New Enlightenment

Sovereign wealth funds are often portrayed as powerful tools of geopolitical influence, but how much of that narrative is actually true?In this episode of the New Enlightenment Podcast from Adam Smith's Panmure House, host Professor Adam Dixon is joined by Dr. Victoria Barbary, Senior Director at the Milken Institute and former Director of Strategy and Communications at the International Forum of Sovereign Wealth Funds (IFSWF).Together, they unpack the evolution of sovereign wealth funds, challenge common misconceptions, and explore how these institutions are adapting to a world of economic statecraft, geopolitical competition, energy transition, and fiscal pressure.Timestamps:00:00 Introduction to Sovereign Wealth Funds01:47 What sovereign wealth funds actually are and common misconceptions06:54 Why sovereign wealth funds are investing more at home11:02 Are sovereign wealth funds political actors? Debunking the myth15:18 Governance, transparency, and the Santiago Principles16:50 Russia, Angola, and challenges within the sovereign wealth fund community21:33 Africa's development opportunities and the role of sovereign investors24:04 China's sovereign wealth strategy and the China Investment Corporation (CIC)30:28 Why sovereign wealth funds are rarely tools of economic statecraft30:55 How sovereign wealth funds have evolved over the last two decades34:22 Challenges facing sovereign wealth funds and the IFSWF today35:27 Budget pressures, Norway's fund, and long-term sustainability38:37 Are sovereign wealth funds truly influential in the global economy?43:25 Deal-making, reputation, and financial motivations47:53 Economic statecraft, markets, and the return of state intervention51:25 Lessons from infrastructure booms, market cycles, and AI investment53:34 Markets, politics, and the future role of sovereign wealth funds_________________Dr Victoria BarbaryLinkedInX_________________⁠Professor Adam Dixon: ⁠LinkedIn: ⁠⁠⁠X⁠⁠⁠⁠Book⁠⁠s_________________#SovereignWealthFunds #Geoeconomics #Investing #China #StateCapitalism #GlobalEconomy #EconomicStatecraft #MilkenInstitute #AdamDixon #VictoriaBarbary

In this episode of The New Enlightenment, host Adam Dixon speaks with Josh Zoffer — former advisor in the Biden administration, venture capital investor, and non‑resident fellow at Columbia University’s Centre on Global Energy Policy — to examine one of the most pressing geopolitical and economic challenges of our time.

Drawing on his experience shaping U.S. policy on supply chains, sanctions, climate tech and critical minerals, Josh offers a rare glimpse into the debates that could be happening in Washington today.

The podcast covers:

• China’s Industrial Strategy

• China’s dominance in mineral refining capacity

• How America can build industrial capacity

• Why allies are America’s greatest strategic asset

Key questions answered include:

• Has U.S. economic policy toward China really changed as much as people     think?

• How did China build dominance in EVs, batteries, and solar so quickly?

• Why are critical minerals the next major battleground?

• Is industrial policy compatible with Western market economies?

• What role should U.S. allies play in shaping a new economic order?

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⁠About Josh Zoffer: https://www.energypolicy.columbia.edu/josh-zoffer/

⁠LinkedIn: https://www.linkedin.com/in/jzoffer/

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⁠About Professor Adam Dixon : https://www.panmurehouse.org/programmes/adam-smith-chair/adam-smith-chair/

⁠LinkedIn: https://www.linkedin.com/in/adam-dixon-04b28130/

⁠⁠⁠X⁠⁠: https://x.com/DrAdam_Dixon

In this episode of the New Enlightenment podcast, Professor Adam Dixon is joined by Lee Jones, Professor of Political Economy and International Relations, to unpack China’s rise as a global power and the realities behind Western narratives about Chinese authoritarianism.They explore how China’s political system actually works, why the Chinese party state is not monolithic, and how internal economic and political tensions shape China’s global behaviour. The conversation examines the Belt and Road Initiative, US–China relations, and why China’s growing assertiveness is often a response to Western pressure.The episode also looks at the UK and EU’s alignment with US policy, the position of the global South, and what defines the emerging second Cold War – arguing that de-escalation will require a fundamental shift in Western attitudes toward China.

