New Enlightenment

In this episode, Adam Dixon and Bryan Cheang takea hard look at the promises and pitfalls of industrial policy, using the mission economy framework popularized byMariana Mazzucato as a case study.They dig into essential questions:Why do governments struggle as economicentrepreneurs?What are the unseen risks when states try todirect innovation?How do democracy, pluralism, and uncertaintycomplicate grand economic plans?Why do governments struggle as economic entrepreneurs?What are the unseen risks when states try to direct innovation?How do democracy, pluralism, and uncertainty complicate grand economic plans?Drawing from East Asia’s development stories, the debate around state-owned enterprises, and the limits of authoritarian economic governance, Cheang argues for a freer, more pluralistic approach to economic progress. They explore how concentrated state power can hinder innovation and why a “system of natural liberty” still offers the best path for sustainable growth.Key themes:industrial policy, mission economy, state-led innovation, opportunity costs, democracy, East Asian development models, and the tension between control and liberty in economic systems.Essential listening for anyone asking who should shape the future of economic innovation — governments or markets.Adam Smith's Panmure HouseWebsite⁠ Adam DixonOn X⁠ On LinkedIn Bryan CheangLinkedIn

In this thought-provoking episode, Adam Dixon sits down with Jens Hillebrand-Pohl to unpack the fascinating world of geoeconomics —where global power struggles, political motivations, and economic strategies collide. Together, they delve into how nations use economic tools like sanctions, investment restrictions, and trade policies to exert influence and advance national interests, often in ways that defy classical economic reasoning.Hillebrand-Pohl offers a nuanced, historical perspective on economic statecraft and discusses how contemporary challenges — from the Trump administration’s economic manoeuvres to the resurgence of mercantilist practices- signal a transformative era for global affairs. The conversation highlights the essential role of collaboration across law, finance, risk management, and strategic communication in understanding and navigating the complexities of geoeconomics.Whether you're a policymaker, strategist, investor, or simply curious about how economics and geopolitics intertwine, this episode offers a timely, insightful guide to decoding the invisible forces shaping our world.Key TakeawaysGeoeconomics bridges the gap between geography and economics to explain policies that often defy traditional economic logic.Sanctions and investment restrictions are powerful tools of modern economic statecraft.Power dynamics — not welfare optimization — often drive national economic policies.Skepticism and critical analysis are crucial when interpreting political actions and economic decisions.Geoeconomics is still evolving, with practical applications being developed by multidisciplinary teams of legal, financial, risk, and strategic communication professionals.The world is witnessing a return to mercantilism and increasingly seeing the state act as an instrument for business interests.Adam Smith's Panmure HouseWebsiteAdam DixonXLinkedInJens Hillebrand-Pohlhttps://www.geoeconomics.fi/https://www.linkedin.com/company/helsinki-geoeconomics/posts/?feedView=all https://www.linkedin.com/in/jens-hillebrand-pohl/

In this episode, Adam Dixon and Hylke Dijkstra dive into the future of global cooperation. They discuss the challenges facing international organisations, the lasting effects of Trump’s policies, and China’s growing role on the world stage. With real-world examples and bold predictions, this conversation sheds light on where global politics is headed next.Key Takeaways:International organisations play a key role in global governance.Over 300 international organisations are currently active worldwide.Historical examples like the League of Nations provide insights into current challenges.The Trump administration's policies threaten the future of multilateralism.China's assertiveness in international organisations is a growing concern.The need for reform in international organisations is evident.Emerging powers are reshaping the landscape of global governance.Adam Smith's Panmure House:⁠Website⁠Adam Dixon:⁠On X⁠⁠On LinkedInHylke Dijkstra:On LinkedinMaastricht UniversityNew book: https://academic.oup.com/book/59488

