For much of the past fifty years, American political leaders of both parties have assumed that globalization and free trade would lead to more opportunity, higher living standards and increased business efficiency.

But our guest, author and Financial Times columnist, Rana Foroohar, argues that with supply chain disruptions and growing economic insecurity in much of the world, the long reign of globalization is coming to end. A shift to more resilient and local businesses is now at hand. We discuss the reporting and findings in the brand new book, "Homecoming: The Path to Prosperity in a Post-Global World."

"I think the pendulum of the old way is tapped out," Rana tells us. "Cheap money is over. Cheap labor from China is largely over. Cheap energy from Russia is definitely over."

The war in Ukraine and the political and economic chaos that followed have brought the fragility of the global economic and political system into sharp relief. We discuss the argument that our economy is far too financialized and that this is leading to greater mistrust, vast inequality and more populist autocrats. As we do in all of our shows, we hear potential solutions. Rana argues that place-based economics and a wave of technological innovations now make it possible to keep investment and wealth closer to home. She makes the case that our economic system needs to be transformed

Recommendation: Jim is thoroughly enjoying "Fly on the Wall", a podcast with Saturday Night Live alumni Dana Carvey and David Spade.