Hidden empire: How America wields economic power

Hidden empire: How America wields economic power

This week, Mark Leonard is joined by Henry Farrell, ECFR council member and professor at John Hopkins University, to discuss Henry’s new book “Underground Economy”, co-authored by Abraham Newman. In their take, globalisation has brought interdependence—which is being weaponised as a tool for strategic advantage. As the main facilitator of global interdependence, America exploits countries’ embeddedness in the US-led global order and uses its financial position to its own strategic advantage.

But what are the implications of America weaponising this interdependence? How can key actors exercise power in this hyperconnected system? And what challenges and opportunities does Europe face in this competitive and interconnected environment?

Bookshelf:

Underground Empire: How America Weaponized the World Economy- Henry Farrell and Abe Newman

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Live from Davos with Alexander Stubb

Live from Davos with Alexander Stubb

In this episode, Mark Leonard sits down with Finnish president, Alexander Stubb, in Davos for a conversation about Donald Trump’s view of Ukraine, Greenland, the world and Europe’s place in it. They e...

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Protests across Iran have entered their third week and Donald Trump is said to be considering a military intervention against the Khamenei regime. According to human rights organisations, its brutal c...

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The world in 2026

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Following on from January 2nd’s prediction episode, Mark Leonard hosts Julien Barnes-Dacey, ECFR’s Middle East programme director, Alex Vines, ECFR’s Africa programme director, Andrew Small, ECFR’s As...

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On January 3rd, the US military struck Venezuela and captured its president, Nicolás Maduro. Trump has declared that America will now “run” the country, shifting from a narrative which had focused on ...

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Predictions and Reckonings: From 2025 to 2026

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This week Mark Leonard is joined by Jeremy Shapiro, research director at ECFR, for their annual end-of-year tradition: marking last year’s predictions and making ten bold forecasts for the year ahead....

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Made in China: How Europe can tackle economic coercion

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China’s tightening of export controls on rare earths and related technologies across 2025 marked a turning point in Europe’s economic security. Even with Beijing’s partial and momentary rollback after...

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This week, Mark Leonard welcomes Ellie Geranmayeh, senior policy fellow and deputy head of ECFR’s Middle East and North Africa programme, and Hugh Lovatt, senior policy fellow with ECFR’s MENA program...

19 Joulu 202526min

Trump’s new National Security Strategy

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America has published its new National Security Strategy (NSS)—and it contains worrying rhetoric about the EU, European values and the transatlantic relationship. Russia, however, is never described a...

12 Joulu 202545min

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