Martin Wolf on the World
Martin Wolf 253 episodes Nov 7, 2026
The podcast is an occasional series hosted by Martin Wolf, the chief economics commentator of the Financial Times. It features his analysis and commentary on the global economy and world affairs. Episodes are released from time to time rather than on a fixed schedule. The show is distributed via Acast.
Episodes
Martin Wolf on the US midterms: What will the Democrats do next?
Americans roundly rejected the Republican Party under President Donald Trump at the ballot box, giving the Democratic Party control of both the House of Representatives and the Senate. That means Democrats have a raft of new tools with which to oppose Trump, including control of investigative committees the party may use to look into alleged corruption. How should the Democrats use that power? Doe
Martin Wolf on the US midterms: What’s the risk of political violence?
As Americans prepare to vote in the November 3 midterm elections, the FT’s chief economics commentator Martin Wolf asks what the result will mean for Donald Trump, the future of US democracy and America's place in the world. In the third of a six-part series, Martin speaks to political scientist and author Barbara F Walter, an expert on civil wars and political violence, about the risk of unre
Martin Wolf on the US midterms: What’s at stake for the world?
As Americans prepare to vote in the November 3 midterm elections, FT chief economics commentator Martin Wolf asks what the result will mean for Donald Trump, the future of US democracy and America's place in the world. In the second of a six-part series of interviews with leading historians and political analysts, Martin speaks to Pulitzer Prize-winning historian and author Anne Applebaum abou
Martin Wolf on the US midterms: Is American democracy safe?
As Americans prepare to vote in the November 3 midterm elections, FT chief economics commentator Martin Wolf asks what the result will mean for Donald Trump, the future of US democracy and America's place in the world. In the first of a six-part series of interviews with leading historians and political analysts, Martin speaks to the scholar and former Republican adviser Robert Kagan, who has
The Wolf-Krugman Exchange: Power, plutocracy and political economy
In this final episode of their series for The Economics Show, FT chief economics commentator Martin Wolf and Nobel laureate Paul Krugman consider listeners’ questions and comments ranging from a critique of globalisation, increasing inequality and plutocracy, the global appetite for US federal debt, China’s economic future and much more.Read Martin’s column here Subscribe to Paul’s substack hereFi
The Wolf-Krugman Exchange: America vs the world
The US last week released its new national security strategy – and it wasn’t good news for Europe. The document, which sets out US foreign policy priorities, blasted Europe for undermining “political liberty and sovereignty”, de-emphasised the threat from Russia, reframed America’s competition with China and put influence over the western hemisphere at the top of the US agenda. In this episode, FT
The Wolf-Krugman Exchange: Maga man and Mamdani
Donald Trump promised to bring industrial jobs back to America when he swept to victory in last year’s presidential election, powered by a 12-point lead among male voters, but can he really deliver? In the second of this four-part series, the FT’s chief economics commentator Martin Wolf and Nobel prize-winning economist Paul Krugman discuss the economic plight of American men - why their problems
The Wolf-Krugman Exchange: Trump’s ‘vibecession’
As President Donald Trump approaches the one-year anniversary of his second term in office, the FT’s chief economics commentator Martin Wolf, and Nobel prize-winning economist Paul Krugman sit down to discuss the US economy and the state of American democracy. Are American consumers finally feeling the effect of Trump’s tariffs? Is AI to blame for the frozen labour market? Or is the spectre of a w
The Wolf-Krugman Exchange: your questions answered
In the sixth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman tackle a selection of questions, and even some criticisms, sent in by their audience. Listen to Paul Krugman’s cultural coda, Carole King’s It's too late, here Listen to Martin Wolf’s cultural coda, Va Pensiero from Verdi’s Nabucco, hereR
The Wolf-Krugman Exchange: The future of the postwar system
In the fifth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way American politics is crashing against both the guardrails of a stable, democratic system and the rules and norms of the postwar economic order and how this could jeopardise the importance of the US on the world stage.Paul Krug
The Wolf-Krugman Exchange: AI hype vs reality
In the fourth of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman ask if advances in artificial intelligence will reshape the working world as we know it. Or are we hearing an old familiar story that has been told many times before? Paul Krugman’s Cultural Coda:Loretta Lynn - "Coal Miner's Daughte
The Wolf-Krugman Exchange: how the old economic order fell out of favour
