Beating Sisyphus: How Emerging Markets Overcome the Impossible

Cañizares Center for Emerging Markets

Emerging markets and developing economies are rewriting the rules of global growth. Beating Sisyphus goes deep with economists, entrepreneurs, investors, policymakers, and reformers across Africa, Latin America, South Asia, and the Global South. We hold long-form conversations uncovering the strategies, mindsets, and systems behind lasting change in frontier markets. For investors, students, and policy thinkers who believe the next great leap starts outside the G7.

  1. 2d ago

    Will the US Dollar Survive? Lord Jim O'Neill on BRICS and the Global Economy

    In 2001, he coined the term "BRIC" to predict the massive economic shift toward Brazil, Russia, India, and China. 25 years later, Lord Jim O'Neill sits down with Thomas Riveros and Lourdes Casanova to grade his predictions and explore what's next for the global economy.In this episode of Beating Sisyphus, Lord Jim O'Neill (former Head of Global Economics Research at Goldman Sachs) shares the defining moments of his career—from discovering the social unifying power of football in Manchester to fundamentally reshaping how the world views emerging markets. The conversation dives deep into the "commodity curse" holding back Brazil and Russia, why the US Dollar might finally face real challengers in the Euro and Digital Yuan, and why the IMF must fundamentally change how it views spending on healthcare and education. Plus, hear why Lord O'Neill believes Nigeria could be the most important emerging market of the next 50 years.Lord Jim O'Neill earned his PhD in economics from the University of Surrey before becoming the Head of Global Economics Research at Goldman Sachs, where he published his renowned 2001 paper identifying the BRIC nations. Since 2015, he has served in the House of Lords and is a founding trustee of Shine, an educational charity, as well as co-president of the Northern Powerhouse Initiative.Timestamps:00:00 – Intro: Predicting China's Growth 25 Years Ago01:28 – Upbringing, Social Divides, and the Power of Football07:18 – PhD Research, OPEC Cartels, & the Limits of Forecasting12:04 – The Origin of the "BRIC" Acronym Post-9/1116:15 – Grading the BRICs: China's Trajectory & the Commodity Curse19:45 – Floating Currencies vs. Inflation Targeting in Latin America25:29 – Will the US Dollar Lose its Dominance?41:49 – Reforming the IMF: Why Healthcare & Education are Investments, Not Deficits46:22 – The Next 50 Years: Why Nigeria is the Ultimate Emerging MarketMusic from #Uppbeat (free for Creators!):https://uppbeat.io/t/neozoic/cold-fireLicense code: JLFLDLRHZHS6YJ7C

    52 min

  2. May 31

    The Global Economy's "Doom Loop": Eswar Prasad on Dollar Dominance & Globalization

    Has the global economy entered a destructive feedback loop? In this episode of Beating Sisyphus, we sit down with Eswar Prasad, Tolani Senior Professor of International Trade Policy at  @Cornell  and Senior Fellow at the  @BrookingsInstitution .We dive into his latest book, Doom Loop, to explore how the forces once thought to bring global stability—globalization, international organizations, and the rise of middle powers—are now clashing with domestic politics and geopolitics. Eswar breaks down why the US dollar remains dominant despite domestic instability, the barriers holding back the Chinese Renminbi, and the urgent need to rebuild global institutions like the IMF and WTO.https://www.amazon.com/Doom-Loop-Economic-Spiraling-Disorder/dp/1541705939Produced in collaboration with the Cornell Emerging Markets Institute, join hosts Thomas Riveros and Lourdes Casanova as they explore how innovation emerges under pressure and what it takes to build a more stable global economic future. Topics Covered: - Eswar Prasad’s unexpected journey into economics - The evolution from The Dollar Trap to the Doom Loop - Why central banks can't escape the US Dollar - The future of the Chinese Renminbi and capital controls - How globalization impacts domestic inequality and political polarization - The role of "Middle Powers" like India in a fractured world Timestamps 00:00 - Introduction to Beating Sisyphus 00:29 - Introducing Eswar Prasad and his new book, Doom Loop 02:05 - Eswar’s journey into the field of economics 03:55 - The shift from "The Dollar Trap" to a more pessimistic outlook 06:18 - Is globalization a zero-sum game? 08:35 - Why the US Dollar maintains global dominance despite instability 14:39 - The barriers holding back the Chinese Renminbi 19:48 - Does globalization directly cause domestic inequality? 24:24 - "Unfair" trade practices and China's manufacturing power 27:59 - The crisis of credibility for global institutions (IMF, WTO)31:34 - The dilemma of "Middle Powers" in global geopolitics 35:51 - A call to action for the future of democratic institutions 38:45 - Why India holds immense potential as an emerging market

