The Economics of State Failure - Emmanuel Maggiori (Video)

In this 30 January 2026 published video, host Peter McCormack talks with Emmanuel Maggiori about how inflation, incentives, and broken monetary rules quietly reshape behaviour inside an economy.
From Argentina’s black markets and capital controls to money printing, MMT, saving vs. spending, and institutional credibility, we explore why inflation destroys trust long before it destroys prices — and why countries don’t collapse overnight, but drift into dysfunction as rational people adapt.
https://youtu.be/O-yWtgEqGQM
TIMESTAMPS:
00:00 – Introduction
02:34 – Argentina As Warning
05:00 – Anti-Business Drift
23:49 – Black Markets Emerge
44:40 – Credibility Ends Inflation
57:36 – Corruption Normalised
1:17:14 – MMT Political Reality
1:48:21 – Why Saving Dies
2:00:40 – Discipline Over Time
2:54:44 – Pain Enables Reform
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