Last month, Japan's central bank raised interest rates for the first time in 17 years. That is a really big deal, because it means that one of the spookiest stories in modern economics might finally have an ending. Back in the 1980s, Japan performed something of an economic miracle. It transformed itself into the number two economy in the world. From Walkmans to Toyotas, the U.S. was awash in Japanese imports. And Japanese companies went on a spending spree. Sony bought up Columbia Pictures. Mitsubishi became the new majority owners of Rockefeller Center. But in the early 1990s, it all came to a sudden halt. Japan went from being one of the fastest growing countries in the world to one of the slowest. And this economic stagnation went on and on and on. For decades. On this episode, the unnerving story of Japan's Lost Decades: How did one of the most advanced economies in the world just fall down one day — and not be able to get up? Japan's predicament changed our understanding of what can go wrong in a modern economy. And gave us some new tools to try and deal with it. This episode was hosted by Jeff Guo. It was produced by Emma Peaslee and engineered by Cena Loffredo. It was edited by Molly Messick. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

In 2019, Mike Ketchmark got a call. Mike is a lawyer in Kansas City, Missouri, and his friend, Brandon Boulware, another lawyer, was calling about a case he wanted Mike to get involved with. Mike was an unusual choice - he's a personal injury lawyer, and this was going to be an antitrust case. But Brandon knew Mike was great in front of a jury. And that he'd won huge settlements for his clients in the past. So the lawyer friend drops by Mike's office, and pitches him the case. Rhonda and Scott Burnett had just sold their home for $250,000, and out of that amount, they had paid $15,000 in commission (plus a small fee), which was split between two real estate agents - even though they had hired only one. And the commission was high - 6%. Mike's friend said the whole thing seemed... suspicious. Maybe even illegal. Mike agreed to take the case, a case that would soon become bigger than one about just what had happened to the Burnetts. It would become a fight about the way homes are bought and sold in the U.S. and challenge the way real estate agents have done business for more than 100 years. This episode was hosted by Amanda Aronczyk and Keith Romer. It was produced by Willa Rubin, edited by Keith Romer, engineered by Valentina Rodríguez Sánchez, and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

There's been a lot of disagreement in Congress and in the country about whether the U.S. should continue to financially support the wars in Ukraine and Gaza. Some taxpayers don't think the U.S. should give Ukraine any money to fight off Russia's invasion. And some taxpayers have concerns about how they might be funding weapons that have been used to kill civilians in Gaza. And there are questions about how much individual taxpayers contribute to war efforts, generally. So in this episode, we attempt to do the math: The average taxpayers' contribution to Israel and Ukraine. It's not so simple. But in attempting to do this math, we get this window into the role of our tax dollars on foreign assistance, and how the U.S. sells weapons to other countries. For links to some of the reports we looked at to report this episode, check out the episode page on NPR.org.This episode was hosted by Sarah Gonzalez and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

(Note: This episode originally ran in 2020.)In the restaurant game, you need to make the most of every table every minute you are open. And you need to make sure your guests are happy, comfortable, and want to come back.If you're a restaurateur, your gut tells you "more seats, more money," but, in this episode, restaurant design expert Stephani Robson upends all that and more. She helps Roni Mazumdar, owner of the casual Indian spot Adda in New York's Long Island City, rethink how a customer behaves at a table, and how small changes can lead to a lot more money.It's a data-driven restaurant makeover.This episode was originally produced by Darian Woods and Alexi Horowitz-Ghazi. James Sneed and Sam Yellowhorse Kesler produced this update. Engineering by Isaac Rodrigues and Maggie Luthar. Alex Goldmark originally edited the show and is now Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