In the second of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the way economic trends have fractured societies on both sides of the Atlantic and the jeopardy that poses to liberal democracies in Europe and America.Paul Krugman’s Cultural Coda: Let America Be America Again by Langston Hugheshttp
The Wolf-Krugman Exchange: the crisis of trust
In part one of this six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss how trust in the postwar world economic system is being lost and weigh the costs and consequences of that. Paul Krugman’s Cultural Coda: Quarterflash, ”Harden My Heart”- https://www.youtube.com/watch?v=TNFSED77-GMMartin Wolf’s Cultural
Martin Wolf on democracy’s year of peril
Martin Wolf is worried about the threat autocrats pose to liberal democracies. Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries, but in many places, populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. In this episode, Martin spells out his concerns to the
Martin Wolf and Fiona Hill on democracy’s year of peril
Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries, and in many places, populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. Fiona Hill, who served as senior director for European and Russian affairs on the National Security Council in the Trump White House f
Martin Wolf and Raghuram Rajan on democracy’s year of peril
Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries and in many places, populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. But India, the world’s biggest democracy, bucked the trend with Narendra Modi’s relatively weak election victory in June. In the third
Martin Wolf and Anne Applebaum on democracy’s year of peril
Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries, making this a pivotal year for democracy. But these polls come as populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. In the second of this five-part series, the FT’s renowned economics commentator, Martin
Martin Wolf and Robert Kagan on democracy’s year of peril
Across the world, billions of citizens are being asked to cast their vote in elections taking place in more than 50 countries, making this a pivotal year for democracy. But these polls come as populist, illiberal and far-right parties are either growing in support or consolidating gains they have already made. In the first of this five-part series, the FT’s renowned economics commentator Martin Wo
Martin Wolf on saving democratic capitalism: epilogue
In this last episode of Martin Wolf’s series, the FT’s chief economics commentator sits down with the FT’s executive opinion editor, Jonathan Derbyshire, to give his concluding thoughts on the state of the world’s democracies. Drawing on arguments in Martin’s latest book, The Crisis of Democratic Capitalism, and his conversations in this series, they discuss what role citizens’ juries could play i
Martin Wolf on saving democratic capitalism: Hillary Clinton
In this fourth episode of Martin Wolf’s series, the FT’s chief economics commentator discusses the rise of populist politics with someone who was hit by its hard edge: Hillary Clinton. Drawing on arguments in Martin’s latest book, The Crisis of Democratic Capitalism, they discuss what the future holds for democracy, why female leaders face such extreme misogyny and threats of violence, whether Pre
Martin Wolf on saving democratic capitalism: resisting autocracy
In this third episode of Martin Wolf’s series, the renowned FT columnist and economist speaks to the journalist and historian Anne Applebaum, who has written extensively about the history of communism and the development of civil society in central and eastern Europe. Drawing on arguments in Martin’s latest book, The Crisis of Democratic Capitalism, they discuss what lies behind a global rise in a
Martin Wolf on saving democratic capitalism: the ‘democratic recession’
In this second episode of Martin Wolf’s series, the renowned FT columnist and economist speaks to Larry Diamond, a leading contemporary scholar in the field of democracy studies and a senior fellow in global democracy at the Freeman Spogli Institute for International Studies at Stanford University. Drawing on arguments in Martin’s latest book, The Crisis of Democratic Capitalism, they discuss what
Martin Wolf on saving democratic capitalism
In the first of this four-part series, the renowned FT columnist and economist Martin Wolf tells the FT’s executive opinion editor Jonathan Derbyshire why he fears the marriage of liberal economics and democracy may be facing its toughest test in decades. Drawing on arguments in his latest book, The Crisis of Democratic Capitalism, Martin explains how his own life story and career have shaped his
Why the Irish crisis is such a huge test for the eurozone
The fault lines in the currency union stand revealed. The promise was that the eurozone would deliver its members from currency crises. But, as I, and others, warned, be careful what you wish for: credit crises would replace currency crises – and these are likely to be even worse. Hosted on Acast. See acast.com/privacy for more information.