    40 min

  3. May 19

    Can We End Extreme Poverty? Food, Aid & Innovation in the Global South | Prof. Christopher Barrett

    What does it really take to break a poverty trap? In this episode of Beating Sisyphus, Cornell development economist Professor Christopher Barrett joins Thomas Riveros and Lourdes Casanova to explore one of the world's most pressing challenges: why extreme poverty persists in some places even as others — like China and Vietnam — have achieved miraculous growth. We go deep on the economics of poverty traps, why satellite-indexed livestock insurance is changing lives in East Africa, how mobile money is shifting power to women, and why cutting agricultural R&D budgets is a bet against the future. Topics covered:→ Why poverty is increasingly concentrated in conflict, climate, and disease-prone regions→ How poverty traps work — and what actually breaks them→ The satellite-based livestock insurance product now covering 4M+ policy holders→ Mobile money as a game-changer for rural Africa→ The case for redirecting foreign aid toward high-return global public goods→ Why Brazil and China are lapping the US in agricultural R&D→ Kenya and Vietnam as emerging markets to watch Guest: Prof. Christopher Barrett — Stefan B. and Janice G. Ashley Professor of Applied Economics and Management, Cornell University; affiliate of the Atkinson Center for Sustainability. https://www.atkinson.cornell.edu/profile/christopher-b-barrett/ Timestamps: 00:00 - Intro 01:33 - Conquering Extreme Poverty: The China & Vietnam Miracles 05:41 - The "New" Poverty Trap: Climate, Conflict & Disease 12:59 - Why Banks Won't Lend to the Global South 15:24 - Transferring African Drought Risk to Swiss Capital Markets 19:15 - How Mobile Money is Empowering Women in Rural Markets 23:50 - The Foreign Aid Crisis & Reprioritizing Global Public Goods 30:05 - The 75% Food Inflation Problem & The R&D Deficit 35:10 - US Farm Subsidies vs. China & Brazil's Ag-Tech Dominance 46:15 - Emerging Markets to Watch: Kenya & Vietnam#EmergingMarkets #DevelopmentEconomics #PovertyTrap #FoodSecurity #Africa #Kenya #Vietnam #ForeignAid #AgricultureInnovation #MobileMoney #Cornell #BeatingSisyphus Music from #Uppbeat (free for Creators!):https://uppbeat.io/t/paul-yudin/elapseLicense code: 32BX47P4GTHR7XRE

    50 min

  4. May 8

    The Political Economy of Populism: Corruption, Institutions, and the Argentine Experiment