It is rare that a new e-commerce company has such a meteoric rise as Temu. The company, which launched in the fall of 2022, has been flooding the American advertising market, buying much of the inventory of Facebook, Snapchat, and beyond. According to the market intelligence firm Sensor Tower, Temu is one of the most downloaded iPhone apps in the country, with around 50 million monthly active users.On today's show, we go deep on Temu: How does it work, how did it manage such a quick rise in the U.S., and what hints might it offer us about the future of retail? Plus, we'll talk to the bicycle-loving U.S. Representative who is working to shut down a loophole that has proved very helpful to Temu's swift ascent. This episode was hosted by Nick Fountain and Alexi Horowitz-Ghazi with reporting from Emily Feng. It was produced by Sam Yellowhorse Kesler and Emma Peaslee. It was edited by Keith Romer, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Steel manufacturing was at one point the most important industry in the United States. It was one of the biggest employers, a driver of economic growth, and it shaped our national security. Cars, weapons, skyscrapers... all needed steel.But in the second half of the 20th century, the industry's power started to decline. Foreign steel companies gained more market power and the established steel industry in the U.S. was hesitant to change and invest in newer technologies. But then, a smaller company took a chance and changed the industry. On today's episode: What can the fall of a once-great industry teach us about innovation and technology? And why you should never underestimate an underdog.This episode was hosted by Erika Beras and Mary Childs. It was produced by Willa Rubin and edited by Jess Jiang. It was engineered by Cena Loffredo. It was fact-checked by Sierra Juarez. Our executive producer is Alex Goldmark.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

When you buy a bottle of rum in the United States, by law nearly all the federal taxes on that rum must be sent to Puerto Rico and the U.S. Virgin Islands. It's an unusual system that Congress designed decades ago to help fund these two U.S. territories. In 2021 alone, these rum tax payments added up to more than $700 million.Puerto Rico and the Virgin Islands split the money according to how much rum each territory produces. And the territories produce a lot of it — especially Puerto Rico, which single handedly supplies the majority of the rum that Americans drink.But in 2008, the U.S. Virgin Islands pulled off a coup. It convinced one of the largest rum brands in the world, Captain Morgan, to abandon Puerto Rico and to shift its operations to the tiny island of St. Croix.This was the beginning of the Rum Wars.On today's show, the story of how a scheme designed to help Puerto Rico and the U.S. Virgin Islands turned them into bitter rivals. And how it ended up putting hundreds of millions of dollars a year — U.S. taxpayer dollars — into the pockets of big liquor companies instead.This episode was hosted by Jeff Guo and Sarah Gonzalez. It was produced by James Sneed with help from Sam Yellowhorse Kesler. It was edited by Molly Messick, engineered by Cena Loffredo, and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

