Conflict, capital and the new rules of economic warfare: Edward Fishman 

Hosted by Sam Gyimah 

Edward Fishman is the New York Times bestselling author of Choke Points and one of the world's foremost experts on economic warfare. He served in the US State Department under President Obama, designing the landmark sanctions imposed on Russia and Iran, and has spent the last decade mapping how choke points — both geographic and economic — have become the primary instrument of power in the global order.  

Sam Gyimah speaks with him about what this means for businesses, investors and governments navigating a world in which the rules of economic engagement have been fundamentally rewritten. 

Drawing on his experience at the State Department and in subsequent research, Fishman explains why economic warfare has undergone a revolution: where imposing hard economic pain once required a naval blockade, today a single presidential signature can impose crippling pressure on any country in the world.  

He argues that three conditions — dominant market share, difficulty of substitution, and asymmetric effect — must all be present for a choke point to function as a true weapon, and that understanding these criteria is now essential for every board and investment committee. 

The conversation explores the geography of power from the Strait of Hormuz to semiconductor supply chains, the strategic calculation of middle powers like the UK and Europe as they seek leverage of their own, what genuine sovereignty means in a world of concentrated dependencies, and how businesses should map both the headwinds and the tailwinds that choke points create. 

For business leaders, the core message is clear: geoeconomic analysis can no longer be confined to the dinner speech or the quarterly board update. Understanding your choke point exposure, as both a risk and an opportunity, is now a continuous operational imperative. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with  

SG& Capital Partners Ltd. 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email  

[email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant's own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

Nick Leung is the former Chairman of McKinsey's Greater China operation and Director of the McKinsey Global Institute in Hong Kong. With dual Swiss-Chinese heritage and three decades advising Chinese and multinational companies, he brings a rare inside-out perspective on the world's second-largest economy.  

His new book, co-authored with Joe Ngai, is The Next China is Still China — and in this conversation, he explains exactly why the title is not simply a slogan. 

Drawing on his experience at the centre of China's extraordinary economic transformation, Leung argues that the search for the "next China" fundamentally misunderstands the nature of China's role in the global system.  

Nine out of ten things made in China stay in China: the country is not simply an export platform but the world's most dynamic consumer market, and its combination of scale, supply-chain depth and brutal domestic competition has forged genuinely world-class industries in electric vehicles, pharmaceuticals and robotics.  

He argues that this competitive intensity — what he calls the Hunger Games model, where thousands of companies enter a sector and most are destroyed — is Schumpeter's creative destruction operating at a speed and scale the world has not previously seen. 

The conversation explores the concept of involution and what it means for investors, why the US-China AI race is not a race at all but two distinct ecosystems pursuing fundamentally different objectives, the structural reasons multinationals are struggling in China and what the successful ones are doing differently, and the succession wave now bearing down on Chinese family businesses — a risk that, because the Chinese economic miracle happened all at once, is arriving across multiple major companies simultaneously. 

For business leaders, the core message is clear: China is not a market you can read from the outside, and geopolitics cannot be treated as someone else's problem.  

As Leung puts it — "You're not interested in geopolitics, but geopolitics is interested in you" — and that, he says, applies to every single decision-maker operating in the world today. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

In this episode Mikael Björknert, CEO of PrivatBank, joins Sam to discuss what it means to run Ukraine’s largest bank during a full-scale war. As head of the country’s largest state-owned bank, Mikael offers a rare front-line perspective on how financial infrastructure, operational resilience and national security have become inseparable in wartime Ukraine. 

The conversation covers how wartime conditions have forced a level of speed and adaptability on the bank that outpaces many Western organisations and also examines Ukraine’s wider economic trajectory, from the rise of the drone economy and the role of international investors to PrivatBank’s eventual privatisation as part of the country’s EU accession path.  

Mikael reflects on the resilience of Ukrainian entrepreneurs, the bank’s work supporting veterans and why investors waiting for complete stability may find that the real opportunity has already passed. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Intelligence Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

In this episode, Sam Gyimah speaks with Anthony Scaramucci — founder of SkyBridge Capital, co-host of The Rest Is Politics: USA, and former White House Communications Director. 

Ahead of the SpaceX IPO, Anthony explores what the rise of the commercial space economy, the concentration of tech power, and the evolution of digital assets mean for business and investors.  

He reflects with Sam on the risks and rewards of investing in space, the state of US capitalism, and the strategic importance of the American public-private innovation model. 

The conversation also examines the K-shaped economy, the narrowing of the American Dream, and the growing influence of major technology platforms on markets and policy. Scaramucci also sets out his view on crypto and the role blockchain-based assets could play in the future of finance. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

Hosted by Sam Gyimah 

In this episode of The Geopolitics of Business, Lord Sedwill — former Cabinet Secretary, National Security Adviser, and now Chair Rothschild & Co Saudi Arabia, examines how conflict in the Gulf is reshaping capital flows, supply chains, defence priorities and long-term business resilience. 

Drawing on experience at the highest levels of UK government and global finance, Lord Sedwill explains why geopolitics only becomes truly relevant to business when it hits geoeconomics. He argues that the current Gulf conflict is different from many previous geopolitical shocks because it directly affects confidence, trade routes, energy prices and inflation. 

