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Macro Update: I’m from the Government, and I’m Here to Invest

Previously on Dry Powder, I asked Karen Harris, the managing director of Bain’s Macro Trends Group, if the global economy could emerge from this period of rate hikes unscathed.

Today, we consider the expanding role of the state in the marketplace.

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Between the Inflation Reduction Act, the CHIPS Act, and Europe’s accelerating energy transition, there’s a tremendous amount of fiscal stimulus pouring into the global economy. That has created a tremendous temptation for investors to partner with the government in dealmaking.

“Constructive engagement with government is going to be a core skill of business executives in this next cycle,” Karen says. “If you’ve thought through the macro scenarios, if you understand the direction of geopolitics and structural travel around those economies, you can say, this creates a little bit of de-risking for me.”

Today on the show, Karen and I discuss the risks and rewards of public-private partnerships.


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