In this episode of the Frontier Minute, we break down the most critical business and macroeconomic developments across the Global South.Topics Covered This Week:Latin America: Banco do Brasil launches cross-border Pix instant payments in Argentina.Middle East & Asia: Despite regional conflicts and drone strikes on data centers, Big Tech (Amazon, Microsoft, Oracle, and Google) is doubling down on AI infrastructure in the Middle East. Meanwhile, China continues to accelerate widespread technology adoption, shifting its focus toward AI-driven productivity in hubs like its "coder villages."Africa: Uganda’s Central Bank launches a domestic gold-buying program following massive new mineral discoveries to shield the economy from market volatility.Global Markets: A macro look at how escalating geopolitical tensions are triggering near-term corrections and impacting Emerging Market Equity ETFs.

When we look at informal labor markets in the Global South, it is easy to attribute inefficiencies to a lack of financial literacy or unavoidable cultural norms. But what if these behaviors are actually highly rational responses to broken economic systems? In this episode of Beating Sisyphus, hosts Thomas Riveros and Lourdes Casanova sit down with Dr. Nicholas Swanson, Assistant Professor of Economics at Cornell University. Nicholas shares his journey from working in metals and mining investment banking at Evercore and HSBC to running randomized controlled trials (RCTs) in Sub-Saharan Africa. We dive deep into the behavioral economics of poverty, exploring Nicholas’s fascinating fieldwork. Discover why agricultural firms rationally "hoard" knowledge, why farmers face a "hungry season" due to cognitive memory failures rather than pure present bias, and how the social pressure to hire family members acts as a hidden "kinship tax" on business owners in Zambia .

🎙️ About the Guest: Nicholas Swanson is an Assistant Professor of Economics at Cornell University. He earned his Ph.D. in Economics from UC Berkeley and focuses his research on development, labor, and behavioral economics, particularly in Sub-Saharan Africa.

📌 Chapters / Timestamps:

(00:00) - Introduction to Beating Sisyphus & Nicholas Swanson

(01:32) - From Investment Banking to RCTs: The Impact of Poor Economics

(06:01) - Designing Better Experiments & Understanding External Validity

(09:32) - Optimism for Africa: Tech in Rwanda and the Return of Commodities

(11:11 )- The Under-Training Puzzle: Why firms in low-income countries don't train workers

(22:20) - The "Hungry Season" in Zambia: Is it present bias or a memory failure?

(33:24) - The Kinship Tax: Why the social pressure to hire family members hurts businesses

(40:06) - Policy Takeaways: Why new technologies get blocked by power dynamics

(43:26) - Closing Thoughts: Hopeful emerging markets (Burundi & Ethiopia)

Beating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club. We bring together leaders from across economics, technology, and policy to explore how innovation emerges under pressure.

In this special episode of Beating Sisyphus, Thomas Riveros sits down with Lourdes and Anne to discuss their incredible careers tracking the massive shift in global economic power. From the early days of studying developing nations at the UN and INSEAD, to tracking the explosive rise of Chinese and Latin American multinationals, they share the personal stories behind the macroeconomic data. They discuss why Western business models often fail in the Global South, the vital importance of humility in economic research, and why the next generation of business leaders must be bold enough to challenge the status quo.🎙️ About the Guests:Lourdes Casanova is the Director of the Cañizares Center for Emerging Markets at Cornell University, a member of the Future Councils of the World Economic Forum, and a globally recognized academic on emerging market multinationals.Anne Miroux is a Faculty Fellow at the Cañizares Center and spent decades at the United Nations Conference on Trade and Development (UNCTAD), where she led FDI statistics and the World Investment Report.📌 Chapters / Timestamps:(00:00) - Introduction & Turning the Tables(01:40) - Early Careers: Why Look South and East?(04:46) - Lourdes on Growing Up in Spain & The Rise of "Global Latinas"(08:32) - How Anne and Lourdes Built Their Legendary Partnership(11:00) - The 3 Ways to Look at Emerging Markets(18:25) - Why Western Business Models Fail in the Global South(22:15) - The Crucial Role of Humility in Economic Policy(24:45) - The Big Debate: Is Emerging Market Growth Inevitable?(32:45) - AI, Demographics, and the Future of the Global South(35:35) - Advice to Their Younger Selves: "Be Bold"(41:20) - Fieldwork Stories: High-Speed Rail in China & The Design of Brasilia(46:50) - A Hopeful Wish for MadagascarBeating Sisyphus is a production of the Cañizares Center for Emerging Markets in collaboration with the Cornell Emerging Markets Institute Club. We bring together leaders from across economics, technology, and policy to explore how innovation emerges under pressure.