Conversations with Tyler Adam Tooze on our Financial Past and Future
May 6, 2020
Adam Tooze, a Columbia University historian, dives into the intricate dance of economic recovery and history. He discusses the perplexing decision for high-cost lockdowns during the pandemic and envisions a 'swoosh-shaped' recovery while warning about vulnerabilities in China and emerging economies. Tooze critiques Keynes' views on the Treaty of Versailles, linking it to the rise of authoritarianism in Germany. He also shares insights on writing habits and reflects on Europe's future challenges, including economic strife and the refugee crisis.
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Emerging Economies Vulnerability
- Consider factors like health risks, oil dependence, foreign debt, and state-owned companies to assess emerging economies' vulnerability.
- South Africa, Algeria, Turkey, and Mexico appear particularly at risk.
Keynes and Versailles
- Keynes's "Economic Consequences of the Peace" disastrously empowered German nationalists.
- The Weimar Republic could have handled reasonable reparations with the right framework.
Weimar Republic's Failure
- The Weimar Republic's survival hinged on the US's ability to moderate European politics and provide financial stability.
- Its collapse wasn't solely due to US actions but a shift in the global liberal order.