Assets matter just as much as debt
Borrowing is no sin, provided we use the funds to ensure that we bequeath a better infrastructure to the future, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Ireland refutes the German perspective
Berlin’s emphasis on deflationary adjustment in weaker countries risks turning the eurozone as a whole into a gigantic Germany, dependent on importing demand from the rest of the world, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
How to chart a course out of the Sino-American storm
They came; they saw; they lost. That is the reaction to what emerged on global rebalancing at the summit meeting of the Group of 20 leading countries in Seoul last week. Publicly, surplus countries persist in calling on those in deficit to deflate themselves into economic health. The consequences of this folly are now evident in the eurozone. At the world level, the US will never accept it. But, b
The IMF is giving some good fiscal advice
The International Monetary Fund does not normally respond to mere journalists. But its staff have explicitly rejected my arguments on the pace of fiscal consolidation in the UK. On one point – the need for a fiscal “plan B” – the IMF takes my side in the argument with the government. This is no small victory, not least because its latest report on the UK reads, in other respects, as if dictated to
The Fed is right to turn on the tap
The sky is falling, scream the hysterics: the Federal Reserve is pouring forth dollars in such quantities that they will soon be worthless. Nothing could be further from the truth. As in Japan, the policy known as “quantitative easing” is far more likely to prove ineffective than lethal. It is a leaky hose, not a monetary Noah’s Flood. Hosted on Acast. See acast.com/privacy for more information.
Current account targets are a way back to the future
The debate on “global imbalances” has gone back to the future. The proposal from Tim Geithner, the US Treasury secretary, to target the current account takes us back to the preoccupations of John Maynard Keynes at the Bretton Woods conference of July 1944. Hosted on Acast. See acast.com/privacy for more information.
Britain has gone climbing without a rope
Martin Wolf admires the courage of the government as it launches its spending review without a Plan B but wonders whether the public will accept the necessary pain Hosted on Acast. See acast.com/privacy for more information.
Why US voters are suing Dr Obama
A large part of the American public has forgotten the gravity of the financial heart attack that hit the US in the autumn of 2008. The Republicans have convinced many voters that the intervention by the Democrats, not the catastrophe George W Bush bequeathed, explains the malaise. Does President Obama deserve blame? No and yes, says Martin Wolf. Hosted on Acast. See acast.com/privacy for more info
A spending review for a diminished country
This may be a great policy success or the biggest fiscal blunder since the early 1930s. More likely, it will be in between, says Martin Wolf. Hosted on Acast. See acast.com/privacy for more information.
Britain and America seek different paths from disaster
With the announcement of massive cuts in government spending the UK has launched a remarkable policy experiment. The contrast with the US – which has announced none – should at least be instructive, says Martin Wolf. Hosted on Acast. See acast.com/privacy for more information.
Why higher student fees are right
The changes will bring pain. But the upside is also huge. The government should grasp this nettle now, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why America is going to win the global currency battle
US policymakers will do whatever is required to avoid deflation. Indeed, the Fed will keep going until the US is satisfactorily reflated. What that effort does to the rest of the world is not its concern, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
How to fight the currency wars with stubborn China
The post-crisis world economy will not work so long as its most dynamic economy is also its largest capital exporter. Policies that would turn China into a net importer would benefit both its own people and the rest of the world, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
The IMF’s foolish praise for austerity
Effective policy would see the government increase its deficit and have this rise funded by the Bank of England, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Currencies clash in new age of beggar-my-neighbour
Twenty five years ago, France, West Germany, Japan, the US and the UK met at the Plaza Hotel in New York and agreed to push for depreciation of the US dollar. Today America has the same desire. But this time, the focus of attention is not a compliant ally, such as Japan, but the world’s next superpower: China. When such elephants fight, bystanders are likely to be trampled, says Martin Wolf Hosted
Wen is right to worry about China’s growth
Who dares to make such a downbeat assessment of the world’s most dynamic economy before a gathering of influential foreigners in the heart of China itself? Hosted on Acast. See acast.com/privacy for more information.
