Nationalizations Get Another Look: Nicholas Mulder
IMF Podcasts
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Bibliographic details
- Guest: Nicholas Mulder
Episode overview and central thesis
- The podcast episode explores a renewed interest in nationalizations amid rising geopolitical risks.
- Core question examined: Are state-owned enterprises (SOEs) always inferior due to "proven inefficiencies and mismanagement," or can government ownership of key resources and industries be a deliberate policy response to strategic risks?
- Nicholas Mulder argues that "governments are looking for ways to keep essential resources under their control" in response to contemporary geopolitical pressures.
- The conversation is based on Mulder's article "The New Wave of Nationalization," published in the June issue of Finance & Development magazine.
Key findings and arguments presented
- Historical and economic skepticism: Economists have long viewed state-owned enterprises negatively because of "proven inefficiencies and mismanagement."
- Reconsideration of private-sector primacy: The episode questions whether "handing over key resources and industries to the private sector really [is] the answer" in a geopolitically fragmented world.
- Policy trade-offs highlighted:
- Benefits of government ownership cited implicitly: enhanced control over "essential resources," strategic independence.
- Costs of government ownership cited explicitly: risks of inefficiency and mismanagement associated with SOEs.
Participants, production, and publication details
- Guest: NICHOLAS MULDER — assistant professor of modern history at Cornell University; author of The Age of Confiscation: Making and Taking Property in the Creation of the Modern World.
- Host/Producers:
- Bruce Edwards — produces the IMF podcast program; described as an award-winning audio producer and journalist.
- Rhoda Metcalfe — independent journalist and audio producer; co-host in the discussion with Mulder.
- Publication and availability:
- Episode title: "Nationalizations Get Another Look: Nicholas Mulder"
- Date: June 4, 2026
- The episode notes the availability of a Transcript.
- Platforms listed for listening: Libsyn, Spotify, YouTube, Soundcloud, Apple.
Implications and considerations for policymakers
- Strategic rationale: Governments may pursue nationalizations to secure control over "essential resources" in the face of geopolitical risk.
- Efficiency-risk trade-off: Policymakers should weigh the potential strategic benefits of public ownership against "proven inefficiencies and mismanagement" historically associated with SOEs.
- Context sensitivity: Decisions on ownership structures should account for geopolitical environment, sectoral importance, and institutional capacity to manage state enterprises effectively.