[Recorded February 18, 2026]

Join hosts Maddie Feldman and Maya Chu for a conversation with economist Michael Pettis, a leading voice on global trade, capital flows, and China’s economic trajectory. In this episode, we unpack the mechanics and misconceptions of global trade, beginning with Pettis’s core distinction between the gains from balanced trade and the costs of persistent imbalances. Drawing on decades of experience in sovereign debt markets and more than twenty years teaching finance in Beijing, Pettis argues that trade is about how countries distribute the costs of domestic economic distortions across borders.

Along the way, we debate the economic philosophies of John Maynard Keynes and Joan Robinson, explore Pettis’s “two doors” framework for how deficit countries adjust, learn the steps for how best to “overdose” on economic and financial history, and, of course, assess the gusto of Beijing-based indie rock bands like Carsick Cars.