633. The Most Powerful People You’ve Never Heard Of

In this episode of Freakonomics Radio, Stephen Dubner interviews Javier Blas and Jack Farchy, Bloomberg journalists and authors of "The World for Sale," about the secretive world of commodity traders. The discussion explores how these traders, who finance, procure, and trade physical commodities like oil, agriculture, and metals, operate in the shadows of global events, often influencing geopolitics and economies. Blas and Farchy detail the history of commodity trading, the rise of powerful firms like Glencore, and the impact of events like the collapse of the Soviet Union and the rise of China. They also discuss the ethical complexities of the industry, including corruption, sanctions evasion, and the potential for commodity traders to profit from chaos and political instability, while also highlighting how these traders play a crucial role in global trade and resource distribution.