Key takeways:• China’s power is contested, not monolithic• Belt and Road is decentralised and uneven• China reacts as much as it initiates• The new Cold War is structural, not ideological• Western narratives often miss China’s complexity_________________⁠Professor Lee Jones⁠: https://www.qmul.ac.uk/politics/staff...⁠LinkedIn:   / lee-jones-79120744  X: https://x.com/drleejonesFractured China: https://www.amazon.co.uk/Fractured-Ch..._________________⁠Professor Adam Dixon ⁠: https://www.panmurehouse.org/programm...⁠LinkedIn: https://www.linkedin.com/in/adam-dixo...⁠⁠⁠X⁠⁠: https://x.com/DrAdam_Dixon⁠⁠Book⁠⁠s: https://adam-dixon.com/books/#China #GlobalPower #ChinaPoliticalEconomy #USChinaRelations#Beltandroadinitiative #SecondColdWar #ChineseAuthoritarianism#ChinaForeignPolicy

With the use of AI on the rise, what does the future of Europe's digital future look like? In this conversation, Professor Adam Dixon and Professor Daniel Mügge explore the concept of digital sovereignty in Europe, particularly in the context of artificial intelligence and technology regulation. They discuss the implications of foreign tech dominance, the role of public authorities in shaping digital policies, and the balance between regulation and innovation. The conversation also touches on the responsibilities of parents in managing technology use among children, the potential of AI in healthcare, and the need for Europe to navigate its position in a global tech landscape dominated by the US and China. Ultimately, they advocate for a balanced approach that prioritises citizen engagement and collective self-determination in the digital age.Timestamps:00:00:00 Introduction to Digital Sovereignty03:16 Understanding Digital Sovereignty in Europe05:51 The Role of European Tech Companies08:33 Economic Arguments for European Tech Champions 11:09 Regulation vs. Innovation in Europe 13:44 The Nature of Innovation and Regulation 16:36 Balancing Regulation and Individual Responsibility 19:33 The Role of Parents in Regulating Technology 22:10 The Impact of Technology on Society 25:04 The Future of Digital Regulation29:54 Navigating Information in the Digital Age31:13 Regulatory Dynamics in Europe vs. the USA34:06 The Challenges of Regulating Rapid Technological Change37:50 Balancing Innovation and Regulation in Europe 43:05 The Precautionary Principle in Technological Development 47:37 Corporate vs. State Influence 51:30 Harnessing Big Tech for Public Good

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Professor Daniel Mügge

LinkedIn

_________________Professor Adam Dixon ⁠LinkedIn

⁠⁠X⁠ ⁠⁠Book⁠s

#digitalsovereignty #adamsmith #professoradamdixon #podcast #china #artificialIntelligence #ai #EuropeanRegulation #technology #innovation #publicpolicy #techandethics #techcompanies #citizenengagement #dataprotection #dataprivacy #healthcaretechnology #techdynamics

EPISODE 38 | Why has technological progress slowed, even as AI promises to transform our world?

In this episode of the New Enlightenment Podcast from Adam Smith’s Panmure House, host Adam Dixon sits down with Professor Carl Benedikt Frey—Oxford economist and author of How Progress Ends—to explore one of the most pressing questions of our time: why are new technologies no longer delivering the economic and societal gains they once did?

Together, they examine:

🔸 The paradox of innovation without growth

🔸 The geopolitical race between the US and China

🔸The hidden bottlenecks in scientific discovery

🔸 The ways AI may both accelerate and undermine learning

Chapters

00:00 – Introduction: The Paradox of Progress

02:36 – Defining Progress vs. Improvement

05:45 – Technology, Well-Being, and Growth

08:45 – AI’s Promise and Its Limits

11:40 – Antimicrobial Resistance and Innovation Challenges

14:18 – Bottlenecks in Scientific Discovery

17:26 – AI, Learning, and Human Potential

21:47 – Lessons from Historical Innovation Races

24:17 – Could AI Slow Innovation?

28:46 – Incentives and the Architecture of Progress

34:28 – Work, Identity, and Human Worth

36:25 – Geoeconomics and the Battle for Tech Dominance

46:56 – Market Dynamism vs. State Capitalism

Drawing on history, economics, and cutting-edge research, Frey argues that progress is never inevitable—it depends on the right institutions, incentives, and market dynamism.

If you care about the future of productivity, prosperity, and human flourishing in the age of AI, you're going to want to listen to this episode.

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Professor Carl Benedikt Frey

Book⁠

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Professor Adam Dixon ⁠⁠

Book⁠

⁠X⁠⁠

LinkedIn⁠

Can classical liberals learn something from Michel Foucault?

It’s a question most proponents of free-market capitalism would never ask - but in this episode, Mark Pennington argues the answer is yes.

Joined by Adam Dixon, Pennington dismantles the academic silos around Foucault and repositions the postmodern critic of power as a surprising ally in understanding the erosion of liberal society.

They explore how Foucault’s work - usually mobilised to critique so-called neoliberalism - actually reveals how surveillance, managerialism, and technocratic control threaten the foundations of individual freedom. From public health mandates to ESG-driven policy, the conversation critiques the creeping illiberalism hiding behind progressive institutions and expert-led governance.

