Europe has decided to loan Ukraine more than $100 billion to help fund its war with Russia instead of tapping frozen Russian assets. Adam and Cameron discuss what that means for the continent and how the decision will impact the war. 

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Adam and Cameron continue their December series on founding Soviet thinkers. This week, they discuss the life and work of Polish German revolutionary Rosa Luxemburg.

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Adam and Cameron discuss China’s $1 trillion trade surplus and the Trump administration’s newly released National Security Strategy.

Note: Listeners can find the second segment on Rosa Luxemburg in the following episode.

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December marks both the birth and the collapse of the Soviet Union. Adam and Cameron are spending the month focusing on Soviet economists and thinkers, starting with Vladimir Lenin.

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The economies of Russia and Ukraine are experiencing particular turbulence as the war between the two countries creeps toward its fourth year. Adam and Cameron discuss.

Also: Twice a year, Ones and Tooze conducts a listener support campaign. Please help keep the show unpaywalled by following the link below and pledging your support.

https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8

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Adam and Cameron discuss the economics of podcasts, a multibillion-dollar industry.

And on that topic—twice a year, Ones and Tooze conducts a listener support campaign. Please consider supporting the show by following the link below.

https://www.paypal.com/donate/?hosted_button_id=ATHRTKECVXVE8

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U.S. President Donald Trump is contemplating military action against Venezuela. Adam and Cameron discuss.

Also on the show: New York City elects a democratic socialist mayor. 

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Adam and Cameron discuss U.S. President Donald Trump’s recent visit with Chinese President Xi Jinping and how it could affect the ongoing trade war between the two countries. Also on the show: the Louvre jewel heist.

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Three people shared the Nobel Prize for economics this year—Joel Mokyr, Philippe Aghion, and Peter Howitt—for their work on how innovation and creative destruction drive economic growth. Adam and Cameron discuss.

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Adam is attending the Frankfurt Book Fair this week. He and Cameron discuss the history of the fair and the broader economics of the publishing industry.

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On a special bonus episode, Cameron sits down with American political philosopher Michael Sandel, the recipient of the 2025 Berggruen Prize for Philosophy & Culture. The two discuss Sandel's critiques of liberalism in the context of Trump's America.

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