Beating Sisyphus: How Emerging Markets Overcome the Impossible

Has the global economy entered a destructive feedback loop? In this episode of Beating Sisyphus, we sit down with Eswar Prasad, Tolani Senior Professor of International Trade Policy at  @Cornell  and Senior Fellow at the  @BrookingsInstitution .We dive into his latest book, Doom Loop, to explore how the forces once thought to bring global stability—globalization, international organizations, and the rise of middle powers—are now clashing with domestic politics and geopolitics. Eswar breaks down why the US dollar remains dominant despite domestic instability, the barriers holding back the Chinese Renminbi, and the urgent need to rebuild global institutions like the IMF and WTO.https://www.amazon.com/Doom-Loop-Economic-Spiraling-Disorder/dp/1541705939Produced in collaboration with the Cornell Emerging Markets Institute, join hosts Thomas Riveros and Lourdes Casanova as they explore how innovation emerges under pressure and what it takes to build a more stable global economic future.

Topics Covered:

- Eswar Prasad’s unexpected journey into economics

- The evolution from The Dollar Trap to the Doom Loop

- Why central banks can't escape the US Dollar

- The future of the Chinese Renminbi and capital controls

- How globalization impacts domestic inequality and political polarization

- The role of "Middle Powers" like India in a fractured world

Timestamps

00:00 - Introduction to Beating Sisyphus

00:29 - Introducing Eswar Prasad and his new book, Doom Loop

02:05 - Eswar’s journey into the field of economics

03:55 - The shift from "The Dollar Trap" to a more pessimistic outlook

06:18 - Is globalization a zero-sum game?

08:35 - Why the US Dollar maintains global dominance despite instability

14:39 - The barriers holding back the Chinese Renminbi

19:48 - Does globalization directly cause domestic inequality?

24:24 - "Unfair" trade practices and China's manufacturing power

27:59 - The crisis of credibility for global institutions (IMF, WTO)31:34 - The dilemma of "Middle Powers" in global geopolitics

35:51 - A call to action for the future of democratic institutions

38:45 - Why India holds immense potential as an emerging market

What does it really take to break a poverty trap? In this episode of Beating Sisyphus, Cornell development economist Professor Christopher Barrett joins Thomas Riveros and Lourdes Casanova to explore one of the world's most pressing challenges: why extreme poverty persists in some places even as others — like China and Vietnam — have achieved miraculous growth.

We go deep on the economics of poverty traps, why satellite-indexed livestock insurance is changing lives in East Africa, how mobile money is shifting power to women, and why cutting agricultural R&D budgets is a bet against the future.

Topics covered:→ Why poverty is increasingly concentrated in conflict, climate, and disease-prone regions→ How poverty traps work — and what actually breaks them→ The satellite-based livestock insurance product now covering 4M+ policy holders→ Mobile money as a game-changer for rural Africa→ The case for redirecting foreign aid toward high-return global public goods→ Why Brazil and China are lapping the US in agricultural R&D→ Kenya and Vietnam as emerging markets to watch

Guest: Prof. Christopher Barrett — Stefan B. and Janice G. Ashley Professor of Applied Economics and Management, Cornell University; affiliate of the Atkinson Center for Sustainability. https://www.atkinson.cornell.edu/profile/christopher-b-barrett/

Timestamps:

00:00 - Intro

01:33 - Conquering Extreme Poverty: The China & Vietnam Miracles

05:41 - The "New" Poverty Trap: Climate, Conflict & Disease

12:59 - Why Banks Won't Lend to the Global South

15:24 - Transferring African Drought Risk to Swiss Capital Markets

19:15 - How Mobile Money is Empowering Women in Rural Markets

23:50 - The Foreign Aid Crisis & Reprioritizing Global Public Goods

30:05 - The 75% Food Inflation Problem & The R&D Deficit

35:10 - US Farm Subsidies vs. China & Brazil's Ag-Tech Dominance

46:15 - Emerging Markets to Watch: Kenya & Vietnam#EmergingMarkets #DevelopmentEconomics #PovertyTrap #FoodSecurity #Africa #Kenya #Vietnam #ForeignAid #AgricultureInnovation #MobileMoney #Cornell #BeatingSisyphus

Music from #Uppbeat (free for Creators!):https://uppbeat.io/t/paul-yudin/elapseLicense code: 32BX47P4GTHR7XRE

