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The 2nd China Shock: Why Chinese Companies Are Making Zero Profit
This week, Noah Smith and Erik Torenberg analyze recent global events—from a political shift in New York to the Israel-Iran conflict—while exploring U.S.-China economic dynamics, evolving industrial policies, and the risk of a recession. The conversation also touches on historical economic shifts, tariffs, and manufacturing trends.
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SPONSORS:
Carta
Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at z.carta.com/econ102.
NetSuite
More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102
Shopify
Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at https://shopify.com/momentofzen.
AdQuick
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
–
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
–
FOLLOW ON X:
@noahpinion
@eriktorenberg
@turpentinemedia
–
RECOMMENDED IN THIS EPISODE:
China's industrial policy has an unprofitability problem: https://www.noahpinion.blog/p/chinas-industrial-policy-has-an-unprofitability
Noahpinion: https://www.noahpinion.blog/
–
TAKEAWAYS:
New York City Politics: Discussion of a "Muslim socialist" winning what appears to be a NYC mayoral race.
Middle East Geopolitics: Analysis of recent Iran bombing and its economic implications.
China's Current Industrial Policy Problems: Xi Jinping's aggressive subsidization of strategic industries (EVs, semiconductors, batteries, solar panels).
Key Economic Insights: China's export percentage of GDP is now lower than many developed countries, but the absolute volume still creates massive global impact due to China's size.
US Manufacturing Revival: The importance of reducing regulatory barriers to enable more "sub-Elons" (entrepreneurs like Elon Musk).
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
View all episodes
By Turpentine
4.4
145145 ratings
This week, Noah Smith and Erik Torenberg analyze recent global events—from a political shift in New York to the Israel-Iran conflict—while exploring U.S.-China economic dynamics, evolving industrial policies, and the risk of a recession. The conversation also touches on historical economic shifts, tariffs, and manufacturing trends.
–
SPONSORS:
Carta
Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at z.carta.com/econ102.
NetSuite
More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102
Shopify
Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at https://shopify.com/momentofzen.
AdQuick
The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world.
–
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]
–
FOLLOW ON X:
@noahpinion
@eriktorenberg
@turpentinemedia
–
RECOMMENDED IN THIS EPISODE:
China's industrial policy has an unprofitability problem: https://www.noahpinion.blog/p/chinas-industrial-policy-has-an-unprofitability
Noahpinion: https://www.noahpinion.blog/
–
TAKEAWAYS:
New York City Politics: Discussion of a "Muslim socialist" winning what appears to be a NYC mayoral race.
Middle East Geopolitics: Analysis of recent Iran bombing and its economic implications.
China's Current Industrial Policy Problems: Xi Jinping's aggressive subsidization of strategic industries (EVs, semiconductors, batteries, solar panels).
Key Economic Insights: China's export percentage of GDP is now lower than many developed countries, but the absolute volume still creates massive global impact due to China's size.
US Manufacturing Revival: The importance of reducing regulatory barriers to enable more "sub-Elons" (entrepreneurs like Elon Musk).
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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