, exploring how institutions have altered inequality. The duo discusses the intricate relationship between wealth concentration and political power, the impact of healthcare costs on politics, and potential upheavals in China's economy. With sharp insights, they address the future of finance, defense spending in Europe, and AI's disruptive role in India.
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Inequality's 1980s Turning Point
- The sharp rise in inequality begins around 1980 but isn't primarily driven by globalization.
- Institutional changes like weakened unions and hostile policies matter more than trade alone.
Trade Isn't The Whole Story
- Globalisation and China's rise changed trade patterns but explain only part of manufacturing decline.
- Productivity growth and technology also shrink manufacturing's share of employment over time.
Plutocrats, Not Just Corporations
- Contemporary political power stems more from individual plutocrats than faceless corporations.
- Massive personal wealth concentrates political influence and undermines democratic checks.