Planet Money

Why do some nations fail and others succeed?In the late 1990s and early 2000s, three economists formed a partnership that would revolutionize how economists think about global inequality. Their work centered on a powerful — and almost radically obvious — idea: that the economic fate of nations is determined by how societies organize themselves. In other words, the economists shined a spotlight on the power of institutions, the systems, rules, and structures that shape society.We spoke with two of the Nobel-winning economists about their research on why some countries are rich and others are poor, why it took so long for economics to recognize the power of institutions, and what the heck those even are.This episode was hosted by Jeff Guo and Greg Rosalsky. It was produced by Willa Rubin with help from James Sneed. It was edited by Martina Castro and fact-checked by Sierra Juarez. Engineering by Gilly Moon with help from James Willetts. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

The Smoot Hawley Tariffs were a debacle that helped plunge America into the Great Depression. What can we learn from them?Today on the show, we tell the nearly 100-year-old story of Smoot and Hawley, that explains why Congress decided to delegate tariff power to the executive branch in the first place. It's a story that weaves in wool, humble buckwheat, tiny little goldfish, and even Ferris Bueller... Anyone? Anyone?It's also what set the stage for the Trump tariffs. President-elect Donald Trump enacted a heap of import taxes in his first term, in particular on goods from China. President Biden's administration largely kept those tariffs in place, and levied new tariffs as well, on electric vehicles and solar panels.And now, as Trump's second presidency is on the horizon, he has promised even more tariffs on Mexico, Canada, China, and even on all imports across the board.And now, as Trump's second presidency is on the horizon, he has promised even more tariffs on Mexico, Canada, China, and even on all imports across the board.We update this classic episode about the Smoot Hawley Tariffs, and review the impact of more recent efforts from Trump and Biden alike.Help support Planet Money by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. You get bonus episodes!Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Windell Curole spent decades working to protect his community in southern Louisiana from the destructive flooding caused by hurricanes. His local office in South Lafourche partnered with the federal government's Army Corps of Engineers to build a massive ring of earthen mounds – also known as levees – to keep the floodwaters at bay.But after Hurricane Katrina called into question the integrity of those levees, Windell decided to take a gamble that put him at odds with his partners in the Army Corps. He decided that the best thing he could do to protect his community was to go rogue and build his levees as tall as possible as quickly as possible, without federal permission.On today's show, what the story of Windell's levee can teach us about how the federal government calculates and manages the risk of natural disasters, and how those calculations can look a lot different to the people staring straight into the eye of the storm.This episode was hosted by Alexi Horowitz-Ghazi and Mary Childs. It was produced by Emma Peaslee and edited by Jess Jiang. It was fact checked by Sierra Juarez and engineered by Valentine Rodriguez Sanchez. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

As people learn more about Donald Trump's pick for Treasury Secretary, Scott Bessent, one story comes up over and over: a legendary trade that he played a small part in while he worked at George Soros' hedge fund in the 1990s. In 1992, Soros' fund set its sights on the British pound, betting that some time in the fall of that year, the pound would plummet in value. Opposing them in this trade was the Bank of England, which was determined to keep its currency stable. The financial battle that followed was intense and proved to be a watershed moment in the balance of power between markets and governments.On today's show, we speak to Robert Johnson, a former managing director at Soros' fund, for a blow-by-blow account of those fateful days in 1992. This episode was hosted by Keith Romer and Alex Goldmark. It was produced by Willa Rubin and edited by Martina Castro. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy