## Nationalizations Get Another Look: Nicholas Mulder

_IMF Podcasts_

## Source details

**Canonical URL:** [Nationalizations Get Another Look: Nicholas Mulder](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations)

## Other formats

- [Markdown version](/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations/index.md)
- [Structured JSON version](/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations/index.json)
- [Bundle manifest](/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations/bundle-manifest.json)

## Bibliographic details
- Guest: Nicholas Mulder

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### 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.

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## Content in this bundle

- [Nicholas Mulder Nationalization Mix (MP3)](/-/media/files/news/podcasts/mp3/english/2026/nicholas-mulder-nationalization-mix.mp3){rel="external" type="audio/mpeg"}

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## References

- [The New Wave of Nationalization](https://www.imf.org/en/publications/fandd/issues/2026/06/the-new-wave-of-nationalization-nicholas-mulder)
- [Finance & Development](https://www.imf.org/fandd)
- [Jeffry Frieden: The Cost of Geoeconomic Coercion](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/23/jeffrey-frieden-coercion)
- [Trade among Geopolitical Rivals: Michele Ruta](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/11/michele-ruta-trade-cooperation)
- [Ha-Joon Chang on Infant Industry Protection](https://www.imf.org/en/news/podcasts/all-podcasts/2026/08/10/ha-joon-chang-2026)
- [Krishna Srinivasan on Asia’s Next Chapter](https://www.imf.org/en/news/podcasts/all-podcasts/2026/09/01/krishna-srinivasan-sept-2026)
- [Pierre-Olivier Gourinchas on the Story Behind the Number](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/30/pierre-olivier-gourinchas-2026)

_Source: https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations_