Economy

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Should presidents have more of a say in interest rates?

Former President Donald Trump recently suggested that if elected in this year's presidential election he would want more say on decisions made by the Federal Reserve. Presidents taking a more active role in monetary policy would mark an extraordinary shift in U.S. economic institutions, and mark the end of central bank independence.

Today on the show, why the Federal Reserve insulates itself from day-to-day politics, and what it looks like when central banks are influenced by politicians.

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Summer School 6: China, Taiwan and how nations grow rich

Episodes each Wednesday through labor day. Find all the episodes from this season here. And past seasons here. And follow along on TikTok here for video Summer School.

In the middle of the twentieth century, China and its neighbors in East Asia were poor, mostly rural economies. China had been wrecked by a brutal civil war. Taiwan became the home of people fleeing from that conflict. Japan and Korea were rebuilding after their own wars. And then in the later half of the twentieth century, they started their comeback. The governments made some explicit choices that unleashed the power of individual incentives and free market forces and lifted millions of people out of poverty. We focus specifically on China and Taiwan during this time, when they showed a burst of economic progress rarely seen on this globe. Why then? Why there? Can other nations copy that? We'll try to find out.

This series is hosted by Robert Smith and produced by Audrey Dilling. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.
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