Pennington doesn't rehabilitate Foucault so much as weaponise him - arguing that if classical liberals want to understand how power works today, they need to take Foucault seriously, not dismiss him as a postmodern relic.

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Mark Pennington

Book

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Adam Dixon

Book

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LinkedIn

Website

What’s driving China’s economic dominance — and what does it mean for the world? 

In this episode, host Adam Dixon is joined by Dr. Jostein Hauge, an expert on industrial policy and global development, to dissect the forces behind China’s rapid economic rise.

From state-led industrial strategies to market competition under strict state control, we explore how China is reshaping global manufacturing, innovation, and geopolitics. 

Key themes: 

• How China became the world’s top manufacturing power 

• The role of industrial policy and internal market competition 

• Why global perceptions of China differ across regions 

• The myths and realities behind the “China threat” narrative 

• What China’s economic model means for global competition, innovation systems, and Western welfare states 

  
  

In this episode, Adam Dixon and Bryan Cheang takea hard look at the promises and pitfalls of industrial policy, using the mission economy framework popularized byMariana Mazzucato as a case study.

They dig into essential questions:

Why do governments struggle as economicentrepreneurs?

What are the unseen risks when states try todirect innovation?

How do democracy, pluralism, and uncertaintycomplicate grand economic plans?

• Why do governments struggle as economic entrepreneurs?
• What are the unseen risks when states try to direct innovation?
• How do democracy, pluralism, and uncertainty complicate grand economic plans?

Drawing from East Asia’s development stories, the debate around state-owned enterprises, and the limits of authoritarian economic governance, Cheang argues for a freer, more pluralistic approach to economic progress. They explore how concentrated state power can hinder innovation and why a “system of natural liberty” still offers the best path for sustainable growth.

Key themes:industrial policy, mission economy, state-led innovation, opportunity costs, democracy, East Asian development models, and the tension between control and liberty in economic systems.

Essential listening for anyone asking who should shape the future of economic innovation — governments or markets.

Adam Smith's Panmure House
Website⁠ 

Adam Dixon
On X⁠ 
On LinkedIn 

Bryan Cheang

LinkedIn

In this thought-provoking episode, Adam Dixon sits down with Jens Hillebrand-Pohl to unpack the fascinating world of geoeconomics —where global power struggles, political motivations, and economic strategies collide. Together, they delve into how nations use economic tools like sanctions, investment restrictions, and trade policies to exert influence and advance national interests, often in ways that defy classical economic reasoning.

Hillebrand-Pohl offers a nuanced, historical perspective on economic statecraft and discusses how contemporary challenges — from the Trump administration’s economic manoeuvres to the resurgence of mercantilist practices- signal a transformative era for global affairs. The conversation highlights the essential role of collaboration across law, finance, risk management, and strategic communication in understanding and navigating the complexities of geoeconomics.

Whether you're a policymaker, strategist, investor, or simply curious about how economics and geopolitics intertwine, this episode offers a timely, insightful guide to decoding the invisible forces shaping our world.

Key Takeaways

• Geoeconomics bridges the gap between geography and economics to explain policies that often defy traditional economic logic.
• Sanctions and investment restrictions are powerful tools of modern economic statecraft.
• Power dynamics — not welfare optimization — often drive national economic policies.
• Skepticism and critical analysis are crucial when interpreting political actions and economic decisions.
• Geoeconomics is still evolving, with practical applications being developed by multidisciplinary teams of legal, financial, risk, and strategic communication professionals.
• The world is witnessing a return to mercantilism and increasingly seeing the state act as an instrument for business interests.

Adam Smith's Panmure House

Website

Adam Dixon

X

LinkedIn

Jens Hillebrand-Pohl

https://www.geoeconomics.fi/

https://www.linkedin.com/company/helsinki-geoeconomics/posts/?feedView=all https://www.linkedin.com/in/jens-hillebrand-pohl/

In this episode, Adam Dixon and Hylke Dijkstra dive into the future of global cooperation. They discuss the challenges facing international organisations, the lasting effects of Trump’s policies, and China’s growing role on the world stage. With real-world examples and bold predictions, this conversation sheds light on where global politics is headed next.

Key Takeaways:

• International organisations play a key role in global governance.
• Over 300 international organisations are currently active worldwide.
• Historical examples like the League of Nations provide insights into current challenges.
• The Trump administration's policies threaten the future of multilateralism.
• China's assertiveness in international organisations is a growing concern.
• The need for reform in international organisations is evident.
• Emerging powers are reshaping the landscape of global governance.

Adam Smith's Panmure House:

⁠Website⁠

Adam Dixon:

⁠On X⁠

⁠On LinkedIn

Hylke Dijkstra:

On Linkedin

Maastricht University

New book: https://academic.oup.com/book/59488