The risks of premature tightening
It would be more sensible to make plans for fiscal retrenchment that are explicitly contingent on how the economy recovers, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Basel: the mouse that did not roar
The world needs a smaller and safer banking industry. The defect of the new rules is that they will fail to deliver this, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Germans are wrong: the eurozone is good for them
Germany has an enormous political and economic interest in making the eurozone work, however unpopular that view may be, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why the Balls critique is correct
The market is screaming its lack of concern about UK fiscal credibility. Government debt is long-term and denominated in the domestic currency. We are terrified of a confidence bogey who is asleep, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Obama was too cautious in fearful times
The idea that the policies adopted in the last few months of the Bush administration and the first months of this one were far better than nothing is weirdly controversial in the US, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why Britain does not need a graduate tax
One big drawback is that it would again put allocation of funds under the control of the state, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why the battle is joined over tightening
The austerity debate: To tighten or not to tighten – that is the question. It is one to which policymakers have started changing their answers. Are they right to do so?, asks Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Three years and new fault lines threaten
Leaders of the world’s principal economies – both advanced and emerging – will need to reform co-operatively and deeply if the world economy is not to suffer further earthquakes, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why we must halt the land cycle
Ruinous trust in land speculation as the route to wealth has led to expensive houses and inefficient taxes but, far worse, it ended up destabilising the entire global economy, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Demand shortfall casts doubt on early austerity
Rapid cuts in fiscal support make sense if, and only if, monetary policy can be effective on its own and expanding the interest-elastic parts of the economy is the best way to climb out of the hole, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
This global game of ‘pass the parcel’ cannot end well
Was the summit of the Group of 20 leading economies in Canada over the weekend a step forward towards co-operation or a step backwards towards disagreement? The answer seems to be both. Hosted on Acast. See acast.com/privacy for more information.
The risks of Osborne’s pre-emptive strike
The balance of cuts that the chancellor has set out is unlikely to prove politically sustainable, let alone sensible, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
A bloodbath none was prepared for
Perhaps only a young government – in age and in time in office – would gamble so much on such a fast adjustment, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why it is right for central banks to keep printing
At present, we have ‘too little money chasing too many goods’. In this environment, monetary policy must be aggressive. When the economy recovers, the monetary effects should be withdrawn, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Why plans for early fiscal tightening carry global risks
Yet again, we hear the cry of the old economic religion: repent before it is too late; the wages of fiscal sin is death. But is it already time to retrench? I doubt it, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
A question for chancellor Osborne
Congratulations, Mr Osborne, on "hitting the ground running". You have made good decisions already. So far, so good. But here is my question: what is your "plan B"? , asks Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Fear must not blind us to deflation's dangers
A consensus is forming that policymakers in countries with large fiscal deficits should tighten fiscal policy sharply – but what makes them sure that business and consumers will spend in response to austerity? asks Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
The grasshoppers and the ants – elucidating the fable
Flows of finance from export-driven ant nests to advanced grasshopper colonies end in tears. Flows of finance from old ant nests to young ones have not worked out either, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
An ABC of financial shocks and fiscal aftershocks
‘If the forecasts are true,’ asked Bobby, ‘why do all these people talk about ‘instability’? Martin Wolf responds Hosted on Acast. See acast.com/privacy for more information.
Spare Britain the policy hair shirt
The OECD seems to take the view that they only big risk is a loss of fiscal and monetary ‘credibility’. But Martin Wolf argues a lengthy floundering economy is a more serious risk Hosted on Acast. See acast.com/privacy for more information.