    How does extortionate corruption fundamentally restructure an economy? Why do voters frequently tolerate "rational hypocrisy" from their political leaders?In this episode of Beating Sisyphus, co-hosts Thomas Riveros and Lourdes Casanova sit down with Nicolás Cachanosky (UTEP) and J.P. Bastos (University of Austin) to dissect the institutional and economic challenges facing Latin America.Bridging the gap between micro-level incentives and macro-level governance, the conversation explores why certain emerging markets break the cycle of populism while others remain trapped. The guests analyze the misallocation of resources caused by political enrichment, the erosion of republican checks and balances, and the high-stakes gamble of the Milei administration in Argentina.Key Topics Discussed:- The Micro-Impact of Corruption: How institutional quality in Brazil dictates the private gains of political office, and why corruption pushes formal employment into agriculture and informality.- Defining Populism: Moving beyond left vs. right economic policies to understand populism as a political strategy reliant on social fracture and the erosion of institutions.- Rational Hypocrisy: The incentive structures that lead voters to apply double standards and turn a blind eye to corruption to protect broader ideological goals.- The Dollarization Debate: An analysis of Argentina's "institutional anomy" and whether tying the hands of the central bank is the only credible bridge to long-term stability.- Time Horizons and Inflation: Examining the "stationary bandit" framework, including how longer populist regimes (like those seen in Bolivia and Nicaragua) impact monetary policy and inflation tracking over time.Timestamps:00:00 Intro: How innovation emerges under pressure01:18 Backgrounds: Why Nicolás and J.P. chose to study economics07:04 The Brazilian Mayoral Data: Private gains from political office10:43 Deadweight Loss vs. Misallocation: How corruption shifts business activity15:11 The Populist Playbook: Defining populism and institutional erosion27:03 Rational Hypocrisy: Why democratic accountability fails36:15 Currency Pegs and Dollarization: Argentina's 80-year struggle with inflation44:47 Roving vs. Stationary Bandits: The expected length of a populist regime50:25 Looking Forward: Institutional success stories in Costa Rica, Uruguay, and Peru

    55 min

  5. Apr 22

    The Next Leap: AI, Access, and Innovation in Emerging Market Healthcare | Beating Sisyphus

    When we talk about Artificial Intelligence in healthcare, the conversation in the U.S. often revolves around optimizing administrative tasks and shaving seconds off billing processes. But in emerging markets, AI isn’t just an efficiency play—it’s a critical force multiplier for human capital and a bridge to life-saving access.Live from Ithaca, NY, Beating Sisyphus host Melissa Linares sits down with an extraordinary panel of clinical, legal, and engineering experts to discuss the future of AI in global healthcare. They explore how developing nations are leapfrogging legacy IT systems, why retrofitting U.S. health-tech for rural environments is a recipe for failure, and the urgent need for regulatory guardrails that allow systems to "fail safely while learning fast."(00:00) Introduction and Meet the Panel(03:46) The AI Divide: Efficiency in the US vs. Access in Emerging Markets(10:13) Overcoming Physical and Digital Infrastructure Gaps(13:06) Designing for Safe Speed: Compliance and Patient Guardrails(17:12) The Data Foundation: Building Reliable Healthcare Ecosystems(22:05) Clinical Operations: What US Frameworks Actually Transfer?(25:43) Regulation, Ethics, and the Role of Government(33:37) Value-Based Care: Can AI Shift the Cost Paradigm?(38:28) Health-Tech Entrepreneurship: Designing for Local Constraints(47:32) Capital and Scalability: Attracting Investment Beyond Pilot Phases(53:20) Looking Ahead: The 5-Year Vision for Global Healthcare AI(57:31) Final Thoughts and Conclusion

    59 min

  6. Apr 15

    President Iván Duque on Crisis, Stoicism, and the Orange Economy; Beating Sisyphus x Tres Respuestas

    In this special crossover episode of Beating Sisyphus and Tres Respuestas, we sit down with Iván Duque, President of Colombia (2018–2022), to explore the realities of governing a highly volatile emerging market.President Duque discusses how his faith and principles of Stoicism and "radical centrism" helped him navigate a historic convergence of exogenous shocks—from the COVID-19 pandemic to the absorption of two million Venezuelan migrants. He details the economic mechanics of his signature "Orange Economy" framework, explaining why cultural and creative assets are as vital as traditional infrastructure for developing nations.Beyond his presidential tenure, we also dive into his personal passion for music, his ongoing work bridging the digital divide with Fundación I+D, and the market-driven conservation efforts of Concordia Amazonas. Finally, he shares unfiltered advice for the next generation of leaders on escaping the "infinite scroll" and answers what defines the ultimate emerging market.Special thanks to the Tres Respuestas team for technical support.Check out:Tres Respuestas: https://open.spotify.com/show/78XV3izbDwKY9YukA5d3cp?si=e0aad571921e4c7bFunacion I+D: https://www.fimasd.org/Concordia: https://concordia.net/ @IvánDuque-Oficial  Timestamps: (00:00) - Welcome to the Crossover Episode (01:06) - Lifelong Musical Influences (04:17) - Defining the Orange Economy & Cultural Capital (09:43) - Stoicism, Arete, and Leadership Principles (14:00) - Radical Centrism: Balancing Capitalism with Equity (17:22) - Governing Under Pressure: Fiscal Deficits & the Pandemic (21:37) - Historic Shocks: The Venezuelan Migration Crisis & Hurricane Resilience (25:27) - Why True Innovation Requires Democracy, Not Authoritarianism (28:44) - Fostering Youth Leadership with Fundación I+D (31:34) - Concordia Amazonas & Market-Driven Climate Action (34:05) - Advice to the Next Generation: Escaping the "Infinite Scroll" (40:00) - Which Emerging Market Wins the Future?

