Sanctions have become structural features of the global economy. This episode traces their rise since 2014, the adaptation of targeted states, and the consequences for finance, trade, and humanitarian flows.

When we speak of capitalism, it often appears as a single, fixed system. But closer examination reveals a more complex picture.

Rising interest rates have turned what once seemed a manageable tool of crisis response into a structural risk. U.S. debt now nears the size of the economy, with annual interest costs exceeding defense spending and credit ratings downgraded. For decades, cheap borrowing and the dollar’s reserve role muted consequences, but those assumptions no longer hold.