Freakonomics Radio
Just beneath the surface of the global economy, there is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity. In this updated episode from 2025, journalists Javier Blas and Jack Farchy help us shine a light on the shadowy realm of commodity traders.
- SOURCES:
- Javier Blas, opinion columnist at Bloomberg News.
- Jack Farchy, energy and commodities senior reporter at Bloomberg News.
- RESOURCES:
- The World For Sale: Money, Power, and the Traders Who Barter the Earth’s Resources, by Javier Blas and Jack Farchy (2021)
- The King of Oil: The Secret Lives of Marc Rich, by Daniel Ammann (2010).
- EXTRAS:
- “How the Supermarket Helped America Win the Cold War (Update)” by Freakonomics Radio (2024).
- “The First Great American Industry,” by Freakonomics Radio (2023).
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Why Do People Still Hunt Whales? (Update)
For years, whale oil was used as lighting fuel, industrial lubricant, and the main ingredient in (yum!) margarine. Whale meat was also on a few menus. But today, demand for whale products is at a…
The First Great American Industry (Update)
Whaling was, in the words of one scholar, “early capitalism unleashed on the high seas.” How did the U.S. come to dominate the whale market? Why did whale hunting die out here — and continue…
Why Does Tipping Still Exist? (Update)
It’s a haphazard way of paying workers, and yet it keeps expanding. With federal tax policy shifting in a pro-tip direction, we revisit an episode from 2019 to find out why. SOURCES: John List, economist…
643. Why Do Candles Still Exist?
They should have died out when the lightbulb was invented. Instead they’re a $10 billion industry. What does it mean that we still want tiny fires inside our homes? SOURCES: Tim Cooper, professor emeritus of…
642. How to Wage Peace, According to Tony Blinken
The former secretary of state isn’t a flamethrower, but he certainly has strong opinions. In this wide-ranging conversation with Stephen Dubner, he gives them all: on Israel, Gaza, China, Iran, Russia, Biden, Trump — and…
Why Does One Tiny State Set the Rules for Everyone? (Update)
Until recently, Delaware was almost universally agreed to be the best place for companies to incorporate. Now, with Elon Musk leading a corporate stampede out of the First State, we revisit an episode from 2023…
641. What Does It Cost to Lead a Creative Life?
For years, the playwright David Adjmi was considered “polarizing and difficult.” But creating Stereophonic seems to have healed him. Stephen Dubner gets the story — and sorts out what Adjmi has in common with Richard…
640. Why Governments Are Betting Big on Sports
The Gulf States and China are spending billions to build stadiums and buy up teams — but what are they really buying? And can an entrepreneur from Cincinnati make his own billions by bringing baseball…
How to Make Your Own Luck (Update)
Before she decided to become a poker pro, Maria Konnikova didn’t know how many cards are in a deck. But she did have a Ph.D. in psychology, a brilliant coach, and a burning desire to…
639. “This Country Kicks My Ass All the Time”
Cory Booker on the politics of fear, the politics of hope, and how to split the difference. SOURCES: Cory Booker, senior United States Senator from New Jersey. RESOURCES: “‘When Are More Americans Going to Speak…