How does extortionate corruption fundamentally restructure an economy? Why do voters frequently tolerate "rational hypocrisy" from their political leaders?In this episode of Beating Sisyphus, co-hosts Thomas Riveros and Lourdes Casanova sit down with Nicolás Cachanosky (UTEP) and J.P. Bastos (University of Austin) to dissect the institutional and economic challenges facing Latin America.Bridging the gap between micro-level incentives and macro-level governance, the conversation explores why certain emerging markets break the cycle of populism while others remain trapped. The guests analyze the misallocation of resources caused by political enrichment, the erosion of republican checks and balances, and the high-stakes gamble of the Milei administration in Argentina.Key Topics Discussed:- The Micro-Impact of Corruption: How institutional quality in Brazil dictates the private gains of political office, and why corruption pushes formal employment into agriculture and informality.- Defining Populism: Moving beyond left vs. right economic policies to understand populism as a political strategy reliant on social fracture and the erosion of institutions.- Rational Hypocrisy: The incentive structures that lead voters to apply double standards and turn a blind eye to corruption to protect broader ideological goals.- The Dollarization Debate: An analysis of Argentina's "institutional anomy" and whether tying the hands of the central bank is the only credible bridge to long-term stability.- Time Horizons and Inflation: Examining the "stationary bandit" framework, including how longer populist regimes (like those seen in Bolivia and Nicaragua) impact monetary policy and inflation tracking over time.Timestamps:00:00 Intro: How innovation emerges under pressure01:18 Backgrounds: Why Nicolás and J.P. chose to study economics07:04 The Brazilian Mayoral Data: Private gains from political office10:43 Deadweight Loss vs. Misallocation: How corruption shifts business activity15:11 The Populist Playbook: Defining populism and institutional erosion27:03 Rational Hypocrisy: Why democratic accountability fails36:15 Currency Pegs and Dollarization: Argentina's 80-year struggle with inflation44:47 Roving vs. Stationary Bandits: The expected length of a populist regime50:25 Looking Forward: Institutional success stories in Costa Rica, Uruguay, and Peru

When we talk about Artificial Intelligence in healthcare, the conversation in the U.S. often revolves around optimizing administrative tasks and shaving seconds off billing processes. But in emerging markets, AI isn’t just an efficiency play—it’s a critical force multiplier for human capital and a bridge to life-saving access.Live from Ithaca, NY, Beating Sisyphus host Melissa Linares sits down with an extraordinary panel of clinical, legal, and engineering experts to discuss the future of AI in global healthcare. They explore how developing nations are leapfrogging legacy IT systems, why retrofitting U.S. health-tech for rural environments is a recipe for failure, and the urgent need for regulatory guardrails that allow systems to "fail safely while learning fast."(00:00) Introduction and Meet the Panel(03:46) The AI Divide: Efficiency in the US vs. Access in Emerging Markets(10:13) Overcoming Physical and Digital Infrastructure Gaps(13:06) Designing for Safe Speed: Compliance and Patient Guardrails(17:12) The Data Foundation: Building Reliable Healthcare Ecosystems(22:05) Clinical Operations: What US Frameworks Actually Transfer?(25:43) Regulation, Ethics, and the Role of Government(33:37) Value-Based Care: Can AI Shift the Cost Paradigm?(38:28) Health-Tech Entrepreneurship: Designing for Local Constraints(47:32) Capital and Scalability: Attracting Investment Beyond Pilot Phases(53:20) Looking Ahead: The 5-Year Vision for Global Healthcare AI(57:31) Final Thoughts and Conclusion

In this special crossover episode of Beating Sisyphus and Tres Respuestas, we sit down with Iván Duque, President of Colombia (2018–2022), to explore the realities of governing a highly volatile emerging market.President Duque discusses how his faith and principles of Stoicism and "radical centrism" helped him navigate a historic convergence of exogenous shocks—from the COVID-19 pandemic to the absorption of two million Venezuelan migrants. He details the economic mechanics of his signature "Orange Economy" framework, explaining why cultural and creative assets are as vital as traditional infrastructure for developing nations.Beyond his presidential tenure, we also dive into his personal passion for music, his ongoing work bridging the digital divide with Fundación I+D, and the market-driven conservation efforts of Concordia Amazonas. Finally, he shares unfiltered advice for the next generation of leaders on escaping the "infinite scroll" and answers what defines the ultimate emerging market.Special thanks to the Tres Respuestas team for technical support.Check out:Tres Respuestas: https://open.spotify.com/show/78XV3izbDwKY9YukA5d3cp?si=e0aad571921e4c7bFunacion I+D: https://www.fimasd.org/Concordia: https://concordia.net/ @IvánDuque-Oficial 

Timestamps:

(00:00) - Welcome to the Crossover Episode

(01:06) - Lifelong Musical Influences

(04:17) - Defining the Orange Economy & Cultural Capital

(09:43) - Stoicism, Arete, and Leadership Principles

(14:00) - Radical Centrism: Balancing Capitalism with Equity

(17:22) - Governing Under Pressure: Fiscal Deficits & the Pandemic

(21:37) - Historic Shocks: The Venezuelan Migration Crisis & Hurricane Resilience

(25:27) - Why True Innovation Requires Democracy, Not Authoritarianism

(28:44) - Fostering Youth Leadership with Fundación I+D

(31:34) - Concordia Amazonas & Market-Driven Climate Action

(34:05) - Advice to the Next Generation: Escaping the "Infinite Scroll"

(40:00) - Which Emerging Market Wins the Future?

