U.S. President Donald Trump’s second term has created a dilemma for many U.S. media outlets. He looms so large in daily life—with his frequent policy pronouncements, attention-grabbing press conferences, and constant missives on social media—that it’s hard to focus on anything else. Even at Foreign Policy, which covers the entire world, Trump is the elephant in the newsroom.
Ones and Tooze, FP’s economics podcast, confronted that same dilemma this year. For the first third of 2025, most of our episodes focused on the Trump administration. Throughout the year, co-hosts Cameron Abadi and Adam Tooze covered the core issues of the day with rigor—including, yes, Trump’s policies, but also China’s rising power and the changing landscape of artificial intelligence.
U.S. President Donald Trump’s second term has created a dilemma for many U.S. media outlets. He looms so large in daily life—with his frequent policy pronouncements, attention-grabbing press conferences, and constant missives on social media—that it’s hard to focus on anything else. Even at Foreign Policy, which covers the entire world, Trump is the elephant in the newsroom.
Ones and Tooze, FP’s economics podcast, confronted that same dilemma this year. For the first third of 2025, most of our episodes focused on the Trump administration. Throughout the year, co-hosts Cameron Abadi and Adam Tooze covered the core issues of the day with rigor—including, yes, Trump’s policies, but also China’s rising power and the changing landscape of artificial intelligence.
And still, with their characteristic curiosity, Adam and Cameron also explored a wide range of other topics. This year, episodes have examined the economics of the global art market, the heterodox ideas of Soviet leader Vladimir Lenin, the collapse of Venezuela’s oil industry, the war in Gaza, and the election of New York City Mayor-elect Zohran Mamdani, among many other topics. You can now watch the podcast on Youtube.
Here are five noteworthy episodes from 2025.
1. A Conversation About Abundance
Ones and Tooze, Episode 183
Adam and Cameron take a critical look at Abundance, the new book by Ezra Klein and Derek Thompson that outlines a vision of “supply-side liberalism” for Democrats. Abundance calls for increasing the production of housing and energy infrastructure as well as improving broader conditions for innovation—but with Trump dismantling key parts of the federal government, is their blueprint still relevant? Read the transcript
2. World War II Miniseries: Part 1
Ones and Tooze, Episode 190
The Nazi economy is one of Adam’s areas of expertise—and the topic of his 2007 book The Wages of Destruction. To mark the 80th anniversary of the end of World War II in Europe earlier this year, he and Cameron discuss how Adolf Hitler managed to finance his military campaigns on the continent. The episode is the first in a three-part miniseries. Read the transcript
3. New York and NATO
Ones and Tooze, Episode 197
Zohran Mamdani, the 34-year-old state assemblyman elected mayor of New York City this year, has managed to make the word “socialism” a little more palatable in U.S. politics by linking it to issue of affordability. Adam and Cameron talk about what exactly makes Mamdani a democratic socialist and how he won the support of the city’s middle class. Read the transcript
4. The Scale of China
Ones and Tooze, Episode 205
A woman under the Chinese flag at Ordos airport on August 14, 2025.Pedro Pardo / AFP via Getty Images
Adam spent a month this year traveling around China. In this episode, he and Cameron explore how the country’s vast size bears on its economic, political, and historical role in the world.
5. The Economics of Podcasts
Ones and Tooze, Episode 217
Yes, it’s a bit self-referential for a pair of podcasters to talk about the economics of podcasting, but the relatively young industry is both thriving in some respects and in trouble writ large—making it conversation-worthy for Adam and Cameron. They break down why some shows become blockbusters while most prove to be unsustainable.