The conversation explores why Gulf states are accelerating diversification away from oil, how sovereign wealth funds are shifting from exporters to importers of capital, and where reconstruction, AI infrastructure and defence innovation may create major investment opportunities. Lord Sedwill also sets out why boards need to move beyond abstract risk registers towards war gaming, contingency planning and genuine supply-chain visibility. 

For business leaders, the core message is clear: resilience is no longer the opposite of returns. It is the foundation of long-term value creation. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd 

Music composed by: Sophie Sirota 

For listener questions or business enquiries please email [email protected], and to contact SG& Capital Partners please email [email protected] 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

In this episode of The Geopolitics of Business, Professor Ngaire Woods — founder of the Blavatnik School of Government at the University of Oxford and board member of mining giant Rio Tinto — explores how the fracturing of the post-war rules-based order is forcing governments, institutions and businesses to rethink the foundations of global cooperation. Drawing on decades of experience advising governments and studying international institutions, Ngaire examines why the shift from multilateral governance to transactional power politics is creating dangerous instability — and what the rest of the world can do about it. 

She discusses the structural strain on international institutions, the limits of deal-by-deal diplomacy, and whether order is possible without American leadership. Ngaire examines the race for critical minerals, the rise of state capitalism, and what it means for companies to earn a popular licence to operate in an era of political volatility. She argues that the countries and businesses best positioned for the future are those that invest in trust, diversity of thinking and genuine partnerships — rather than retreating into groupthink or short-term transactionalism. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd 

Music composed by: Sophie Sirota 

For listener questions or business enquiries please email [email protected], and to contact SG& Capital Partners please email [email protected] 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

In this episode of The Geopolitics of Business, Stephanie Flanders, Head of Economics and Government at Bloomberg, explores how the shift from globalisation to systemic geopolitical competition is reshaping markets, economic policy and corporate strategy. Drawing on decades of experience analysing financial crises, political shocks and global macro trends, Stephanie explains why politics has become the dominant economic risk — and why markets may be underestimating the long-term consequences of fragmentation. 

She discusses the breakdown of the post-war rules-based order, the transactional approach of major powers, and the strategic dilemmas facing so-called “middle powers” such as the UK. Stephanie examines the tension between resilience and efficiency, the impact of AI investment on market stability, the risks of low growth in the UK, and the rise of populism as both a political and economic force. She argues that in a world where deals are temporary and alliances fluid, leaders must prioritise strategic autonomy and supply chain resilience over short-term optimisation. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected] 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

Resilience Over Efficiency. Investing in a Fragmented World: Dr Helen Belopolsky 

Hosted by Sam Gyimah 

In this episode of The Geopolitics of Business, Dr Helen Belopolsky, Head of Geopolitical Research at Deutsche Bank, explores how the collapse of the rules-based order is reshaping markets, investment strategy and corporate decision-making. Drawing on her experience across government, national security, military operations and global finance, Helen explains why geopolitics can no longer be treated as background noise, and why boards must build real strategic capability to operate in a permanently unstable world. 

She discusses the transition from globalisation to systemic geopolitical competition, the expansion of what she calls the “geopolitics of everything”, and why technology, data, defence, trade routes and supply chains have become core arenas of strategic rivalry. Helen also examines the risks and opportunities facing Europe, the future of AI and data sovereignty, the politicisation of critical minerals, and why adaptation to the current landscape — rather than navigating through it  — is now the central task for leaders, investors and institutions. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by: Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

NATO, Private Capital & Innovation: Professor Dame Fiona Murray 

Hosted by Sam Gyimah 

In this episode of the Geopolitics of Business, Professor Dame Fiona Murray, discusses how technology and innovation can drive economic and defence strategies. As the chair of the NATO Innovation Fund, she emphasises building strong innovation ecosystems among NATO allies to maintain competitiveness. Fiona also reflects on her academic journey from Oxford University to her current roles as Associate Dean of Innovation and the William Porter Professor of Entrepreneurship at the MIT. She highlights the importance of universities in powering economies and solving real-world problems. She also discusses with Sam the role of venture capital in defence, the importance of sovereignty in supply chains, and the evolving skills that future entrepreneurs will need to navigate geopolitical complexities. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Geopolitics of Business, Sam sits down with Dr Adam S. Posen, President of the Peterson Institute for International Economics and one of the world’s leading macroeconomists, for a sweeping conversation about the shifting global economic order and what it means for businesses, governments and investors. 

Adam shares his views about the real-world consequences of Donald Trump’s tariff shock, why US inflation and interest rates are likely to remain structurally higher, and how a politicised Federal Reserve threatens financial stability. He also unpacks the decentring of the US dollar, the future of AI investment, and what slowing Chinese growth really means for the global economy. Adam offers candid, direct advice for CEOs navigating a more volatile, politicised, and fragmented economic landscape. 

Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 

Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 

Music composed by Sophie Sirota 

For listener questions or business inquiries please email [email protected], and to contact SG& Capital Partners please email [email protected]. 

You can find a summary of the key points in this episode in The Geopolitics of Business Newsletter. 

Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness, and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 

Hosted on Acast. See acast.com/privacy for more information.