Unhedged

Today, we're bringing you an episode from another podcast in the FT stable: The Economics Show with Soumaya Keynes

For decades, China accelerated its industrial development through a straightforward bargain: foreign firms invested in China, often through joint ventures, gaining access to the enormous Chinese market, while Chinese companies absorbed western tech and knowhow. Today, that dynamic is changing. China's high-tech industries are now world-leading, and western governments are looking on enviously. So should the US and EU now take a page from China's playbook? Host Soumaya Keynes speaks to John Minnich, assistant professor of international relations at LSE, about the history of Chinese tech transfer, how it drove industrial sophistication and whether the west could — or should — attempt something similar.

Listen to more from The Economics Show: podfollow.com/economics-show

Further Reading
How China pulled off a great tech reversal
EU to include UK and Japan in ‘Made in Europe’ plans
John Minnich: Divide and Conquer: Industry Market Structure, Inter-Firm Rivalry, and Bargaining over Technology

Presented by Soumaya Keynes. Produced by Mischa Frankl-Duval. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio.
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Today, we're bringing you an episode from another podcast in the FT stable: The Story of Money.

Jesse Livermore was a legendary trader who made and lost several fortunes in the early 20th century, most famously by shorting the Wall Street crash of 1929. His early life was immortalised in the roman à clef Reminiscences of a Stock Operator by Edwin Lefèvre, and his trading insights and stunning successes continue to inspire professional traders and would-be traders to this day. But his life also contains cautionary tales about the ease with which success can morph into failure, and what happens when the buzz of the markets is no longer enough. Host Robin Wigglesworth and the FT's US financial commentator Robert Armstrong explore the extraordinary life of the greatest day trader in history.

Watch, listen and subscribe to The Story of Money for free on YouTube, Apple Podcasts, Spotify, at ft.com/tsom or wherever you get your podcasts.

Content note: This episode includes discussion of suicide and mental health.

Further reading:
Reminiscences of a Stock Operator (1923), Edwin Lefèvre
1929: Inside the Greatest Crash in Wall Street History and How It Shattered a Nation (2025), Andrew Ross Sorkin

Credits: Getty Images, The New York Times

To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney
Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com.

Hosts: Gillian Tett and Robin Wigglesworth
Producer: Lulu Smyth
Senior Producer: Michela Tindera
Executive Producer: Manuela Saragosa
Original music and sound design: Breen Turner
Broadcast engineers: Bianca Wakeman and Petros Giuompasis
Podcast Development: Laura Clarke
FT Global Head of Audio: Flo Phillips
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The Fed held rates steady on Wednesday, and chair Kevin Warsh commented on the Federal Reserve’s future role in markets. Today on the show, Katie Martin and Rob Armstrong try to figure out if Warsh can really have the Fed he says he wants. Also they catch up on their bets on the future of gold and bitcoin.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Save 10% on tickets with the code FTPodcast. Visit ft.com/festival to find out more.

Read a transcript of this episode on FT.com
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Former Federal Reserve member Stephen Miran and economist Nouriel Roubini just published a paper arguing that the US central bank should pay more attention to the supply of money. But will new Fed chair Kevin Warsh listen? Today on the show, Rob Armstrong and FT contributor Brendan Greeley explain the theory of monetarism and why Warsh might be open to its return. Also, they go long task forces and long the correction in tech stocks.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.

JPMorgan has become by far the biggest bank in the US and one of the largest in the world. But how did it do it? Today on the show, Rob Armstrong and US banking editor Joshua Franklin talk about the incredible growth of JPMorgan over the past 20 years and ask what will happen when Jamie Dimon retires. Also they go short the Magnificent 7 and long power trips.

For a free 30-day trial to the Unhedged newsletter go to: https://www.ft.com/unhedgedoffer.

You can email Robert Armstrong and Katie Martin at unhedged@ft.com.

Read a transcript of this episode on FT.com
Hosted on Acast. See acast.com/privacy for more information.