The International Economic System: A Fork in the Road

• Economics
• Trade

• Answering Challenges to Advanced Economies

Steve continues his conversation with Maury Obstfeld about the international economic system, picking up the story in the 21^st century. They discuss the rise of China, the degradation of the WTO, U.S. ambivalence about its role in the international system, and Trumpian trade policy disruptions. They also ask what comes next, and what are the potential costs and benefits.

Recorded on July 15, 2025. 

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ABOUT THE SPEAKERS

Maurice Obstfeld is a Senior Fellow at the Peterson Institute for International Economics, Emeritus Professor of Economics at UC-Berkeley, former Chief Economist at the International Monetary Fund, and one of the world’s leading international economists.

Steven Davis is the Thomas W. and Susan B. Ford Senior Fellow and Director of Research at the Hoover Institution and Senior Fellow at the Stanford Institute for Economic Policy Research (SIEPR). He is a research associate of the NBER, IZA research fellow, elected fellow of the Society of Labor Economists, and a consultant to the Federal Reserve Bank of Atlanta. He co-founded the Economic Policy Uncertainty project, the U.S. Survey of Working Arrangements and Attitudes, the Global Survey of Working Arrangements, the Survey of Business Uncertainty, and the Stock Market Jumps project. He also co-organizes the Asian Monetary Policy Forum, held annually in Singapore. Before joining Hoover, Davis was on the faculty at the University of Chicago Booth School of Business, serving as both distinguished service professor and deputy dean of the faculty.

RELATED SOURCES

• “The International Monetary and Financial System: A Fork in the Road,” Andrew Crockett Memorial Lecture delivered by Maurice Obstfeld in Basel, Switzerland, 29 June 2025.
• “Maurice Obstfeld on the Trade War’s Damage to the Monetary System,” Central Banking, 22 May 2025. 

FOLLOW THE GUEST

• Maurice Obstfeld’s personal website
• Commentary by Maurice Obstfeld

ABOUT THE SERIES

Each episode of Economics, Applied, a video podcast series, features senior fellow Steven Davis in conversation with leaders and researchers about economic developments and their ramifications. The goal is to bring evidence and economic reasoning to the table, drawing lessons for individuals, organizations, and society. The podcast also aims to showcase the value of individual initiative, markets, the rule of law, and sound policy in fostering prosperity and security.

For more information, visit hoover.org/podcasts/economics-applied.