Question Authority: The Role of the Inside Critic

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Challenging prevailing narratives in finance and policy is crucial, as the inside critic plays a vital role in demanding accountability and questioning metrics used to evaluate progress, particularly in relation to the Inflation Reduction Act. There is concern over the soft treatment of complex issues such as industrial policy and national security, particularly as these intersect with economic policies in the United States. The critique extends to a troubling trend of militaristic approaches towards economic and industrial policies, a shift that resonates with historical fears of nuclear conflict. Individuals with unique biographical perspectives are essential in fostering critical debate and challenging mainstream ideologies.

One of the big buzzwords over the last year or so has been "overcapacity." There's a constant line of argument that China is unfairly flooding the world with unprofitable goods and creating huge, unsustainable imbalances. Western countries, particularly the US (but also Europe), have responded by raising tariffs and engaging in domestic industrial policy in order to compete. But is the strategy sound? Are the basic premises of the problem correct? On this episode of the podcast, we speak with Columbia Professor Adam Tooze, the author of several books, as well as the popular Chartbook newsletter. He argues that the overcapacity framing is misguided, and that the US may be making a mistake putting its chips down on an industrial revival. He talks us through some of the actual weaknesses of the Chinese model, as well as its global political reverberations.

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