PODCAST: Is U.S. foreign policy now "open for business"?
ON THE RISE: Ole Jacob Sending (NUPI) sits down with Taylor St. John (NUPI) Alex Cooley (Columbia University) and to discuss the shift toward transnational kleptocracy in US foreign policy.
People
In the latest episode of the World Stage podcast, host Ole Jacob Sending (NUPI) sits down with experts Alex Cooley (Columbia University) and Taylor St. John (NUPI) to explore a startling shift in Washington, D.C.: the rise of "transnational kleptocracy."
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Beyond "skimming off the top"
The point of departure for the episode is a recent article written by Cooley and Daniel Nexon on Foreign Affairs, titled The Age of Kleptocracy – Geopolitical Power, Private Gain.
While many think of corruption as simple bribery, Cooley explains that the second Trump administration is building something far more systemic.
"Kleptocracy alludes to the rule of thieves," Cooley notes.
"This isn’t just a matter of ruling elites taking something on the side. It’s rather setting up an entire system of rule or governance with the expressed purpose of enriching yourself privately".
To facilitate this, the administration is dismantling decades-old anti-corruption frameworks, such as the Foreign Corrupt Practices Act (FCPA). By pausing enforcement and narrowing rules, the U.S. is signaling a reversal of its role as a leader in fighting bribery.
The art of the "Transactional Bundle"
The episode dives into how foreign policy is being repackaged into what the guests call "transactional bundles" – massive deals that mix government-to-government contracts with private business opportunities for the President’s family and inner circle.
Key examples discussed include:
- The Russian connection: Reports from the Wall Street Journal suggest that Special Envoy Steve Witkoff and PresidentTrump’s son-in-law Jared Kushner have discussed using frozen Russian assets – widely anitcipated to be intended for Ukraine’s reconstruction – to instead fund joint American-Russian investment projects. Cooley highlights the audacity of this shift: "Everyone has assumed [these assets] were going to be used to support Ukraine's reconstruction to instead create slush funds for joint American-Russian projects".
- The Lauder influence: Businessman Ronald Lauder, heir to the Estée Lauder cosmetics empire and a friend of Trump, has reportedly pushed for the U.S. to acquire Greenland while holding private interests in the territory’s mineral water. Similarly, his involvement in Ukrainian lithium mining highlights how Kyiv may be "cultivating ties" with those close to the administration to secure diplomatic backing.
- "Nebulous" Advisors: Many of these deals are brokered by individuals in unofficial roles. As Taylor St. John points out as one of her favourite quotes from the Foreign Affairs article, Kushner and Witkoff are "appointed to nebulous roles that do not trigger the kind of financial disclosure requirements typically demanded of senior officials".
What this means for Norway
The episode concludes with a warning for institutional democracies like Norway. There is growing concern that the Norwegian Sovereign Wealth Fund ("The oil fund") could face political pressure. In this new era, security guarantees may no longer be a matter of treaty obligations, but a bargaining chip used to demand specific Norwegian investments in the U.S.
Listen to the full episode to understand how "kleptocratic populism" is rewriting the rules of the international system.