The wind power business is a bit contradictory right now. It's showing signs of boom and bust seemingly all at once. The story of wind energy markets in two acts today. First, the Gulf of Mexico saw its first-ever auction of leases for offshore wind this summer. It was another sign of the Biden administration's desire to get more renewable energy online as fast as possible. Expectations were high, but results did not deliver. Two of the three patches of sea didn't get any bids at all. Hidden in the flop for this auction are some keys to what it takes to spark a whole new market, quickly. Then, the booming side of wind power: the job that's projected to be the fastest-growing in the U.S. is wind turbine service technician. Is it a "good" job? Reporter Darian Woods suits up to see a green-collar job above the clouds for himself.Today's episode is adapted from episodes for Planet Money's daily show, The Indicator. Subscribe here. The original Indicator episodes were produced by Cooper Katz McKim and Julia Ritchey with engineering by Valentina Rodriguez Sanchez and James Willetts. They were fact-checked by Sierra Juarez and edited by Dave Blanchard and Kate Concannon. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Orgain founder and CEO Andrew Abraham joins Guy on the Advice Line, where they answer questions from three early-stage founders about strategically positioning their products. Today we meet Brynn, who’s tackling cavities and dental anxiety with an electric flosser. Then Turner, a radiologist mixing up craft cocktails for the golf course. And Catherine, whose pasta sauces and dressings help ease the weeknight dinner juggle. If you’d like to be featured on a future Advice Line episode, leave us a one minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And check out Orgain’s founding story from Andrew’s first appearance on the show in 2023. This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When Madeline Haydon decided to turn her homemade, plant-based coffee creamer into a business, she didn’t fit the mold of a typical founder. She was a woman of color, pregnant with her second child, and had no experience in the food industry. At first, almost all of her sales were through Amazon, and she struggled to convince investors to take a risk on her. But over 10 years, she grew nutpods from a $30,000 Kickstarter campaign into a leading coffee creamer brand, now available in 15,000 stores across the US. This episode was produced by Alex Cheng with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineers were Gilly Moon and Patrick Murray.You can subscribe to Guy’s brand new newsletter at guyraz.com.You can also follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Clif Bar founder Gary Erickson joins Guy on the Advice Line, where they answer questions from three early-stage founders about expanding their customer base.Today we meet James, who recycles water bottles into one of the most sustainable plastics on the market. Then Valerie, a leathercrafter with a co-op of artisans born from a strike against Etsy. And finally, Elsie, who accidentally invented a pet hair remover while cleaning her dog’s muddy pawprints.If you’d like to be featured on a future Advice Line episode, leave us a one minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And check out Clif Bar’s founding story from Gary’s first appearance on the show in 2016.This episode was produced by Sam Paulson with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was James Willetts.You can follow HIBT on X & Instagram, email us at hibt@id.wondery.com, and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Every summer for the past seven decades, 50 high school seniors—one from every state—descend on Mobile, Alabama to take part in one of the country’s most lucrative scholarship competitions for teen girls. The Competition takes you behind the scenes of the Distinguished Young Women (DYW) program, and follows seven girls as they experience the highs and lows of competing for two weeks, away from home and under the most high-stress circumstances. Some girls enter for the money, some for prestige. All of them are used to being the best and the brightest. But only one will walk away with the top prize.Host Shima Oliaee (Dolly Parton’s America, Pink Card) was Nevada’s contestant in 2001. More than 20 years later, she returns to Alabama as a judge. What can two weeks with 50 of the country’s most ambitious teens tell us about girlhood in America?Listen to The Competition on the Wondery App or wherever you get your podcasts. You can binge all episodes early and ad-free right now on Wondery+. Join Wondery+ in the Wondery App or on Apple Podcasts. Start your free trial by visiting Wondery.fm/The_Competition now.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As co-founder of Twitter and founder of Blogger and Medium, Evan Williams literally helped change the conversation: he understood that real-time connectivity—being able to write a post and have people read it seconds later—was the future of engagement online. A Nebraska farm boy who dropped out of college, Ev ran into several business failures before starting Blogger, and—after it sold to Google—launching Twitter with Jack Dorsey and others. Ev also came to learn that he understood product better than people, a trait that would contribute to his eventual ouster as Twitter CEO. After that crushing blow, he returned to his first love by starting Medium, a blogging site for posts that are neither too short or too long.This episode was produced by Kerry Thompson with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineers were Josh Newell and Gilly Moon.You can follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former guest Pete Maldonado, co-founder and co-CEO of Chomps, joins Guy for another “Advice Line” edition of HIBT Lab. In this episode, we’ll meet Jennifer, a sourdough bagel slinger thinking about taking on 'big cream cheese.' Then Brandi, a tea shop owner hoping to bring her blends to big box retailers. And finally, Jake, an Alaska native trying to bring fresh wild salmon to Utah…even if he has to knock on every door north of Salt Lake. If you’d