The grasshoppers and the ants – a modern fable
Today’s global economy is more complex than Aesop could have imagined. What would be the moral of a contemporary version of his famous story where the “ants” are Germans, Chinese and Japanese, while the “grasshoppers” are American, British, Greek, Irish and Spanish, asks Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Eurozone plays 'beggar my neighbour'
Despite today’s gloom and doom, the eurozone will probably survive. But the view that everything would now be fine had fiscal rules been followed is wrong. The private sector’s irresponsibility was the biggest failing, says Martin Wolf. Hosted on Acast. See acast.com/privacy for more information.
The economic legacy of Mr Brown
Everybody would like to blame Gordon Brown for the financial crisis. But he was only acting in line with the national consensus on economic policy, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Governments up the stakes in their fight with markets
The German inclination is to believe that everything would be fine if deficit countries were placed under greater discipline. This is false. The answer, instead, is to create a system that recognises and responds to reality, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
A bail out for Greece is just the beginning
Desperate times - desperate measures, says Martin. Hosted on Acast. See acast.com/privacy for more information.
Britain's historic general election
Martin finds himself in New York for the election - which he says gives him a sense of perspective. Hosted on Acast. See acast.com/privacy for more information.
Why cautious reform is the risky option
To make anything close to the present system less unsafe, says Martin, requires radical changes in the rules - tighter supervision is not enough, incentives must change fundamentally. Hosted on Acast. See acast.com/privacy for more information.
The challenge of halting the financial Doomsday machine
People pay too much attention to the direct costs of bailouts says Martin and not enough to the costs which matter - those of the recession itself and the huge jump in public debt. Hosted on Acast. See acast.com/privacy for more information.
Growth is the fix for British finances
Martin Wolf asks what is the right economic medicine for the UK? He argues that rebalancing the economy towards higher investment and higher net exports is a big part of the answer. Hosted on Acast. See acast.com/privacy for more information.
UK economy must perform a rebalancing act
Today's fiscal deficits exceed those of any previous periods in peace time. Martin Wolf talks about the importance timing will play if the balance is to be redressed successfully. Hosted on Acast. See acast.com/privacy for more information.
Evaluating the renminbi manipulation
Is China a currency manipulator? Yes. China has intervened on a gigantic scale to keep its exchange rate down and it is also protectionist. Hosted on Acast. See acast.com/privacy for more information.
Why Germany cannot be a model for the eurozone
Last week’s European Council was not a solution but a fudge. The IMF cannot save Europe Hosted on Acast. See acast.com/privacy for more information.
‘Back to the future’ imperils Britain
The party that deserves to win the UK election must craft a narrative that creates opportunity out of disappointment, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Mistakes that drained the fiscal reservoir
The government is offering a delayed return to fiscal stability, with details still to be filled in. Is that good enough? No, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Excessive virtue can be a vice for the world economy
Germany is wrong to reject a role in rebalancing global demand, says Martin Wolf. Beggar-my-neighbour policies to boost exports cannot work for everybody Hosted on Acast. See acast.com/privacy for more information.
China and Germany unite to impose global deflation
Suggestions from Schäuble and Wen would hit their own economies if followed through, says Martin Wolf. But it is not too late for a co-operative Hosted on Acast. See acast.com/privacy for more information.
The British election that both sides deserve to lose
At a time of crisis, the UK has to choose between a government about which it knows far too much and an opposition about which it knows far too little. Neither side is convincing, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
Germany's eurozone crisis nightmare
he twin imperatives of sound money and European integration are clashing. Ironically, Germany must become less German if the eurozone is to become more so, says Martin Wolf Hosted on Acast. See acast.com/privacy for more information.
India’s elephant charges on through the crisis
The world’s biggest democracy has changed, says Martin Wolf. But economic pragmatism alone will not be enough: reforms are still needed Hosted on Acast. See acast.com/privacy for more information.
How unruly economists can agree
Both sides of the debate can be right, says Martin Wolf. The public finances must be credible, but further unnecessary economic damage needs to be avoided Hosted on Acast. See acast.com/privacy for more information.
