It's been lampooned as a gathering of "the rich and the clueless." U2 lead singer Bono referred to its attendees as "fat cats in the snow." So what makes the World Economic Forum's annual conference in Davos so closely watched? Co-host Adam Tooze has been there twice and would have traveled to Switzerland again this year had the confab not been relegated to online-only status thanks to Omicron. Instead, he talks to Cameron Abadi about what really happens in Davos and how the super rich differentiate themselves from the run-of-the-mill aristocrats there.Also on the show: Part two of our lifecycle series, this one focusing on education.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

Talks with Russia to resolve the Ukraine crisis hit a dead end this week. As Foreign Policy reports, top Biden administration officials have reiterated the possibility of economic actions against Russia if it invades Ukraine. ​​On Ones and Tooze this week, Cameron Abadi and Adam Tooze explain how potential U.S. sanctions against Russia would work, and analyze the state of Russia’s economy in general. Later in the show, our hosts delve into the first of a four-part series on what they’re calling “life cycle” economics – basically, the macroeconomic implications of the biggest stages of our lives. They start with conception, or the cost of creating life. More specifically, they look at why the demand for egg freezing has soared during the pandemic.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

After watching the Beatles: Get Back sessions, Cameron Abadi was inspired to dive deeper into the economics of the Beatles versus the Rolling Stones with Adam Tooze. So, rock lovers rejoice, that’s what you’ll get in the second half of Ones and Tooze this week. But first, Tooze and Abadi dig into the heated online debate over price controls. For those not following, the internet somewhat broke over a Guardian op-ed arguing that price controls could fight inflation. Tooze tempers the hysteria and looks at the historic data.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

When we first aired this episode of Ones and Tooze on why prices are rising, analysts were warning of a possible inflation crisis. Now, two months later, the crisis is here, with inflation at a four-decade high. Listen to hosts Cameron Abadi and Adam Tooze discuss how inflation works and what it means for ordinary people around the world. Also on the show: what Germany’s increasing demand for Italian pasta says about the European Union economy. This is our last episode of 2021, so happy new year! We’ll be back in January.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

Congress has approved a $768 billion defense budget for 2022. If the Pentagon were a private company, would it be bigger than Amazon? Walmart?Also, can $859 billion buy you love? Or at least domestic goodwill? That's the amount of money Americans will spend on themselves and their loved ones ahead of the Christmas holiday.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

With President Joe Biden's Democracy Summit underway, Adam and Cameron discuss whether democratic principles help or hinder economies. The answer is more complicated than you might think. Also, if you have an old Ford Escort or other classic car, hang onto it. You might get rich.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

U.S.-led sanctions have devastated Iran's economy over the past decade but have failed to curb the country's nuclear program. On this episode, Adam and Cameron discuss why sanctions sometimes work—and often don't.Also on the show: The travel and tourism industries accounted for a whopping 10.4 percent of GDP worldwide. Then COVID-19 came along.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

10.4 million—that’s the number of jobs that are currently unfilled in the U.S. economy as of September, according to the latest data from the Bureau of Labor Statistics. That’s not much different than the record high of 10.9 million openings that were recorded back in July. As vaccinations have increased, and the economy has continued to open up, employers have been finding it incredibly difficult to find workers to fill jobs. Economists are calling it The Great Resignation—this phenomenon of people exiting the labor force in droves, and employers struggling to fill their openings. Adam and Cameron examine The Great Resignation and what it may portend for the economy.And then in 2nd segment the two discuss the billions of dollars Americans spend each year in the growing market for pet food. Is this consumerism run amok or does the connection between humans and pets tell a different story about the value of animal companionship? Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

President Biden's infrastructure bill allocates $15 billion to making electric cars more popular in the United States. Cameron and Adam discuss how that money will be spent and why the United States is still way behind China when it comes to infrastructure for electric cars.Also on this episode: Why COVID has been terrible for the American healthcare economy.Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode, Adam Tooze and Cameron Abadi discuss the moves and countermoves of the bond market and the Federal Reserve Chairman in response to inflation.Also: A new alliance of banks and investment funds is committing $130 trillion to carbon neutral projects in the next 30 years. Green altruism or green washing?Save 15% on FP subscriptions. Visit https://foreignpolicy.com/subscribe/ and enter code TOOZE at checkout to claim this offer. Learn more about your ad choices. Visit megaphone.fm/adchoices