like to be featured on a future Advice Line episode, leave us a one minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And check out how Pete and his partner Rashid scaled the Chomps brand, from his first appearance on the show last year.This episode was produced by J.C. Howard with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Gilly Moon.You can follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Five years before he became a massively successful content creator, Dhar Mann was nearly broke and living in a studio apartment. It’s the kind of story he might tell in one of his videos: bite-sized, live-action morality tales that have earned 60 billion views across YouTube, Facebook, and other platforms. Raised in an Indian Sikh family, Dhar had a strong entrepreneurial drive, which led to early business success, but also a spectacular downfall when he got pulled into a Ponzi scheme. A few years after losing nearly everything, he began making short, dramatic videos that conveyed life lessons. Nobody watched at first and critics called them cheesy, but today, Dhar has a huge production studio in Burbank, where dozens of employees make content for tens of millions of subscribers.This episode was produced by Alex Cheng and Casey Herman, with music by Ramtin Arablouei.Edited by Neva Grant, with research help from Katherine Sypher.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Former guest Fawn Weaver, founder of Uncle Nearest Whiskey, joins Guy for an “Advice Line” edition of HIBT Lab. Three early-stage entrepreneurs call in for advice on telling their brand story. In this episode, we’ll meet Kevin, the owner of a coffee trailer and roastery who grew up on a coffee farm in Honduras. Then Elisabeth, whose jewelry company aims to make a difference in the developing world. And finally, Joanne, a home baker looking to turn her love of pecan pie into a full-time business. If you’d like to be featured on a future Advice Line episode, leave us a one minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And check out the origin story of Uncle Nearest Whiskey, told by Fawn on the show in 2021.This episode was produced by Chris Maccini with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Neal Rauch.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With over 14.5 million subscribers, Rosanna Pansino has one of the most popular baking channels on YouTube But she never would have imagined her success back in 2010 when she started making videos as a hobby. At the time, she was a working actor in Hollywood with dreams of landing a leading role, but after receiving an ultimatum from her agent, she was forced to choose between a career in traditional television or the nascent digital world of YouTube. More than a decade after her fateful choice, Rosanna has come full circle with her dreams in entertainment as she hosts her own shows on The Food Network — while continuing to post on YouTube and adding to her catalog of over 1,400 videos with more than 4.7 billion views.This episode was produced by Carla Esteves, with music by Ramtin ArabloueiEdited by Neva Grant and Casey Herman, with research help from Melia Agudelo.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Growing up, Danielle Walker’s family often convened for big meals prepared by her Italian grandmother, Grandma Marge. Back then, Danielle enjoyed a wide variety of food without restriction; but she began experiencing severe abdominal pain in her 20s that ultimately led her to totally transform her diet—cutting grains, lactose, sugar and more. As Danielle found relief in this approach—and realized that others with similar ailments could as well—she began compiling her recipes in an online blog called Against All Grain. Before long, the self-taught chef became a bestselling cookbook author, more recently branching out with her own product lines and cooking courses. This week on How I Built This Lab, Danielle talks with Guy about being an ‘accidental entrepreneur’ as she chronicles her journey to building a multifaceted business centered around healthy eating. Plus, Danielle shares her advice for other creators looking to build an audience and discusses food’s potential to help millions suffering from autoimmune diseases.This episode was produced by Katherine Sypher with music composed by Ramtin Arablouei. It was edited by John Isabella with research help from Sam Paulson. Our audio engineer was Robert Rodriguez.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As one of the most successful creators on YouTube, Mark Rober doesn’t see what he does as a business. Instead, it’s a way to celebrate science in the most joyful way possible. While working as an engineer at NASA, he made his YouTube debut with a tutorial on how to make a gory Halloween costume with two iPads and a lot of duct tape. Over time, his videos became more elaborate, including a belly flop into a pool full of Jello, and a demo of a glitter-fart bomb to get revenge on porch pirates. Within a few years, Mark was teaching online science classes and selling subscription boxes for kids. Today, his YouTube channel has 5.5 billion views, 48 million subscribers…and–astonishingly, given that audience–less than 150 videos. This episode was produced by J.C. Howard, with music by Ramtin ArabloueiEdited by Neva Grant, with research help from Sam Paulson.You can follow HIBT on Twitter & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

For decades, Shane Legg has anticipated the arrival of “artificial general intelligence” or AGI. In other words: an artificial agent that can do all the kinds of cognitive tasks that people can typically do, and possibly more...Now as the Chief AGI Scientist and a co-founder of Google DeepMind, he stands by that prediction and is calling on the world to prepare. This week on How I Built This Lab, Shane’s path to becoming an early AI expert and the work he and his team are doing to prepare for the technological revolution ahead. This episode was produced by Sam Paulson with music composed by Ramtin Arablouei. It was edited by John Isabella with research help from Carla Esteves. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.