Ones and Tooze Ones and Tooze Live in Washington, D.C.
74 snips
Apr 17, 2026 
Adam Tooze, a history professor and foreign policy economics columnist, brings sweeping historical and economic perspective. He unpacks the surge in global policy uncertainty and whether 'polycrisis' fits today. He contrasts market calm with elite alarm, examines wars' unintended outcomes, digs into AI and social contracts, and assesses China’s planning and strains on US institutions.
AI Snips
Chapters
Transcript
Episode notes
Surge In Global Economic Policy Uncertainty
- Global uncertainty has surged to extraordinary levels, driven by tariff shocks and subsequent geopolitical events.
- The Global Economic Policy Uncertainty Index hit 428.9 last year, about 13 standard deviations above normal after Trump's tariff moves.
Polycrisis Has Evolved Into Disorder
- 'Polycrisis' captured a convergence of heterogeneous risks but may have run its course into a new era of disorder.
- Adam Tooze argues geopolitical tension, climate, and US–China rivalry have intensified, creating a badly assorted buffet of risks.
Markets See Continuity While Policy Sees Crisis
- Markets and policy elites live in two different worlds: markets signal continuity while policymakers sense systemic rupture.
- Tooze recounts a JP Morgan dinner where market actors saw no systemic threat to dollar hegemony despite policymakers' alarm.