Martin Wolf
speaker
495 appearances
3 recordings
1 series
first heard Nov 2024
last heard Jun 2025
Martin Wolf’s voice in public audio — every appearance, attributed to the second.
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Appearances
NAB Morning Call · Weekend Edition: A new world reorder, with FT’s Martin Wolf · 15 Nov 2024
podcast
production facilities across the world, you l you you lose economies of scale on a very big way.
And that is also imposed costs, and it's a permanent cost.
It's a irrevocable as it were, uh cost, uh um which is the cost of fragmentation.
Uh now, uh so my view view is that we would see a world with less competition and
and uh fewer economies of scale and scope.
Um and in this situation c eq activity will become more uncertain because it's also politicized, which is a very important point.
And of course it would uh b we would have the costs of fragmentation that are already mentioned.
So if that's where we go, I think in in the long run, the world will be less uh um
less productive.
It's also crucial to stress that the costs here are particularly great for small countries if they get excluded from these regional arrangements.
Because all small countries are Britain, for example, relatively small, are far more trade dependent than these c colossally colossi.
And it's even more true of a small race
Asian countries, for example, and if they don't have the opportunity to expand their producers in a way that allows them to sell most of their production abroad safely and securely, then uh they're gonna lose a
Yes, I think th the interesting question to me is if we see the United States becoming really nationalist and protectionist and perceived to be hostile to other powers, um obviously China has already gone the way with its great firewall uh uh to protect itself.
The Europeans might decide I'm not predicting that.
That actually they have to go through what Mario Draghi said, in order to save themselves, they have to create an integrated European market.
And if necessary, they're going to start blocking Am the American giants, uh, and create their own, as the Chinese have done.
And though yes, that will be awkward and difficult, but there are certainly the resources in India in in
Europe to do it and you really want
I mean if you decide I'm not saying we're there yet, and I'm not saying we will get there yet, and it may be in in some cases infeasible, but you might decide that to be completely dependent on the technological technologically dominant businesses of a power that no longer seems friendly, and some of what is being suggested I mean I'm completely viewed
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