    43 min

  7. Mar 23

    Frontier Minute: Big Tech's AI Push, Pix in Argentina & Emerging Market Risks

    In this episode of the Frontier Minute, we break down the most critical business and macroeconomic developments across the Global South.Topics Covered This Week:Latin America: Banco do Brasil launches cross-border Pix instant payments in Argentina.Middle East & Asia: Despite regional conflicts and drone strikes on data centers, Big Tech (Amazon, Microsoft, Oracle, and Google) is doubling down on AI infrastructure in the Middle East. Meanwhile, China continues to accelerate widespread technology adoption, shifting its focus toward AI-driven productivity in hubs like its "coder villages."Africa: Uganda’s Central Bank launches a domestic gold-buying program following massive new mineral discoveries to shield the economy from market volatility.Global Markets: A macro look at how escalating geopolitical tensions are triggering near-term corrections and impacting Emerging Market Equity ETFs.

    4 min

  8. Mar 16

    Why Firms Don't Train Workers and What That Costs Developing Economies ft. Nicholas Swanson EP 12

    When we look at informal labor markets in the Global South, it is easy to attribute inefficiencies to a lack of financial literacy or unavoidable cultural norms. But what if these behaviors are actually highly rational responses to broken economic systems? In this episode of Beating Sisyphus, hosts Thomas Riveros and Lourdes Casanova sit down with Dr. Nicholas Swanson, Assistant Professor of Economics at Cornell University. Nicholas shares his journey from working in metals and mining investment banking at Evercore and HSBC to running randomized controlled trials (RCTs) in Sub-Saharan Africa. We dive deep into the behavioral economics of poverty, exploring Nicholas’s fascinating fieldwork. Discover why agricultural firms rationally "hoard" knowledge, why farmers face a "hungry season" due to cognitive memory failures rather than pure present bias, and how the social pressure to hire family members acts as a hidden "kinship tax" on business owners in Zambia . 🎙️ About the Guest: Nicholas Swanson is an Assistant Professor of Economics at Cornell University. He earned his Ph.D. in Economics from UC Berkeley and focuses his research on development, labor, and behavioral economics, particularly in Sub-Saharan Africa. 📌 Chapters / Timestamps: (00:00) - Introduction to Beating Sisyphus & Nicholas Swanson (01:32) - From Investment Banking to RCTs: The Impact of Poor Economics (06:01) - Designing Better Experiments & Understanding External Validity (09:32) - Optimism for Africa: Tech in Rwanda and the Return of Commodities (11:11 )- The Under-Training Puzzle: Why firms in low-income countries don't train workers (22:20) - The "Hungry Season" in Zambia: Is it present bias or a memory failure? (33:24) - The Kinship Tax: Why the social pressure to hire family members hurts businesses (40:06) - Policy Takeaways: Why new technologies get blocked by power dynamics (43:26) - Closing Thoughts: Hopeful emerging markets (Burundi & Ethiopia) Beating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club. We bring together leaders from across economics, technology, and policy to explore how innovation emerges under pressure.

    45 min
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Emerging markets and developing economies are rewriting the rules of global growth. Beating Sisyphus goes deep with economists, entrepreneurs, investors, policymakers, and reformers across Africa, Latin America, South Asia, and the Global South. We hold long-form conversations uncovering the strategies, mindsets, and systems behind lasting change in frontier markets. For investors, students, and policy thinkers who believe the next great leap starts outside the G7.

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