In this episode of the Frontier Minute, we break down the most critical business and macroeconomic developments across the Global South.Topics Covered This Week:Latin America: Banco do Brasil launches cross-border Pix instant payments in Argentina.Middle East & Asia: Despite regional conflicts and drone strikes on data centers, Big Tech (Amazon, Microsoft, Oracle, and Google) is doubling down on AI infrastructure in the Middle East. Meanwhile, China continues to accelerate widespread technology adoption, shifting its focus toward AI-driven productivity in hubs like its "coder villages."Africa: Uganda’s Central Bank launches a domestic gold-buying program following massive new mineral discoveries to shield the economy from market volatility.Global Markets: A macro look at how escalating geopolitical tensions are triggering near-term corrections and impacting Emerging Market Equity ETFs.

When we look at informal labor markets in the Global South, it is easy to attribute inefficiencies to a lack of financial literacy or unavoidable cultural norms. But what if these behaviors are actually highly rational responses to broken economic systems? In this episode of Beating Sisyphus, hosts Thomas Riveros and Lourdes Casanova sit down with Dr. Nicholas Swanson, Assistant Professor of Economics at Cornell University. Nicholas shares his journey from working in metals and mining investment banking at Evercore and HSBC to running randomized controlled trials (RCTs) in Sub-Saharan Africa. We dive deep into the behavioral economics of poverty, exploring Nicholas’s fascinating fieldwork. Discover why agricultural firms rationally "hoard" knowledge, why farmers face a "hungry season" due to cognitive memory failures rather than pure present bias, and how the social pressure to hire family members acts as a hidden "kinship tax" on business owners in Zambia .

🎙️ About the Guest: Nicholas Swanson is an Assistant Professor of Economics at Cornell University. He earned his Ph.D. in Economics from UC Berkeley and focuses his research on development, labor, and behavioral economics, particularly in Sub-Saharan Africa.

📌 Chapters / Timestamps:

(00:00) - Introduction to Beating Sisyphus & Nicholas Swanson

(01:32) - From Investment Banking to RCTs: The Impact of Poor Economics

(06:01) - Designing Better Experiments & Understanding External Validity

(09:32) - Optimism for Africa: Tech in Rwanda and the Return of Commodities

(11:11 )- The Under-Training Puzzle: Why firms in low-income countries don't train workers

(22:20) - The "Hungry Season" in Zambia: Is it present bias or a memory failure?

(33:24) - The Kinship Tax: Why the social pressure to hire family members hurts businesses

(40:06) - Policy Takeaways: Why new technologies get blocked by power dynamics

(43:26) - Closing Thoughts: Hopeful emerging markets (Burundi & Ethiopia)

Beating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club. We bring together leaders from across economics, technology, and policy to explore how innovation emerges under pressure.

In this special episode of Beating Sisyphus, Thomas Riveros sits down with Lourdes and Anne to discuss their incredible careers tracking the massive shift in global economic power. From the early days of studying developing nations at the UN and INSEAD, to tracking the explosive rise of Chinese and Latin American multinationals, they share the personal stories behind the macroeconomic data. They discuss why Western business models often fail in the Global South, the vital importance of humility in economic research, and why the next generation of business leaders must be bold enough to challenge the status quo.🎙️ About the Guests:Lourdes Casanova is the Director of the Cañizares Center for Emerging Markets at Cornell University, a member of the Future Councils of the World Economic Forum, and a globally recognized academic on emerging market multinationals.Anne Miroux is a Faculty Fellow at the Cañizares Center and spent decades at the United Nations Conference on Trade and Development (UNCTAD), where she led FDI statistics and the World Investment Report.📌 Chapters / Timestamps:(00:00) - Introduction & Turning the Tables(01:40) - Early Careers: Why Look South and East?(04:46) - Lourdes on Growing Up in Spain & The Rise of "Global Latinas"(08:32) - How Anne and Lourdes Built Their Legendary Partnership(11:00) - The 3 Ways to Look at Emerging Markets(18:25) - Why Western Business Models Fail in the Global South(22:15) - The Crucial Role of Humility in Economic Policy(24:45) - The Big Debate: Is Emerging Market Growth Inevitable?(32:45) - AI, Demographics, and the Future of the Global South(35:35) - Advice to Their Younger Selves: "Be Bold"(41:20) - Fieldwork Stories: High-Speed Rail in China & The Design of Brasilia(46:50) - A Hopeful Wish for MadagascarBeating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club. We bring together leaders from across economics, technology, and policy to explore how innovation emerges under pressure.