Adam Dixon and Robyn Klingler-Vidra break down the intricate ties between government policy, venture capital, and innovation. They explore how nations foster—or stifle—startup ecosystems, why venture capital isn’t a guaranteed path to success, and the global forces shaping entrepreneurship. From Europe's scale-up struggles to China's hyper-competitive market, they reveal the cultural, economic, and geopolitical factors driving (or hindering) innovation.Key TakeawaysGovernments are increasingly acting as venture capitalists to spur innovation.Venture capital plays a crucial role in fostering start up-led innovation.A high number of start ups does not necessarily equate to greater business dynamism.The best innovation ecosystems complement existing industries rather than replicate others.Europe continues to struggle with the 'scale-up problem' for its start ups.Bureaucracy remains a major obstacle for business growth in Europe.China's innovation pace outstrips Europe's, driven by intense competition.Geopolitical tensions are reshaping venture capital and start up ecosystems worldwide.Adam Smith's Panmure House:⁠Website⁠Adam Dixon:⁠On X⁠⁠On LinkedInRobyn Klingler-Vidra:https://www.linkedin.com/in/dr-robyn-klingler-vidra/https://www.kcl.ac.uk/people/robyn-klingler-vidra Robyn’s latest book Start-up Capitalism: https://www.cornellpress.cornell.edu/book/9781501780318/startup-capitalism/#bookTabs=1

In this episode, we explore the intricate relationship between the Chinese Communist Party (CCP) and China’s economic development. Adam Dixon and Jeff Henderson discuss the CCP’s influence on business operations, the historical impact of the Great Leap Forward, Deng Xiaoping’s market reforms, and Xi Jinping’s leadership. We also examine China’s global investments, competition within its economy, and the geopolitical tensions shaping trade relations between China, Europe, and the West.Key topics discussed:The CCP’s role in China’s economic rise and political stabilityHow Deng Xiaoping’s reforms lifted 700 million people out of povertyThe influence of the CCP on both state-owned and private enterprisesThe significance of foreign investment and technology transfer in China’s growthThe impact of Chinese investment in Europe: risks, benefits, and economic security concernsIncreasing competition between Chinese and Western corporationsHow global trade tensions are reshaping economic policies and alliancesAdam Smith's Panmure House:⁠Website⁠Adam Dixon:⁠On X⁠⁠On LinkedInJeff Henderson:On LinkedIn

In this episode of New Enlightenment, Adam Dixon sits down with Ilan Kelman to unravel the complex realities behind disasters, climate change, and the power of effective communication. Kelman challenges the common notion of “natural disasters,” emphasizing that disasters are driven by human choices and public policy failures rather than nature alone.The conversation dives into why understanding the baselinecauses of disasters — from poor urban planning to inadequate forest management — is critical to reducing their impact. Kelman argues that fear-based messaging around climate change often backfires, stressing the importance of tailored communication strategies that resonate with diverse communities.Key topics explored include:✅The role of public policy in exacerbating disaster risks✅ The urgent need for alternatives to fossil fuel dependency✅ How forest management can mitigate wildfire dangers✅The complexities of climate migration and whythe term "climate refugee" remains legally and politically problematic✅The unique challenges faced by vulnerable communities— from Arctic populations to island nations — and the need for localised solutions Kelman also highlights the importance of engaging in difficult conversations, especially when it comes to transportation policies, community resilience, and the socio-economic factors that shape disaster outcomes.Throughout the episode, the central theme remains clear: collaboration, dialogue, and evidence-based communication are key to tackling today’s most pressing climate challenges. Scientists, policymakers, and communities must work together to shift public perception and drive meaningful action.Adam Smith's Panmure House:⁠Website⁠Adam Dixon:⁠On X⁠⁠On LinkedInIlan Kelman:WebsiteOn LinkedInOn XOn InstagramUCL

In this episode, Adam Dixon sits down with RobertoDuran-Fernandez to explore North America's shifting trade landscape. They examine Mexico’s growing role in global supply chains, the impact of recent U.S.-Mexico trade agreements, and the evolving U.S.-China trade rivalry. The conversation dives into nearshoring trends, accelerated by the COVID-19 pandemic, and how geopolitical tensions are reshaping trade policies.Key topics include: Mexico as a key U.S. trade partner Nearshoring vs. offshoring: What’s next forglobal supply chains? The impact of U.S.-China relations on NorthAmerican trade Trump’s economic strategy and U.S. hegemonyAdam Smith's Panmure House:⁠Website⁠Adam Dixon:⁠On X⁠⁠On LinkedInRoberto Duran-FernandezOn LinkedInOn XBaker InstituteTecnologico de Monterey

