There was a standard story that economic interdependence suppressed conflict and could even transform rivals like the US and China into friends. That is not what is happening. Not only is geopolitics back but the US, China, Russia, and Europe are using markets as weapons to coerce their adversaries and even friends. In this talk, drawing on his book, Underground Empire: How America Weaponized the World Economy, Newman argues that as states stumble from crisis to crisis using sanctions, export controls, and other restrictions to manipulate globalization for their own gain they put the larger global economy at risk. The talk not only offers a unique diagnosis of the problem but also strategies to avoid the worst and how to protect yourself in this new geoeconomic age.

Governments used to want to promote business in an open global economy. Now they are pressing companies into service – to defend the national interest or to undermine the interests of others. Increasingly, the most successful firm are often the biggest targets. When a business dominates its global market, it can make big profits, but it also can attract the attention of governments, who may want to turn its market control into a global chokepoint to use against adversaries, or make sure that adversaries don’t turn it into a weapon against them. In this talk, Newman will draw from his recent book, Underground Empire: How America Weaponized the World Economy, and Harvard Business Review article to map a toolbox that business can use. While some are trying to hide from economic conflict, others are picking a side, and others still are trying to bridge the divide. Each strategy has its own risks, and rewards.

We are involved in a fourth industrial revolution, driven by data and semiconductors, rather than railroads or steam engines. But just like past industrial revolutions, behind the profits and glossy promises of innovation lurk the risk of social upheaval, inequality, and political revolt. In this talk, drawing on his book, Of Privacy and Power: The Transatlantic Struggle for Privacy and Freedom, Newman argues that to have a sustainable digital economy their needs to be a new compact between industry, government and the people, demonstrating how all can benefit from a world of greater and greater technological dependence. 

Over a weekend in 2022, the US and its European allies froze 300 billion dollars worth of Russian central bank reserves. This caps a decade long push by the US to use the dollar as a weapon to sanction its adversaries. Pundits have quickly piled on to decry US efforts and the risks that they pose to the US dollar as the central reserve currency. In this talk, Newman will draw from his recent book, Underground Empire: How America Weaponized the World Economy, to argue that US sanctions are having an effect but not the way that people think. Rather than challenging the dollar’s reserve currency status, target states are building dark spaces in the international economy geared towards avoiding US or European pressure. When country’s cant bank with JP Morgan they will turn to off shore financial centers and shell companies. The end result is that increasing amounts of the international economy are being managed in less transparent and more risking ways. Newman charts the dangers involved as well as business strategies to manage exposures.