In this episode of Beating Sisyphus, hosts Thomas Riveros and Lourdes Casanova welcome Salim Furth Senior Research Fellow and Director of the Urbanity Project at the Mercatus Center at George Mason University.Together, they explore the economic foundations of housing markets, comparing the rigid zoning laws of the United States with the sprawling informality of emerging markets like Nigeria and India. Salim explains why "master plans" often fail in rapidly growing cities, how utility bills can serve as property titles in Indonesia, and why high housing costs—not just individual factors—are the primary driver of homelessness.Key Topics:Why housing regulation is more economically damaging than trade tariffs.The concept of "Premature Imitation" in developing cities.Hernando de Soto, property rights, and unlocking "dead capital."Case studies from Brazil, Indonesia, Ethiopia, and upstate New York.

Timestamps:

(00:00) – Introduction: Welcome Salim Furth.(01:05) – From Macro to Micro: Why Salim pivoted to housing affordability.(02:30) – The Sugar Tariff Analogy: Why housing regulation hits wallets hardest.

(05:36) – Trumansburg vs. Lagos: How different regions handle unrealistic zoning.

(10:00) – The hidden costs of informal housing and lack of title.

(14:40) – "Premature Imitation": Why Western master plans fail in emerging markets.

(17:15) – The Porto Alegre Model: Moving from planning to "constant monitoring."

(21:15) – The Anglosphere Paradox: Why wealthy English-speaking nations have the highest prices.

(25:00) – Housing challenges in India: Colonial laws and caste discrimination.

(28:40) – Hernando de Soto and the importance of unlocking capital.

(30:40) – The Indonesian Kampung Solution: Using utility bills as property rights.

(37:00) – Homelessness: Distinguishing between individual risk factors and systemic housing costs.

(41:20) – "Doubling Up": How private social safety nets prevent homelessness.

(47:35) – Emerging Market Spotlight: Ethiopia’s urban expansion grid strategy.

Is the era of US Dollar dominance truly over? And why does the math on government debt rarely add up?In this episode of Beating Sisyphus, hosts Thomas Riveros and Lourdes Casanova sit down with Jon Hartley (Hoover Institution, Stanford PhD candidate, and host of the Capitalism and Freedom in the 21st Century podcast).They dive deep into Jon’s 2023 paper on the International Public Debt Valuation Puzzle, exploring the Fiscal Theory of the Price Level (FTPL) and why inflation is often a fiscal phenomenon rather than just a monetary one. Jon explains why credible fiscal commitments are the secret weapon to defeating hyperinflation, citing historical examples from Brazil to Poland.The conversation then shifts to the hot topic of De-Dollarization. Jon debunks the narrative that the Greenback is losing its status, explaining the concept of "safe asset" demand and why China’s RMB faces an uphill battle to compete. Finally, Jon shares his optimism for Argentina under Javier Milei’s market reforms.Key Topics Discussed:📉 The Debt Puzzle: Why real debt values often don't match future surpluses.💵 De-Dollarization: Why the USD share of global reserves remains sticky .🏛️ Fiscal vs. Monetary: How consolidated government balance sheets explain inflation.🇦🇷 Argentina's Future: Why Javier Milei’s shock therapy might work.About the Guest: Jon Hartley is an economist and Policy Fellow at the Hoover Institution. A former employee of Goldman Sachs, the World Bank, and the Federal Reserve, he is currently a PhD candidate at Stanford University.

Timestamps:(00:00) – Intro: Jon Hartley (Hoover Institution & Stanford)(00:49) – From Goldman Sachs to Academia: Jon’s Journey

(05:26) – Why do Governments Borrow? (Keynes vs. Political Economy)

(08:30) – What is the Fiscal Theory of the Price Level (FTPL)?(10:45) – The International Public Debt Valuation Puzzle Explained

(14:16) – How to Defeat Inflation: Lessons for Emerging Markets

(18:59) – Monetary vs. Fiscal Policy: The Consolidated Balance Sheet

(23:19) – De-Dollarization: Is the Dollar Actually Losing Power?(28:22) – Why China Struggles to Internationalize the RMB

(31:10) – Does "Safe Asset" Demand Let the US Run infinite Deficits?

(34:33) – The Bull Case for Argentina & Javier Milei’s Reforms