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Economist Podcasts
The Intelligence: Is time up for TikTok?
Mar 14, 2024
Kerry and Richmond Jones, Economics correspondents at The Economist, delve into the severe economic impact of the ongoing war in Israel, revealing an $8 billion increase in military costs that strains social services. They also discuss TikTok's precarious position as U.S. legislation threatens its Chinese ownership, raising concerns over data privacy and political influence on youth. Additionally, the talk highlights shifting trends in the Maastricht art fair, where the decline of old masters is evident amidst a growing interest in contemporary art.
25:39
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Quick takeaways
- TikTok may need to find new non-Chinese owners due to US Congress bill, reshaping media landscape.
- Israel's post-war budget emphasizes military over welfare, impacting economy and society significantly.
Deep dives
Impact of TikTok Ban on Media Landscape and Business
The House of Representatives passed a bill targeting app stores and internet providers to prevent distribution of foreign-controlled apps, specifically aiming at TikTok. TikTok's prominence in American culture is vast, with half the population spending nearly an hour daily on the platform. This bill, if enacted, could lead to TikTok being sold to a non-Chinese owner, symbolizing a significant shift in the media landscape and potential legal battles.
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