In our first episode of Econ 102, Noah Smith and Erik Torenberg discuss the highs and lows of Biden's first term, Biden's policies in comparison to previous presidents and other leaders, as well as China -- its real estate sector, industrial and manufacturing industries, and its views on tech. Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co RECOMMENDED PODCAST: Turpentine VC: Delve deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Subscribe to listen on the platform of your choice: https://link.chtbl.com/TurpentineVC TIMESTAMPS: (00:00) Episode Preview (01:24) Overview of Biden's first term (02:56) The most important thing Biden's done  (12:19) What are the chances of Trump returning? (14:03) In the 1970s once again (14:47) Woke concerns among Republicans (15:38) Noah's ideal foreign policy (17:46) Japan's importance in foreign policy (19:29) Main foreign policy concerns in the next cycle (20:30) The ideal containment strategy (22:55) China (26:23) Getting to 1 billion Americans as a foreign policy measure (27:24) Real estate in China (31:33) Comparing and contrasting Chinese and American industrial policy (37:02) China's stomp on the IT industry to encourage manufacturing (39:09) The difference in Chinese and American views of manufacturing  (43:18) Revitalizing American manufacturing  (46:08) The services industry (48:03) A shortage of human truckers  SPONSOR THIS PODCAST: We're looking for sponsors to partner with on this show. If you or your business might be interested, send us a note at [email protected]. Find out more here: https://www.turpentine.co/sponsors LINKS MENTIONED: Real Estate is China's Economic Achilles Heel: https://www.noahpinion.blog/p/real-estate-is-chinas-economic-achilles Why is China Smashing its Tech Industry: https://www.noahpinion.blog/p/why-is-china-smashing-its-tech-industry Noah Smith's newsletter: https://www.noahpinion.blog/ Erik Torenberg's newsletter: https://eriktorenberg.substack.com/ TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) SPONSOR: NetSuite provides financial software for all your business needs. More than thirty-six thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: http://netsuite.com/turpentine and defer payments of a FULL NetSuite implementation for six months.