Sovereign wealth funds are often portrayed as powerful tools of geopolitical influence, but how much of that narrative is actually true?In this episode of the New Enlightenment Podcast from Adam Smith's Panmure House, host Professor Adam Dixon is joined by Dr. Victoria Barbary, Senior Director at the Milken Institute and former Director of Strategy and Communications at the International Forum of Sovereign Wealth Funds (IFSWF).Together, they unpack the evolution of sovereign wealth funds, challenge common misconceptions, and explore how these institutions are adapting to a world of economic statecraft, geopolitical competition, energy transition, and fiscal pressure.Timestamps:00:00 Introduction to Sovereign Wealth Funds01:47 What sovereign wealth funds actually are and common misconceptions06:54 Why sovereign wealth funds are investing more at home11:02 Are sovereign wealth funds political actors? Debunking the myth15:18 Governance, transparency, and the Santiago Principles16:50 Russia, Angola, and challenges within the sovereign wealth fund community21:33 Africa's development opportunities and the role of sovereign investors24:04 China's sovereign wealth strategy and the China Investment Corporation (CIC)30:28 Why sovereign wealth funds are rarely tools of economic statecraft30:55 How sovereign wealth funds have evolved over the last two decades34:22 Challenges facing sovereign wealth funds and the IFSWF today35:27 Budget pressures, Norway's fund, and long-term sustainability38:37 Are sovereign wealth funds truly influential in the global economy?43:25 Deal-making, reputation, and financial motivations47:53 Economic statecraft, markets, and the return of state intervention51:25 Lessons from infrastructure booms, market cycles, and AI investment53:34 Markets, politics, and the future role of sovereign wealth funds_________________Dr Victoria BarbaryLinkedInX_________________⁠Professor Adam Dixon: ⁠LinkedIn: ⁠⁠⁠X⁠⁠⁠⁠Book⁠⁠s_________________#SovereignWealthFunds #Geoeconomics #Investing #China #StateCapitalism #GlobalEconomy #EconomicStatecraft #MilkenInstitute #AdamDixon #VictoriaBarbary

In this episode of The New Enlightenment, host Adam Dixon speaks with Josh Zoffer — former advisor in the Biden administration, venture capital investor, and non‑resident fellow at Columbia University’s Centre on Global Energy Policy — to examine one of the most pressing geopolitical and economic challenges of our time.

Drawing on his experience shaping U.S. policy on supply chains, sanctions, climate tech and critical minerals, Josh offers a rare glimpse into the debates that could be happening in Washington today.

The podcast covers:

• China’s Industrial Strategy

• China’s dominance in mineral refining capacity

• How America can build industrial capacity

• Why allies are America’s greatest strategic asset

Key questions answered include:

• Has U.S. economic policy toward China really changed as much as people think?

• How did China build dominance in EVs, batteries, and solar so quickly?

• Why are critical minerals the next major battleground?

• Is industrial policy compatible with Western market economies?

• What role should U.S. allies play in shaping a new economic order?

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⁠About Josh Zoffer: https://www.energypolicy.columbia.edu/josh-zoffer/

⁠LinkedIn: https://www.linkedin.com/in/jzoffer/

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⁠About Professor Adam Dixon : https://www.panmurehouse.org/programmes/adam-smith-chair/adam-smith-chair/

⁠LinkedIn: https://www.linkedin.com/in/adam-dixon-04b28130/

⁠⁠⁠X⁠⁠: https://x.com/DrAdam_Dixon