In this episode, Francesca Ghiretti joins Adam Dixon to discuss the complexities of the China-US rivalry and its implications for Europe and the UK. They explore the escalating tensions between the two superpowers, the impact of self-sufficiency trends, and the challenges Europe faces in navigating its relationship with China while maintaining strong ties with the US. The discussion highlights the need for diversification and strategic planning in the face of economic uncertainties and geopolitical shifts. The conversation also covers the evolving political landscape in Europe, focusing on the UK's economic security, the EU's rightward shift, and the implications of these changes for European unity and defence spending. They explore the challenges of industrial policy, and the importance of creating ecosystems for successful industrial strategies. The discussion highlights the complexities of navigating national interests within the EU and the need for coordinated efforts to address pressing issues. Takeaways: There is significant escalation in US-China tensions. Self-sufficiency is a growing trend in both the US and China. Europe's identity and economic strategy are being re-evaluated. The UK faces challenges in maintaining a coherent China strategy. Granularity in regulations complicates European engagement with China. Europe needs both the US and China for growth and innovation. The UK lacks the leverage it had as an EU member. A rightward shift in European governments poses challenges for unity. The Berlin-Paris axis is weakening, affecting EU foreign policy. Giorgia Meloni's focus is more national than European. Increased defense spending is critical in light of recent events. Coordination in industrial policy is lacking across Europe. Misconceptions about industrial policy success can lead to misguided strategies. Ecosystems play a vital role in the success of industrial strategies. Public money allocation in industrial policy needs careful consideration. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Francesca Ghiretti: On LinkedIn Geoeconomic Competition podcast RAND Chinese Investments and the Economic Security Turn in Europe

In this conversation, Adam Dixon and Amir Lebdioui delve into the intricacies of green industrial policy, emphasising its necessity in a climate-conscious world. They explore the economic advantages for developing countries to adopt green strategies, the challenges of fossil fuel development, and the importance of equity in energy transitions. The discussion also highlights the role of oil companies in the energy transition and the need for effective monitoring and evaluation of industrial policies. Ultimately, they stress the importance of adaptability and the involvement of civil society in shaping successful green policies. The discussion also highlights global examples of successful green policies, particularly focusing on China's competitive landscape in green technology and the geopolitical implications of these developments. Takeaways Developing countries can benefit economically from green policies. The narrative around green development needs reframing for developing nations. Fossil fuel production will continue but in reduced quantities. Equity in fossil fuel extraction is crucial for fair transitions. Oil companies have expertise that can aid in the energy transition. Green industrial policy requires adaptation to local contexts. Monitoring and evaluation are essential for effective policy implementation. Learning from failures is key to successful industrial policy. Civil society should play a role in monitoring industrial policies. Green industrial policy should be flexible and responsive to change. Successful examples of green policies can be found globally, including in Costa Rica and Malaysia. China's approach to green technology involves significant market competition. Long-term planning and gradual implementation can lead to successful transitions to green technologies. The relationship between government and private sector should be collaborative, not parasitic. Adaptation to changing conditions is essential for maintaining competitive advantages. A cooperative approach with China could benefit global sustainability efforts. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Amir Lebdioui: On LinkedIn On X https://www.qeh.ox.ac.uk/person/amir-lebdioui Survival of the Greenest: Economic Transformation in a Climate-conscious World

In this conversation, our guest Stacy Swann discusses the evolution of climate finance, particularly in the context of COP meetings and the role of blended finance. She explains how the definition of climate finance has changed over the years, moving from a narrow focus on development aid to a broader understanding that includes private investment. The discussion also highlights the importance of blended finance in catalysing private capital for climate-related projects and the challenges of ensuring that funds are used effectively to address climate change. The dialogue emphasises the need for a balanced approach between mitigation and adaptation strategies, the importance of optimising blended finance, and the cautious optimism surrounding the financial sector's ability to contribute to climate solutions. Takeaways Climate finance has evolved significantly over the years. Public balance sheets alone cannot address the climate crisis. The definition of climate finance has become more complex. Transparency is essential in blended finance structures. Initial blended finance efforts were focused on climate-oriented projects. The time horizon for addressing climate change has significantly shortened. Investment in clean energy must accelerate to meet urgent needs. Public dollars should catalyse private investment efficiently. Investors are recognising climate risk as a critical factor. Mitigation and adaptation strategies must be balanced in funding. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Stacy Swann: On LinkedIn Resilient Earth